Do COPX and XAR hold the same stocks?

By their latest filings, 0% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, COPX or XAR?

COPX has 5% of its weight in S&P 500 names and XAR has 40%, so COPX differs more from the index.

Which is cheaper, COPX or XAR?

COPX charges 0.65% a year and XAR charges 0.35%, so XAR is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

COPX vs XAR: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, COPX returned +27.5% to XAR's −10.0%; 0% of their weight is in the same names.

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Net assets: $7.3bn on Oct 12, 2026 for Global X Copper Miners ETF, and $5.0bn on Oct 27, 2026 for State Street SPDR S&P Aerospace & Defense ETF.

COPX on its own →XAR on its own →

At a glance

4.8%

COPX in the S&P 500

39.7%

XAR in the S&P 500

+27.5%

COPX total return, 1 year

−10.0%

XAR total return, 1 year

COPX · 1 year to Oct 28, 2026 95% of its weight is outside the S&P 500

5% of COPX's weight is in S&P 500 companies and 95% is outside the index. Holdings as of Jul 31, 2026.

XAR · 1 year to Oct 28, 2026 60% of its weight is outside the S&P 500

40% of XAR's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Oct 27, 2026.

Pair scorecard

XAR costs 0.30 points a year less; their one-year returns differ by 37.5 points; COPX is 1.4 times larger.

Points (pts) are percentage points.

COPX vs XAR: Holdings Overlap & Returns
Measure	COPX	XAR
Return
Measure	COPX	XAR
Total return, 1 year	+27.5%	−10.0%
Drawdown
Measure	COPX	XAR
Below its all-time high	20.3%, high on Aug 27, 2026	24.1%, high on Aug 14, 2026
Against its benchmark
Measure	COPX	XAR
What it tracks	Copper	Defense
Against the S&P 500, 1 year		behind by 23.7 pts
Its benchmark, total return, 1 year	+13.4%	+13.7%
Against its benchmark, 1 year	ahead by 14.1 pts	behind by 23.7 pts
Cost and size
Measure	COPX	XAR
Expense ratio	0.65%	0.35%
Net assets, as of Oct 12, 2026	$7.3bn	$5.4bn
Holdings
Measure	COPX	XAR
Holdings in common	0%

Holdings in common uses holdings dated Jul 31, 2026 and Oct 27, 2026. Method

Risk and return

Oct 7, 2011 to Oct 23, 2026 · 785 weekly returns

COPX XAR

Return

Total return edge XAR +173.6% +905.6%

Annualized edge XAR +6.9% +16.5%

Price return edge XAR +94.4% +760.2%

Risk

Volatility edge XAR 36.8% 23.3%

Max drawdown edge XAR −79.1% −45.1%

Downside capture 136.2% 107.2%

Beta 1.64 1.16

Risk-adjusted

Sharpe edge XAR 0.32 0.70

Sortino edge XAR 0.48 1.05

Treynor 0.068 0.141

Calmar edge XAR 0.09 0.37

Against the benchmark

Alpha −4.5% a year +0.3% a year

Alpha t-stat −0.69 0.08

Information ratio 0.05 0.17

Tracking error 28.4% 14.6%

Each against its own benchmark: COPX against ACWI, Apr 30, 2010 to Oct 23, 2026; XAR against VOO, Oct 7, 2011 to Oct 23, 2026.

Reading

XAR returned more: +905.6% to +173.6%. XAR swung less: 23.3% to 36.8%. XAR fell less at its worst: −45.1% to −79.1%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: COPX vs XAR: Holdings Overlap & Returns
Measure	COPX	XAR	Edge	How it is measured
Return
Total return	+173.6%	+905.6%	XAR	Price change plus distributions, reinvested.
Annualized	+6.9%	+16.5%	XAR	Total return as a yearly rate.
Price return	+94.4%	+760.2%	XAR	Price change alone, distributions left out.
Risk
Volatility	36.8%	23.3%	XAR	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	24.4%	15.5%	XAR	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−79.1%	−45.1%	XAR	Deepest fall from a high to the low after it.
Upside capture	204.4%	115.9%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	136.2%	107.2%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.64	1.16	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.50	0.62	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.32	0.70	XAR	Return above Treasury bills per unit of volatility.
Sortino	0.48	1.05	XAR	Return above Treasury bills per unit of downside deviation.
Treynor	0.068	0.141		Return above Treasury bills per unit of beta.
Calmar	0.09	0.37	XAR	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	ACWI	VOO		The ETF each fund is measured against.
Alpha	−4.5% a year	+0.3% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.69	0.08	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−17.4% to +8.3%	−7.0% to +7.6%	Includes zero	The 95% range for the yearly alpha.
Information ratio	0.05	0.17		Return against its benchmark per unit of tracking error.
Tracking error	28.4%	14.6%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 785 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, COPX and XAR hold 0% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Oct 27, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first COPX XAR

Only in one fund ↓

Only in COPX

BHP GROUP LIMITED 5.48%

Teck Resources Limited 5.39%

Hudbay Minerals Inc. 5.26%

SOUTHERN COPPER CORPORATION 5.08%

FIRST QUANTUM MINERALS LTD. 5.04%

GLENCORE PLC 5.02%

ANTOFAGASTA PLC 5.00%

KGHM POLSKA MIEDZ SPOLKA AKCYJNA 4.76%

Only in XAR

LOCKHEED MARTIN CORP 3.69%

HONEYWELL AEROSPACE INC 3.44%

NORTHROP GRUMMAN CORP 3.32%

L3HARRIS TECHNOLOGIES INC 3.21%

GENERAL DYNAMICS CORP 3.12%

TRANSDIGM GROUP INC 3.12%

HUNTINGTON INGALLS INDUSTRIE 3.11%

HEICO CORP 3.07%

Check overlap with more funds →

Window by window

Window by window: COPX vs XAR: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	COPX	XAR	COPX	XAR
3 months	+0.9%	−12.8%	−3.5 pts vs ACWI	−18.9 pts vs VOO
6 months	−0.8%	−9.9%	−8.2 pts vs ACWI	−19.0 pts vs VOO
1 year	+27.5%	−10.0%	+14.1 pts vs ACWI	−23.7 pts vs VOO
3 years	+141.8%	+103.5%	+52.9 pts vs ACWI	+8.0 pts vs VOO
Since launchNot the same days: COPX Apr 2010 · XAR Sep 2011	+146.6%	+945.4%	−248.6 pts vs ACWI	+171.9 pts vs VOO

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Side by side

COPX Global X Copper Miners ETF · Holds 40 stocks in copper, 5% of its weight in S&P 500 companies XAR State Street SPDR S&P Aerospace & Defense ETF · Holds 50 stocks in defense, 40% of its weight in S&P 500 companies

Issuer Global X State Street

Theme Copper Defense

In the S&P 500 4.8% 39.7%

Active share vs the S&P 500 99.9% 97.7%

In the Nasdaq-100 0.0% 2.7%

Holdings 40 50

Top ten, share of the fund 50.3% 32.2%

Expense ratio 0.65% 0.35%

Fee for the differing part 0.65% 0.36%

Total return, 1 year +27.5% −10.0%

vs its benchmark +14.1 pts vs ACWI −23.7 pts vs VOO

Below its high −20.3% −24.1%

Net assets, COPX as of Oct 12, 2026 and XAR as of Oct 27, 2026 $7.3bn $5.0bn

As of Oct 28, 2026. Source: ETFIQ.

0% of the two portfolios are the same securities at the same weight.

Client brief · page 1 of 2 Report BR-ADA20DEA53

COPX and XAR are built for the same job. How do they differ in cost, holdings and results?

Theme. COPX covers Copper and XAR covers Defense.
Concentration. The top ten holdings are 50.3% of COPX and 32.2% of XAR, a gap of 18.1 points.
What each follows. COPX follows Copper and XAR follows Defense.

Data as of Oct 28, 2026.

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About each fund

COPX

By weight, 5% of COPX's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 50% of the fund across 40 positions, as filed for Jul 31, 2026. Over the year to Oct 28, 2026 the fund returned +27.5% with distributions reinvested against +13.4% for its benchmark, the MSCI ACWI Index, so a holder was ahead by 14.1 pts. It sits 20.3% below its all-time high of Aug 27, 2026.

XAR

By weight, 40% of XAR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 32% of the fund across 50 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −10.0% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Index, so a holder was behind by 23.7 pts. It sits 24.1% below its all-time high of Aug 14, 2026.

Questions people ask

Do COPX and XAR hold the same stocks?: By their latest filings, 0% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, COPX or XAR?: COPX has 5% of its weight in S&P 500 names and XAR has 40%, so COPX differs more from the index.
Which is cheaper, COPX or XAR?: COPX charges 0.65% a year and XAR charges 0.35%, so XAR is cheaper. Fees come from each fund's prospectus.

Other comparisons

COPX vs SHLD COPX vs PPA COPX vs ITA COPX vs IDEF XAR vs XME XAR vs ARKG XAR vs GDXJ XAR vs URA

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →COPX on its own →XAR on its own →COPX dividend history →COPX holdings →XAR dividend history →XAR holdings →Method →Standards and sources →

Sources and dates

COPX filings on SEC EDGAR ↗

COPX prospectus with the expense ratio (SEC) ↗

Global X page for COPX ↗

XAR filings on SEC EDGAR ↗

XAR prospectus with the expense ratio (SEC) ↗

State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, COPX against XAR, data as of Oct 28, 2026. https://etfiq.com/compare/themes/copx-vs-xar

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.