What do the expense ratios for COPX and XME tell us?

COPX has an expense ratio of 0.65%, while XME charges 0.35%. This means XME costs 0.30 percentage points less annually to manage. These fees cover operational costs, including research and trading. A lower expense ratio means less money is removed from your investment account each year. When comparing these specific funds, remember the fee difference impacts net returns by the exact percentage stated. Always check the prospectus for precise fee structures.

How do sector focuses differ between COPX and XME?

COPX focuses specifically on copper mining companies, whereas XME provides exposure to broader metals and mining sectors. This means COPX is more concentrated on copper production trends, while XME includes diversified metal producers like steel, gold, and other mining operations. When you invest in COPX, your returns hinge on copper demand and prices, but with XME, performance depends on varied commodity cycles affecting multiple metals. Both funds offer industrial metals exposure but with different concentration levels and market sensitivities.

Why might COPX's higher dividend yield be relevant?

COPX yields 2.18% compared to XME's 0.32%, offering stronger income generation from mining operations. Higher dividend yields appeal to investors prioritising regular cash distributions over capital growth. Dividends provide consistent returns and can reinvest to compound wealth during market fluctuations. COPX's yield reflects copper miners' stronger cash flows, while XME's modest yield stems from its broader portfolio. Consider that dividend sustainability depends on underlying company profits, not just current payout ratios.

Which companies do COPX and XME both invest in?

Freeport-McMoRan (FCX) appears as a top holding in both COPX and XME, illustrating partial overlap between the funds. This shared position reflects FCX's prominence in the copper mining sector. While COPX concentrates more on copper producers, XME covers a wider metal portfolio. The overlap is limited to FCX in the top 10 holdings. Other positions diverge, with COPX holding SCCO and TGB, while XME includes companies like CLF, RS, and NEM.

How does COPX's longer inception date matter?

COPX started on 19 April 2010, offering over 15 years of performance data for analysis. While this track record is substantial, it does not cover a complete economic cycle, particularly the pre-2008 commodity boom and subsequent recovery. Investors should interpret past performance with caution. For XME, a longer history beginning in June 2006 is available. Both funds have significant operational histories, providing reliable data points for risk assessment and volatility measurement in various market conditions.

What does the net asset value of $7.4 billion for COPX mean?

This substantial figure signifies that COPX holds $7.4 billion in total investments across various accounts and funds. In simpler terms, the net asset value (NAV) represents the total value of all assets minus all liabilities. This means COPX has a significant base of investors holding large amounts of shares, contributing to its $7.4 billion in assets. The NAV is calculated daily by fund managers, so the value can fluctuate based on how well the underlying assets perform.

What are the risks of relying solely on COPX's top holdings?

COPX's top holdings include SCCO (5.03%), FCX (4.95%), and TGB (1.62%), totalling 11.6%. Investors must consider concentration risk. If a top holding company faces operational challenges or regulatory changes, the fund's performance could be significantly impacted. Additionally, sector-specific risks exist, as copper demand is tied to global infrastructure and industrial activity. Diversifying across multiple funds or sectors might mitigate such concentrated exposure, particularly when relying heavily on just a few major companies within the fund.

How does XME's 5.16% top holding affect portfolio balance?

Cleveland-Cliffs (CLF) is XME's largest single position, holding 5.16%. This moderate concentration suggests diversification across its holdings, as no single entity dominates the portfolio. For example, other top holdings like RS (5.03%) and NEM (4.94%) help dilute the impact of any one stock underperforming. The fund's strategy mitigates individual company risk, providing balanced exposure across diverse mining operations. This structure supports steady returns, even if CLF faces temporary setbacks.

Why is COPX's 0.65% expense ratio considered high?

COPX's 0.65% expense ratio is high compared to the broader market and specifically to XME's 0.35%. Sector ETFs often charge more due to the operational complexity involved in managing niche portfolios. This higher fee reduces the investor's net return. However, this premium covers specialised research and trading activities specific to copper mining. While this cost might deter long-term holders seeking passive growth, it reflects the fund's targeted focus and management expenses.

Does a higher dividend yield imply better performance?

A higher dividend yield, like COPX's 2.18% versus XME's 0.32%, indicates more cash payout per share price. However, it does not guarantee better fund performance or capital growth. The yield is calculated by dividing annual dividends by the current share price. High yields can also result from falling share prices. Investors must assess total returns, considering both dividend income and share price appreciation, rather than focusing solely on the yield percentage.

COPX vs XME

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Compare Global X Copper Miners ETF (COPX) with S&P Metals and Mining SPDR ETF (XME) for fees, holdings, dividends, and market tracking. COPX charges a 0.65% expense ratio and yields 2.18%, while XME has a 0.35% fee and 0.32% yield. Sector weights are not available for either fund. This page outlines their distinct industrial focuses and shared holdings like FCX to clarify their differences. Educational content, not financial advice.

Compare Global X Copper Miners ETF (COPX) with S&P Metals and Mining SPDR ETF (XME) for fees, holdings, dividends, and market tracking. COPX charges a 0.65% expense ratio and yields 2.18%, while XME h...

Fund Snapshot

Key Fund Metrics

COPX

Metric

XME

0.65%

Expense Ratio

0.35%

2.18%

Dividend Yield

0.32%

$7.43B

Net Assets

$4.40B

46

Holdings

39

Apr 19, 2010

Inception Date

Jun 19, 2006

–

Index Tracked

–

Natural Resources

Fund Category

Natural Resources

XME costs about $30.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	COPX	XME
FCXFreeport-McMoRan Inc.	4.95%	4.89%

Discover More Comparisons

COPX vs CPER

Compare COPX and CPER copper ETFs. Review 0.65% and 0.97% expense ratios, holdings differences, dividend yields, and index tracking methods here.

COPX vs ICOP

Compare COPX and ICOP copper miner ETFs: 0.65% vs 0.47% expense ratio, 47 vs 63 holdings, 2.22% vs 1.64% yield, and $7.43B vs $480M in assets.

XLB vs XME

Compare XLB and XME ETFs. Review 0.08% vs 0.35% fees, dividend yields, top holdings like LIN and CLF, and net assets. Index tracked is not available.

Investment Analysis

COPX

Pros

High net assets of $7.4 billion provide substantial liquidity for trading large positions.
A 2.18% dividend yield offers a reasonable income stream from copper mining operations.
Long track record since April 2010 provides extensive historical performance data for analysis.

Considerations

Expense ratio of 0.65% is significantly higher than comparable sector funds.
Concentration risk exists despite large assets, with no disclosed index methodology.
Limited visibility on sector weights hinders precise portfolio construction and risk assessment.

XME

Pros

Low expense ratio of 0.35% improves net returns for long-term investors.
Diversified holdings across multiple metals and mining companies reduce individual stock risk.
Established track record since June 2006 offers over fifteen years of performance history.

Considerations

Minimal 0.32% dividend yield provides very limited income generation for investors.
Absence of disclosed sector weights and index details obscures precise portfolio exposure.
Top holdings concentration remains notable, with the highest single position at 5.16%.

Related Market Insights

Paper vs Physical: The Smart Way to Play Commodities

Balance commodity price speculation with equity stakes in producers. Diversify exposure to raw materials, hedge inflation, and invest smart with Nemo.

Aimee Silverwood | Financial Analyst

25 July 2025

Read Insight

Related Market Insights

Paper vs Physical: The Smart Way to Play Commodities

Balance commodity price speculation with equity stakes in producers. Diversify exposure to raw materials, hedge inflation, and invest smart with Nemo.

Aimee Silverwood | Financial Analyst

25 July 2025

Read Insight

About COPX and XME

COPX (COPX)

Global X Copper Miners ETF (COPX) offers investors a focused way to gain exposure to companies involved in the discovery, extraction and production of copper. The fund concentrates on mining firms whose earnings are closely tied to copper prices, so performance tends to track the commodity’s cycles rather than broad equity markets. Copper demand is supported by electrification, electric vehicles, renewable-energy infrastructure and general industrial activity, which can be constructive for miners over time. However, returns can be volatile: miner profits depend on commodity prices, operational risks, capital intensity, and geopolitical or permitting issues in producing regions. COPX may suit investors seeking thematic or tactical exposure to copper rather than a core, diversified holding. Always consider fees, tax treatment and how this commodity-linked ETF fits within your overall risk profile — and remember that past performance is no guarantee of future results. This is educational information, not personalised advice.

XME (XME)

S&P Metals and Mining SPDR ETF (XME) provides targeted exposure to US-listed companies in the metals and mining sector by tracking the S&P Metals & Mining Select Industry Index. The ETF concentrates on firms involved in steel, aluminium, diversified mining, and related equipment and services, making it sensitive to commodity prices, industrial demand and global growth cycles. Investors use XME to express a sector-specific view or to complement broader commodity or materials holdings, but it is typically more volatile than broad-market ETFs because of concentration and cyclical drivers. Important practical considerations include the ETF’s expense ratio, liquidity, holdings concentration and dividend policies. As with any sector play, returns can be uneven and past performance does not predict future results. This summary is educational only and not personal investment advice — suitability depends on individual goals, risk tolerance and time horizon; consult a qualified adviser if unsure.

Which Baskets Do They Appear In?

Paper Vs. Physical

Discover a carefully curated collection of investments that balance commodity price speculation with the companies that bring those resources to market. Our analysts have selected these assets to give you exposure to both sides of the materials economy in one strategic package.

Published: 17 June 2025

Explore Basket