CPER: United States Copper Index Fund returns, drawdowns and risk
Funds that invest in commodity futures: oil, natural gas, agriculture, copper or a broad basket.
Data updated October 2026
CPER · US exchange · USDCategory: Oil, gas and commodity ETFsData from November 2011
From November 2011 to October 2026 CPER returned 3.1% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $15,703.
Its deepest fall was 54.0%, from February 2012 to January 2016, and it took about 111 months to get back to the previous high. Annual volatility was 23.6%; at the last close it was 4.6% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 179 months both have data, the correlation of monthly returns was 0.43: they moved together only in part. Beta was 0.61. In months when SPY rose, CPER moved 52% as much on average; in months when SPY fell, 76% as much.
Key figures
- Annual return (CAGR)
- +3.1%
- 1-year return
- +29.5%
- 5 years, a year
- +7.3%
- 10 years, a year
- +11.1%
- Annual volatility
- 23.6%
- Maximum drawdown
- −54.0%
- Sharpe ratio
- 0.18
- Worst year
- 2015: −25.0%
Trailing returns
| Period | CPER | SPY |
|---|---|---|
| 1 year | +29.5% | +16.6% |
| 3 years, a year | +21.4% | +23.1% |
| 5 years, a year | +7.3% | +12.7% |
| 10 years, a year | +11.1% | +15.4% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: CPER vs SPY
Month-end values from December 2011, the first month both funds have data.
CPER drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | CPER | SPY |
|---|---|---|
| 2026(partial) | +13.1% | +13.3% |
| 2025 | +39.0% | +17.7% |
| 2024 | +4.2% | +24.9% |
| 2023 | +4.5% | +26.2% |
| 2022 | −15.1% | −18.2% |
| 2021 | +25.2% | +28.7% |
| 2020 | +23.9% | +18.3% |
| 2019 | +6.7% | +31.2% |
| 2018 | −21.9% | −4.6% |
| 2017 | +28.8% | +21.7% |
| 2016 | +14.6% | +12.0% |
| 2015 | −25.0% | +1.2% |
| 2014 | −17.0% | +13.5% |
| 2013 | −8.5% | +32.3% |
| 2012 | +2.1% | +16.0% |
| 2011(partial) | −2.7% | — |
CPER compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of CPER?
From November 2011 to October 2026 CPER returned 3.1% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +7.3% a year. Over the last 12 months: +29.5%.
What was the worst drawdown of CPER?
54.0%, from February 2012 to January 2016; it took about 111 months from the previous high to get back to it.
How volatile is CPER?
Annual volatility was 23.6% over the period. Its worst month was −14.4% and 53% of months were positive. Worst calendar year: 2015 (−25.0%).
How closely does CPER follow SPY?
Over 179 months the correlation of monthly returns was 0.43, so they moved together only in part, with a beta of 0.61.
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Other Oil, gas and commodity ETFs
- All Oil, gas and commodity ETFsReturns and risk side by side
- USO — United States Oil FundCAGR +32.1%
- DBC — Invesco DB Commodity Index Tracking FundCAGR +2.8%
- PDBC — Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETFCAGR +2.3%
- UNG — United States Natural Gas FundCAGR −20.7%
- DBA — Invesco DB Agriculture FundCAGR +1.5%
- GSG — iShares S&P GSCI Commodity-Indexed TrustCAGR −0.5%
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.