Copper Miners vs the S&P 500 (COPX): is it outperforming?
Over the past month, COPX has outperformed the S&P 500 by 19.5 points. Here is where that puts it in the sector rotation — updated daily.
Where COPX sits on the rotation map
Copper Miners highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
COPX vs SPY: head-to-head returns
COPX (copper miners) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means COPX won that window.
Data as of 2026-08-28 · computed from daily adjusted closes · how we measure
The read
Copper Miners (COPX) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 11.1 points, but over the past month it has moved decisively ahead of the market — a 19.5-point edge that puts it in the Emerging quadrant. Ranked by one-month spread, it currently stands #3 of the 115 groups Zensei tracks — inside the top tier of the market.
On the shorter tape, COPX's momentum is mixed: the longer intraday trend is still positive, but the recent windows have gone flat. COPX's relative-strength line — its price ratio against the S&P 500 — is trading above its moving averages, the healthiest configuration we track. The longer trend remains healthier than the recent tape suggests — the kind of divergence worth rechecking in a week.
The exposure comes via Global X Copper Miners ETF, whose 6 tracked holdings are led by SOUTHERN COPPER CORP, FIRST QUANTUM MINERALS LTD and FREEPORT-MCMORAN INC. Weighted by portfolio, the fund's holdings trade at roughly 32.3× earnings and 41.8× sales. The thing to watch from here is confirmation: emerging groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
What's inside COPX
Top 5 of 6 tracked holdings, by portfolio weight.
Copper Miners vs the market — common questions
Is copper miners outperforming the S&P 500?
Right now, yes: over the past month COPX has outperformed the S&P 500 by 19.5 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is COPX?
COPX is Global X Copper Miners ETF, the fund Zensei uses to measure the copper miners group against the S&P 500 benchmark (SPY).
Which stocks are in COPX?
COPX's largest tracked positions are SOUTHERN COPPER CORP, FIRST QUANTUM MINERALS LTD, FREEPORT-MCMORAN INC, ERO COPPER CORP, IVANHOE ELECTRIC INC — 6 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is copper miners in right now?
As of the latest daily data, copper miners is in the Emerging quadrant — behind the market over the longer window, but ahead over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track copper miners against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.