Copper Miners vs the S&P 500 (COPX): is it outperforming?
Over the past month, COPX has underperformed the S&P 500 by 14.5 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 2026-07-13 · computed from daily adjusted closes · how we measure
The read
Copper Miners (COPX) is out of favor: it trails the S&P 500 on both rotation windows — 14.5 points behind over the past month and 6.8 points behind over the longer, time-shifted window. That is the lagging quadrant. Ranked by one-month spread, it currently stands #109 of the 115 groups Zensei tracks — among the market's weakest pockets right now.
On the shorter tape, COPX's momentum reads strong: the recent hourly trend is positive across every lookback Zensei measures. COPX's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. That tension — a firm short-term tape against a damaged longer trend — is usually resolved within a few weeks, one way or the other.
The exposure comes via Global X Copper Miners ETF, whose 7 tracked holdings are led by FIRST QUANTUM MINERALS LTD, SOUTHERN COPPER CORP and FREEPORT-MCMORAN INC. Weighted by portfolio, the fund's holdings trade at roughly 26.5× earnings and 30.0× sales. The thing to watch from here is the one-month spread: laggards only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
What's inside COPX
Top 5 of 7 tracked holdings, by portfolio weight.
Copper Miners vs the market — common questions
Is copper miners outperforming the S&P 500?
Right now, no: over the past month COPX has underperformed the S&P 500 by 14.5 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 FIRST QUANTUM MINERALS LTD, SOUTHERN COPPER CORP, FREEPORT-MCMORAN INC, LUNDIN MINING CORP, ERO COPPER CORP — 7 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 lagging quadrant — trailing the S&P 500 on both windows. 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.