Copper demand surges from AI, EVs, and grid expansion, driving COPX to a 92% trailing 12-month gain versus USO’s decline.
The Global X Copper Miners ETF (COPX) returned 92% over the past 12 months, sharply outperforming the United States Oil Fund (USO), which fell 22% in a single month due to contango drag. USO’s year-to-date return stands at 60.89%, driven by WTI crude’s rise from $55.44 in December 2025 to a $114.58 peak in April 2026.
COPX’s gains stem from its top holdings, Freeport-McMoRan (FCX) and Southern Copper (SCCO), which reported higher earnings as copper prices climbed. Unlike USO, COPX avoids contango and K-1 tax complications, offering leveraged exposure to copper’s structural demand growth.
The U.S. added copper to its Critical Minerals list, citing long-term demand from grid buildout, electric vehicles, and AI data centers through 2040. Analysts highlight copper’s role in energy transition, contrasting with crude’s declining relevance in key sectors.