Copper vs the S&P 500 (CPER): is it outperforming?

As of 12 October 2026, Copper (CPER) ranks #15 of the 115 groups Zensei tracks by one-month return against the S&P 500. It sits in the Outperformers quadrant of the rotation map: it has clearly beaten the S&P 500 by 1.6 points over the past month, on top of a 1.3-point advantage over the longer, time-shifted window.

On the shorter tape, CPER's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. CPER'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 thing to watch from here is durability: outperformers that hold their one-month spread while the longer window keeps building tend to stay out front; a fading spread is the early exit signal.