Spirometry is difficult for some COPD patient to perform. Volumetric capnography could be a second choice test to evaluate the severity of functional disturbances. The aim of this work is to test this hypothesis. A total number of 98 subjects were classified either as normal ex-smokers (N = 14) or COPD patients. The latter were staged following GOLD recommendations. Spirometry and volumetric capnography recordings were obtained from each patient. Spirometry parameters, Bohr Dead Space (V D Bohr), Airways Dead Space from the pre-interface expirate corrected curve (V D aw), Phase III slope (Sl III) and Volume of alveolar ejection (V AE) were measured. Index of Ventilatory Efficiency (IVE), and Index of Airways Heterogeneity (IAH) were calculated as: IVE = V AE/(V T – V D aw) and IAH = 1 – [(V T – V D Bohr)/(V T – V D aw)]. In ANOCOVA analysis IAH showed the greatest association with stage (F > 40), with no significant covariant dependence on V T. A receiver operating characteristics curve analysis showed values of the area under the curve greater than 0.9 for IAH and IVE at all stage levels, with a sensitivity = specificity value greater than 80%. We conclude that IAH and IVE can be used when spirometry cannot be reliably performed, as an alternative test to evaluate the degree of functional involvement in COPD patients.