CEW vs. ELD
CEW (WisdomTree Emerging Currency Strategy Fund) and ELD (WisdomTree Emerging Markets Local Debt Fund) are both exchange-traded funds - CEW is a Currency fund actively managed by WisdomTree, while ELD is a Emerging Markets Bonds fund actively managed by WisdomTree. Both are actively managed. Over the past 10 years, CEW returned 2.56%/yr vs 2.91%/yr for ELD. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.55% expense ratio.
Performance
CEW vs. ELD - Performance Comparison
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Returns By Period
In the year-to-date period, CEW achieves a 2.96% return, which is significantly higher than ELD's 1.16% return. Over the past 10 years, CEW has underperformed ELD with an annualized return of 2.56%, while ELD has yielded a comparatively higher 2.91% annualized return.
CEW
- 1D
- -0.11%
- 1M
- 0.26%
- YTD
- 2.96%
- 6M
- 4.32%
- 1Y
- 8.77%
- 3Y*
- 6.96%
- 5Y*
- 3.26%
- 10Y*
- 2.56%
ELD
- 1D
- 0.14%
- 1M
- 0.58%
- YTD
- 1.16%
- 6M
- 3.04%
- 1Y
- 10.62%
- 3Y*
- 7.95%
- 5Y*
- 2.57%
- 10Y*
- 2.91%
CEW vs. ELD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.96% | 14.48% | -0.99% | 9.06% | -1.65% | -6.62% | -0.04% | 4.78% | -5.09% | 11.09% |
ELD WisdomTree Emerging Markets Local Debt Fund | 1.16% | 21.77% | -4.56% | 14.29% | -9.25% | -9.75% | 1.79% | 12.89% | -7.53% | 12.72% |
Correlation
The correlation between CEW and ELD is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010 | 0.75 |
The correlation between CEW and ELD shifts across timeframes, from 0.59 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CEW vs. ELD — Risk / Return Rank
CEW
ELD
CEW vs. ELD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Currency Strategy Fund (CEW) and WisdomTree Emerging Markets Local Debt Fund (ELD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| CEW | ELD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.42 | 1.25 | +0.16 |
Sortino ratioReturn per unit of downside risk | 2.06 | 1.88 | +0.18 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.23 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 2.26 | 1.71 | +0.55 |
Martin ratioReturn relative to average drawdown | 7.65 | 6.05 | +1.60 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CEW | ELD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.42 | 1.25 | +0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 0.24 | +0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.26 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.13 | +0.01 |
Drawdowns
CEW vs. ELD - Drawdown Comparison
The maximum CEW drawdown since its inception was -27.89%, smaller than the maximum ELD drawdown of -31.92%. Use the drawdown chart below to compare losses from any high point for CEW and ELD.
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Drawdown Indicators
| CEW | ELD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.89% | -31.92% | +4.03% |
Max Drawdown (1Y)Largest decline over 1 year | -3.85% | -7.15% | +3.30% |
Max Drawdown (3Y)Largest decline over 3 years | -5.28% | -10.89% | +5.61% |
Max Drawdown (5Y)Largest decline over 5 years | -15.02% | -23.56% | +8.54% |
Max Drawdown (10Y)Largest decline over 10 years | -17.72% | -25.15% | +7.43% |
Current DrawdownCurrent decline from peak | -0.68% | -2.34% | +1.66% |
Average DrawdownAverage peak-to-trough decline | -13.02% | -13.31% | +0.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 2.02% | -0.88% |
Volatility
CEW vs. ELD - Volatility Comparison
The current volatility for WisdomTree Emerging Currency Strategy Fund (CEW) is 1.68%, while WisdomTree Emerging Markets Local Debt Fund (ELD) has a volatility of 2.74%. This indicates that CEW experiences smaller price fluctuations and is considered to be less risky than ELD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEW | ELD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 2.74% | -1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 5.04% | 7.11% | -2.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.22% | 8.62% | -2.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.85% | 10.94% | -4.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.04% | 11.27% | -4.23% |
CEW vs. ELD - Expense Ratio Comparison
Both CEW and ELD have an expense ratio of 0.55%.
Dividends
CEW vs. ELD - Dividend Comparison
CEW's dividend yield for the trailing twelve months is around 2.40%, less than ELD's 5.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.40% | 2.47% | 5.42% | 2.00% | 0.80% | 0.00% | 0.64% | 1.90% | 1.87% | 0.00% | 0.00% | 0.00% |
ELD WisdomTree Emerging Markets Local Debt Fund | 5.80% | 5.38% | 5.75% | 4.85% | 5.29% | 4.98% | 4.70% | 4.92% | 6.30% | 4.68% | 4.86% | 5.57% |
Frequently Asked Questions
CEW and ELD have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ELD has higher volatility (2.74%) compared to CEW (1.68%). In terms of maximum drawdown, CEW dropped -27.89% vs ELD's -31.92%.
On 10-year performance, ELD leads with 2.91% vs 2.56% for CEW. Both ETFs have the same 0.55% expense ratio. On volatility, CEW has been the lower-risk option at 1.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ELD has performed better with a 2.91% return vs 2.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CEW and ELD have the same expense ratio: 0.55% per year.
ELD has the higher dividend yield at 5.80%, compared with 2.40% for CEW.
CEW is categorized as Currency, while ELD is Emerging Markets Bonds.
CEW currently has the higher Sharpe Ratio (1.42 vs 1.25), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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