CEW vs. EMB
CEW (WisdomTree Emerging Currency Strategy Fund) and EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) are both exchange-traded funds - CEW is a Currency fund actively managed by WisdomTree, while EMB is a Emerging Markets Bonds fund tracking the J.P. Morgan EMBI Global Core Index. CEW is actively managed, while EMB is passively managed. Over the past 10 years, CEW returned 2.51%/yr vs 3.32%/yr for EMB. At a 0.49 correlation, their price movements are largely independent. CEW charges 0.55%/yr vs 0.39%/yr for EMB.
Performance
CEW vs. EMB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CEW achieves a 2.80% return, which is significantly higher than EMB's 2.33% return. Over the past 10 years, CEW has underperformed EMB with an annualized return of 2.51%, while EMB has yielded a comparatively higher 3.32% annualized return.
CEW
- 1D
- -0.01%
- 1M
- 0.32%
- YTD
- 2.80%
- 6M
- 2.94%
- 1Y
- 7.80%
- 3Y*
- 6.67%
- 5Y*
- 3.44%
- 10Y*
- 2.51%
EMB
- 1D
- -0.34%
- 1M
- 1.72%
- YTD
- 2.33%
- 6M
- 2.30%
- 1Y
- 11.30%
- 3Y*
- 9.42%
- 5Y*
- 1.91%
- 10Y*
- 3.32%
CEW vs. EMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.80% | 14.48% | -0.99% | 9.06% | -1.65% | -6.62% | -0.04% | 4.78% | -5.09% | 11.09% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 2.33% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
Correlation
The correlation between CEW and EMB is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2009 | 0.49 |
The correlation between CEW and EMB has been stable across timeframes, ranging from 0.49 to 0.54 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CEW vs. EMB — Risk / Return Rank
CEW
EMB
CEW vs. EMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Currency Strategy Fund (CEW) and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CEW | EMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.39 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | 2.52 | -0.48 |
| Martin ratioReturn relative to average drawdown | 6.73 | 10.72 | -3.99 |
Loading charts...
Drawdowns
CEW vs. EMB - Drawdown Comparison
The maximum CEW drawdown since its inception was -27.89%, smaller than the maximum EMB drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for CEW and EMB.
Loading charts...
Drawdown Indicators
| CEW | EMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.89% | -34.70% | +6.81% |
Max Drawdown (1Y)Largest decline over 1 year | -3.85% | -4.51% | +0.66% |
Max Drawdown (3Y)Largest decline over 3 years | -5.28% | -7.95% | +2.67% |
Max Drawdown (5Y)Largest decline over 5 years | -13.68% | -28.74% | +15.06% |
Max Drawdown (10Y)Largest decline over 10 years | -17.72% | -28.74% | +11.02% |
Current DrawdownCurrent decline from peak | -1.00% | -0.34% | -0.66% |
Average DrawdownAverage peak-to-trough decline | -12.98% | -5.05% | -7.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 1.06% | +0.10% |
Volatility
CEW vs. EMB - Volatility Comparison
WisdomTree Emerging Currency Strategy Fund (CEW) and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) have volatilities of 1.75% and 1.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CEW | EMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.75% | 1.77% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 5.23% | 4.70% | +0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.37% | 5.69% | +0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.87% | 9.76% | -2.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.03% | 9.96% | -2.93% |
CEW vs. EMB - Expense Ratio Comparison
CEW has a 0.55% expense ratio, which is higher than EMB's 0.39% expense ratio.
Dividends
CEW vs. EMB - Dividend Comparison
CEW's dividend yield for the trailing twelve months is around 2.40%, less than EMB's 5.03% 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% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.03% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
Frequently Asked Questions
CEW and EMB have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMB has higher volatility (1.77%) compared to CEW (1.75%). In terms of maximum drawdown, CEW dropped -27.89% vs EMB's -34.70%.
On 10-year performance, EMB leads with 3.32% vs 2.51% for CEW. On fees, EMB is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMB has performed better with a 3.32% return vs 2.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMB is cheaper with a 0.39% expense ratio, compared with 0.55% for CEW.
EMB has the higher dividend yield at 5.03%, compared with 2.40% for CEW.
CEW is categorized as Currency, while EMB is Emerging Markets Bonds. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.55% for CEW and 0.39% for EMB.
EMB currently has the higher Sharpe Ratio (2.00 vs 1.23), 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.
Find the right allocation for CEW and EMB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer