CEW vs. EMHY
CEW (WisdomTree Emerging Currency Strategy Fund) and EMHY (iShares J.P. Morgan EM High Yield Bond ETF) are both exchange-traded funds - CEW is a Currency fund actively managed by WisdomTree, while EMHY is a Emerging Markets Bonds fund tracking the J.P. Morgan USD Emerging Markets High Yield Bond Index. CEW is actively managed, while EMHY is passively managed. Over the past 10 years, CEW returned 2.45%/yr vs 4.67%/yr for EMHY. At a 0.48 correlation, their price movements are largely independent. CEW charges 0.55%/yr vs 0.50%/yr for EMHY.
Performance
CEW vs. EMHY - Performance Comparison
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Returns By Period
In the year-to-date period, CEW achieves a 2.22% return, which is significantly lower than EMHY's 3.26% return. Over the past 10 years, CEW has underperformed EMHY with an annualized return of 2.45%, while EMHY has yielded a comparatively higher 4.67% annualized return.
CEW
- 1D
- -0.57%
- 1M
- -0.25%
- YTD
- 2.22%
- 6M
- 2.63%
- 1Y
- 7.46%
- 3Y*
- 6.46%
- 5Y*
- 3.29%
- 10Y*
- 2.45%
EMHY
- 1D
- -0.15%
- 1M
- 1.64%
- YTD
- 3.26%
- 6M
- 3.35%
- 1Y
- 12.55%
- 3Y*
- 12.57%
- 5Y*
- 4.36%
- 10Y*
- 4.67%
CEW vs. EMHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.22% | 14.48% | -0.99% | 9.06% | -1.65% | -6.62% | -0.04% | 4.78% | -5.09% | 11.09% |
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 3.26% | 13.70% | 11.97% | 11.47% | -13.03% | -1.91% | 3.83% | 12.98% | -5.21% | 8.54% |
Correlation
The correlation between CEW and EMHY is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2012 | 0.48 |
The correlation between CEW and EMHY has been stable across timeframes, ranging from 0.48 to 0.51 - a consistent structural relationship.
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Return for Risk
CEW vs. EMHY — Risk / Return Rank
CEW
EMHY
CEW vs. EMHY - 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 EM High Yield Bond ETF (EMHY). 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 | EMHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.57 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.44 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 2.90 | -0.96 |
| Martin ratioReturn relative to average drawdown | 6.41 | 13.15 | -6.74 |
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Drawdowns
CEW vs. EMHY - Drawdown Comparison
The maximum CEW drawdown since its inception was -27.89%, smaller than the maximum EMHY drawdown of -30.11%. Use the drawdown chart below to compare losses from any high point for CEW and EMHY.
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Drawdown Indicators
| CEW | EMHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.89% | -30.11% | +2.22% |
Max Drawdown (1Y)Largest decline over 1 year | -3.85% | -4.34% | +0.49% |
Max Drawdown (3Y)Largest decline over 3 years | -5.28% | -5.95% | +0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -13.68% | -25.83% | +12.15% |
Max Drawdown (10Y)Largest decline over 10 years | -17.72% | -30.11% | +12.39% |
Current DrawdownCurrent decline from peak | -1.57% | -0.47% | -1.10% |
Average DrawdownAverage peak-to-trough decline | -12.97% | -4.88% | -8.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 0.96% | +0.21% |
Volatility
CEW vs. EMHY - Volatility Comparison
WisdomTree Emerging Currency Strategy Fund (CEW) has a higher volatility of 1.83% compared to iShares J.P. Morgan EM High Yield Bond ETF (EMHY) at 1.58%. This indicates that CEW's price experiences larger fluctuations and is considered to be riskier than EMHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEW | EMHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.83% | 1.58% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 5.27% | 4.43% | +0.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.38% | 5.74% | +0.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.87% | 9.11% | -2.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.00% | 10.66% | -3.66% |
CEW vs. EMHY - Expense Ratio Comparison
CEW has a 0.55% expense ratio, which is higher than EMHY's 0.50% expense ratio.
Dividends
CEW vs. EMHY - Dividend Comparison
CEW's dividend yield for the trailing twelve months is around 2.42%, less than EMHY's 6.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.42% | 2.47% | 5.42% | 2.00% | 0.80% | 0.00% | 0.64% | 1.90% | 1.87% | 0.00% | 0.00% | 0.00% |
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.38% | 6.52% | 6.86% | 6.73% | 7.08% | 5.58% | 5.44% | 5.72% | 6.79% | 5.59% | 6.43% | 6.99% |
Frequently Asked Questions
CEW and EMHY have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEW has higher volatility (1.83%) compared to EMHY (1.58%). In terms of maximum drawdown, CEW dropped -27.89% vs EMHY's -30.11%.
On 10-year performance, EMHY leads with 4.67% vs 2.45% for CEW. On fees, EMHY is cheaper at 0.50% per year. On volatility, EMHY has been the lower-risk option at 1.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMHY has performed better with a 4.67% return vs 2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMHY is cheaper with a 0.50% expense ratio, compared with 0.55% for CEW.
EMHY has the higher dividend yield at 6.38%, compared with 2.42% for CEW.
CEW is categorized as Currency, while EMHY is Emerging Markets Bonds. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.55% for CEW and 0.50% for EMHY.
EMHY currently has the higher Sharpe Ratio (2.20 vs 1.17), 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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