CEW vs. EMLC
CEW (WisdomTree Emerging Currency Strategy Fund) and EMLC (VanEck J.P. Morgan EM Local Currency Bond ETF) are both exchange-traded funds - CEW is a Currency fund actively managed by WisdomTree, while EMLC is a Emerging Markets Bonds fund tracking the J.P. Morgan GBI-EM Global Core Index. CEW is actively managed, while EMLC is passively managed. Over the past 10 years, CEW returned 2.43%/yr vs 1.85%/yr for EMLC. Their 0.79 correlation means they have sometimes moved together and sometimes differently. CEW charges 0.55%/yr vs 0.30%/yr for EMLC.
Performance
CEW vs. EMLC - Performance Comparison
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Returns By Period
In the year-to-date period, CEW achieves a 4.20% return, which is significantly higher than EMLC's 1.78% return. Over the past 10 years, CEW has outperformed EMLC with an annualized return of 2.43%, while EMLC has yielded a comparatively lower 1.85% annualized return.
CEW
- 1D
- -0.19%
- 1M
- 1.82%
- 6M
- 2.23%
- YTD
- 4.20%
- 1Y
- 9.10%
- 3Y*
- 6.70%
- 5Y*
- 3.97%
- 10Y*
- 2.43%
- ALL TIME*
- 1.12%
EMLC
- 1D
- -0.16%
- 1M
- 0.04%
- 6M
- -0.08%
- YTD
- 1.78%
- 1Y
- 7.98%
- 3Y*
- 6.20%
- 5Y*
- 1.92%
- 10Y*
- 1.85%
- ALL TIME*
- 1.20%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $328.43K | $171.66K | $92.20K | |
| $39.99M | $39.21M | $56.97M |
CEW vs. EMLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 4.20% | 14.48% | -0.99% | 9.06% | -1.65% | -6.62% | -0.04% | 4.78% | -5.09% | 11.09% |
EMLC VanEck J.P. Morgan EM Local Currency Bond ETF | 1.78% | 18.81% | -2.97% | 11.18% | -10.58% | -9.72% | 3.08% | 9.79% | -7.57% | 13.84% |
Correlation
The correlation between CEW and EMLC is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.80 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2010 | 0.79 |
The correlation between CEW and EMLC has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.
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Return for Risk
CEW vs. EMLC — Risk / Return Rank
CEW
EMLC
CEW vs. EMLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Currency Strategy Fund (CEW) and VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC). 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 | EMLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.24 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 1.46 | +1.10 |
| Martin ratioReturn relative to average drawdown | 8.40 | 4.60 | +3.80 |
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Drawdowns
CEW vs. EMLC - Drawdown Comparison
The maximum CEW drawdown since its inception was -27.89%, smaller than the maximum EMLC drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for CEW and EMLC.
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Drawdown Indicators
| CEW | EMLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.89% | -32.43% | +4.54% |
Max Drawdown (1Y)Largest decline over 1 year | -3.85% | -6.19% | +2.34% |
Max Drawdown (3Y)Largest decline over 3 years | -5.28% | -7.94% | +2.66% |
Max Drawdown (5Y)Largest decline over 5 years | -13.45% | -23.60% | +10.15% |
Max Drawdown (10Y)Largest decline over 10 years | -17.72% | -26.47% | +8.75% |
Current DrawdownCurrent decline from peak | -0.19% | -3.48% | +3.29% |
Average DrawdownAverage peak-to-trough decline | -12.90% | -14.26% | +1.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 1.96% | -0.79% |
Volatility
CEW vs. EMLC - Volatility Comparison
WisdomTree Emerging Currency Strategy Fund (CEW) has a higher volatility of 1.99% compared to VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC) at 1.88%. This indicates that CEW's price experiences larger fluctuations and is considered to be riskier than EMLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEW | EMLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 1.88% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 5.46% | 6.42% | -0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.40% | 7.17% | -0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.89% | 9.12% | -2.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 9.92% | -2.98% |
CEW vs. EMLC - Expense Ratio Comparison
CEW has a 0.55% expense ratio, which is higher than EMLC's 0.30% expense ratio.
Dividends
CEW vs. EMLC - Dividend Comparison
CEW's dividend yield for the trailing twelve months is around 2.37%, less than EMLC's 6.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.37% | 2.47% | 5.42% | 2.00% | 0.80% | 0.00% | 0.64% | 1.90% | 1.87% | 0.00% | 0.00% | 0.00% |
EMLC VanEck J.P. Morgan EM Local Currency Bond ETF | 5.73% | 5.91% | 6.55% | 5.97% | 5.54% | 5.25% | 4.90% | 6.25% | 6.50% | 5.34% | 5.32% | 6.25% |
Frequently Asked Questions
CEW and EMLC have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEW has higher volatility (1.99%) compared to EMLC (1.88%). In terms of maximum drawdown, CEW dropped -27.89% vs EMLC's -32.43%.
On 10-year performance, CEW leads with 2.43% vs 1.85% for EMLC. On fees, EMLC is cheaper at 0.30% per year. On volatility, EMLC has been the lower-risk option at 1.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CEW has performed better with a 2.43% return vs 1.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMLC is cheaper with a 0.30% expense ratio, compared with 0.55% for CEW.
EMLC has the higher dividend yield at 5.73%, compared with 2.37% for CEW.
CEW is categorized as Currency, while EMLC is Emerging Markets Bonds. They also come from different issuers: WisdomTree and VanEck. Their fees differ too: 0.55% for CEW and 0.30% for EMLC.
CEW currently has the higher Sharpe Ratio (1.54 vs 1.26), 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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