CEW vs. FXA
CEW (WisdomTree Emerging Currency Strategy Fund) and FXA (Invesco CurrencyShares Australian Dollar Trust) are both Currency funds. CEW is actively managed, while FXA is passively managed. Over the past 10 years, CEW returned 2.54%/yr vs 0.27%/yr for FXA. A 0.65 correlation means they provide meaningful diversification when combined. CEW charges 0.55%/yr vs 0.40%/yr for FXA.
Performance
CEW vs. FXA - Performance Comparison
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Returns By Period
In the year-to-date period, CEW achieves a 2.70% return, which is significantly lower than FXA's 7.28% return. Over the past 10 years, CEW has outperformed FXA with an annualized return of 2.54%, while FXA has yielded a comparatively lower 0.27% annualized return.
CEW
- 1D
- -0.25%
- 1M
- 0.38%
- YTD
- 2.70%
- 6M
- 3.84%
- 1Y
- 8.61%
- 3Y*
- 6.87%
- 5Y*
- 3.05%
- 10Y*
- 2.54%
FXA
- 1D
- -0.71%
- 1M
- -0.48%
- YTD
- 7.28%
- 6M
- 8.49%
- 1Y
- 11.38%
- 3Y*
- 3.89%
- 5Y*
- -0.88%
- 10Y*
- 0.27%
CEW vs. FXA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.70% | 14.48% | -0.99% | 9.06% | -1.65% | -6.62% | -0.04% | 4.78% | -5.09% | 11.09% |
FXA Invesco CurrencyShares Australian Dollar Trust | 7.28% | 9.10% | -7.75% | 1.20% | -6.46% | -6.17% | 9.52% | 0.13% | -8.84% | 9.05% |
Correlation
The correlation between CEW and FXA is 0.61, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2009 | 0.65 |
The correlation between CEW and FXA has been stable across timeframes, ranging from 0.61 to 0.65 - a consistent structural relationship.
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Return for Risk
CEW vs. FXA — Risk / Return Rank
CEW
FXA
CEW vs. FXA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Currency Strategy Fund (CEW) and Invesco CurrencyShares Australian Dollar Trust (FXA). 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 | FXA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.39 | 1.44 | -0.05 |
Sortino ratioReturn per unit of downside risk | 2.02 | 2.06 | -0.04 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.24 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 2.24 | 2.72 | -0.47 |
Martin ratioReturn relative to average drawdown | 7.57 | 7.85 | -0.27 |
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 | FXA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | 1.44 | -0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | -0.09 | +0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | 0.03 | +0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.14 | -0.01 |
Drawdowns
CEW vs. FXA - Drawdown Comparison
The maximum CEW drawdown since its inception was -27.89%, smaller than the maximum FXA drawdown of -40.97%. Use the drawdown chart below to compare losses from any high point for CEW and FXA.
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Drawdown Indicators
| CEW | FXA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.89% | -40.97% | +13.08% |
Max Drawdown (1Y)Largest decline over 1 year | -3.85% | -4.21% | +0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -5.28% | -13.02% | +7.74% |
Max Drawdown (5Y)Largest decline over 5 years | -15.02% | -21.05% | +6.03% |
Max Drawdown (10Y)Largest decline over 10 years | -17.72% | -27.99% | +10.27% |
Current DrawdownCurrent decline from peak | -0.93% | -24.43% | +23.50% |
Average DrawdownAverage peak-to-trough decline | -13.01% | -18.82% | +5.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 1.45% | -0.31% |
Volatility
CEW vs. FXA - Volatility Comparison
The current volatility for WisdomTree Emerging Currency Strategy Fund (CEW) is 1.65%, while Invesco CurrencyShares Australian Dollar Trust (FXA) has a volatility of 2.25%. This indicates that CEW experiences smaller price fluctuations and is considered to be less risky than FXA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEW | FXA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 2.25% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 5.04% | 6.21% | -1.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.23% | 7.96% | -1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.85% | 10.41% | -3.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.03% | 9.90% | -2.87% |
CEW vs. FXA - Expense Ratio Comparison
CEW has a 0.55% expense ratio, which is higher than FXA's 0.40% expense ratio.
Dividends
CEW vs. FXA - Dividend Comparison
CEW's dividend yield for the trailing twelve months is around 2.41%, more than FXA's 0.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.41% | 2.47% | 5.42% | 2.00% | 0.80% | 0.00% | 0.64% | 1.90% | 1.87% | 0.00% | 0.00% | 0.00% |
FXA Invesco CurrencyShares Australian Dollar Trust | 0.95% | 1.16% | 1.66% | 0.98% | 0.05% | 0.00% | 0.03% | 0.53% | 1.04% | 0.83% | 1.01% | 1.52% |
Frequently Asked Questions
CEW and FXA have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXA has higher volatility (2.25%) compared to CEW (1.65%). In terms of maximum drawdown, CEW dropped -27.89% vs FXA's -40.97%.
On 10-year performance, CEW leads with 2.54% vs 0.27% for FXA. On fees, FXA is cheaper at 0.40% per year. On volatility, CEW has been the lower-risk option at 1.65%. 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 2.54% return vs 0.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXA is cheaper with a 0.40% expense ratio, compared with 0.55% for CEW.
CEW has the higher dividend yield at 2.41%, compared with 0.95% for FXA.
They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.55% for CEW and 0.40% for FXA.
FXA currently has the higher Sharpe Ratio (1.44 vs 1.39), 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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