CEW vs. FXB

Last updated Jun 4, 2026

CEW (WisdomTree Emerging Currency Strategy Fund) and FXB (Invesco CurrencyShares® British Pound Sterling Trust) are both Currency funds. CEW is actively managed, while FXB is passively managed. Over the past 10 years, CEW returned 2.54%/yr vs 0.00%/yr for FXB. At a 0.47 correlation, their price movements are largely independent. CEW charges 0.55%/yr vs 0.40%/yr for FXB.

Performance

CEW vs. FXB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Emerging Currency Strategy Fund (CEW) and Invesco CurrencyShares® British Pound Sterling Trust (FXB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEW achieves a 2.70% return, which is significantly higher than FXB's 0.38% 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%

FXB

• 1D: -0.35%
• 1M: -0.76%
• YTD: 0.38%
• 6M: 1.56%
• 1Y: 1.45%
• 3Y*: 5.39%
• 5Y*: 0.78%
• 10Y*: 0.00%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CEW vs. FXB - 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%
FXB Invesco CurrencyShares® British Pound Sterling Trust	0.38%	10.37%	1.35%	8.58%	-10.45%	-1.54%	2.87%	3.87%	-5.75%	9.10%

Correlation

The correlation between CEW and FXB 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jun 3, 2009	0.47

The correlation between CEW and FXB shifts across timeframes, from 0.47 (all time) to 0.61 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CEW vs. FXB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CEW

CEW Risk / Return Rank: 42
CEW Sharpe Ratio Rank: 39
CEW Sortino Ratio Rank: 39
CEW Omega Ratio Rank: 39
CEW Calmar Ratio Rank: 45
CEW Martin Ratio Rank: 46

FXB

FXB Risk / Return Rank: 11
FXB Sharpe Ratio Rank: 12
FXB Sortino Ratio Rank: 11
FXB Omega Ratio Rank: 10
FXB Calmar Ratio Rank: 13
FXB Martin Ratio Rank: 12

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CEW vs. FXB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Currency Strategy Fund (CEW) and Invesco CurrencyShares® British Pound Sterling Trust (FXB). 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	FXB	Difference
Sharpe ratio Return per unit of total volatility	1.39	0.22	+1.17
Sortino ratio Return per unit of downside risk	2.02	0.36	+1.66
Omega ratio Gain probability vs. loss probability	1.26	1.04	+0.22
Calmar ratio Return relative to maximum drawdown	2.24	0.32	+1.92
Martin ratio Return relative to average drawdown	7.57	0.67	+6.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEW vs. FXB - Sharpe Ratio Comparison

The current CEW Sharpe Ratio is 1.39, which is higher than the FXB Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of CEW and FXB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CEW	FXB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	0.22	+1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.09	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.00	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	-0.08	+0.21

Drawdowns

CEW vs. FXB - Drawdown Comparison

The maximum CEW drawdown since its inception was -27.89%, smaller than the maximum FXB drawdown of -48.99%. Use the drawdown chart below to compare losses from any high point for CEW and FXB.

Drawdown Indicators

	CEW	FXB	Difference
Max Drawdown Largest peak-to-trough decline	-27.89%	-48.99%	+21.10%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-4.53%	+0.68%
Max Drawdown (3Y) Largest decline over 3 years	-5.28%	-8.44%	+3.16%
Max Drawdown (5Y) Largest decline over 5 years	-15.02%	-24.83%	+9.81%
Max Drawdown (10Y) Largest decline over 10 years	-17.72%	-29.30%	+11.58%
Current Drawdown Current decline from peak	-0.93%	-29.55%	+28.62%
Average Drawdown Average peak-to-trough decline	-13.01%	-27.54%	+14.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	2.16%	-1.02%

Volatility

CEW vs. FXB - Volatility Comparison

The current volatility for WisdomTree Emerging Currency Strategy Fund (CEW) is 1.65%, while Invesco CurrencyShares® British Pound Sterling Trust (FXB) has a volatility of 1.78%. This indicates that CEW experiences smaller price fluctuations and is considered to be less risky than FXB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEW	FXB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	1.78%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	5.04%	4.84%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	6.23%	6.54%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.85%	8.48%	-1.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.03%	9.30%	-2.27%

CEW vs. FXB - Expense Ratio Comparison

CEW has a 0.55% expense ratio, which is higher than FXB's 0.40% expense ratio.

Dividends

CEW vs. FXB - Dividend Comparison

CEW's dividend yield for the trailing twelve months is around 2.41%, more than FXB's 2.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CEW WisdomTree Emerging Currency Strategy Fund	2.41%	2.47%	5.42%	2.00%	0.80%	0.00%	0.64%	1.90%	1.87%
FXB Invesco CurrencyShares® British Pound Sterling Trust	2.20%	2.44%	3.25%	2.59%	0.29%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CEW and FXB in my portfolio?

CEW and FXB 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.

Which is riskier, CEW or FXB?

FXB has higher volatility (1.78%) compared to CEW (1.65%). In terms of maximum drawdown, CEW dropped -27.89% vs FXB's -48.99%.

Which ETF is better, CEW or FXB?

On 10-year performance, CEW leads with 2.54% vs 0.00% for FXB. On fees, FXB 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.

Which ETF has performed better, CEW or FXB?

Over the 10-year period, CEW has performed better with a 2.54% return vs 0.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CEW or FXB?

FXB is cheaper with a 0.40% expense ratio, compared with 0.55% for CEW.

Which ETF pays a higher dividend yield, CEW or FXB?

CEW has the higher dividend yield at 2.41%, compared with 2.20% for FXB.

What is the main difference between CEW and FXB?

They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.55% for CEW and 0.40% for FXB.

Which has better risk-adjusted returns?

CEW currently has the higher Sharpe Ratio (1.39 vs 0.22), 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.