CEW vs. FXC
CEW (WisdomTree Emerging Currency Strategy Fund) and FXC (Invesco CurrencyShares® Canadian Dollar Trust) are both Currency funds. CEW is actively managed, while FXC is passively managed. Over the past 10 years, CEW returned 2.54%/yr vs -0.20%/yr for FXC. A 0.57 correlation means they provide meaningful diversification when combined. CEW charges 0.55%/yr vs 0.40%/yr for FXC.
Performance
CEW vs. FXC - Performance Comparison
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Returns By Period
In the year-to-date period, CEW achieves a 2.70% return, which is significantly higher than FXC's -1.15% return. Over the past 10 years, CEW has outperformed FXC with an annualized return of 2.54%, while FXC has yielded a comparatively lower -0.20% 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%
FXC
- 1D
- -0.41%
- 1M
- -2.04%
- YTD
- -1.15%
- 6M
- 0.45%
- 1Y
- -1.04%
- 3Y*
- 0.12%
- 5Y*
- -1.87%
- 10Y*
- -0.20%
CEW vs. FXC - 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% |
FXC Invesco CurrencyShares® Canadian Dollar Trust | -1.15% | 5.24% | -5.96% | 4.35% | -6.44% | 0.22% | 1.92% | 5.94% | -7.54% | 6.72% |
Correlation
The correlation between CEW and FXC is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2009 | 0.57 |
The correlation between CEW and FXC shifts across timeframes, from 0.43 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CEW vs. FXC — Risk / Return Rank
CEW
FXC
CEW vs. FXC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Currency Strategy Fund (CEW) and Invesco CurrencyShares® Canadian Dollar Trust (FXC). 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 | FXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.62 | ||
| Sortino ratioReturn per unit of downside risk | +2.34 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.97 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | -0.28 | +2.52 |
| Martin ratioReturn relative to average drawdown | 7.57 | -0.52 | +8.10 |
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 | FXC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | -0.23 | +1.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | -0.29 | +0.74 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | -0.03 | +0.39 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | -0.05 | +0.19 |
Drawdowns
CEW vs. FXC - Drawdown Comparison
The maximum CEW drawdown since its inception was -27.89%, smaller than the maximum FXC drawdown of -35.39%. Use the drawdown chart below to compare losses from any high point for CEW and FXC.
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Drawdown Indicators
| CEW | FXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.89% | -35.39% | +7.50% |
Max Drawdown (1Y)Largest decline over 1 year | -3.85% | -3.78% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -5.28% | -7.34% | +2.06% |
Max Drawdown (5Y)Largest decline over 5 years | -15.02% | -13.53% | -1.49% |
Max Drawdown (10Y)Largest decline over 10 years | -17.72% | -15.46% | -2.26% |
Current DrawdownCurrent decline from peak | -0.93% | -28.86% | +27.93% |
Average DrawdownAverage peak-to-trough decline | -13.01% | -19.92% | +6.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 1.98% | -0.84% |
Volatility
CEW vs. FXC - Volatility Comparison
WisdomTree Emerging Currency Strategy Fund (CEW) has a higher volatility of 1.65% compared to Invesco CurrencyShares® Canadian Dollar Trust (FXC) at 0.77%. This indicates that CEW's price experiences larger fluctuations and is considered to be riskier than FXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEW | FXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 0.77% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 5.04% | 3.28% | +1.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.23% | 4.50% | +1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.85% | 6.37% | +0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.03% | 6.66% | +0.37% |
CEW vs. FXC - Expense Ratio Comparison
CEW has a 0.55% expense ratio, which is higher than FXC's 0.40% expense ratio.
Dividends
CEW vs. FXC - Dividend Comparison
CEW's dividend yield for the trailing twelve months is around 2.41%, more than FXC's 0.26% 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% |
FXC Invesco CurrencyShares® Canadian Dollar Trust | 0.26% | 0.55% | 2.23% | 2.01% | 0.31% | 0.00% | 0.19% | 0.75% | 0.42% | 0.02% | 0.00% | 0.02% |
Frequently Asked Questions
CEW and FXC have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEW has higher volatility (1.65%) compared to FXC (0.77%). In terms of maximum drawdown, CEW dropped -27.89% vs FXC's -35.39%.
On 10-year performance, CEW leads with 2.54% vs -0.20% for FXC. On fees, FXC is cheaper at 0.40% per year. On volatility, FXC has been the lower-risk option at 0.77%. 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 -0.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXC 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 0.26% for FXC.
They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.55% for CEW and 0.40% for FXC.
CEW currently has the higher Sharpe Ratio (1.39 vs -0.23), 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.
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