CEW vs. FXF

Last updated Jun 4, 2026

CEW (WisdomTree Emerging Currency Strategy Fund) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both Currency funds. CEW is actively managed, while FXF is passively managed. Over the past 10 years, CEW returned 2.54%/yr vs 1.25%/yr for FXF. At a 0.39 correlation, their price movements are largely independent. CEW charges 0.55%/yr vs 0.40%/yr for FXF.

Performance

CEW vs. FXF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Emerging Currency Strategy Fund (CEW) and Invesco CurrencyShares® Swiss Franc Trust (FXF). 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 FXF's -0.20% return. Over the past 10 years, CEW has outperformed FXF with an annualized return of 2.54%, while FXF has yielded a comparatively lower 1.25% 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%

FXF

• 1D: -0.62%
• 1M: -1.07%
• YTD: -0.20%
• 6M: 0.70%
• 1Y: 3.46%
• 3Y*: 4.38%
• 5Y*: 2.01%
• 10Y*: 1.25%

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

CEW vs. FXF - 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%
FXF Invesco CurrencyShares® Swiss Franc Trust	-0.20%	14.04%	-7.46%	9.63%	-2.29%	-4.08%	8.18%	0.32%	-2.01%	3.31%

Correlation

The correlation between CEW and FXF is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jun 3, 2009	0.39

The correlation between CEW and FXF shifts across timeframes, from 0.39 (all time) to 0.51 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CEW vs. FXF — 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

FXF

FXF Risk / Return Rank: 16
FXF Sharpe Ratio Rank: 16
FXF Sortino Ratio Rank: 15
FXF Omega Ratio Rank: 14
FXF Calmar Ratio Rank: 18
FXF Martin Ratio Rank: 16

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. FXF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Currency Strategy Fund (CEW) and Invesco CurrencyShares® Swiss Franc Trust (FXF). 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	FXF	Difference
Sharpe ratio Return per unit of total volatility	1.39	0.47	+0.92
Sortino ratio Return per unit of downside risk	2.02	0.77	+1.26
Omega ratio Gain probability vs. loss probability	1.26	1.09	+0.17
Calmar ratio Return relative to maximum drawdown	2.24	0.72	+1.52
Martin ratio Return relative to average drawdown	7.57	1.62	+5.96
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. FXF - Sharpe Ratio Comparison

The current CEW Sharpe Ratio is 1.39, which is higher than the FXF Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of CEW and FXF, 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	FXF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	0.47	+0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.24	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.17	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.17	-0.04

Drawdowns

CEW vs. FXF - Drawdown Comparison

The maximum CEW drawdown since its inception was -27.89%, smaller than the maximum FXF drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for CEW and FXF.

Drawdown Indicators

	CEW	FXF	Difference
Max Drawdown Largest peak-to-trough decline	-27.89%	-35.58%	+7.69%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-4.82%	+0.97%
Max Drawdown (3Y) Largest decline over 3 years	-5.28%	-8.52%	+3.24%
Max Drawdown (5Y) Largest decline over 5 years	-15.02%	-13.03%	-1.99%
Max Drawdown (10Y) Largest decline over 10 years	-17.72%	-15.04%	-2.68%
Current Drawdown Current decline from peak	-0.93%	-18.53%	+17.60%
Average Drawdown Average peak-to-trough decline	-13.01%	-20.84%	+7.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	2.15%	-1.01%

Volatility

CEW vs. FXF - Volatility Comparison

WisdomTree Emerging Currency Strategy Fund (CEW) and Invesco CurrencyShares® Swiss Franc Trust (FXF) have volatilities of 1.65% and 1.69%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEW	FXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	1.69%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	5.04%	5.56%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	6.23%	7.51%	-1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.85%	8.32%	-1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.03%	7.57%	-0.54%

CEW vs. FXF - Expense Ratio Comparison

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

Dividends

CEW vs. FXF - Dividend Comparison

CEW's dividend yield for the trailing twelve months is around 2.41%, while FXF has not paid dividends to shareholders.

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%
FXF Invesco CurrencyShares® Swiss Franc Trust	0.00%	0.00%	0.03%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CEW and FXF in my portfolio?

CEW and FXF have a correlation of 0.51, 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 FXF?

FXF has higher volatility (1.69%) compared to CEW (1.65%). In terms of maximum drawdown, CEW dropped -27.89% vs FXF's -35.58%.

Which ETF is better, CEW or FXF?

On 10-year performance, CEW leads with 2.54% vs 1.25% for FXF. On fees, FXF is cheaper at 0.40% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CEW or FXF?

Over the 10-year period, CEW has performed better with a 2.54% return vs 1.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CEW or FXF?

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

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

CEW has the higher dividend yield at 2.41%, compared with 0.00% for FXF.

What is the main difference between CEW and FXF?

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

Which has better risk-adjusted returns?

CEW currently has the higher Sharpe Ratio (1.39 vs 0.47), 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.