CEW vs. FXY
CEW (WisdomTree Emerging Currency Strategy Fund) and FXY (Invesco CurrencyShares® Japanese Yen Trust) are both Currency funds. CEW is actively managed, while FXY is passively managed. Over the past 10 years, CEW returned 2.54%/yr vs -4.49%/yr for FXY. At a 0.15 correlation, their price movements are largely independent. CEW charges 0.55%/yr vs 0.40%/yr for FXY.
Performance
CEW vs. FXY - 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 FXY's -2.28% return. Over the past 10 years, CEW has outperformed FXY with an annualized return of 2.54%, while FXY has yielded a comparatively lower -4.49% 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%
FXY
- 1D
- -0.17%
- 1M
- -1.89%
- YTD
- -2.28%
- 6M
- -3.30%
- 1Y
- -10.40%
- 3Y*
- -4.81%
- 5Y*
- -7.79%
- 10Y*
- -4.49%
CEW vs. FXY - 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% |
FXY Invesco CurrencyShares® Japanese Yen Trust | -2.28% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
Correlation
The correlation between CEW and FXY is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2009 | 0.15 |
Over the past year, CEW and FXY have become more correlated (0.50) than their long-term average of 0.15, meaning their price movements have been converging.
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Return for Risk
CEW vs. FXY — Risk / Return Rank
CEW
FXY
CEW vs. FXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Currency Strategy Fund (CEW) and Invesco CurrencyShares® Japanese Yen Trust (FXY). 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 | FXY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.39 | -1.25 | +2.64 |
Sortino ratioReturn per unit of downside risk | 2.02 | -1.85 | +3.87 |
Omega ratioGain probability vs. loss probability | 1.26 | 0.80 | +0.46 |
Calmar ratioReturn relative to maximum drawdown | 2.24 | -0.94 | +3.18 |
Martin ratioReturn relative to average drawdown | 7.57 | -1.39 | +8.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CEW | FXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | -1.25 | +2.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | -0.76 | +1.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | -0.48 | +0.84 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | -0.18 | +0.32 |
Drawdowns
CEW vs. FXY - Drawdown Comparison
The maximum CEW drawdown since its inception was -27.89%, smaller than the maximum FXY drawdown of -56.03%. Use the drawdown chart below to compare losses from any high point for CEW and FXY.
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Drawdown Indicators
| CEW | FXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.89% | -56.03% | +28.14% |
Max Drawdown (1Y)Largest decline over 1 year | -3.85% | -11.16% | +7.31% |
Max Drawdown (3Y)Largest decline over 3 years | -5.28% | -15.12% | +9.84% |
Max Drawdown (5Y)Largest decline over 5 years | -15.02% | -33.72% | +18.70% |
Max Drawdown (10Y)Largest decline over 10 years | -17.72% | -40.84% | +23.12% |
Current DrawdownCurrent decline from peak | -0.93% | -55.93% | +55.00% |
Average DrawdownAverage peak-to-trough decline | -13.01% | -27.74% | +14.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 7.50% | -6.36% |
Volatility
CEW vs. FXY - Volatility Comparison
WisdomTree Emerging Currency Strategy Fund (CEW) has a higher volatility of 1.65% compared to Invesco CurrencyShares® Japanese Yen Trust (FXY) at 1.19%. This indicates that CEW's price experiences larger fluctuations and is considered to be riskier than FXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEW | FXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 1.19% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 5.04% | 5.75% | -0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.23% | 8.38% | -2.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.85% | 10.24% | -3.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.03% | 9.33% | -2.30% |
CEW vs. FXY - Expense Ratio Comparison
CEW has a 0.55% expense ratio, which is higher than FXY's 0.40% expense ratio.
Dividends
CEW vs. FXY - Dividend Comparison
CEW's dividend yield for the trailing twelve months is around 2.41%, while FXY 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% |
FXY Invesco CurrencyShares® Japanese Yen Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CEW and FXY have a correlation of 0.50, 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 FXY (1.19%). In terms of maximum drawdown, CEW dropped -27.89% vs FXY's -56.03%.
On 10-year performance, CEW leads with 2.54% vs -4.49% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 1.19%. 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 -4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY 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 0.00% for FXY.
They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.55% for CEW and 0.40% for FXY.
CEW currently has the higher Sharpe Ratio (1.39 vs -1.25), 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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