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 2.45%/yr vs -4.97%/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 2.22% return, which is significantly higher than FXY's -3.19% return. Over the past 10 years, CEW has outperformed FXY with an annualized return of 2.45%, while FXY has yielded a comparatively lower -4.97% annualized return.
CEW
- 1D
- -0.57%
- 1M
- -0.25%
- YTD
- 2.22%
- 6M
- 2.63%
- 1Y
- 7.46%
- 3Y*
- 6.46%
- 5Y*
- 3.29%
- 10Y*
- 2.45%
FXY
- 1D
- 0.02%
- 1M
- -1.56%
- YTD
- -3.19%
- 6M
- -3.45%
- 1Y
- -9.88%
- 3Y*
- -4.26%
- 5Y*
- -7.73%
- 10Y*
- -4.97%
CEW vs. FXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.22% | 14.48% | -0.99% | 9.06% | -1.65% | -6.62% | -0.04% | 4.78% | -5.09% | 11.09% |
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.19% | 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 | 0.25 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CEW | FXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.39 | ||
| Sortino ratioReturn per unit of downside risk | +3.51 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.81 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | -0.87 | +2.81 |
| Martin ratioReturn relative to average drawdown | 6.41 | -1.32 | +7.73 |
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Drawdowns
CEW vs. FXY - Drawdown Comparison
The maximum CEW drawdown since its inception was -27.89%, smaller than the maximum FXY drawdown of -56.35%. 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% | -56.35% | +28.46% |
Max Drawdown (1Y)Largest decline over 1 year | -3.85% | -11.45% | +7.60% |
Max Drawdown (3Y)Largest decline over 3 years | -5.28% | -15.73% | +10.45% |
Max Drawdown (5Y)Largest decline over 5 years | -13.68% | -34.19% | +20.51% |
Max Drawdown (10Y)Largest decline over 10 years | -17.72% | -41.27% | +23.55% |
Current DrawdownCurrent decline from peak | -1.57% | -56.34% | +54.77% |
Average DrawdownAverage peak-to-trough decline | -12.97% | -27.81% | +14.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 7.51% | -6.34% |
Volatility
CEW vs. FXY - Volatility Comparison
WisdomTree Emerging Currency Strategy Fund (CEW) has a higher volatility of 1.83% compared to Invesco CurrencyShares® Japanese Yen Trust (FXY) at 0.79%. 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 | 1.83% | 0.79% | +1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 5.27% | 5.61% | -0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.38% | 8.19% | -1.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.87% | 10.24% | -3.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.00% | 9.23% | -2.23% |
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 2.42%, while FXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.42% | 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 (1.83%) compared to FXY (0.79%). In terms of maximum drawdown, CEW dropped -27.89% vs FXY's -56.35%.
On 10-year performance, CEW leads with 2.45% vs -4.97% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 0.79%. 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 2.45% return vs -4.97%. 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 2.42%, 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 (1.17 vs -1.21), 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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