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 2.43%/yr vs -4.95%/yr for FXY. Their 0.15 correlation means their historical movements had little consistent relationship. 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 4.20% return, which is significantly higher than FXY's -1.72% return. Over the past 10 years, CEW has outperformed FXY with an annualized return of 2.43%, while FXY has yielded a comparatively lower -4.95% annualized return.
CEW
- 1D
- -0.19%
- 1M
- 1.82%
- 6M
- 2.23%
- YTD
- 4.20%
- 1Y
- 9.10%
- 3Y*
- 6.70%
- 5Y*
- 3.97%
- 10Y*
- 2.43%
- ALL TIME*
- 1.12%
FXY
- 1D
- 0.14%
- 1M
- 1.25%
- 6M
- -2.96%
- YTD
- -1.72%
- 1Y
- -7.64%
- 3Y*
- -3.84%
- 5Y*
- -7.64%
- 10Y*
- -4.95%
- ALL TIME*
- -1.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $328.43K | $171.66K | $92.20K | |
| $25.81M | $16.82M | $12.69M |
CEW vs. FXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 4.20% | 14.48% | -0.99% | 9.06% | -1.65% | -6.62% | -0.04% | 4.78% | -5.09% | 11.09% |
FXY Invesco CurrencyShares® Japanese Yen Trust | -1.72% | 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 0.47, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.47 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.38 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.26 |
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 (0.47) 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 | +2.22 | ||
| Sortino ratioReturn per unit of downside risk | +3.29 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.89 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | -0.52 | +3.08 |
| Martin ratioReturn relative to average drawdown | 8.40 | -0.84 | +9.24 |
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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 -56.95%. 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% | -56.95% | +29.06% |
Max Drawdown (1Y)Largest decline over 1 year | -3.85% | -10.86% | +7.01% |
Max Drawdown (3Y)Largest decline over 3 years | -5.28% | -14.91% | +9.63% |
Max Drawdown (5Y)Largest decline over 5 years | -13.45% | -34.99% | +21.54% |
Max Drawdown (10Y)Largest decline over 10 years | -17.72% | -42.08% | +24.36% |
Current DrawdownCurrent decline from peak | -0.19% | -55.68% | +55.49% |
Average DrawdownAverage peak-to-trough decline | -12.90% | -27.96% | +15.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 6.67% | -5.50% |
Volatility
CEW vs. FXY - Volatility Comparison
The current volatility for WisdomTree Emerging Currency Strategy Fund (CEW) is 1.99%, while Invesco CurrencyShares® Japanese Yen Trust (FXY) has a volatility of 3.00%. This indicates that CEW experiences smaller price fluctuations and is considered to be less risky 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 | 1.99% | 3.00% | -1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 5.46% | 5.52% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.40% | 8.30% | -1.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.89% | 10.29% | -3.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 9.13% | -2.19% |
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 2.37%, while FXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.37% | 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 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXY has higher volatility (3.00%) compared to CEW (1.99%). In terms of maximum drawdown, CEW dropped -27.89% vs FXY's -56.95%.
On 10-year performance, CEW leads with 2.43% vs -4.95% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, CEW has been the lower-risk option at 1.99%. 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 2.43% return vs -4.95%. 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 2.37%, 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 (1.54 vs -0.68), 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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