CEW vs. UGA
CEW (WisdomTree Emerging Currency Strategy Fund) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - CEW is a Currency fund actively managed by WisdomTree, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. CEW is actively managed, while UGA is passively managed. Over the past 10 years, CEW returned 2.45%/yr vs 14.31%/yr for UGA. At a 0.25 correlation, their price movements are largely independent. CEW charges 0.55%/yr vs 0.75%/yr for UGA.
Performance
CEW vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, CEW achieves a 2.22% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, CEW has underperformed UGA with an annualized return of 2.45%, while UGA has yielded a comparatively higher 14.31% 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%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
CEW vs. UGA - 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% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between CEW and UGA is -0.29, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2009 | 0.25 |
The correlation between CEW and UGA shifts across timeframes, from -0.29 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CEW vs. UGA — Risk / Return Rank
CEW
UGA
CEW vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Currency Strategy Fund (CEW) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.30 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 3.17 | -1.22 |
| Martin ratioReturn relative to average drawdown | 6.41 | 9.39 | -2.98 |
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Drawdowns
CEW vs. UGA - Drawdown Comparison
The maximum CEW drawdown since its inception was -27.89%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for CEW and UGA.
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Drawdown Indicators
| CEW | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.89% | -86.59% | +58.70% |
Max Drawdown (1Y)Largest decline over 1 year | -3.85% | -18.96% | +15.11% |
Max Drawdown (3Y)Largest decline over 3 years | -5.28% | -26.68% | +21.40% |
Max Drawdown (5Y)Largest decline over 5 years | -13.68% | -38.11% | +24.43% |
Max Drawdown (10Y)Largest decline over 10 years | -17.72% | -75.89% | +58.17% |
Current DrawdownCurrent decline from peak | -1.57% | -18.05% | +16.48% |
Average DrawdownAverage peak-to-trough decline | -12.97% | -36.69% | +23.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 6.43% | -5.26% |
Volatility
CEW vs. UGA - Volatility Comparison
The current volatility for WisdomTree Emerging Currency Strategy Fund (CEW) is 1.83%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that CEW experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEW | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.83% | 9.24% | -7.41% |
Volatility (6M)Calculated over the trailing 6-month period | 5.27% | 30.57% | -25.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.38% | 35.22% | -28.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.87% | 34.45% | -27.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.00% | 37.22% | -30.22% |
CEW vs. UGA - Expense Ratio Comparison
CEW has a 0.55% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
CEW vs. UGA - Dividend Comparison
CEW's dividend yield for the trailing twelve months is around 2.42%, while UGA 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% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CEW and UGA have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to CEW (1.83%). In terms of maximum drawdown, CEW dropped -27.89% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 2.45% for CEW. On fees, CEW is cheaper at 0.55% per year. On volatility, CEW has been the lower-risk option at 1.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 14.31% return vs 2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CEW is cheaper with a 0.55% expense ratio, compared with 0.75% for UGA.
CEW has the higher dividend yield at 2.42%, compared with 0.00% for UGA.
CEW is categorized as Currency, while UGA is Oil & Gas. They also come from different issuers: WisdomTree and Concierge Technologies. Their fees differ too: 0.55% for CEW and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.17), 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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