CEW vs. USFR
CEW (WisdomTree Emerging Currency Strategy Fund) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - CEW is a Currency fund actively managed by WisdomTree, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. CEW is actively managed, while USFR is passively managed. Over the past 10 years, CEW returned 2.43%/yr vs 2.48%/yr for USFR. Their -0.02 correlation means they have often moved in opposite directions in the past. CEW charges 0.55%/yr vs 0.15%/yr for USFR.
Performance
CEW vs. USFR - 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 USFR's 2.27% return. Both investments have delivered pretty close results over the past 10 years, with CEW having a 2.43% annualized return and USFR not far ahead at 2.48%.
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%
USFR
- 1D
- 0.02%
- 1M
- 0.34%
- 6M
- 1.89%
- YTD
- 2.27%
- 1Y
- 3.95%
- 3Y*
- 4.69%
- 5Y*
- 3.81%
- 10Y*
- 2.48%
- ALL TIME*
- 1.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $328.43K | $171.66K | $92.20K | |
| $315.80M | $253.72M | $243.43M |
CEW vs. USFR - 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% |
USFR WisdomTree Floating Rate Treasury Fund | 2.27% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 2.01% | 1.03% |
Correlation
The correlation between CEW and USFR is -0.10, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.10 |
Correlation (3Y) Balances recent behavior with more history. | -0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2014 | -0.02 |
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Return for Risk
CEW vs. USFR — Risk / Return Rank
CEW
USFR
CEW vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Currency Strategy Fund (CEW) and WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.10 | ||
| Sortino ratioReturn per unit of downside risk | -49.34 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 14.07 | -12.78 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 200.37 | -197.81 |
| Martin ratioReturn relative to average drawdown | 8.40 | 800.42 | -792.02 |
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Drawdowns
CEW vs. USFR - Drawdown Comparison
The maximum CEW drawdown since its inception was -27.89%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for CEW and USFR.
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Drawdown Indicators
| CEW | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.89% | -1.36% | -26.53% |
Max Drawdown (1Y)Largest decline over 1 year | -3.85% | -0.02% | -3.83% |
Max Drawdown (3Y)Largest decline over 3 years | -5.28% | -0.06% | -5.22% |
Max Drawdown (5Y)Largest decline over 5 years | -13.45% | -0.18% | -13.27% |
Max Drawdown (10Y)Largest decline over 10 years | -17.72% | -0.80% | -16.92% |
Current DrawdownCurrent decline from peak | -0.19% | 0.00% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -12.90% | -0.15% | -12.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 0.00% | +1.17% |
Volatility
CEW vs. USFR - Volatility Comparison
WisdomTree Emerging Currency Strategy Fund (CEW) has a higher volatility of 1.99% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.09%. This indicates that CEW's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEW | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 0.09% | +1.90% |
Volatility (6M)Calculated over the trailing 6-month period | 5.46% | 0.20% | +5.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.40% | 0.27% | +6.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.89% | 0.39% | +6.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 0.76% | +6.18% |
CEW vs. USFR - Expense Ratio Comparison
CEW has a 0.55% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
CEW vs. USFR - Dividend Comparison
CEW's dividend yield for the trailing twelve months is around 2.37%, less than USFR's 3.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.37% | 2.47% | 5.42% | 2.00% | 0.80% | 0.00% | 0.64% | 1.90% | 1.87% | 0.00% | 0.00% |
USFR WisdomTree Floating Rate Treasury Fund | 3.79% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
CEW and USFR have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEW has higher volatility (1.99%) compared to USFR (0.09%). In terms of maximum drawdown, CEW dropped -27.89% vs USFR's -1.36%.
On 10-year performance, USFR leads with 2.48% vs 2.43% for CEW. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USFR has performed better with a 2.48% return vs 2.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.55% for CEW.
USFR has the higher dividend yield at 3.79%, compared with 2.37% for CEW.
CEW is categorized as Currency, while USFR is Government Bonds. Their fees differ too: 0.55% for CEW and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.64 vs 1.54), 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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