CEW vs. UUP
CEW (WisdomTree Emerging Currency Strategy Fund) and UUP (Invesco DB US Dollar Index Bullish Fund) are both Currency funds. CEW is actively managed, while UUP is passively managed. Over the past 10 years, CEW returned 2.54%/yr vs 3.20%/yr for UUP. At a correlation of -0.56, they often move in opposite directions. CEW charges 0.55%/yr vs 0.75%/yr for UUP.
Performance
CEW vs. UUP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CEW achieves a 2.70% return, which is significantly lower than UUP's 3.07% return. Over the past 10 years, CEW has underperformed UUP with an annualized return of 2.54%, while UUP has yielded a comparatively higher 3.20% 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%
UUP
- 1D
- 0.36%
- 1M
- 1.38%
- YTD
- 3.07%
- 6M
- 2.71%
- 1Y
- 5.00%
- 3Y*
- 3.89%
- 5Y*
- 5.92%
- 10Y*
- 3.20%
CEW vs. UUP - 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% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.07% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between CEW and UUP is -0.63, 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 | -0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.55 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2009 | -0.56 |
The correlation between CEW and UUP shifts across timeframes, from -0.65 (3 years) to -0.55 (10 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CEW vs. UUP — Risk / Return Rank
CEW
UUP
CEW vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Currency Strategy Fund (CEW) and Invesco DB US Dollar Index Bullish Fund (UUP). 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 | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.15 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 1.38 | +0.87 |
| Martin ratioReturn relative to average drawdown | 7.57 | 3.65 | +3.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| CEW | UUP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | 0.83 | +0.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.82 | -0.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | 0.46 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.20 | -0.06 |
Drawdowns
CEW vs. UUP - Drawdown Comparison
The maximum CEW drawdown since its inception was -27.89%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for CEW and UUP.
Loading charts...
Drawdown Indicators
| CEW | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.89% | -22.19% | -5.70% |
Max Drawdown (1Y)Largest decline over 1 year | -3.85% | -3.65% | -0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -5.28% | -10.05% | +4.77% |
Max Drawdown (5Y)Largest decline over 5 years | -15.02% | -10.37% | -4.65% |
Max Drawdown (10Y)Largest decline over 10 years | -17.72% | -14.24% | -3.48% |
Current DrawdownCurrent decline from peak | -0.93% | -3.48% | +2.55% |
Average DrawdownAverage peak-to-trough decline | -13.01% | -8.92% | -4.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 1.37% | -0.23% |
Volatility
CEW vs. UUP - Volatility Comparison
WisdomTree Emerging Currency Strategy Fund (CEW) has a higher volatility of 1.65% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.26%. This indicates that CEW's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CEW | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 1.26% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 5.04% | 4.24% | +0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.23% | 6.12% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.85% | 7.22% | -0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.03% | 6.96% | +0.07% |
CEW vs. UUP - Expense Ratio Comparison
CEW has a 0.55% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
CEW vs. UUP - Dividend Comparison
CEW's dividend yield for the trailing twelve months is around 2.41%, less than UUP's 3.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.41% | 2.47% | 5.42% | 2.00% | 0.80% | 0.00% | 0.64% | 1.90% | 1.87% | 0.00% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.33% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
CEW and UUP have a correlation of -0.63, 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 UUP (1.26%). In terms of maximum drawdown, CEW dropped -27.89% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.20% vs 2.54% for CEW. On fees, CEW is cheaper at 0.55% per year. On volatility, UUP has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UUP has performed better with a 3.20% return vs 2.54%. 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 UUP.
UUP has the higher dividend yield at 3.33%, compared with 2.41% for CEW.
They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.55% for CEW and 0.75% for UUP.
CEW currently has the higher Sharpe Ratio (1.39 vs 0.82), 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.
Find the right allocation for CEW and UUP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer