CEW vs. VWO
CEW (WisdomTree Emerging Currency Strategy Fund) and VWO (Vanguard FTSE Emerging Markets ETF) are both exchange-traded funds - CEW is a Currency fund actively managed by WisdomTree, while VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index. CEW is actively managed, while VWO is passively managed. Over the past 10 years, CEW returned 2.43%/yr vs 7.86%/yr for VWO. Their 0.66 correlation means they have sometimes moved together and sometimes differently. CEW charges 0.55%/yr vs 0.08%/yr for VWO.
Performance
CEW vs. VWO - Performance Comparison
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Returns By Period
In the year-to-date period, CEW achieves a 4.20% return, which is significantly lower than VWO's 9.41% return. Over the past 10 years, CEW has underperformed VWO with an annualized return of 2.43%, while VWO has yielded a comparatively higher 7.86% 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%
VWO
- 1D
- 0.96%
- 1M
- -0.49%
- 6M
- 4.16%
- YTD
- 9.41%
- 1Y
- 21.69%
- 3Y*
- 14.84%
- 5Y*
- 6.08%
- 10Y*
- 7.86%
- ALL TIME*
- 6.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $328.43K | $171.66K | $92.20K | |
| $386.61M | $469.40M | $499.89M |
CEW vs. VWO - 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% |
VWO Vanguard FTSE Emerging Markets ETF | 9.41% | 25.60% | 10.59% | 9.25% | -17.98% | 1.26% | 15.17% | 20.75% | -14.76% | 31.49% |
Correlation
The correlation between CEW and VWO is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.61 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2009 | 0.66 |
The correlation between CEW and VWO shifts across timeframes, from 0.53 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CEW vs. VWO — Risk / Return Rank
CEW
VWO
CEW vs. VWO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Currency Strategy Fund (CEW) and Vanguard FTSE Emerging Markets ETF (VWO). 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 | VWO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.22 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 1.89 | +0.66 |
| Martin ratioReturn relative to average drawdown | 8.40 | 6.16 | +2.24 |
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Drawdowns
CEW vs. VWO - Drawdown Comparison
The maximum CEW drawdown since its inception was -27.89%, smaller than the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for CEW and VWO.
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Drawdown Indicators
| CEW | VWO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.89% | -67.68% | +39.79% |
Max Drawdown (1Y)Largest decline over 1 year | -3.85% | -11.17% | +7.32% |
Max Drawdown (3Y)Largest decline over 3 years | -5.28% | -17.37% | +12.09% |
Max Drawdown (5Y)Largest decline over 5 years | -13.45% | -30.88% | +17.43% |
Max Drawdown (10Y)Largest decline over 10 years | -17.72% | -36.39% | +18.67% |
Current DrawdownCurrent decline from peak | -0.19% | -4.07% | +3.88% |
Average DrawdownAverage peak-to-trough decline | -12.90% | -15.73% | +2.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 3.43% | -2.26% |
Volatility
CEW vs. VWO - Volatility Comparison
The current volatility for WisdomTree Emerging Currency Strategy Fund (CEW) is 1.99%, while Vanguard FTSE Emerging Markets ETF (VWO) has a volatility of 5.58%. This indicates that CEW experiences smaller price fluctuations and is considered to be less risky than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEW | VWO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 5.58% | -3.59% |
Volatility (6M)Calculated over the trailing 6-month period | 5.46% | 15.22% | -9.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.40% | 17.58% | -11.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.89% | 17.56% | -10.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 19.17% | -12.23% |
CEW vs. VWO - Expense Ratio Comparison
CEW has a 0.55% expense ratio, which is higher than VWO's 0.08% expense ratio.
Dividends
CEW vs. VWO - Dividend Comparison
CEW's dividend yield for the trailing twelve months is around 2.37%, which matches VWO's 2.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
VWO Vanguard FTSE Emerging Markets ETF | 2.35% | 2.79% | 3.20% | 3.52% | 4.11% | 2.63% | 1.91% | 3.23% | 2.88% | 2.30% | 2.52% | 3.26% |
Frequently Asked Questions
CEW and VWO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWO has higher volatility (5.58%) compared to CEW (1.99%). In terms of maximum drawdown, CEW dropped -27.89% vs VWO's -67.68%.
On 10-year performance, VWO leads with 7.86% vs 2.43% for CEW. On fees, VWO is cheaper at 0.08% 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, VWO has performed better with a 7.86% return vs 2.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VWO is cheaper with a 0.08% expense ratio, compared with 0.55% for CEW.
CEW has the higher dividend yield at 2.37%, compared with 2.35% for VWO.
CEW is categorized as Currency, while VWO is Emerging Markets Equities. They also come from different issuers: WisdomTree and Vanguard. Their fees differ too: 0.55% for CEW and 0.08% for VWO.
CEW currently has the higher Sharpe Ratio (1.54 vs 1.20), 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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