CEW vs. ZEB.TO

Last updated Jun 4, 2026

CEW (WisdomTree Emerging Currency Strategy Fund) and ZEB.TO (BMO Equal Weight Banks Index ETF) are both exchange-traded funds - CEW is a Currency fund actively managed by WisdomTree, while ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index. CEW is actively managed, while ZEB.TO is passively managed. Over the past 10 years, CEW returned 2.54%/yr vs 14.99%/yr for ZEB.TO. A 0.50 correlation means they provide meaningful diversification when combined. CEW charges 0.55%/yr vs 0.25%/yr for ZEB.TO.

Performance

CEW vs. ZEB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Emerging Currency Strategy Fund (CEW) and BMO Equal Weight Banks Index ETF (ZEB.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CEW is traded in USD, while ZEB.TO is traded in CAD. To make them comparable, the ZEB.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CEW achieves a 2.70% return, which is significantly lower than ZEB.TO's 17.75% return. Over the past 10 years, CEW has underperformed ZEB.TO with an annualized return of 2.54%, while ZEB.TO has yielded a comparatively higher 14.99% 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%

ZEB.TO

• 1D: -0.83%
• 1M: 3.41%
• YTD: 17.75%
• 6M: 25.20%
• 1Y: 58.17%
• 3Y*: 31.22%
• 5Y*: 14.91%
• 10Y*: 14.99%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CEW vs. ZEB.TO - 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%
ZEB.TO BMO Equal Weight Banks Index ETF	17.75%	50.31%	14.74%	13.40%	-16.38%	40.41%	5.59%	21.85%	-15.92%	22.15%

Correlation

The correlation between CEW and ZEB.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Oct 27, 2009	0.50

The correlation between CEW and ZEB.TO has been stable across timeframes, ranging from 0.41 to 0.50 - a consistent structural relationship.

Return for Risk

CEW vs. ZEB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CEW

CEW Risk / Return Rank: 42
CEW Sharpe Ratio Rank: 39
CEW Sortino Ratio Rank: 39
CEW Omega Ratio Rank: 39
CEW Calmar Ratio Rank: 45
CEW Martin Ratio Rank: 46

ZEB.TO

ZEB.TO Risk / Return Rank: 96
ZEB.TO Sharpe Ratio Rank: 97
ZEB.TO Sortino Ratio Rank: 97
ZEB.TO Omega Ratio Rank: 97
ZEB.TO Calmar Ratio Rank: 94
ZEB.TO Martin Ratio Rank: 95

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CEW vs. ZEB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Currency Strategy Fund (CEW) and BMO Equal Weight Banks Index ETF (ZEB.TO). 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	ZEB.TO	Difference
Sharpe ratio Return per unit of total volatility	1.39	4.12	-2.73
Sortino ratio Return per unit of downside risk	2.02	5.61	-3.58
Omega ratio Gain probability vs. loss probability	1.26	1.73	-0.47
Calmar ratio Return relative to maximum drawdown	2.24	6.04	-3.79
Martin ratio Return relative to average drawdown	7.57	26.62	-19.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEW vs. ZEB.TO - Sharpe Ratio Comparison

The current CEW Sharpe Ratio is 1.39, which is lower than the ZEB.TO Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of CEW and ZEB.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CEW	ZEB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	4.12	-2.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.88	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.75	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.61	-0.48

Drawdowns

CEW vs. ZEB.TO - Drawdown Comparison

The maximum CEW drawdown since its inception was -27.89%, smaller than the maximum ZEB.TO drawdown of -45.16%. Use the drawdown chart below to compare losses from any high point for CEW and ZEB.TO.

Drawdown Indicators

	CEW	ZEB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.89%	-45.16%	+17.27%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-9.68%	+5.83%
Max Drawdown (3Y) Largest decline over 3 years	-5.28%	-19.02%	+13.74%
Max Drawdown (5Y) Largest decline over 5 years	-15.02%	-32.50%	+17.48%
Max Drawdown (10Y) Largest decline over 10 years	-17.72%	-45.16%	+27.44%
Current Drawdown Current decline from peak	-0.93%	-2.64%	+1.71%
Average Drawdown Average peak-to-trough decline	-13.01%	-9.15%	-3.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	2.19%	-1.05%

Volatility

CEW vs. ZEB.TO - Volatility Comparison

The current volatility for WisdomTree Emerging Currency Strategy Fund (CEW) is 1.65%, while BMO Equal Weight Banks Index ETF (ZEB.TO) has a volatility of 4.94%. This indicates that CEW experiences smaller price fluctuations and is considered to be less risky than ZEB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEW	ZEB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	4.94%	-3.29%
Volatility (6M) Calculated over the trailing 6-month period	5.04%	12.31%	-7.27%
Volatility (1Y) Calculated over the trailing 1-year period	6.23%	14.20%	-7.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.85%	17.06%	-10.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.03%	20.23%	-13.20%

CEW vs. ZEB.TO - Expense Ratio Comparison

CEW has a 0.55% expense ratio, which is higher than ZEB.TO's 0.25% expense ratio.

Dividends

CEW vs. ZEB.TO - Dividend Comparison

CEW's dividend yield for the trailing twelve months is around 2.41%, less than ZEB.TO's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
ZEB.TO BMO Equal Weight Banks Index ETF	2.54%	2.95%	3.98%	4.75%	4.29%	3.13%	4.15%	3.65%	3.64%	3.02%	3.19%	3.70%

Frequently Asked Questions

Can I hold both CEW and ZEB.TO in my portfolio?

CEW and ZEB.TO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CEW or ZEB.TO?

On fees, ZEB.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CEW or ZEB.TO?

ZEB.TO is cheaper with a 0.25% expense ratio, compared with 0.55% for CEW.

What is the main difference between CEW and ZEB.TO?

CEW is categorized as Currency, while ZEB.TO is Financials Equities. They also come from different issuers: WisdomTree and BMO. Their fees differ too: 0.55% for CEW and 0.25% for ZEB.TO.