EMHY vs. CEW
EMHY (iShares J.P. Morgan EM High Yield Bond ETF) and CEW (WisdomTree Emerging Currency Strategy Fund) are both exchange-traded funds - EMHY is a Emerging Markets Bonds fund tracking the J.P. Morgan USD Emerging Markets High Yield Bond Index, while CEW is a Currency fund actively managed by WisdomTree. EMHY is passively managed, while CEW is actively managed. Over the past 10 years, EMHY returned 4.73%/yr vs 2.54%/yr for CEW. At a 0.48 correlation, their price movements are largely independent. EMHY charges 0.50%/yr vs 0.55%/yr for CEW.
Performance
EMHY vs. CEW - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with EMHY having a 2.80% return and CEW slightly lower at 2.70%. Over the past 10 years, EMHY has outperformed CEW with an annualized return of 4.73%, while CEW has yielded a comparatively lower 2.54% annualized return.
EMHY
- 1D
- -0.37%
- 1M
- 1.38%
- YTD
- 2.80%
- 6M
- 3.49%
- 1Y
- 12.96%
- 3Y*
- 13.15%
- 5Y*
- 4.25%
- 10Y*
- 4.73%
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%
EMHY vs. CEW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 2.80% | 13.70% | 11.97% | 11.47% | -13.03% | -1.91% | 3.83% | 12.98% | -5.21% | 8.54% |
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% |
Correlation
The correlation between EMHY and CEW is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2012 | 0.48 |
The correlation between EMHY and CEW has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.
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Return for Risk
EMHY vs. CEW — Risk / Return Rank
EMHY
CEW
EMHY vs. CEW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM High Yield Bond ETF (EMHY) and WisdomTree Emerging Currency Strategy Fund (CEW). 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.
| EMHY | CEW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.26 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 2.24 | +0.75 |
| Martin ratioReturn relative to average drawdown | 13.63 | 7.57 | +6.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMHY | CEW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.30 | 1.39 | +0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.45 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.36 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.14 | +0.37 |
Drawdowns
EMHY vs. CEW - Drawdown Comparison
The maximum EMHY drawdown since its inception was -30.11%, which is greater than CEW's maximum drawdown of -27.89%. Use the drawdown chart below to compare losses from any high point for EMHY and CEW.
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Drawdown Indicators
| EMHY | CEW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.11% | -27.89% | -2.22% |
Max Drawdown (1Y)Largest decline over 1 year | -4.34% | -3.85% | -0.49% |
Max Drawdown (3Y)Largest decline over 3 years | -5.95% | -5.28% | -0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -25.83% | -15.02% | -10.81% |
Max Drawdown (10Y)Largest decline over 10 years | -30.11% | -17.72% | -12.39% |
Current DrawdownCurrent decline from peak | -0.37% | -0.93% | +0.56% |
Average DrawdownAverage peak-to-trough decline | -4.90% | -13.01% | +8.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 1.14% | -0.19% |
Volatility
EMHY vs. CEW - Volatility Comparison
iShares J.P. Morgan EM High Yield Bond ETF (EMHY) and WisdomTree Emerging Currency Strategy Fund (CEW) have volatilities of 1.66% and 1.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMHY | CEW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.66% | 1.65% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 4.31% | 5.04% | -0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.65% | 6.23% | -0.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.10% | 6.85% | +2.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 7.03% | +3.63% |
EMHY vs. CEW - Expense Ratio Comparison
EMHY has a 0.50% expense ratio, which is lower than CEW's 0.55% expense ratio.
Dividends
EMHY vs. CEW - Dividend Comparison
EMHY's dividend yield for the trailing twelve months is around 6.41%, more than CEW's 2.41% 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% |
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.41% | 6.52% | 6.86% | 6.73% | 7.08% | 5.58% | 5.44% | 5.72% | 6.79% | 5.59% | 6.43% | 6.99% |
Frequently Asked Questions
EMHY and CEW have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMHY has higher volatility (1.66%) compared to CEW (1.65%). In terms of maximum drawdown, EMHY dropped -30.11% vs CEW's -27.89%.
On 10-year performance, EMHY leads with 4.73% vs 2.54% for CEW. On fees, EMHY is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMHY has performed better with a 4.73% return vs 2.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMHY is cheaper with a 0.50% expense ratio, compared with 0.55% for CEW.
EMHY has the higher dividend yield at 6.41%, compared with 2.41% for CEW.
EMHY is categorized as Emerging Markets Bonds, while CEW is Currency. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.50% for EMHY and 0.55% for CEW.
EMHY currently has the higher Sharpe Ratio (2.30 vs 1.39), 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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