FXB vs. CEW

Last updated Jun 4, 2026

FXB (Invesco CurrencyShares® British Pound Sterling Trust) and CEW (WisdomTree Emerging Currency Strategy Fund) are both Currency funds. FXB is passively managed, while CEW is actively managed. Over the past 10 years, FXB returned 0.00%/yr vs 2.54%/yr for CEW. At a 0.47 correlation, their price movements are largely independent. FXB charges 0.40%/yr vs 0.55%/yr for CEW.

Performance

FXB vs. CEW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® British Pound Sterling Trust (FXB) and WisdomTree Emerging Currency Strategy Fund (CEW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXB achieves a 0.38% return, which is significantly lower than CEW's 2.70% return.

FXB

• 1D: -0.35%
• 1M: -0.76%
• YTD: 0.38%
• 6M: 1.56%
• 1Y: 1.45%
• 3Y*: 5.39%
• 5Y*: 0.78%
• 10Y*: 0.00%

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%

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

FXB vs. CEW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXB Invesco CurrencyShares® British Pound Sterling Trust	0.38%	10.37%	1.35%	8.58%	-10.45%	-1.54%	2.87%	3.87%	-5.75%	9.10%
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 FXB and CEW is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jun 3, 2009	0.47

The correlation between FXB and CEW shifts across timeframes, from 0.47 (all time) to 0.61 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FXB vs. CEW — Risk / Return Rank

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

FXB

FXB Risk / Return Rank: 11
FXB Sharpe Ratio Rank: 12
FXB Sortino Ratio Rank: 11
FXB Omega Ratio Rank: 10
FXB Calmar Ratio Rank: 13
FXB Martin Ratio Rank: 12

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

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.

FXB vs. CEW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® British Pound Sterling Trust (FXB) 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.

	FXB	CEW	Difference
Sharpe ratio Return per unit of total volatility	0.22	1.39	-1.17
Sortino ratio Return per unit of downside risk	0.36	2.02	-1.66
Omega ratio Gain probability vs. loss probability	1.04	1.26	-0.22
Calmar ratio Return relative to maximum drawdown	0.32	2.24	-1.92
Martin ratio Return relative to average drawdown	0.67	7.57	-6.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXB vs. CEW - Sharpe Ratio Comparison

The current FXB Sharpe Ratio is 0.22, which is lower than the CEW Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of FXB and CEW, 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

	FXB	CEW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	1.39	-1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.45	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.00	0.36	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.14	-0.21

Drawdowns

FXB vs. CEW - Drawdown Comparison

The maximum FXB drawdown since its inception was -48.99%, which is greater than CEW's maximum drawdown of -27.89%. Use the drawdown chart below to compare losses from any high point for FXB and CEW.

Drawdown Indicators

	FXB	CEW	Difference
Max Drawdown Largest peak-to-trough decline	-48.99%	-27.89%	-21.10%
Max Drawdown (1Y) Largest decline over 1 year	-4.53%	-3.85%	-0.68%
Max Drawdown (3Y) Largest decline over 3 years	-8.44%	-5.28%	-3.16%
Max Drawdown (5Y) Largest decline over 5 years	-24.83%	-15.02%	-9.81%
Max Drawdown (10Y) Largest decline over 10 years	-29.30%	-17.72%	-11.58%
Current Drawdown Current decline from peak	-29.55%	-0.93%	-28.62%
Average Drawdown Average peak-to-trough decline	-27.54%	-13.01%	-14.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	1.14%	+1.02%

Volatility

FXB vs. CEW - Volatility Comparison

Invesco CurrencyShares® British Pound Sterling Trust (FXB) has a higher volatility of 1.78% compared to WisdomTree Emerging Currency Strategy Fund (CEW) at 1.65%. This indicates that FXB's price experiences larger fluctuations and is considered to be riskier than CEW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXB	CEW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	1.65%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	4.84%	5.04%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	6.54%	6.23%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.48%	6.85%	+1.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.30%	7.03%	+2.27%

FXB vs. CEW - Expense Ratio Comparison

FXB has a 0.40% expense ratio, which is lower than CEW's 0.55% expense ratio.

Dividends

FXB vs. CEW - Dividend Comparison

FXB's dividend yield for the trailing twelve months is around 2.20%, less than CEW's 2.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CEW WisdomTree Emerging Currency Strategy Fund	2.41%	2.47%	5.42%	2.00%	0.80%	0.00%	0.64%	1.90%	1.87%
FXB Invesco CurrencyShares® British Pound Sterling Trust	2.20%	2.44%	3.25%	2.59%	0.29%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXB and CEW in my portfolio?

FXB and CEW have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXB or CEW?

FXB has higher volatility (1.78%) compared to CEW (1.65%). In terms of maximum drawdown, FXB dropped -48.99% vs CEW's -27.89%.

Which ETF is better, FXB or CEW?

On 10-year performance, CEW leads with 2.54% vs 0.00% for FXB. On fees, FXB is cheaper at 0.40% per year. On volatility, CEW has been the lower-risk option at 1.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXB or CEW?

Over the 10-year period, CEW has performed better with a 2.54% return vs 0.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXB or CEW?

FXB is cheaper with a 0.40% expense ratio, compared with 0.55% for CEW.

Which ETF pays a higher dividend yield, FXB or CEW?

CEW has the higher dividend yield at 2.41%, compared with 2.20% for FXB.

What is the main difference between FXB and CEW?

They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.40% for FXB and 0.55% for CEW.

Which has better risk-adjusted returns?

CEW currently has the higher Sharpe Ratio (1.39 vs 0.22), 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.