FXC vs. CEW
FXC (Invesco CurrencyShares® Canadian Dollar Trust) and CEW (WisdomTree Emerging Currency Strategy Fund) are both Currency funds. FXC is passively managed, while CEW is actively managed. Over the past 10 years, FXC returned -0.15%/yr vs 2.56%/yr for CEW. A 0.57 correlation means they provide meaningful diversification when combined. FXC charges 0.40%/yr vs 0.55%/yr for CEW.
Performance
FXC vs. CEW - Performance Comparison
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Returns By Period
In the year-to-date period, FXC achieves a -0.74% return, which is significantly lower than CEW's 2.96% return. Over the past 10 years, FXC has underperformed CEW with an annualized return of -0.15%, while CEW has yielded a comparatively higher 2.56% annualized return.
FXC
- 1D
- 0.01%
- 1M
- -1.76%
- YTD
- -0.74%
- 6M
- 1.05%
- 1Y
- -0.81%
- 3Y*
- 0.26%
- 5Y*
- -1.74%
- 10Y*
- -0.15%
CEW
- 1D
- -0.11%
- 1M
- 0.26%
- YTD
- 2.96%
- 6M
- 4.32%
- 1Y
- 8.77%
- 3Y*
- 6.96%
- 5Y*
- 3.26%
- 10Y*
- 2.56%
FXC vs. CEW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | -0.74% | 5.24% | -5.96% | 4.35% | -6.44% | 0.22% | 1.92% | 5.94% | -7.54% | 6.72% |
CEW WisdomTree Emerging Currency Strategy Fund | 2.96% | 14.48% | -0.99% | 9.06% | -1.65% | -6.62% | -0.04% | 4.78% | -5.09% | 11.09% |
Correlation
The correlation between FXC and CEW is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2009 | 0.57 |
The correlation between FXC and CEW shifts across timeframes, from 0.43 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXC vs. CEW — Risk / Return Rank
FXC
CEW
FXC vs. CEW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Canadian Dollar Trust (FXC) 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.
| FXC | CEW | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.18 | 1.42 | -1.60 |
Sortino ratioReturn per unit of downside risk | -0.24 | 2.06 | -2.30 |
Omega ratioGain probability vs. loss probability | 0.97 | 1.26 | -0.29 |
Calmar ratioReturn relative to maximum drawdown | -0.16 | 2.26 | -2.42 |
Martin ratioReturn relative to average drawdown | -0.32 | 7.65 | -7.97 |
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
| FXC | CEW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.18 | 1.42 | -1.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.28 | 0.48 | -0.75 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.02 | 0.37 | -0.39 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.05 | 0.14 | -0.19 |
Drawdowns
FXC vs. CEW - Drawdown Comparison
The maximum FXC drawdown since its inception was -35.39%, which is greater than CEW's maximum drawdown of -27.89%. Use the drawdown chart below to compare losses from any high point for FXC and CEW.
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Drawdown Indicators
| FXC | CEW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.39% | -27.89% | -7.50% |
Max Drawdown (1Y)Largest decline over 1 year | -3.78% | -3.85% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -5.28% | -2.06% |
Max Drawdown (5Y)Largest decline over 5 years | -13.53% | -15.02% | +1.49% |
Max Drawdown (10Y)Largest decline over 10 years | -15.46% | -17.72% | +2.26% |
Current DrawdownCurrent decline from peak | -28.56% | -0.68% | -27.88% |
Average DrawdownAverage peak-to-trough decline | -19.91% | -13.02% | -6.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 1.14% | +0.84% |
Volatility
FXC vs. CEW - Volatility Comparison
The current volatility for Invesco CurrencyShares® Canadian Dollar Trust (FXC) is 0.69%, while WisdomTree Emerging Currency Strategy Fund (CEW) has a volatility of 1.68%. This indicates that FXC experiences smaller price fluctuations and is considered to be less risky than CEW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXC | CEW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 1.68% | -0.99% |
Volatility (6M)Calculated over the trailing 6-month period | 3.25% | 5.04% | -1.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.49% | 6.22% | -1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.37% | 6.85% | -0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.66% | 7.04% | -0.38% |
FXC vs. CEW - Expense Ratio Comparison
FXC has a 0.40% expense ratio, which is lower than CEW's 0.55% expense ratio.
Dividends
FXC vs. CEW - Dividend Comparison
FXC's dividend yield for the trailing twelve months is around 0.26%, less than CEW's 2.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.40% | 2.47% | 5.42% | 2.00% | 0.80% | 0.00% | 0.64% | 1.90% | 1.87% | 0.00% | 0.00% | 0.00% |
FXC Invesco CurrencyShares® Canadian Dollar Trust | 0.26% | 0.55% | 2.23% | 2.01% | 0.31% | 0.00% | 0.19% | 0.75% | 0.42% | 0.02% | 0.00% | 0.02% |
Frequently Asked Questions
FXC and CEW have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEW has higher volatility (1.68%) compared to FXC (0.69%). In terms of maximum drawdown, FXC dropped -35.39% vs CEW's -27.89%.
On 10-year performance, CEW leads with 2.56% vs -0.15% for FXC. On fees, FXC is cheaper at 0.40% per year. On volatility, FXC has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CEW has performed better with a 2.56% return vs -0.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXC is cheaper with a 0.40% expense ratio, compared with 0.55% for CEW.
CEW has the higher dividend yield at 2.40%, compared with 0.26% for FXC.
They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.40% for FXC and 0.55% for CEW.
CEW currently has the higher Sharpe Ratio (1.42 vs -0.18), 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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