FXE vs. CEW
FXE (Invesco CurrencyShares® Euro Currency Trust) and CEW (WisdomTree Emerging Currency Strategy Fund) are both Currency funds. FXE is passively managed, while CEW is actively managed. Over the past 10 years, FXE returned 0.15%/yr vs 2.54%/yr for CEW. A 0.53 correlation means they provide meaningful diversification when combined. FXE charges 0.40%/yr vs 0.55%/yr for CEW.
Performance
FXE vs. CEW - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FXE achieves a -1.03% return, which is significantly lower than CEW's 2.70% return. Over the past 10 years, FXE has underperformed CEW with an annualized return of 0.15%, while CEW has yielded a comparatively higher 2.54% annualized return.
FXE
- 1D
- -0.29%
- 1M
- -0.82%
- YTD
- -1.03%
- 6M
- -0.26%
- 1Y
- 2.68%
- 3Y*
- 4.26%
- 5Y*
- -0.23%
- 10Y*
- 0.15%
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%
FXE vs. CEW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | -1.03% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
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 FXE and CEW is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2009 | 0.53 |
The correlation between FXE and CEW shifts across timeframes, from 0.52 (10 years) to 0.63 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FXE vs. CEW — Risk / Return Rank
FXE
CEW
FXE vs. CEW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) 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.
| FXE | CEW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.26 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | 2.24 | -1.71 |
| Martin ratioReturn relative to average drawdown | 1.28 | 7.57 | -6.29 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| FXE | CEW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.43 | 1.39 | -0.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | 0.45 | -0.48 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.02 | 0.36 | -0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | 0.14 | -0.12 |
Drawdowns
FXE vs. CEW - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, which is greater than CEW's maximum drawdown of -27.89%. Use the drawdown chart below to compare losses from any high point for FXE and CEW.
Loading charts...
Drawdown Indicators
| FXE | CEW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -27.89% | -15.44% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -3.85% | -1.17% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -5.28% | -2.84% |
Max Drawdown (5Y)Largest decline over 5 years | -22.32% | -15.02% | -7.30% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -17.72% | -8.74% |
Current DrawdownCurrent decline from peak | -28.01% | -0.93% | -27.08% |
Average DrawdownAverage peak-to-trough decline | -22.31% | -13.01% | -9.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.09% | 1.14% | +0.95% |
Volatility
FXE vs. CEW - Volatility Comparison
The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.21%, while WisdomTree Emerging Currency Strategy Fund (CEW) has a volatility of 1.65%. This indicates that FXE 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.
Loading charts...
Volatility by Period
| FXE | CEW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 1.65% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 4.24% | 5.04% | -0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.24% | 6.23% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 6.85% | +0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.32% | 7.03% | +0.29% |
FXE vs. CEW - Expense Ratio Comparison
FXE has a 0.40% expense ratio, which is lower than CEW's 0.55% expense ratio.
Dividends
FXE vs. CEW - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.73%, 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% |
FXE Invesco CurrencyShares® Euro Currency Trust | 0.73% | 0.94% | 2.28% | 1.49% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXE and CEW have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEW has higher volatility (1.65%) compared to FXE (1.21%). In terms of maximum drawdown, FXE dropped -43.33% vs CEW's -27.89%.
On 10-year performance, CEW leads with 2.54% vs 0.15% for FXE. On fees, FXE is cheaper at 0.40% per year. On volatility, FXE has been the lower-risk option at 1.21%. 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 2.54% return vs 0.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXE is cheaper with a 0.40% expense ratio, compared with 0.55% for CEW.
CEW has the higher dividend yield at 2.41%, compared with 0.73% for FXE.
They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.40% for FXE and 0.55% for CEW.
CEW currently has the higher Sharpe Ratio (1.39 vs 0.43), 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.
Find the right allocation for FXE and CEW
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer