FXY vs. CEW
FXY (Invesco CurrencyShares® Japanese Yen Trust) and CEW (WisdomTree Emerging Currency Strategy Fund) are both Currency funds. FXY is passively managed, while CEW is actively managed. Over the past 10 years, FXY returned -4.99%/yr vs 2.42%/yr for CEW. At a 0.15 correlation, their price movements are largely independent. FXY charges 0.40%/yr vs 0.55%/yr for CEW.
Performance
FXY vs. CEW - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -3.36% return, which is significantly lower than CEW's 1.85% return. Over the past 10 years, FXY has underperformed CEW with an annualized return of -4.99%, while CEW has yielded a comparatively higher 2.42% annualized return.
FXY
- 1D
- -0.18%
- 1M
- -1.73%
- YTD
- -3.36%
- 6M
- -3.87%
- 1Y
- -10.86%
- 3Y*
- -4.31%
- 5Y*
- -7.78%
- 10Y*
- -4.99%
CEW
- 1D
- -0.36%
- 1M
- -0.61%
- YTD
- 1.85%
- 6M
- 1.75%
- 1Y
- 6.27%
- 3Y*
- 6.34%
- 5Y*
- 3.18%
- 10Y*
- 2.42%
FXY vs. CEW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.36% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
CEW WisdomTree Emerging Currency Strategy Fund | 1.85% | 14.48% | -0.99% | 9.06% | -1.65% | -6.62% | -0.04% | 4.78% | -5.09% | 11.09% |
Correlation
The correlation between FXY and CEW is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2009 | 0.15 |
Over the past year, FXY and CEW have become more correlated (0.49) than their long-term average of 0.15, meaning their price movements have been converging.
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Return for Risk
FXY vs. CEW — Risk / Return Rank
FXY
CEW
FXY vs. CEW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FXY | CEW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.33 | ||
| Sortino ratioReturn per unit of downside risk | -3.44 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.18 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 1.63 | -2.58 |
| Martin ratioReturn relative to average drawdown | -1.44 | 5.36 | -6.81 |
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Drawdowns
FXY vs. CEW - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.41%, which is greater than CEW's maximum drawdown of -27.89%. Use the drawdown chart below to compare losses from any high point for FXY and CEW.
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Drawdown Indicators
| FXY | CEW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.41% | -27.89% | -28.52% |
Max Drawdown (1Y)Largest decline over 1 year | -11.59% | -3.85% | -7.74% |
Max Drawdown (3Y)Largest decline over 3 years | -15.86% | -5.28% | -10.58% |
Max Drawdown (5Y)Largest decline over 5 years | -34.30% | -13.68% | -20.62% |
Max Drawdown (10Y)Largest decline over 10 years | -41.36% | -17.72% | -23.64% |
Current DrawdownCurrent decline from peak | -56.41% | -1.92% | -54.49% |
Average DrawdownAverage peak-to-trough decline | -27.81% | -12.97% | -14.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.54% | 1.17% | +6.37% |
Volatility
FXY vs. CEW - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 0.79%, while WisdomTree Emerging Currency Strategy Fund (CEW) has a volatility of 1.86%. This indicates that FXY 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
| FXY | CEW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 1.86% | -1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 5.45% | 5.27% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.19% | 6.39% | +1.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 6.88% | +3.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.23% | 7.00% | +2.23% |
FXY vs. CEW - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is lower than CEW's 0.55% expense ratio.
Dividends
FXY vs. CEW - Dividend Comparison
FXY has not paid dividends to shareholders, while CEW's dividend yield for the trailing twelve months is around 2.43%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.43% | 2.47% | 5.42% | 2.00% | 0.80% | 0.00% | 0.64% | 1.90% | 1.87% |
FXY Invesco CurrencyShares® Japanese Yen Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXY and CEW have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEW has higher volatility (1.86%) compared to FXY (0.79%). In terms of maximum drawdown, FXY dropped -56.41% vs CEW's -27.89%.
On 10-year performance, CEW leads with 2.42% vs -4.99% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 0.79%. 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 2.42% return vs -4.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY is cheaper with a 0.40% expense ratio, compared with 0.55% for CEW.
CEW has the higher dividend yield at 2.43%, compared with 0.00% for FXY.
They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.40% for FXY and 0.55% for CEW.
CEW currently has the higher Sharpe Ratio (0.99 vs -1.34), 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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