UDN vs. CEW
UDN (Invesco DB US Dollar Index Bearish Fund) and CEW (WisdomTree Emerging Currency Strategy Fund) are both Currency funds. UDN is passively managed, while CEW is actively managed. Over the past 10 years, UDN returned -0.45%/yr vs 2.45%/yr for CEW. A 0.56 correlation means they provide meaningful diversification when combined. UDN charges 0.77%/yr vs 0.55%/yr for CEW.
Performance
UDN vs. CEW - Performance Comparison
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Returns By Period
In the year-to-date period, UDN achieves a -2.36% return, which is significantly lower than CEW's 2.22% return. Over the past 10 years, UDN has underperformed CEW with an annualized return of -0.45%, while CEW has yielded a comparatively higher 2.45% annualized return.
UDN
- 1D
- -0.34%
- 1M
- -2.04%
- YTD
- -2.36%
- 6M
- -2.68%
- 1Y
- -1.37%
- 3Y*
- 2.64%
- 5Y*
- -0.72%
- 10Y*
- -0.45%
CEW
- 1D
- -0.57%
- 1M
- -0.25%
- YTD
- 2.22%
- 6M
- 2.63%
- 1Y
- 7.46%
- 3Y*
- 6.46%
- 5Y*
- 3.29%
- 10Y*
- 2.45%
UDN vs. CEW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UDN Invesco DB US Dollar Index Bearish Fund | -2.36% | 12.37% | -4.53% | 4.88% | -7.96% | -7.03% | 6.20% | -0.97% | -5.02% | 9.50% |
CEW WisdomTree Emerging Currency Strategy Fund | 2.22% | 14.48% | -0.99% | 9.06% | -1.65% | -6.62% | -0.04% | 4.78% | -5.09% | 11.09% |
Correlation
The correlation between UDN and CEW is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2009 | 0.56 |
The correlation between UDN and CEW shifts across timeframes, from 0.55 (10 years) to 0.66 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
UDN vs. CEW — Risk / Return Rank
UDN
CEW
UDN vs. CEW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bearish Fund (UDN) 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.
| UDN | CEW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -2.00 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.22 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | 1.94 | -2.22 |
| Martin ratioReturn relative to average drawdown | -0.60 | 6.41 | -7.01 |
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Drawdowns
UDN vs. CEW - Drawdown Comparison
The maximum UDN drawdown since its inception was -41.67%, which is greater than CEW's maximum drawdown of -27.89%. Use the drawdown chart below to compare losses from any high point for UDN and CEW.
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Drawdown Indicators
| UDN | CEW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.67% | -27.89% | -13.78% |
Max Drawdown (1Y)Largest decline over 1 year | -4.91% | -3.85% | -1.06% |
Max Drawdown (3Y)Largest decline over 3 years | -8.59% | -5.28% | -3.31% |
Max Drawdown (5Y)Largest decline over 5 years | -20.82% | -13.68% | -7.14% |
Max Drawdown (10Y)Largest decline over 10 years | -25.72% | -17.72% | -8.00% |
Current DrawdownCurrent decline from peak | -28.97% | -1.57% | -27.40% |
Average DrawdownAverage peak-to-trough decline | -20.63% | -12.97% | -7.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 1.17% | +1.11% |
Volatility
UDN vs. CEW - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bearish Fund (UDN) is 1.37%, while WisdomTree Emerging Currency Strategy Fund (CEW) has a volatility of 1.83%. This indicates that UDN 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
| UDN | CEW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 1.83% | -0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 4.34% | 5.27% | -0.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.05% | 6.38% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.41% | 6.87% | +0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.86% | 7.00% | -0.14% |
UDN vs. CEW - Expense Ratio Comparison
UDN has a 0.77% expense ratio, which is higher than CEW's 0.55% expense ratio.
Dividends
UDN vs. CEW - Dividend Comparison
UDN's dividend yield for the trailing twelve months is around 3.01%, more than CEW's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.42% | 2.47% | 5.42% | 2.00% | 0.80% | 0.00% | 0.64% | 1.90% | 1.87% | 0.00% |
UDN Invesco DB US Dollar Index Bearish Fund | 3.01% | 2.94% | 5.33% | 5.21% | 0.69% | 0.00% | 0.00% | 1.38% | 1.26% | 0.11% |
Frequently Asked Questions
UDN and CEW have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEW has higher volatility (1.83%) compared to UDN (1.37%). In terms of maximum drawdown, UDN dropped -41.67% vs CEW's -27.89%.
On 10-year performance, CEW leads with 2.45% vs -0.45% for UDN. On fees, CEW is cheaper at 0.55% per year. On volatility, UDN has been the lower-risk option at 1.37%. 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 2.45% return vs -0.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CEW is cheaper with a 0.55% expense ratio, compared with 0.77% for UDN.
UDN has the higher dividend yield at 3.01%, compared with 2.42% for CEW.
They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.77% for UDN and 0.55% for CEW.
CEW currently has the higher Sharpe Ratio (1.17 vs -0.23), 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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