VWOB vs. CEW
VWOB (Vanguard Emerging Markets Government Bond ETF) and CEW (WisdomTree Emerging Currency Strategy Fund) are both exchange-traded funds - VWOB is a Emerging Markets Bonds fund tracking the Bloomberg USD Emerging Markets Government RIC Capped Index, while CEW is a Currency fund actively managed by WisdomTree. VWOB is passively managed, while CEW is actively managed. Over the past 10 years, VWOB returned 3.52%/yr vs 2.49%/yr for CEW. At a 0.47 correlation, their price movements are largely independent. VWOB charges 0.15%/yr vs 0.55%/yr for CEW.
Performance
VWOB vs. CEW - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with VWOB having a 2.24% return and CEW slightly lower at 2.15%. Over the past 10 years, VWOB has outperformed CEW with an annualized return of 3.52%, while CEW has yielded a comparatively lower 2.49% annualized return.
VWOB
- 1D
- 0.00%
- 1M
- 1.46%
- YTD
- 2.24%
- 6M
- 2.00%
- 1Y
- 9.93%
- 3Y*
- 9.00%
- 5Y*
- 2.19%
- 10Y*
- 3.52%
CEW
- 1D
- 0.29%
- 1M
- -0.45%
- YTD
- 2.15%
- 6M
- 2.05%
- 1Y
- 6.55%
- 3Y*
- 6.45%
- 5Y*
- 3.24%
- 10Y*
- 2.49%
VWOB vs. CEW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWOB Vanguard Emerging Markets Government Bond ETF | 2.24% | 13.49% | 5.20% | 10.68% | -17.39% | -1.80% | 5.65% | 14.46% | -2.92% | 8.41% |
CEW WisdomTree Emerging Currency Strategy Fund | 2.15% | 14.48% | -0.99% | 9.06% | -1.65% | -6.62% | -0.04% | 4.78% | -5.09% | 11.09% |
Correlation
The correlation between VWOB and CEW is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.47 |
The correlation between VWOB and CEW has been stable across timeframes, ranging from 0.47 to 0.50 - a consistent structural relationship.
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Return for Risk
VWOB vs. CEW — Risk / Return Rank
VWOB
CEW
VWOB vs. CEW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Government Bond ETF (VWOB) 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.
| VWOB | CEW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.86 | ||
| Sortino ratioReturn per unit of downside risk | +1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.19 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 1.71 | +0.52 |
| Martin ratioReturn relative to average drawdown | 9.37 | 5.58 | +3.79 |
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Drawdowns
VWOB vs. CEW - Drawdown Comparison
The maximum VWOB drawdown since its inception was -26.98%, roughly equal to the maximum CEW drawdown of -27.89%. Use the drawdown chart below to compare losses from any high point for VWOB and CEW.
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Drawdown Indicators
| VWOB | CEW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.98% | -27.89% | +0.91% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -3.85% | -0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -7.71% | -5.28% | -2.43% |
Max Drawdown (5Y)Largest decline over 5 years | -26.98% | -13.68% | -13.30% |
Max Drawdown (10Y)Largest decline over 10 years | -26.98% | -17.72% | -9.26% |
Current DrawdownCurrent decline from peak | -0.22% | -1.64% | +1.42% |
Average DrawdownAverage peak-to-trough decline | -4.78% | -12.97% | +8.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 1.18% | -0.12% |
Volatility
VWOB vs. CEW - Volatility Comparison
The current volatility for Vanguard Emerging Markets Government Bond ETF (VWOB) is 1.70%, while WisdomTree Emerging Currency Strategy Fund (CEW) has a volatility of 1.89%. This indicates that VWOB 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
| VWOB | CEW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 1.89% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 4.35% | 5.27% | -0.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.27% | 6.35% | -1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.19% | 6.88% | +2.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 7.00% | +2.34% |
VWOB vs. CEW - Expense Ratio Comparison
VWOB has a 0.15% expense ratio, which is lower than CEW's 0.55% expense ratio.
Dividends
VWOB vs. CEW - Dividend Comparison
VWOB's dividend yield for the trailing twelve months is around 5.81%, more than CEW's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
VWOB Vanguard Emerging Markets Government Bond ETF | 5.81% | 5.92% | 6.08% | 5.50% | 5.30% | 4.04% | 4.18% | 4.58% | 4.52% | 4.61% | 4.71% | 4.93% |
Frequently Asked Questions
VWOB and CEW have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEW has higher volatility (1.89%) compared to VWOB (1.70%). In terms of maximum drawdown, VWOB dropped -26.98% vs CEW's -27.89%.
On 10-year performance, VWOB leads with 3.52% vs 2.49% for CEW. On fees, VWOB is cheaper at 0.15% per year. On volatility, VWOB has been the lower-risk option at 1.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VWOB has performed better with a 3.52% return vs 2.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VWOB is cheaper with a 0.15% expense ratio, compared with 0.55% for CEW.
VWOB has the higher dividend yield at 5.81%, compared with 2.42% for CEW.
VWOB is categorized as Emerging Markets Bonds, while CEW is Currency. They also come from different issuers: Vanguard and WisdomTree. Their fees differ too: 0.15% for VWOB and 0.55% for CEW.
VWOB currently has the higher Sharpe Ratio (1.89 vs 1.04), 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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