CEW vs SPY
WisdomTree Emerging Currency Strategy Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | CEW | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.55% | 0.09% | |
| AUM | $16M | $789.1B | |
| Dividend Yield | 2.41% | 1.01% | |
| Holdings | 3 | 505 | |
| YTD Return | +4.21% | +13.68% | |
| 1Y Return | +9.11% | +21.53% | |
| 3Y Return (annualized) | +7.55% | +21.44% | |
| 5Y Return (annualized) | +4.17% | +13.18% | |
| Volatility (annualized) | 7.8% | 15.3% | |
| Max Drawdown | -27.9% | -56.5% | |
| Fund Family | WisdomTree Investments | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | May 6, 2009 | Jan 22, 1993 |
CEW vs SPY Performance
WisdomTree Emerging Currency Strategy Fund (CEW) is a ETF from WisdomTree Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CEW returned +9.11% while SPY returned +21.53%. Year to date, CEW is up 4.21% versus a gain of 13.68% for SPY.
Over three years, CEW compounded at +7.55% per year against +21.44% for SPY; over five years the annualized figures are +4.17% and +13.18% respectively. Across the full 17-year window we track, SPY has the edge at +8.85% annualized vs +1.31%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 7.8% for CEW. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -27.9% for CEW and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.58. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CEW charges 0.55% per year while SPY charges 0.09%. On a $10,000 position that is $55 vs $9 annually, a gap of $46 per year that compounds over a long holding period. On income, CEW currently yields 2.41% against 1.01% for SPY.
Holdings Overlap
CEW and SPY share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CEW or SPY?
CEW has an expense ratio of 0.55% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $46 per year of difference.
Which performed better, CEW or SPY?
Over the past year CEW returned +9.11% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), CEW annualized +1.31% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, CEW or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 7.8% for CEW. Worst drawdown: CEW -27.9% vs SPY -56.5%.
Should I hold both CEW and SPY?
CEW and SPY have a monthly-return correlation of 0.58, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CEW and SPY?
CEW and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, CEW or SPY?
CEW yields 2.41% while SPY yields 1.01%, so CEW currently pays the higher dividend yield.
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