I added wheel covers to the Canyon last May, and the results are now in. I made the covers from sign vinyl. Sign vinyl makes a lousy wheel cover because it's weak and flimsy, but it's cheap and easily installed. The covers came out slightly below flush with the tire sidewalls.
One problem with stick-on wheel covers is that sand and small gravel gets behind the cover, then centrifugal force throws it outward and tries to pry the cover off the out portion of the rim. They worked well enough for this test, but are coming off soon.
The results:
Before:
Summer 2014 - end of May through mid September
3414.0 miles
89.42 gallons
38.18 MPG
With covers:
Summer 2015 - end of May through mid September
3975.5 miles
103.36 gallons
38.46 MPG
Summer 2015 was slightly warmer than Summer 2014, which could account for 0.1 to 0.2 MPG improvement. It appears that these wheel covers made almost no improvement to my mileage.