It all depends on what goes into it. I find with wine (on its own, not heated) that it will usually send my BG down a bit. The liver stops adding glucose, and there isn't enough carb in the (red) wine to offset this.
I have a couple of bottles of "mulled wine" at the back of the cupboard - they're quite old now. Add cinnamon and heat in a saucepan, basically. Unfortunately the sugar content is just way too high for me, and being hot it would hit the bloodstream much more quickly....
If you want to give it a go, I'd advise testing before and at the 2 hour point to see what's going on. You might be able to cope with it.