- ISIN
- US0427657012
- CUSIP
- 042765701
- Issuer
- Arrow Funds
- Inception Date
- May 29, 2008
- Category
- Tactical Allocation
- Min. Investment
- $5,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Value
Share Price Chart
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Performance
DWTFX Performance Chart
Arrow DWA Tactical: Macro Fund (DWTFX) is up 9.7% since the beginning of the year. DWTFX is currently trading at $12 per share. Investors who bought $1,000 worth of DWTFX shares 5 years ago would now be looking at an investment worth $1,723.
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Returns By Period
Arrow DWA Tactical: Macro Fund (DWTFX) has returned 9.74% so far this year and 33.09% over the past 12 months. Over the last ten years, DWTFX has returned 9.13% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Arrow DWA Tactical: Macro Fund
- 1D
- -0.41%
- 1M
- 0.17%
- YTD
- 9.74%
- 6M
- 9.63%
- 1Y
- 33.09%
- 3Y*
- 16.50%
- 5Y*
- 11.50%
- 10Y*
- 9.13%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
DWTFX Monthly Returns History
Based on dividend-adjusted daily data since May 29, 2008, DWTFX's average daily return is +0.03%, while the average monthly return is +0.56%. At this rate, an investment would double in approximately 10.3 years.
Historically, 64% of months were positive and 36% were negative. The best month was Oct 2022 with a return of +8.1%, while the worst month was Oct 2008 at -16.8%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 6 months.
On a daily basis, DWTFX closed higher 51% of trading days. The best single day was Mar 24, 2020 with a return of +7.8%, while the worst single day was Mar 16, 2020 at -10.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.46% | 6.13% | -9.52% | 6.47% | 3.04% | -1.23% | 9.74% | ||||||
| 2025 | 4.11% | -1.01% | -2.25% | -0.10% | 3.98% | 2.52% | 0.10% | 3.34% | 5.32% | 1.08% | 3.21% | 4.91% | 27.93% |
| 2024 | 0.24% | 4.75% | 2.27% | -4.66% | 3.60% | 1.46% | 1.22% | 2.08% | 1.39% | 1.90% | 2.28% | -3.95% | 12.86% |
| 2023 | 2.21% | -5.47% | 0.36% | 1.56% | -4.26% | 4.94% | 3.42% | -3.08% | -4.58% | -4.93% | 6.35% | 3.68% | -0.79% |
| 2022 | -0.33% | 0.89% | 6.29% | -0.31% | 3.96% | -6.31% | 2.14% | -1.26% | -7.74% | 8.05% | 1.17% | -3.14% | 2.23% |
| 2021 | -0.61% | 2.55% | 1.29% | 3.34% | 1.24% | -0.09% | -0.47% | 1.23% | -1.49% | 5.30% | -5.85% | 6.12% | 12.69% |
Benchmark Metrics
Arrow DWA Tactical: Macro Fund has an annualized alpha of -0.71%, beta of 0.69, and R2 of 0.68 versus S&P 500 Index. Calculated based on daily prices since May 29, 2008.
- This fund participated in 84.84% of S&P 500 Index downside but only 70.21% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.69 indicates this fund moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- -0.71%
- Beta
- 0.69
- R²
- 0.68
- Upside Capture
- 70.21%
- Downside Capture
- 84.84%
Expense Ratio
DWTFX has a high expense ratio of 1.69%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
DWTFX ranks 32 for risk / return — below 32% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Arrow DWA Tactical: Macro Fund (DWTFX) and compare them to S&P 500 Index.
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.
| DWTFX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.37 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 2.78 | -0.81 |
| Martin ratioReturn relative to average drawdown | 5.85 | 12.44 | -6.59 |
Dividends
Dividend History
Arrow DWA Tactical: Macro Fund provided a 9.66% dividend yield over the last twelve months, with an annual payout of $1.16 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.16 | $1.16 | $0.00 | $0.11 | $0.62 | $2.06 | $0.70 | $0.68 | $0.34 | $1.00 | $0.30 | $0.61 |
Dividend yield | 9.66% | 10.60% | 0.00% | 1.33% | 7.27% | 22.92% | 7.11% | 7.00% | 3.78% | 9.52% | 3.06% | 6.27% |
Monthly Dividends
The table displays the monthly dividend distributions for Arrow DWA Tactical: Macro Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.16 | $1.16 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.11 | $0.11 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.62 | $0.62 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.06 | $2.06 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Arrow DWA Tactical: Macro Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Arrow DWA Tactical: Macro Fund was 46.24%, occurring on Mar 9, 2009. Recovery took 539 trading sessions.
The current Arrow DWA Tactical: Macro Fund drawdown is 6.30%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -46.24%Mar 2009 | 9mo 6d | 2y 1mo | 2y 10moJun 2008 - Apr 2011 |
COVID crash2020 | -32.51%Mar 2020 | 1y 5mo | 8mo 16d | 2y 2moOct 2018 - Dec 2020 |
2012 bear market2012 | -20.12%Jun 2012 | 1y 1mo | 11mo 21d | 2y 20dMay 2011 - May 2013 |
2023 correction2023 | -19.87%Oct 2023 | 1y 4mo | 11mo 4d | 2y 3moJun 2022 - Sep 2024 |
2026 correction2026 | -16.49%Mar 2026 | 1mo 29d | — | 4mo 24dJan 2026 - now |
Drawdown Indicators
| DWTFX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.24% | -56.78% | +10.54% |
Max Drawdown (1Y)Largest decline over 1 year | -16.49% | -9.10% | -7.39% |
Max Drawdown (3Y)Largest decline over 3 years | -16.49% | -18.90% | +2.41% |
Max Drawdown (5Y)Largest decline over 5 years | -19.87% | -25.43% | +5.56% |
Max Drawdown (10Y)Largest decline over 10 years | -32.51% | -33.92% | +1.41% |
Current DrawdownCurrent decline from peak | -6.30% | -1.80% | -4.50% |
Average DrawdownAverage peak-to-trough decline | -9.12% | -10.71% | +1.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.56% | 2.03% | +3.53% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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