AFMC vs. DWAT

Last updated Jun 4, 2026

AFMC (First Trust Active Factor Mid Cap ETF) and DWAT (Arrow DWA Tactical: Macro ETF) are both exchange-traded funds - AFMC is a Mid Cap Blend Equities fund actively managed by First Trust, while DWAT is a Tactical Allocation fund actively managed by Arrow Funds. Both are actively managed. AFMC charges 0.65%/yr vs 1.83%/yr for DWAT.

Performance

AFMC vs. DWAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Active Factor Mid Cap ETF (AFMC) and Arrow DWA Tactical: Macro ETF (DWAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AFMC

• 1D: 0.05%
• 1M: 4.34%
• YTD: 16.54%
• 6M: 17.09%
• 1Y: 28.05%
• 3Y*: 20.73%
• 5Y*: 10.49%
• 10Y*: —

DWAT

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AFMC vs. DWAT - Yearly Performance Comparison

	2026 (YTD)
AFMC First Trust Active Factor Mid Cap ETF	7.27%
DWAT Arrow DWA Tactical: Macro ETF	0.00%

AFMC vs. DWAT - Sectors Allocation Comparison

Sectors	AFMC	DWAT
Technology	20.8%	10.2%
Industrials	17.5%	25.1%
Consumer Cyclical	13.8%	5.2%
Healthcare	12.3%	5.3%
Financial Services	11.2%	27.2%
Real Estate	5.9%	5.1%
Basic Materials	5.6%	2.6%
Consumer Defensive	5.2%	6.5%
Energy	3.7%	4.2%
Communication Services	1.9%	3.4%
Utilities	1.5%	5.3%

Return for Risk

AFMC vs. DWAT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AFMC

AFMC Risk / Return Rank: 61
AFMC Sharpe Ratio Rank: 55
AFMC Sortino Ratio Rank: 57
AFMC Omega Ratio Rank: 54
AFMC Calmar Ratio Rank: 69
AFMC Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AFMC vs. DWAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Active Factor Mid Cap ETF (AFMC) and Arrow DWA Tactical: Macro ETF (DWAT). 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.

	AFMC	DWAT	Difference
Sharpe ratio: Return per unit of total volatility	1.89	—	—
Sortino ratio: Return per unit of downside risk	2.74	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	3.43	—	—
Martin ratio: Return relative to average drawdown	12.40	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	AFMC	DWAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	—	—

Drawdowns

AFMC vs. DWAT - Drawdown Comparison

The maximum AFMC drawdown since its inception was -42.14%, which is greater than DWAT's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for AFMC and DWAT.

Drawdown Indicators

	AFMC	DWAT	Difference
Max Drawdown Largest peak-to-trough decline	-42.14%	0.00%	-42.14%
Max Drawdown (1Y) Largest decline over 1 year	-8.20%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-21.99%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.40%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.62%	0.00%	-7.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	—	—

Volatility

Volatility by Period

	AFMC	DWAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.94%	0.00%	+14.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	0.00%	+18.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.93%	0.00%	+22.93%

AFMC vs. DWAT - Expense Ratio Comparison

AFMC has a 0.65% expense ratio, which is lower than DWAT's 1.83% expense ratio.

Dividends

AFMC vs. DWAT - Dividend Comparison

AFMC's dividend yield for the trailing twelve months is around 0.78%, while DWAT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AFMC First Trust Active Factor Mid Cap ETF	0.78%	0.96%	0.64%	0.87%	1.42%	0.84%	1.05%	0.29%
DWAT Arrow DWA Tactical: Macro ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, AFMC or DWAT?

On fees, AFMC is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AFMC or DWAT?

AFMC is cheaper with a 0.65% expense ratio, compared with 1.83% for DWAT.

Which ETF pays a higher dividend yield, AFMC or DWAT?

AFMC has the higher dividend yield at 0.78%, compared with 0.00% for DWAT.

What is the main difference between AFMC and DWAT?

AFMC is categorized as Mid Cap Blend Equities, while DWAT is Tactical Allocation. They also come from different issuers: First Trust and Arrow Funds. Their fees differ too: 0.65% for AFMC and 1.83% for DWAT.