AGOX vs. DWTFX

Last updated Jun 5, 2026

AGOX (Adaptive Alpha Opportunities ETF) and DWTFX (Arrow DWA Tactical: Macro Fund) are both Tactical Allocation funds. Over the past 5 years, AGOX returned 8.94%/yr vs 10.88%/yr for DWTFX. A 0.65 correlation means they provide meaningful diversification when combined. AGOX charges 1.33%/yr vs 1.69%/yr for DWTFX.

Performance

AGOX vs. DWTFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Adaptive Alpha Opportunities ETF (AGOX) and Arrow DWA Tactical: Macro Fund (DWTFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGOX achieves a 21.85% return, which is significantly higher than DWTFX's 10.75% return.

AGOX

• 1D: 0.58%
• 1M: 8.07%
• YTD: 21.85%
• 6M: 19.22%
• 1Y: 26.89%
• 3Y*: 18.41%
• 5Y*: 8.94%
• 10Y*: —

DWTFX

• 1D: -0.98%
• 1M: 2.44%
• YTD: 10.75%
• 6M: 15.58%
• 1Y: 33.51%
• 3Y*: 17.92%
• 5Y*: 10.88%
• 10Y*: 9.34%

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

AGOX vs. DWTFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AGOX Adaptive Alpha Opportunities ETF	21.85%	8.58%	15.97%	19.07%	-19.21%	9.82%
DWTFX Arrow DWA Tactical: Macro Fund	10.75%	27.93%	12.86%	-0.79%	2.23%	5.22%

Correlation

The correlation between AGOX and DWTFX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since May 11, 2021	0.65

The correlation between AGOX and DWTFX shifts across timeframes, from 0.50 (1 year) to 0.65 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

AGOX vs. DWTFX — Risk / Return Rank

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

AGOX

AGOX Risk / Return Rank: 42
AGOX Sharpe Ratio Rank: 43
AGOX Sortino Ratio Rank: 47
AGOX Omega Ratio Rank: 45
AGOX Calmar Ratio Rank: 36
AGOX Martin Ratio Rank: 41

DWTFX

DWTFX Risk / Return Rank: 33
DWTFX Sharpe Ratio Rank: 36
DWTFX Sortino Ratio Rank: 26
DWTFX Omega Ratio Rank: 42
DWTFX Calmar Ratio Rank: 31
DWTFX Martin Ratio Rank: 27

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.

AGOX vs. DWTFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Adaptive Alpha Opportunities ETF (AGOX) and Arrow DWA Tactical: Macro Fund (DWTFX). 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.

	AGOX	DWTFX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.71	-0.24
Sortino ratio: Return per unit of downside risk	2.27	2.10	+0.18
Omega ratio: Gain probability vs. loss probability	1.28	1.34	-0.06
Calmar ratio: Return relative to maximum drawdown	1.76	2.05	-0.29
Martin ratio: Return relative to average drawdown	6.44	6.30	+0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGOX vs. DWTFX - Sharpe Ratio Comparison

The current AGOX Sharpe Ratio is 1.47, which is comparable to the DWTFX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of AGOX and DWTFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AGOX	DWTFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	1.71	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.68	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.36	+0.15

Drawdowns

AGOX vs. DWTFX - Drawdown Comparison

The maximum AGOX drawdown since its inception was -26.93%, smaller than the maximum DWTFX drawdown of -46.24%. Use the drawdown chart below to compare losses from any high point for AGOX and DWTFX.

Drawdown Indicators

	AGOX	DWTFX	Difference
Max Drawdown Largest peak-to-trough decline	-26.93%	-46.24%	+19.31%
Max Drawdown (1Y) Largest decline over 1 year	-15.32%	-16.49%	+1.17%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-16.49%	-4.66%
Max Drawdown (5Y) Largest decline over 5 years	-26.93%	-19.87%	-7.06%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.51%	—
Current Drawdown Current decline from peak	-0.77%	-5.44%	+4.67%
Average Drawdown Average peak-to-trough decline	-8.17%	-9.12%	+0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	5.35%	-1.16%

Volatility

AGOX vs. DWTFX - Volatility Comparison

Adaptive Alpha Opportunities ETF (AGOX) has a higher volatility of 6.21% compared to Arrow DWA Tactical: Macro Fund (DWTFX) at 5.47%. This indicates that AGOX's price experiences larger fluctuations and is considered to be riskier than DWTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGOX	DWTFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	5.47%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	15.91%	18.63%	-2.72%
Volatility (1Y) Calculated over the trailing 1-year period	18.35%	19.79%	-1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.67%	16.04%	+3.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.67%	16.47%	+3.20%

AGOX vs. DWTFX - Expense Ratio Comparison

AGOX has a 1.33% expense ratio, which is lower than DWTFX's 1.69% expense ratio.

Dividends

AGOX vs. DWTFX - Dividend Comparison

AGOX's dividend yield for the trailing twelve months is around 2.65%, less than DWTFX's 9.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGOX Adaptive Alpha Opportunities ETF	2.65%	3.23%	3.94%	0.27%	0.20%	6.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DWTFX Arrow DWA Tactical: Macro Fund	9.57%	10.60%	0.00%	1.33%	7.27%	22.92%	7.11%	7.00%	3.78%	9.52%	3.06%	6.27%

Frequently Asked Questions

Can I hold both AGOX and DWTFX in my portfolio?

AGOX and DWTFX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AGOX or DWTFX?

AGOX has higher volatility (6.21%) compared to DWTFX (5.47%). In terms of maximum drawdown, AGOX dropped -26.93% vs DWTFX's -46.24%.

Which has better risk-adjusted returns?

DWTFX currently has the higher Sharpe Ratio (1.71 vs 1.47), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.