ARCM vs. DWAT

Last updated Jun 4, 2026

ARCM (Arrow Reserve Capital Management ETF) and DWAT (Arrow DWA Tactical: Macro ETF) are both exchange-traded funds - ARCM is a Ultrashort Bond fund actively managed by Arrow Funds, while DWAT is a Tactical Allocation fund actively managed by Arrow Funds. Both are actively managed. ARCM charges 0.50%/yr vs 1.83%/yr for DWAT.

Performance

ARCM vs. DWAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow Reserve Capital Management ETF (ARCM) and Arrow DWA Tactical: Macro ETF (DWAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ARCM

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.36%
• 6M: 1.63%
• 1Y: 3.72%
• 3Y*: 4.62%
• 5Y*: 3.16%
• 10Y*: —

DWAT

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

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

ARCM vs. DWAT - Yearly Performance Comparison

	2026 (YTD)
ARCM Arrow Reserve Capital Management ETF	0.99%
DWAT Arrow DWA Tactical: Macro ETF	0.00%

Return for Risk

ARCM vs. DWAT — Risk / Return Rank

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

ARCM

ARCM Risk / Return Rank: 99
ARCM Sharpe Ratio Rank: 99
ARCM Sortino Ratio Rank: 99
ARCM Omega Ratio Rank: 99
ARCM Calmar Ratio Rank: 99
ARCM Martin Ratio Rank: 99

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.

ARCM vs. DWAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow Reserve Capital Management ETF (ARCM) 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.

	ARCM	DWAT	Difference
Sharpe ratio: Return per unit of total volatility	8.44	—	—
Sortino ratio: Return per unit of downside risk	17.75	—	—
Omega ratio: Gain probability vs. loss probability	4.50	—	—
Calmar ratio: Return relative to maximum drawdown	29.94	—	—
Martin ratio: Return relative to average drawdown	243.82	—	—
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

	ARCM	DWAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.44	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	—	—

Drawdowns

ARCM vs. DWAT - Drawdown Comparison

The maximum ARCM drawdown since its inception was -4.08%, which is greater than DWAT's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for ARCM and DWAT.

Drawdown Indicators

	ARCM	DWAT	Difference
Max Drawdown Largest peak-to-trough decline	-4.08%	0.00%	-4.08%
Max Drawdown (1Y) Largest decline over 1 year	-0.12%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-3.46%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.73%	0.00%	-0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	—	—

Volatility

Volatility by Period

	ARCM	DWAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.32%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.44%	0.00%	+0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.02%	0.00%	+3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.13%	0.00%	+3.13%

ARCM vs. DWAT - Expense Ratio Comparison

ARCM has a 0.50% expense ratio, which is lower than DWAT's 1.83% expense ratio.

Dividends

ARCM vs. DWAT - Dividend Comparison

ARCM's dividend yield for the trailing twelve months is around 3.73%, while DWAT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARCM Arrow Reserve Capital Management ETF	3.73%	4.13%	4.87%	4.26%	0.90%	0.02%	0.84%	2.32%	1.91%	0.62%
DWAT Arrow DWA Tactical: Macro ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, ARCM or DWAT?

On fees, ARCM is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ARCM or DWAT?

ARCM is cheaper with a 0.50% expense ratio, compared with 1.83% for DWAT.

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

ARCM has the higher dividend yield at 3.73%, compared with 0.00% for DWAT.

What is the main difference between ARCM and DWAT?

ARCM is categorized as Ultrashort Bond, while DWAT is Tactical Allocation. Their fees differ too: 0.50% for ARCM and 1.83% for DWAT.