CBLS vs. DWAT

Last updated Jun 3, 2026

CBLS (Changebridge Capital Long/Short Equity ETF) and DWAT (Arrow DWA Tactical: Macro ETF) are both exchange-traded funds - CBLS is a Long-Short fund actively managed by Changebridge Capital LLC, while DWAT is a Tactical Allocation fund actively managed by Arrow Funds. Both are actively managed. CBLS charges 1.95%/yr vs 1.83%/yr for DWAT.

Performance

CBLS vs. DWAT - Performance Comparison

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

Returns By Period

CBLS

• 1D: 3.27%
• 1M: 9.60%
• YTD: 24.17%
• 6M: 23.40%
• 1Y: 20.95%
• 3Y*: 19.86%
• 5Y*: 5.73%
• 10Y*: —

DWAT

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

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

CBLS vs. DWAT - Yearly Performance Comparison

	2026 (YTD)
CBLS Changebridge Capital Long/Short Equity ETF	12.55%
DWAT Arrow DWA Tactical: Macro ETF	0.00%

CBLS vs. DWAT - Sectors Allocation Comparison

Sectors	CBLS	DWAT
Technology	32.3%	10.2%
Energy	10.0%	4.2%
Healthcare	9.2%	5.3%
Utilities	7.5%	5.3%
Basic Materials	7.5%	2.6%
Industrials	3.8%	25.1%
Consumer Cyclical	0.4%	5.2%
Communication Services	-2.0%	3.4%
Real Estate	-2.4%	5.1%
Consumer Defensive	-3.8%	6.5%
Financial Services	-6.8%	27.2%

Return for Risk

CBLS vs. DWAT — Risk / Return Rank

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

CBLS

CBLS Risk / Return Rank: 42
CBLS Sharpe Ratio Rank: 38
CBLS Sortino Ratio Rank: 37
CBLS Omega Ratio Rank: 38
CBLS Calmar Ratio Rank: 54
CBLS Martin Ratio Rank: 41

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.

CBLS vs. DWAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Changebridge Capital Long/Short Equity ETF (CBLS) 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.

	CBLS	DWAT	Difference
Sharpe ratio Return per unit of total volatility	1.38	—	—
Sortino ratio Return per unit of downside risk	1.94	—	—
Omega ratio Gain probability vs. loss probability	1.25	—	—
Calmar ratio Return relative to maximum drawdown	2.71	—	—
Martin ratio Return relative to average drawdown	6.61	—	—
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

	CBLS	DWAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	—	—

Drawdowns

CBLS vs. DWAT - Drawdown Comparison

The maximum CBLS drawdown since its inception was -32.78%, which is greater than DWAT's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for CBLS and DWAT.

Drawdown Indicators

	CBLS	DWAT	Difference
Max Drawdown Largest peak-to-trough decline	-32.78%	0.00%	-32.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.27%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.24%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-12.80%	0.00%	-12.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	—	—

Volatility

Volatility by Period

	CBLS	DWAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.08%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.62%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.29%	0.00%	+15.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	0.00%	+15.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	0.00%	+16.13%

CBLS vs. DWAT - Expense Ratio Comparison

CBLS has a 1.95% expense ratio, which is higher than DWAT's 1.83% expense ratio.

Dividends

CBLS vs. DWAT - Dividend Comparison

CBLS's dividend yield for the trailing twelve months is around 0.72%, while DWAT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CBLS Changebridge Capital Long/Short Equity ETF	0.72%	0.90%	0.73%	0.44%
DWAT Arrow DWA Tactical: Macro ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, CBLS or DWAT?

On fees, DWAT is cheaper at 1.83% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBLS or DWAT?

DWAT is cheaper with a 1.83% expense ratio, compared with 1.95% for CBLS.

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

CBLS has the higher dividend yield at 0.72%, compared with 0.00% for DWAT.

What is the main difference between CBLS and DWAT?

CBLS is categorized as Long-Short, while DWAT is Tactical Allocation. They also come from different issuers: Changebridge Capital LLC and Arrow Funds. Their fees differ too: 1.95% for CBLS and 1.83% for DWAT.