DALI vs. DWAT

Last updated Jun 4, 2026

DALI (First Trust Dorsey Wright DALI 1 ETF) and DWAT (Arrow DWA Tactical: Macro ETF) are both Tactical Allocation funds. DALI is passively managed, while DWAT is actively managed. DALI charges 0.90%/yr vs 1.83%/yr for DWAT.

Performance

DALI vs. DWAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dorsey Wright DALI 1 ETF (DALI) and Arrow DWA Tactical: Macro ETF (DWAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DALI

• 1D: -0.79%
• 1M: 2.87%
• YTD: 7.72%
• 6M: 8.33%
• 1Y: 21.34%
• 3Y*: 7.87%
• 5Y*: 5.41%
• 10Y*: —

DWAT

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

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

DALI vs. DWAT - Yearly Performance Comparison

	2026 (YTD)
DALI First Trust Dorsey Wright DALI 1 ETF	3.01%
DWAT Arrow DWA Tactical: Macro ETF	0.00%

DALI vs. DWAT - Sectors Allocation Comparison

Sectors	DALI	DWAT
Industrials	29.9%	25.1%
Financial Services	10.5%	27.2%
Technology	10.5%	10.2%
Basic Materials	9.9%	2.6%
Energy	9.6%	4.2%
Consumer Cyclical	9.1%	5.2%
Utilities	5.5%	5.3%
Real Estate	5.3%	5.1%
Consumer Defensive	3.5%	6.5%
Healthcare	3.3%	5.3%
Communication Services	3.0%	3.4%

Return for Risk

DALI vs. DWAT — Risk / Return Rank

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

DALI

DALI Risk / Return Rank: 35
DALI Sharpe Ratio Rank: 34
DALI Sortino Ratio Rank: 33
DALI Omega Ratio Rank: 33
DALI Calmar Ratio Rank: 34
DALI Martin Ratio Rank: 40

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.

DALI vs. DWAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Dorsey Wright DALI 1 ETF (DALI) 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.

	DALI	DWAT	Difference
Sharpe ratio: Return per unit of total volatility	1.24	—	—
Sortino ratio: Return per unit of downside risk	1.77	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.71	—	—
Martin ratio: Return relative to average drawdown	6.33	—	—
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

	DALI	DWAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	—	—

Drawdowns

DALI vs. DWAT - Drawdown Comparison

The maximum DALI drawdown since its inception was -36.06%, which is greater than DWAT's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for DALI and DWAT.

Drawdown Indicators

	DALI	DWAT	Difference
Max Drawdown Largest peak-to-trough decline	-36.06%	0.00%	-36.06%
Max Drawdown (1Y) Largest decline over 1 year	-12.54%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-23.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.26%	—	—
Current Drawdown Current decline from peak	-1.40%	0.00%	-1.40%
Average Drawdown Average peak-to-trough decline	-10.14%	0.00%	-10.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	—	—

Volatility

Volatility by Period

	DALI	DWAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.49%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.37%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.31%	0.00%	+17.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.66%	0.00%	+19.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.92%	0.00%	+20.92%

DALI vs. DWAT - Expense Ratio Comparison

DALI has a 0.90% expense ratio, which is lower than DWAT's 1.83% expense ratio.

Dividends

DALI vs. DWAT - Dividend Comparison

DALI's dividend yield for the trailing twelve months is around 0.38%, while DWAT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DALI First Trust Dorsey Wright DALI 1 ETF	0.38%	0.38%	0.18%	3.42%	0.50%	0.11%	1.25%	0.45%	0.17%
DWAT Arrow DWA Tactical: Macro ETF	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, DALI or DWAT?

On fees, DALI is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DALI or DWAT?

DALI is cheaper with a 0.90% expense ratio, compared with 1.83% for DWAT.

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

DALI has the higher dividend yield at 0.38%, compared with 0.00% for DWAT.

What is the main difference between DALI and DWAT?

They also come from different issuers: First Trust and Arrow Funds. Their fees differ too: 0.90% for DALI and 1.83% for DWAT.