DWAFX vs. DWTFX
DWAFX (Arrow DWA Tactical: Balanced Fund) and DWTFX (Arrow DWA Tactical: Macro Fund) are both Tactical Allocation funds from Arrow Funds. Over the past 10 years, DWAFX returned 5.55%/yr vs 8.30%/yr for DWTFX. Their correlation of 0.88 means they have usually moved in the same direction. DWAFX charges 1.84%/yr vs 1.69%/yr for DWTFX.
Performance
DWAFX vs. DWTFX - Performance Comparison
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Returns By Period
In the year-to-date period, DWAFX achieves a 7.06% return, which is significantly higher than DWTFX's 5.46% return. Over the past 10 years, DWAFX has underperformed DWTFX with an annualized return of 5.55%, while DWTFX has yielded a comparatively higher 8.30% annualized return.
DWAFX
- 1D
- 1.29%
- 1M
- 0.40%
- 6M
- 1.94%
- YTD
- 7.06%
- 1Y
- 19.84%
- 3Y*
- 9.16%
- 5Y*
- 4.44%
- 10Y*
- 5.55%
- ALL TIME*
- 4.56%
DWTFX
- 1D
- 2.12%
- 1M
- -2.03%
- 6M
- 0.00%
- YTD
- 5.46%
- 1Y
- 26.01%
- 3Y*
- 13.86%
- 5Y*
- 10.13%
- 10Y*
- 8.30%
- ALL TIME*
- 5.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
DWAFX vs. DWTFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DWAFX Arrow DWA Tactical: Balanced Fund | 7.06% | 15.86% | 5.79% | 1.26% | -5.30% | 4.68% | 21.10% | 10.89% | -10.01% | 12.86% |
DWTFX Arrow DWA Tactical: Macro Fund | 5.46% | 27.93% | 12.86% | -0.79% | 2.23% | 12.69% | 8.96% | 17.10% | -12.11% | 16.05% |
Correlation
The correlation between DWAFX and DWTFX is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.87 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.83 |
Correlation (All Time) Calculated using the full available price history since May 29, 2008 | 0.88 |
The correlation between DWAFX and DWTFX has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.
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Return for Risk
DWAFX vs. DWTFX — Risk / Return Rank
DWAFX
DWTFX
DWAFX vs. DWTFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Arrow DWA Tactical: Balanced Fund (DWAFX) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DWAFX | DWTFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.23 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | 1.51 | +1.11 |
| Martin ratioReturn relative to average drawdown | 6.95 | 3.94 | +3.02 |
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Drawdowns
DWAFX vs. DWTFX - Drawdown Comparison
The maximum DWAFX drawdown since its inception was -36.11%, smaller than the maximum DWTFX drawdown of -46.24%. Use the drawdown chart below to compare losses from any high point for DWAFX and DWTFX.
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Drawdown Indicators
| DWAFX | DWTFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.11% | -46.24% | +10.13% |
Max Drawdown (1Y)Largest decline over 1 year | -6.89% | -16.49% | +9.60% |
Max Drawdown (3Y)Largest decline over 3 years | -12.92% | -16.49% | +3.57% |
Max Drawdown (5Y)Largest decline over 5 years | -14.26% | -19.87% | +5.61% |
Max Drawdown (10Y)Largest decline over 10 years | -18.39% | -32.51% | +14.12% |
Current DrawdownCurrent decline from peak | -5.41% | -9.95% | +4.54% |
Average DrawdownAverage peak-to-trough decline | -7.08% | -9.12% | +2.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 6.31% | -3.72% |
Volatility
DWAFX vs. DWTFX - Volatility Comparison
The current volatility for Arrow DWA Tactical: Balanced Fund (DWAFX) is 3.60%, while Arrow DWA Tactical: Macro Fund (DWTFX) has a volatility of 4.76%. This indicates that DWAFX experiences smaller price fluctuations and is considered to be less risky than DWTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DWAFX | DWTFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.60% | 4.76% | -1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 10.60% | 18.25% | -7.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.82% | 21.06% | -8.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.23% | 16.20% | -4.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.10% | 16.62% | -6.52% |
DWAFX vs. DWTFX - Expense Ratio Comparison
DWAFX has a 1.84% expense ratio, which is higher than DWTFX's 1.69% expense ratio.
Dividends
DWAFX vs. DWTFX - Dividend Comparison
DWAFX's dividend yield for the trailing twelve months is around 11.75%, more than DWTFX's 10.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DWAFX Arrow DWA Tactical: Balanced Fund | 11.75% | 12.58% | 0.13% | 4.45% | 6.02% | 4.94% | 11.89% | 2.07% | 9.09% | 7.24% | 0.00% | 5.70% |
DWTFX Arrow DWA Tactical: Macro Fund | 10.05% | 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
DWAFX and DWTFX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DWTFX has higher volatility (4.76%) compared to DWAFX (3.60%). In terms of maximum drawdown, DWAFX dropped -36.11% vs DWTFX's -46.24%.
DWAFX currently has the higher Sharpe Ratio (1.41 vs 1.18), 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.
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