DWAFX vs. QMLFX

Last updated Jun 25, 2026

DWAFX (Arrow DWA Tactical: Balanced Fund) and QMLFX (Quantified Market Leaders Fund) are both Tactical Allocation funds. Over the past 10 years, DWAFX returned 6.12%/yr vs 10.51%/yr for QMLFX. A 0.76 correlation means they provide meaningful diversification when combined. DWAFX charges 1.84%/yr vs 1.30%/yr for QMLFX.

Performance

DWAFX vs. QMLFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow DWA Tactical: Balanced Fund (DWAFX) and Quantified Market Leaders Fund (QMLFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DWAFX achieves a 7.65% return, which is significantly lower than QMLFX's 16.08% return. Over the past 10 years, DWAFX has underperformed QMLFX with an annualized return of 6.12%, while QMLFX has yielded a comparatively higher 10.51% annualized return.

DWAFX

• 1D: -2.16%
• 1M: -3.06%
• YTD: 7.65%
• 6M: 6.21%
• 1Y: 21.12%
• 3Y*: 10.54%
• 5Y*: 4.51%
• 10Y*: 6.12%

QMLFX

• 1D: -4.37%
• 1M: 2.02%
• YTD: 16.08%
• 6M: 12.55%
• 1Y: 29.90%
• 3Y*: 11.87%
• 5Y*: 0.81%
• 10Y*: 10.51%

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

DWAFX vs. QMLFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWAFX Arrow DWA Tactical: Balanced Fund	7.65%	15.86%	5.79%	1.26%	-5.30%	4.68%	21.10%	10.89%	-10.01%	12.86%
QMLFX Quantified Market Leaders Fund	16.08%	0.97%	11.05%	15.04%	-23.59%	13.22%	37.81%	26.08%	-13.48%	16.76%

Correlation

The correlation between DWAFX and QMLFX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Aug 9, 2013	0.76

The correlation between DWAFX and QMLFX has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.

Return for Risk

DWAFX vs. QMLFX — Risk / Return Rank

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

DWAFX

DWAFX Risk / Return Rank: 56
DWAFX Sharpe Ratio Rank: 49
DWAFX Sortino Ratio Rank: 40
DWAFX Omega Ratio Rank: 48
DWAFX Calmar Ratio Rank: 77
DWAFX Martin Ratio Rank: 65

QMLFX

QMLFX Risk / Return Rank: 45
QMLFX Sharpe Ratio Rank: 33
QMLFX Sortino Ratio Rank: 28
QMLFX Omega Ratio Rank: 33
QMLFX Calmar Ratio Rank: 79
QMLFX Martin Ratio Rank: 50

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.

DWAFX vs. QMLFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow DWA Tactical: Balanced Fund (DWAFX) and Quantified Market Leaders Fund (QMLFX). 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	QMLFX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.41	+0.36
Sortino ratio: Return per unit of downside risk	2.29	1.89	+0.41
Omega ratio: Gain probability vs. loss probability	1.32	1.26	+0.06
Calmar ratio: Return relative to maximum drawdown	3.17	3.28	-0.11
Martin ratio: Return relative to average drawdown	11.07	9.23	+1.84

DWAFX vs. QMLFX - Sharpe Ratio Comparison

The current DWAFX Sharpe Ratio is 1.77, which is comparable to the QMLFX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of DWAFX and QMLFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DWAFX vs. QMLFX - Drawdown Comparison

The maximum DWAFX drawdown since its inception was -36.11%, roughly equal to the maximum QMLFX drawdown of -36.59%. Use the drawdown chart below to compare losses from any high point for DWAFX and QMLFX.

Drawdown Indicators

	DWAFX	QMLFX	Difference
Max Drawdown Largest peak-to-trough decline	-36.11%	-36.59%	+0.48%
Max Drawdown (1Y) Largest decline over 1 year	-6.89%	-10.07%	+3.18%
Max Drawdown (3Y) Largest decline over 3 years	-12.92%	-27.21%	+14.29%
Max Drawdown (5Y) Largest decline over 5 years	-14.26%	-34.07%	+19.81%
Max Drawdown (10Y) Largest decline over 10 years	-18.39%	-36.59%	+18.20%
Current Drawdown Current decline from peak	-4.88%	-4.37%	-0.51%
Average Drawdown Average peak-to-trough decline	-7.09%	-12.49%	+5.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	3.57%	-1.60%

Volatility

DWAFX vs. QMLFX - Volatility Comparison

The current volatility for Arrow DWA Tactical: Balanced Fund (DWAFX) is 5.26%, while Quantified Market Leaders Fund (QMLFX) has a volatility of 12.80%. This indicates that DWAFX experiences smaller price fluctuations and is considered to be less risky than QMLFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWAFX	QMLFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	12.80%	-7.54%
Volatility (6M) Calculated over the trailing 6-month period	10.60%	18.39%	-7.79%
Volatility (1Y) Calculated over the trailing 1-year period	12.35%	23.43%	-11.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.19%	20.63%	-9.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.06%	21.22%	-11.16%

DWAFX vs. QMLFX - Expense Ratio Comparison

DWAFX has a 1.84% expense ratio, which is higher than QMLFX's 1.30% expense ratio.

Dividends

DWAFX vs. QMLFX - Dividend Comparison

DWAFX's dividend yield for the trailing twelve months is around 11.69%, more than QMLFX's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWAFX Arrow DWA Tactical: Balanced Fund	11.69%	12.58%	0.13%	4.45%	6.02%	4.94%	11.89%	2.07%	9.09%	7.24%	0.00%	5.70%
QMLFX Quantified Market Leaders Fund	1.18%	1.37%	0.00%	1.99%	0.00%	26.84%	9.58%	0.00%	15.63%	12.15%	2.22%	1.63%

Frequently Asked Questions

Can I hold both DWAFX and QMLFX in my portfolio?

DWAFX and QMLFX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DWAFX or QMLFX?

QMLFX has higher volatility (12.80%) compared to DWAFX (5.26%). In terms of maximum drawdown, DWAFX dropped -36.11% vs QMLFX's -36.59%.

Which has better risk-adjusted returns?

DWAFX currently has the higher Sharpe Ratio (1.77 vs 1.41), 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.