DWAFX vs. UPAAX

Last updated Jun 4, 2026

DWAFX (Arrow DWA Tactical: Balanced Fund) and UPAAX (Upright Assets Allocation Plus Fund) are both Tactical Allocation funds. With a 1.00 correlation, they move nearly in lockstep. DWAFX charges 1.84%/yr vs 2.49%/yr for UPAAX.

Performance

DWAFX vs. UPAAX - Performance Comparison

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

Returns By Period

DWAFX

• 1D: 0.91%
• 1M: 2.78%
• YTD: 13.18%
• 6M: 15.36%
• 1Y: 28.54%
• 3Y*: 12.71%
• 5Y*: 5.18%
• 10Y*: 6.56%

UPAAX

• 1D: 2.35%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DWAFX vs. UPAAX - Yearly Performance Comparison

	2026 (YTD)
DWAFX Arrow DWA Tactical: Balanced Fund	1.14%
UPAAX Upright Assets Allocation Plus Fund	3.87%

Correlation

The correlation between DWAFX and UPAAX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	1.00

Return for Risk

DWAFX vs. UPAAX — Risk / Return Rank

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

DWAFX

DWAFX Risk / Return Rank: 74
DWAFX Sharpe Ratio Rank: 74
DWAFX Sortino Ratio Rank: 60
DWAFX Omega Ratio Rank: 67
DWAFX Calmar Ratio Rank: 86
DWAFX Martin Ratio Rank: 84

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. UPAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow DWA Tactical: Balanced Fund (DWAFX) and Upright Assets Allocation Plus Fund (UPAAX). 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.

	DWAFX	UPAAX	Difference
Sharpe ratio: Return per unit of total volatility	2.52	—	—
Sortino ratio: Return per unit of downside risk	3.27	—	—
Omega ratio: Gain probability vs. loss probability	1.46	—	—
Calmar ratio: Return relative to maximum drawdown	4.18	—	—
Martin ratio: Return relative to average drawdown	15.84	—	—
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

	DWAFX	UPAAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	132.47	-132.05

Drawdowns

DWAFX vs. UPAAX - Drawdown Comparison

The maximum DWAFX drawdown since its inception was -36.11%, which is greater than UPAAX's maximum drawdown of -0.25%. Use the drawdown chart below to compare losses from any high point for DWAFX and UPAAX.

Drawdown Indicators

	DWAFX	UPAAX	Difference
Max Drawdown Largest peak-to-trough decline	-36.11%	-0.25%	-35.86%
Max Drawdown (1Y) Largest decline over 1 year	-6.89%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.26%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-18.39%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.10%	-0.08%	-7.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	—	—

Volatility

Volatility by Period

	DWAFX	UPAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.48%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.44%	21.58%	-10.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.01%	21.58%	-10.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.96%	21.58%	-11.62%

DWAFX vs. UPAAX - Expense Ratio Comparison

DWAFX has a 1.84% expense ratio, which is lower than UPAAX's 2.49% expense ratio.

Dividends

DWAFX vs. UPAAX - Dividend Comparison

DWAFX's dividend yield for the trailing twelve months is around 11.12%, while UPAAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWAFX Arrow DWA Tactical: Balanced Fund	11.12%	12.58%	0.13%	4.45%	6.02%	4.94%	11.89%	2.07%	9.09%	7.24%	0.00%	5.70%
UPAAX Upright Assets Allocation Plus Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DWAFX and UPAAX in my portfolio?

With a correlation of 1.00, DWAFX and UPAAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.