DWAFX vs. UPAAX

Last updated Jun 25, 2026

DWAFX (Arrow DWA Tactical: Balanced Fund) and UPAAX (Upright Assets Allocation Plus Fund) are both Tactical Allocation funds. Their correlation of 0.85 suggests significant overlap in exposure. 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: -2.16%
• 1M: -3.06%
• YTD: 7.65%
• 6M: 6.21%
• 1Y: 21.12%
• 3Y*: 10.54%
• 5Y*: 4.51%
• 10Y*: 6.12%

UPAAX

• 1D: -2.90%
• 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	-3.21%
UPAAX Upright Assets Allocation Plus Fund	-4.94%

Correlation

The correlation between DWAFX and UPAAX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.85

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: 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

UPAAX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

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	UPAAX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	—	—
Sortino ratio: Return per unit of downside risk	2.29	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	3.17	—	—
Martin ratio: Return relative to average drawdown	11.07	—	—

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 -10.95%. 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%	-10.95%	-25.16%
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	-4.88%	-8.49%	+3.61%
Average Drawdown Average peak-to-trough decline	-7.09%	-5.21%	-1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	—	—

Volatility

Volatility by Period

	DWAFX	UPAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.60%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.35%	35.86%	-23.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.19%	35.86%	-24.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.06%	35.86%	-25.80%

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 11.69%, 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	11.69%	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?

DWAFX and UPAAX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.