DWAT vs. AOA

Last updated Jun 4, 2026

DWAT (Arrow DWA Tactical: Macro ETF) and AOA (iShares Core Aggressive Allocation ETF) are both exchange-traded funds - DWAT is a Tactical Allocation fund actively managed by Arrow Funds, while AOA is a Diversified Portfolio fund tracking the S&P Target Risk Aggressive Index. DWAT is actively managed, while AOA is passively managed. DWAT charges 1.83%/yr vs 0.25%/yr for AOA.

Performance

DWAT vs. AOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow DWA Tactical: Macro ETF (DWAT) and iShares Core Aggressive Allocation ETF (AOA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DWAT

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

AOA

• 1D: -0.50%
• 1M: 4.14%
• YTD: 9.93%
• 6M: 10.64%
• 1Y: 24.29%
• 3Y*: 17.52%
• 5Y*: 9.15%
• 10Y*: 10.56%

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

DWAT vs. AOA - Yearly Performance Comparison

	2026 (YTD)
DWAT Arrow DWA Tactical: Macro ETF	0.00%
AOA iShares Core Aggressive Allocation ETF	6.40%

DWAT vs. AOA - Sectors Allocation Comparison

Sectors	DWAT	AOA
Financial Services	27.2%	16.1%
Industrials	25.1%	12.0%
Technology	10.2%	27.4%
Consumer Defensive	6.5%	5.0%
Utilities	5.3%	2.7%
Healthcare	5.3%	8.0%
Consumer Cyclical	5.2%	9.5%
Real Estate	5.1%	2.4%
Energy	4.2%	4.3%
Communication Services	3.4%	8.3%
Basic Materials	2.6%	4.2%

Return for Risk

DWAT vs. AOA — Risk / Return Rank

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

AOA

AOA Risk / Return Rank: 67
AOA Sharpe Ratio Rank: 68
AOA Sortino Ratio Rank: 69
AOA Omega Ratio Rank: 69
AOA Calmar Ratio Rank: 59
AOA Martin Ratio Rank: 70

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.

DWAT vs. AOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow DWA Tactical: Macro ETF (DWAT) and iShares Core Aggressive Allocation ETF (AOA). 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.

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

Sharpe Ratios by Period

	DWAT	AOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.30	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.69	—

Drawdowns

DWAT vs. AOA - Drawdown Comparison

The maximum DWAT drawdown since its inception was 0.00%, smaller than the maximum AOA drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for DWAT and AOA.

Drawdown Indicators

	DWAT	AOA	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-28.38%	+28.38%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.20%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-12.94%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.38%	—
Current Drawdown Current decline from peak	0.00%	-0.50%	+0.50%
Average Drawdown Average peak-to-trough decline	0.00%	-4.05%	+4.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.84%	—

Volatility

Volatility by Period

	DWAT	AOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.25%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	10.63%	-10.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	12.98%	-12.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	13.55%	-13.55%

DWAT vs. AOA - Expense Ratio Comparison

DWAT has a 1.83% expense ratio, which is higher than AOA's 0.25% expense ratio.

Dividends

DWAT vs. AOA - Dividend Comparison

DWAT has not paid dividends to shareholders, while AOA's dividend yield for the trailing twelve months is around 2.04%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOA iShares Core Aggressive Allocation ETF	2.04%	2.18%	2.30%	2.22%	2.10%	1.67%	1.71%	2.50%	2.37%	5.09%	2.26%	2.15%
DWAT Arrow DWA Tactical: Macro ETF	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

Which ETF is better, DWAT or AOA?

On fees, AOA is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DWAT or AOA?

AOA is cheaper with a 0.25% expense ratio, compared with 1.83% for DWAT.

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

AOA has the higher dividend yield at 2.04%, compared with 0.00% for DWAT.

What is the main difference between DWAT and AOA?

DWAT is categorized as Tactical Allocation, while AOA is Diversified Portfolio. They also come from different issuers: Arrow Funds and iShares. Their fees differ too: 1.83% for DWAT and 0.25% for AOA.