DWAT vs. ARCM

Last updated Jun 4, 2026

DWAT (Arrow DWA Tactical: Macro ETF) and ARCM (Arrow Reserve Capital Management ETF) are both exchange-traded funds - DWAT is a Tactical Allocation fund actively managed by Arrow Funds, while ARCM is a Ultrashort Bond fund actively managed by Arrow Funds. Both are actively managed. DWAT charges 1.83%/yr vs 0.50%/yr for ARCM.

Performance

DWAT vs. ARCM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow DWA Tactical: Macro ETF (DWAT) and Arrow Reserve Capital Management ETF (ARCM). 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*: —

ARCM

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.36%
• 6M: 1.63%
• 1Y: 3.72%
• 3Y*: 4.62%
• 5Y*: 3.16%
• 10Y*: —

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

DWAT vs. ARCM - Yearly Performance Comparison

	2026 (YTD)
DWAT Arrow DWA Tactical: Macro ETF	0.00%
ARCM Arrow Reserve Capital Management ETF	0.99%

Return for Risk

DWAT vs. ARCM — Risk / Return Rank

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

ARCM

ARCM Risk / Return Rank: 99
ARCM Sharpe Ratio Rank: 99
ARCM Sortino Ratio Rank: 99
ARCM Omega Ratio Rank: 99
ARCM Calmar Ratio Rank: 99
ARCM Martin Ratio Rank: 99

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. ARCM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow DWA Tactical: Macro ETF (DWAT) and Arrow Reserve Capital Management ETF (ARCM). 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	ARCM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	8.44	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.75	—

Drawdowns

DWAT vs. ARCM - Drawdown Comparison

The maximum DWAT drawdown since its inception was 0.00%, smaller than the maximum ARCM drawdown of -4.08%. Use the drawdown chart below to compare losses from any high point for DWAT and ARCM.

Drawdown Indicators

	DWAT	ARCM	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-4.08%	+4.08%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.12%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-3.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-3.46%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	-0.73%	+0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.02%	—

Volatility

Volatility by Period

	DWAT	ARCM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.32%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	0.44%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	3.02%	-3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	3.13%	-3.13%

DWAT vs. ARCM - Expense Ratio Comparison

DWAT has a 1.83% expense ratio, which is higher than ARCM's 0.50% expense ratio.

Dividends

DWAT vs. ARCM - Dividend Comparison

DWAT has not paid dividends to shareholders, while ARCM's dividend yield for the trailing twelve months is around 3.73%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARCM Arrow Reserve Capital Management ETF	3.73%	4.13%	4.87%	4.26%	0.90%	0.02%	0.84%	2.32%	1.91%	0.62%
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%

Frequently Asked Questions

Which ETF is better, DWAT or ARCM?

On fees, ARCM is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DWAT or ARCM?

ARCM is cheaper with a 0.50% expense ratio, compared with 1.83% for DWAT.

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

ARCM has the higher dividend yield at 3.73%, compared with 0.00% for DWAT.

What is the main difference between DWAT and ARCM?

DWAT is categorized as Tactical Allocation, while ARCM is Ultrashort Bond. Their fees differ too: 1.83% for DWAT and 0.50% for ARCM.