DWAT vs. CEFS

Last updated Jun 4, 2026

DWAT (Arrow DWA Tactical: Macro ETF) and CEFS (Saba Closed-End Funds ETF) are both exchange-traded funds - DWAT is a Tactical Allocation fund actively managed by Arrow Funds, while CEFS is a Event Driven fund actively managed by Exchange Traded Concepts. Both are actively managed. DWAT charges 1.83%/yr vs 1.29%/yr for CEFS.

Performance

DWAT vs. CEFS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow DWA Tactical: Macro ETF (DWAT) and Saba Closed-End Funds ETF (CEFS). 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*: —

CEFS

• 1D: -0.51%
• 1M: 4.35%
• YTD: 13.75%
• 6M: 15.64%
• 1Y: 25.00%
• 3Y*: 22.04%
• 5Y*: 13.85%
• 10Y*: —

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

DWAT vs. CEFS - Yearly Performance Comparison

	2026 (YTD)
DWAT Arrow DWA Tactical: Macro ETF	0.00%
CEFS Saba Closed-End Funds ETF	12.24%

DWAT vs. CEFS - Sectors Allocation Comparison

Sectors	DWAT	CEFS
Financial Services	27.2%	48.9%
Industrials	25.1%	6.7%
Technology	10.2%	12.4%
Consumer Defensive	6.5%	1.8%
Utilities	5.3%	4.2%
Healthcare	5.3%	4.6%
Consumer Cyclical	5.2%	3.3%
Real Estate	5.1%	1.2%
Energy	4.2%	11.2%
Communication Services	3.4%	4.1%
Basic Materials	2.6%	1.6%

Return for Risk

DWAT vs. CEFS — Risk / Return Rank

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

CEFS

CEFS Risk / Return Rank: 80
CEFS Sharpe Ratio Rank: 76
CEFS Sortino Ratio Rank: 81
CEFS Omega Ratio Rank: 78
CEFS Calmar Ratio Rank: 82
CEFS Martin Ratio Rank: 83

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. CEFS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow DWA Tactical: Macro ETF (DWAT) and Saba Closed-End Funds ETF (CEFS). 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	CEFS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.53	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.06	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.79	—

Drawdowns

DWAT vs. CEFS - Drawdown Comparison

The maximum DWAT drawdown since its inception was 0.00%, smaller than the maximum CEFS drawdown of -38.99%. Use the drawdown chart below to compare losses from any high point for DWAT and CEFS.

Drawdown Indicators

	DWAT	CEFS	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-38.99%	+38.99%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.67%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.37%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.85%	—
Current Drawdown Current decline from peak	0.00%	-0.51%	+0.51%
Average Drawdown Average peak-to-trough decline	0.00%	-3.67%	+3.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.45%	—

Volatility

Volatility by Period

	DWAT	CEFS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.56%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	9.95%	-9.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	13.08%	-13.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	15.33%	-15.33%

DWAT vs. CEFS - Expense Ratio Comparison

DWAT has a 1.83% expense ratio, which is higher than CEFS's 1.29% expense ratio.

Dividends

DWAT vs. CEFS - Dividend Comparison

DWAT has not paid dividends to shareholders, while CEFS's dividend yield for the trailing twelve months is around 7.10%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEFS Saba Closed-End Funds ETF	7.10%	7.84%	8.79%	9.20%	11.32%	10.73%	8.61%	8.10%	10.43%	5.02%
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 CEFS?

On fees, CEFS is cheaper at 1.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DWAT or CEFS?

CEFS is cheaper with a 1.29% expense ratio, compared with 1.83% for DWAT.

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

CEFS has the higher dividend yield at 7.10%, compared with 0.00% for DWAT.

What is the main difference between DWAT and CEFS?

DWAT is categorized as Tactical Allocation, while CEFS is Event Driven. They also come from different issuers: Arrow Funds and Exchange Traded Concepts. Their fees differ too: 1.83% for DWAT and 1.29% for CEFS.