DWAT vs. CLSM

Last updated Jun 4, 2026

DWAT (Arrow DWA Tactical: Macro ETF) and CLSM (Cabana Target Leading Sector Moderate ETF) are both Tactical Allocation funds. DWAT is actively managed, while CLSM is passively managed. DWAT charges 1.83%/yr vs 0.82%/yr for CLSM.

Performance

DWAT vs. CLSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow DWA Tactical: Macro ETF (DWAT) and Cabana Target Leading Sector Moderate ETF (CLSM). 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*: —

CLSM

• 1D: -0.38%
• 1M: 9.23%
• YTD: 20.45%
• 6M: 20.19%
• 1Y: 34.21%
• 3Y*: 13.75%
• 5Y*: —
• 10Y*: —

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

DWAT vs. CLSM - Yearly Performance Comparison

	2026 (YTD)
DWAT Arrow DWA Tactical: Macro ETF	0.00%
CLSM Cabana Target Leading Sector Moderate ETF	16.99%

DWAT vs. CLSM - Sectors Allocation Comparison

Sectors	DWAT	CLSM
Financial Services	27.2%	0.1%
Industrials	25.1%	1.0%
Technology	10.2%	51.8%
Consumer Defensive	6.5%	34.8%
Utilities	5.3%	0.5%
Healthcare	5.3%	1.4%
Consumer Cyclical	5.2%	4.4%
Real Estate	5.1%	0.0%
Energy	4.2%	0.2%
Communication Services	3.4%	5.5%
Basic Materials	2.6%	0.4%

Return for Risk

DWAT vs. CLSM — Risk / Return Rank

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

CLSM

CLSM Risk / Return Rank: 82
CLSM Sharpe Ratio Rank: 83
CLSM Sortino Ratio Rank: 80
CLSM Omega Ratio Rank: 83
CLSM Calmar Ratio Rank: 80
CLSM 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. CLSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow DWA Tactical: Macro ETF (DWAT) and Cabana Target Leading Sector Moderate ETF (CLSM). 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	CLSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.35	—

Drawdowns

DWAT vs. CLSM - Drawdown Comparison

The maximum DWAT drawdown since its inception was 0.00%, smaller than the maximum CLSM drawdown of -27.77%. Use the drawdown chart below to compare losses from any high point for DWAT and CLSM.

Drawdown Indicators

	DWAT	CLSM	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-27.77%	+27.77%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.50%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-14.60%	—
Current Drawdown Current decline from peak	0.00%	-0.38%	+0.38%
Average Drawdown Average peak-to-trough decline	0.00%	-16.49%	+16.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.05%	—

Volatility

Volatility by Period

	DWAT	CLSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.58%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.54%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	12.70%	-12.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	12.47%	-12.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	12.47%	-12.47%

DWAT vs. CLSM - Expense Ratio Comparison

DWAT has a 1.83% expense ratio, which is higher than CLSM's 0.82% expense ratio.

Dividends

DWAT vs. CLSM - Dividend Comparison

DWAT has not paid dividends to shareholders, while CLSM's dividend yield for the trailing twelve months is around 0.75%.

Position	TTM	2025	2024	2023	2022	2021
CLSM Cabana Target Leading Sector Moderate ETF	0.75%	0.90%	2.13%	2.58%	3.17%	0.59%
DWAT Arrow DWA Tactical: Macro ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, DWAT or CLSM?

On fees, CLSM is cheaper at 0.82% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DWAT or CLSM?

CLSM is cheaper with a 0.82% expense ratio, compared with 1.83% for DWAT.

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

CLSM has the higher dividend yield at 0.75%, compared with 0.00% for DWAT.

What is the main difference between DWAT and CLSM?

They also come from different issuers: Arrow Funds and Cabana. Their fees differ too: 1.83% for DWAT and 0.82% for CLSM.