DWAT vs. CTAP

Last updated Apr 1, 2026

Compare and contrast key facts about Arrow DWA Tactical ETF (DWAT) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP).

DWAT and CTAP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DWAT is an actively managed fund by Arrow Funds. It was launched on Oct 1, 2014. CTAP is an actively managed fund by Simplify. It was launched on Dec 8, 2025.

Performance

DWAT vs. CTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow DWA Tactical ETF (DWAT) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). The values are adjusted to include any dividend payments, if applicable.

DWAT vs. CTAP - Yearly Performance Comparison

	2026 (YTD)
DWAT Arrow DWA Tactical ETF	0.00%
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	0.54%

Returns By Period

DWAT

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

CTAP

• 1D: 1.18%
• 1M: -5.40%
• YTD: 5.36%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DWAT vs. CTAP - Expense Ratio Comparison

DWAT has a 1.66% expense ratio, which is higher than CTAP's 0.10% expense ratio.

DWAT

Arrow DWA Tactical ETF

CTAP

Simplify US Equity PLUS Managed Futures Strategy ETF

Return for Risk

DWAT vs. CTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow DWA Tactical ETF (DWAT) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). 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	CTAP	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.31	—

Dividends

DWAT vs. CTAP - Dividend Comparison

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

	TTM
DWAT Arrow DWA Tactical ETF	0.00%
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	0.75%

Drawdowns

DWAT vs. CTAP - Drawdown Comparison

The maximum DWAT drawdown since its inception was 0.00%, smaller than the maximum CTAP drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for DWAT and CTAP.

Drawdown Indicators

	DWAT	CTAP	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-9.02%	+9.02%
Current Drawdown Current decline from peak	0.00%	-5.64%	+5.64%
Average Drawdown Average peak-to-trough decline	0.00%	-2.15%	+2.15%

Volatility

Volatility by Period

	DWAT	CTAP	Difference
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	22.12%	-22.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	22.12%	-22.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	22.12%	-22.12%