DWAT vs. GAL

Last updated Jun 4, 2026

DWAT (Arrow DWA Tactical: Macro ETF) and GAL (SPDR SSgA Global Allocation ETF) are both exchange-traded funds - DWAT is a Tactical Allocation fund actively managed by Arrow Funds, while GAL is a Diversified Portfolio fund actively managed by State Street. Both are actively managed. DWAT charges 1.83%/yr vs 0.35%/yr for GAL.

Performance

DWAT vs. GAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow DWA Tactical: Macro ETF (DWAT) and SPDR SSgA Global Allocation ETF (GAL). 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*: —

GAL

• 1D: -0.57%
• 1M: 2.59%
• YTD: 8.72%
• 6M: 9.29%
• 1Y: 20.19%
• 3Y*: 14.04%
• 5Y*: 6.96%
• 10Y*: 8.23%

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

DWAT vs. GAL - Yearly Performance Comparison

	2026 (YTD)
DWAT Arrow DWA Tactical: Macro ETF	0.00%
GAL SPDR SSgA Global Allocation ETF	5.07%

DWAT vs. GAL - Sectors Allocation Comparison

Sectors	DWAT	GAL
Financial Services	27.2%	15.8%
Industrials	25.1%	12.2%
Technology	10.2%	27.2%
Consumer Defensive	6.5%	4.8%
Utilities	5.3%	2.6%
Healthcare	5.3%	7.8%
Consumer Cyclical	5.2%	9.9%
Real Estate	5.1%	2.7%
Energy	4.2%	4.3%
Communication Services	3.4%	7.7%
Basic Materials	2.6%	5.0%

Return for Risk

DWAT vs. GAL — Risk / Return Rank

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

GAL

GAL Risk / Return Rank: 70
GAL Sharpe Ratio Rank: 70
GAL Sortino Ratio Rank: 72
GAL Omega Ratio Rank: 71
GAL Calmar Ratio Rank: 65
GAL Martin Ratio Rank: 73

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. GAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow DWA Tactical: Macro ETF (DWAT) and SPDR SSgA Global Allocation ETF (GAL). 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	GAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.32	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.69	—

Drawdowns

DWAT vs. GAL - Drawdown Comparison

The maximum DWAT drawdown since its inception was 0.00%, smaller than the maximum GAL drawdown of -28.31%. Use the drawdown chart below to compare losses from any high point for DWAT and GAL.

Drawdown Indicators

	DWAT	GAL	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-28.31%	+28.31%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.27%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-9.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.31%	—
Current Drawdown Current decline from peak	0.00%	-0.57%	+0.57%
Average Drawdown Average peak-to-trough decline	0.00%	-3.74%	+3.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.46%	—

Volatility

Volatility by Period

	DWAT	GAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.66%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.01%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	8.73%	-8.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	10.43%	-10.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	11.37%	-11.37%

DWAT vs. GAL - Expense Ratio Comparison

DWAT has a 1.83% expense ratio, which is higher than GAL's 0.35% expense ratio.

Dividends

DWAT vs. GAL - Dividend Comparison

DWAT has not paid dividends to shareholders, while GAL's dividend yield for the trailing twelve months is around 3.13%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
GAL SPDR SSgA Global Allocation ETF	3.13%	3.47%	2.99%	2.56%	6.19%	4.05%	2.14%	2.96%	2.43%	2.26%	2.43%	3.10%

Frequently Asked Questions

Which ETF is better, DWAT or GAL?

On fees, GAL is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DWAT or GAL?

GAL is cheaper with a 0.35% expense ratio, compared with 1.83% for DWAT.

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

GAL has the higher dividend yield at 3.13%, compared with 0.00% for DWAT.

What is the main difference between DWAT and GAL?

DWAT is categorized as Tactical Allocation, while GAL is Diversified Portfolio. They also come from different issuers: Arrow Funds and State Street. Their fees differ too: 1.83% for DWAT and 0.35% for GAL.