DWAT vs. IVOL

Last updated Jun 4, 2026

DWAT (Arrow DWA Tactical: Macro ETF) and IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) are both exchange-traded funds - DWAT is a Tactical Allocation fund actively managed by Arrow Funds, while IVOL is a Inflation-Protected Bonds fund actively managed by CICC. Both are actively managed. DWAT charges 1.83%/yr vs 0.99%/yr for IVOL.

Performance

DWAT vs. IVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow DWA Tactical: Macro ETF (DWAT) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). 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*: —

IVOL

• 1D: -0.34%
• 1M: -3.62%
• YTD: -6.33%
• 6M: -7.21%
• 1Y: -5.59%
• 3Y*: -3.54%
• 5Y*: -5.77%
• 10Y*: —

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

DWAT vs. IVOL - Yearly Performance Comparison

	2026 (YTD)
DWAT Arrow DWA Tactical: Macro ETF	0.00%
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	-5.87%

DWAT vs. IVOL - Sectors Allocation Comparison

Sectors	DWAT	IVOL
Financial Services	27.2%	77.1%
Industrials	25.1%	-
Technology	10.2%	-
Consumer Defensive	6.5%	-
Utilities	5.3%	-
Healthcare	5.3%	-
Consumer Cyclical	5.2%	-
Real Estate	5.1%	-
Energy	4.2%	-
Communication Services	3.4%	-
Basic Materials	2.6%	-

Return for Risk

DWAT vs. IVOL — Risk / Return Rank

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

IVOL

IVOL Risk / Return Rank: 3
IVOL Sharpe Ratio Rank: 3
IVOL Sortino Ratio Rank: 3
IVOL Omega Ratio Rank: 3
IVOL Calmar Ratio Rank: 4
IVOL Martin Ratio Rank: 3

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. IVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow DWA Tactical: Macro ETF (DWAT) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). 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	IVOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.81	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.11	—

Drawdowns

DWAT vs. IVOL - Drawdown Comparison

The maximum DWAT drawdown since its inception was 0.00%, smaller than the maximum IVOL drawdown of -31.16%. Use the drawdown chart below to compare losses from any high point for DWAT and IVOL.

Drawdown Indicators

	DWAT	IVOL	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-31.16%	+31.16%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.81%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.63%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.62%	—
Current Drawdown Current decline from peak	0.00%	-26.33%	+26.33%
Average Drawdown Average peak-to-trough decline	0.00%	-13.30%	+13.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.38%	—

Volatility

Volatility by Period

	DWAT	IVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.07%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	6.89%	-6.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	12.84%	-12.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	11.99%	-11.99%

DWAT vs. IVOL - Expense Ratio Comparison

DWAT has a 1.83% expense ratio, which is higher than IVOL's 0.99% expense ratio.

Dividends

DWAT vs. IVOL - Dividend Comparison

DWAT has not paid dividends to shareholders, while IVOL's dividend yield for the trailing twelve months is around 3.89%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DWAT Arrow DWA Tactical: Macro ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	3.89%	3.61%	3.83%	3.73%	3.92%	3.93%	3.44%	2.02%

Frequently Asked Questions

Which ETF is better, DWAT or IVOL?

On fees, IVOL is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DWAT or IVOL?

IVOL is cheaper with a 0.99% expense ratio, compared with 1.83% for DWAT.

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

IVOL has the higher dividend yield at 3.89%, compared with 0.00% for DWAT.

What is the main difference between DWAT and IVOL?

DWAT is categorized as Tactical Allocation, while IVOL is Inflation-Protected Bonds. They also come from different issuers: Arrow Funds and CICC. Their fees differ too: 1.83% for DWAT and 0.99% for IVOL.