DWAT vs. MPRO

Last updated Jun 4, 2026

DWAT (Arrow DWA Tactical: Macro ETF) and MPRO (Monarch ProCap ETF) are both exchange-traded funds - DWAT is a Tactical Allocation fund actively managed by Arrow Funds, while MPRO is a Diversified Portfolio fund tracking the Monarch ProCap Index. DWAT is actively managed, while MPRO is passively managed. DWAT charges 1.83%/yr vs 1.17%/yr for MPRO.

Performance

DWAT vs. MPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow DWA Tactical: Macro ETF (DWAT) and Monarch ProCap ETF (MPRO). 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*: —

MPRO

• 1D: -0.28%
• 1M: 0.89%
• YTD: 5.93%
• 6M: 5.81%
• 1Y: 12.85%
• 3Y*: 9.93%
• 5Y*: 5.46%
• 10Y*: —

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

DWAT vs. MPRO - Yearly Performance Comparison

	2026 (YTD)
DWAT Arrow DWA Tactical: Macro ETF	0.00%
MPRO Monarch ProCap ETF	1.59%

DWAT vs. MPRO - Sectors Allocation Comparison

Sectors	DWAT	MPRO
Financial Services	27.2%	9.8%
Industrials	25.1%	9.5%
Technology	10.2%	11.9%
Consumer Defensive	6.5%	9.6%
Utilities	5.3%	-
Healthcare	5.3%	18.8%
Consumer Cyclical	5.2%	10.4%
Real Estate	5.1%	10.1%
Energy	4.2%	-
Communication Services	3.4%	19.8%
Basic Materials	2.6%	-

Return for Risk

DWAT vs. MPRO — Risk / Return Rank

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

MPRO

MPRO Risk / Return Rank: 56
MPRO Sharpe Ratio Rank: 58
MPRO Sortino Ratio Rank: 62
MPRO Omega Ratio Rank: 58
MPRO Calmar Ratio Rank: 47
MPRO Martin Ratio Rank: 53

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. MPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow DWA Tactical: Macro ETF (DWAT) and Monarch ProCap ETF (MPRO). 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	MPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.95	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.74	—

Drawdowns

DWAT vs. MPRO - Drawdown Comparison

The maximum DWAT drawdown since its inception was 0.00%, smaller than the maximum MPRO drawdown of -14.51%. Use the drawdown chart below to compare losses from any high point for DWAT and MPRO.

Drawdown Indicators

	DWAT	MPRO	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-14.51%	+14.51%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.67%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-9.64%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.51%	—
Current Drawdown Current decline from peak	0.00%	-0.87%	+0.87%
Average Drawdown Average peak-to-trough decline	0.00%	-3.46%	+3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.43%	—

Volatility

Volatility by Period

	DWAT	MPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.74%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	6.64%	-6.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	9.25%	-9.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	9.22%	-9.22%

DWAT vs. MPRO - Expense Ratio Comparison

DWAT has a 1.83% expense ratio, which is higher than MPRO's 1.17% expense ratio.

Dividends

DWAT vs. MPRO - Dividend Comparison

DWAT has not paid dividends to shareholders, while MPRO's dividend yield for the trailing twelve months is around 1.88%.

Position	TTM	2025	2024	2023	2022	2021
DWAT Arrow DWA Tactical: Macro ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MPRO Monarch ProCap ETF	1.88%	1.93%	1.64%	1.40%	1.09%	0.95%

Frequently Asked Questions

Which ETF is better, DWAT or MPRO?

On fees, MPRO is cheaper at 1.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DWAT or MPRO?

MPRO is cheaper with a 1.17% expense ratio, compared with 1.83% for DWAT.

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

MPRO has the higher dividend yield at 1.88%, compared with 0.00% for DWAT.

What is the main difference between DWAT and MPRO?

DWAT is categorized as Tactical Allocation, while MPRO is Diversified Portfolio. They also come from different issuers: Arrow Funds and Monarch. Their fees differ too: 1.83% for DWAT and 1.17% for MPRO.