DWAT vs. ONOF

Last updated Jun 4, 2026

DWAT (Arrow DWA Tactical: Macro ETF) and ONOF (Global X Adaptive U.S. Risk Management ETF) are both Tactical Allocation funds. DWAT is actively managed, while ONOF is passively managed. DWAT charges 1.83%/yr vs 0.39%/yr for ONOF.

Performance

DWAT vs. ONOF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow DWA Tactical: Macro ETF (DWAT) and Global X Adaptive U.S. Risk Management ETF (ONOF). 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*: —

ONOF

• 1D: -0.68%
• 1M: 5.26%
• YTD: 7.32%
• 6M: 7.29%
• 1Y: 23.60%
• 3Y*: 13.72%
• 5Y*: 9.34%
• 10Y*: —

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

DWAT vs. ONOF - Yearly Performance Comparison

	2026 (YTD)
DWAT Arrow DWA Tactical: Macro ETF	0.00%
ONOF Global X Adaptive U.S. Risk Management ETF	6.44%

DWAT vs. ONOF - Sectors Allocation Comparison

Sectors	DWAT	ONOF
Financial Services	27.2%	11.5%
Industrials	25.1%	8.3%
Technology	10.2%	35.6%
Consumer Defensive	6.5%	4.8%
Utilities	5.3%	2.3%
Healthcare	5.3%	8.6%
Consumer Cyclical	5.2%	10.1%
Real Estate	5.1%	1.8%
Energy	4.2%	3.6%
Communication Services	3.4%	11.6%
Basic Materials	2.6%	1.8%

Return for Risk

DWAT vs. ONOF — Risk / Return Rank

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

ONOF

ONOF Risk / Return Rank: 64
ONOF Sharpe Ratio Rank: 63
ONOF Sortino Ratio Rank: 61
ONOF Omega Ratio Rank: 61
ONOF Calmar Ratio Rank: 69
ONOF Martin Ratio Rank: 65

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. ONOF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow DWA Tactical: Macro ETF (DWAT) and Global X Adaptive U.S. Risk Management ETF (ONOF). 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	ONOF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.11	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.74	—

Drawdowns

DWAT vs. ONOF - Drawdown Comparison

The maximum DWAT drawdown since its inception was 0.00%, smaller than the maximum ONOF drawdown of -26.21%. Use the drawdown chart below to compare losses from any high point for DWAT and ONOF.

Drawdown Indicators

	DWAT	ONOF	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-26.21%	+26.21%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-21.67%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.21%	—
Current Drawdown Current decline from peak	0.00%	-0.68%	+0.68%
Average Drawdown Average peak-to-trough decline	0.00%	-6.15%	+6.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.99%	—

Volatility

Volatility by Period

	DWAT	ONOF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.03%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.95%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	11.25%	-11.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	14.30%	-14.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	14.33%	-14.33%

DWAT vs. ONOF - Expense Ratio Comparison

DWAT has a 1.83% expense ratio, which is higher than ONOF's 0.39% expense ratio.

Dividends

DWAT vs. ONOF - Dividend Comparison

DWAT has not paid dividends to shareholders, while ONOF's dividend yield for the trailing twelve months is around 1.29%.

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%
ONOF Global X Adaptive U.S. Risk Management ETF	1.29%	1.38%	0.93%	1.37%	1.92%	0.69%

Frequently Asked Questions

Which ETF is better, DWAT or ONOF?

On fees, ONOF is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DWAT or ONOF?

ONOF is cheaper with a 0.39% expense ratio, compared with 1.83% for DWAT.

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

ONOF has the higher dividend yield at 1.29%, compared with 0.00% for DWAT.

What is the main difference between DWAT and ONOF?

They also come from different issuers: Arrow Funds and Global X. Their fees differ too: 1.83% for DWAT and 0.39% for ONOF.