DWAT vs. UPAR

Last updated Jun 4, 2026

DWAT (Arrow DWA Tactical: Macro ETF) and UPAR (UPAR Ultra Risk Parity ETF) are both exchange-traded funds - DWAT is a Tactical Allocation fund actively managed by Arrow Funds, while UPAR is a Diversified Portfolio fund tracking the NONE. DWAT is actively managed, while UPAR is passively managed. DWAT charges 1.83%/yr vs 0.65%/yr for UPAR.

Performance

DWAT vs. UPAR - Performance Comparison

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

UPAR

• 1D: -1.04%
• 1M: 2.58%
• YTD: 9.98%
• 6M: 9.51%
• 1Y: 28.64%
• 3Y*: 10.72%
• 5Y*: —
• 10Y*: —

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

DWAT vs. UPAR - Yearly Performance Comparison

	2026 (YTD)
DWAT Arrow DWA Tactical: Macro ETF	0.00%
UPAR UPAR Ultra Risk Parity ETF	2.52%

DWAT vs. UPAR - Sectors Allocation Comparison

Sectors	DWAT	UPAR
Financial Services	27.2%	10.8%
Industrials	25.1%	12.7%
Technology	10.2%	18.3%
Consumer Defensive	6.5%	3.5%
Utilities	5.3%	2.2%
Healthcare	5.3%	5.0%
Consumer Cyclical	5.2%	6.3%
Real Estate	5.1%	1.4%
Energy	4.2%	17.8%
Communication Services	3.4%	5.2%
Basic Materials	2.6%	16.7%

Return for Risk

DWAT vs. UPAR — Risk / Return Rank

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

UPAR

UPAR Risk / Return Rank: 57
UPAR Sharpe Ratio Rank: 62
UPAR Sortino Ratio Rank: 58
UPAR Omega Ratio Rank: 60
UPAR Calmar Ratio Rank: 52
UPAR Martin Ratio Rank: 51

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. UPAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow DWA Tactical: Macro ETF (DWAT) and UPAR Ultra Risk Parity ETF (UPAR). 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	UPAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.12	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.02	—

Drawdowns

DWAT vs. UPAR - Drawdown Comparison

The maximum DWAT drawdown since its inception was 0.00%, smaller than the maximum UPAR drawdown of -39.00%. Use the drawdown chart below to compare losses from any high point for DWAT and UPAR.

Drawdown Indicators

	DWAT	UPAR	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-39.00%	+39.00%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.13%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.73%	—
Current Drawdown Current decline from peak	0.00%	-3.99%	+3.99%
Average Drawdown Average peak-to-trough decline	0.00%	-21.80%	+21.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.36%	—

Volatility

Volatility by Period

	DWAT	UPAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.58%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	13.60%	-13.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	18.04%	-18.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	18.04%	-18.04%

DWAT vs. UPAR - Expense Ratio Comparison

DWAT has a 1.83% expense ratio, which is higher than UPAR's 0.65% expense ratio.

Dividends

DWAT vs. UPAR - Dividend Comparison

DWAT has not paid dividends to shareholders, while UPAR's dividend yield for the trailing twelve months is around 2.63%.

Position	TTM	2025	2024	2023	2022
DWAT Arrow DWA Tactical: Macro ETF	0.00%	0.00%	0.00%	0.00%	0.00%
UPAR UPAR Ultra Risk Parity ETF	2.63%	3.28%	3.32%	3.04%	4.73%

Frequently Asked Questions

Which ETF is better, DWAT or UPAR?

On fees, UPAR is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DWAT or UPAR?

UPAR is cheaper with a 0.65% expense ratio, compared with 1.83% for DWAT.

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

UPAR has the higher dividend yield at 2.63%, compared with 0.00% for DWAT.

What is the main difference between DWAT and UPAR?

DWAT is categorized as Tactical Allocation, while UPAR is Diversified Portfolio. They also come from different issuers: Arrow Funds and RPAR. Their fees differ too: 1.83% for DWAT and 0.65% for UPAR.