DWAW vs. MSOS

Last updated Jun 23, 2026

DWAW (AdvisorShares Dorsey Wright FSM All Cap World ETF) and MSOS (AdvisorShares Pure US Cannabis ETF) are both exchange-traded funds - DWAW is a Large Cap Growth Equities fund actively managed by AdvisorShares, while MSOS is a Small Cap Blend Equities fund actively managed by AdvisorShares. Both are actively managed. Over the past 5 years, DWAW returned 8.36%/yr vs -34.53%/yr for MSOS. At a 0.28 correlation, their price movements are largely independent. DWAW charges 1.24%/yr vs 0.74%/yr for MSOS.

Performance

DWAW vs. MSOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW) and AdvisorShares Pure US Cannabis ETF (MSOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DWAW achieves a 17.54% return, which is significantly higher than MSOS's -0.85% return.

DWAW

• 1D: 0.87%
• 1M: 4.77%
• YTD: 17.54%
• 6M: 17.21%
• 1Y: 30.17%
• 3Y*: 19.97%
• 5Y*: 8.36%
• 10Y*: —

MSOS

• 1D: -6.21%
• 1M: 5.64%
• YTD: -0.85%
• 6M: 3.08%
• 1Y: 120.75%
• 3Y*: -5.30%
• 5Y*: -34.53%
• 10Y*: —

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

DWAW vs. MSOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DWAW AdvisorShares Dorsey Wright FSM All Cap World ETF	17.54%	10.85%	18.48%	11.18%	-17.80%	3.49%	13.58%
MSOS AdvisorShares Pure US Cannabis ETF	-0.85%	23.88%	-45.65%	0.29%	-72.68%	-29.69%	44.84%

Correlation

The correlation between DWAW and MSOS is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Sep 2, 2020	0.28

DWAW vs. MSOS - Sectors Allocation Comparison

Sectors	DWAW	MSOS
Technology	33.0%	-
Financial Services	17.5%	-
Industrials	11.3%	29.6%
Healthcare	7.7%	2.5%
Consumer Cyclical	7.5%	17.8%
Communication Services	6.0%	-
Basic Materials	4.5%	-
Energy	4.5%	-
Consumer Defensive	3.9%	-
Utilities	2.8%	-
Real Estate	1.4%	50.2%

Return for Risk

DWAW vs. MSOS — Risk / Return Rank

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

DWAW

DWAW Risk / Return Rank: 56
DWAW Sharpe Ratio Rank: 56
DWAW Sortino Ratio Rank: 54
DWAW Omega Ratio Rank: 56
DWAW Calmar Ratio Rank: 55
DWAW Martin Ratio Rank: 60

MSOS

MSOS Risk / Return Rank: 39
MSOS Sharpe Ratio Rank: 30
MSOS Sortino Ratio Rank: 45
MSOS Omega Ratio Rank: 40
MSOS Calmar Ratio Rank: 48
MSOS Martin Ratio Rank: 31

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.

DWAW vs. MSOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW) and AdvisorShares Pure US Cannabis ETF (MSOS). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DWAW	MSOS	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.08	+0.76
Sortino ratio: Return per unit of downside risk	2.53	2.20	+0.33
Omega ratio: Gain probability vs. loss probability	1.34	1.26	+0.08
Calmar ratio: Return relative to maximum drawdown	2.62	2.30	+0.32
Martin ratio: Return relative to average drawdown	10.44	4.30	+6.14

DWAW vs. MSOS - Sharpe Ratio Comparison

The current DWAW Sharpe Ratio is 1.84, which is higher than the MSOS Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of DWAW and MSOS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DWAW vs. MSOS - Drawdown Comparison

The maximum DWAW drawdown since its inception was -31.55%, smaller than the maximum MSOS drawdown of -96.25%. Use the drawdown chart below to compare losses from any high point for DWAW and MSOS.

Drawdown Indicators

	DWAW	MSOS	Difference
Max Drawdown Largest peak-to-trough decline	-31.55%	-96.25%	+64.70%
Max Drawdown (1Y) Largest decline over 1 year	-11.58%	-52.91%	+41.33%
Max Drawdown (3Y) Largest decline over 3 years	-22.91%	-81.71%	+58.80%
Max Drawdown (5Y) Largest decline over 5 years	-28.43%	-94.95%	+66.52%
Current Drawdown Current decline from peak	0.00%	-91.47%	+91.47%
Average Drawdown Average peak-to-trough decline	-10.91%	-71.85%	+60.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	28.19%	-25.29%

Volatility

DWAW vs. MSOS - Volatility Comparison

The current volatility for AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW) is 6.43%, while AdvisorShares Pure US Cannabis ETF (MSOS) has a volatility of 21.75%. This indicates that DWAW experiences smaller price fluctuations and is considered to be less risky than MSOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWAW	MSOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	21.75%	-15.32%
Volatility (6M) Calculated over the trailing 6-month period	13.99%	65.49%	-51.50%
Volatility (1Y) Calculated over the trailing 1-year period	16.52%	113.00%	-96.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.25%	78.15%	-58.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.55%	74.01%	-49.46%

DWAW vs. MSOS - Expense Ratio Comparison

DWAW has a 1.24% expense ratio, which is higher than MSOS's 0.74% expense ratio.

Dividends

DWAW vs. MSOS - Dividend Comparison

DWAW's dividend yield for the trailing twelve months is around 0.65%, while MSOS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
DWAW AdvisorShares Dorsey Wright FSM All Cap World ETF	0.65%	0.76%	0.00%	1.70%	0.53%	1.45%	0.16%
MSOS AdvisorShares Pure US Cannabis ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.27%	0.00%

Frequently Asked Questions

Can I hold both DWAW and MSOS in my portfolio?

DWAW and MSOS have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DWAW or MSOS?

MSOS has higher volatility (21.75%) compared to DWAW (6.43%). In terms of maximum drawdown, DWAW dropped -31.55% vs MSOS's -96.25%.

Which ETF is better, DWAW or MSOS?

On 5-year performance, DWAW leads with 8.36% vs -34.53% for MSOS. On fees, MSOS is cheaper at 0.74% per year. On volatility, DWAW has been the lower-risk option at 6.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWAW or MSOS?

Over the 5-year period, DWAW has performed better with a 8.36% return vs -34.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWAW or MSOS?

MSOS is cheaper with a 0.74% expense ratio, compared with 1.24% for DWAW.

Which ETF pays a higher dividend yield, DWAW or MSOS?

DWAW has the higher dividend yield at 0.65%, compared with 0.00% for MSOS.

What is the main difference between DWAW and MSOS?

DWAW is categorized as Large Cap Growth Equities, while MSOS is Small Cap Blend Equities. Their fees differ too: 1.24% for DWAW and 0.74% for MSOS.

Which has better risk-adjusted returns?

DWAW currently has the higher Sharpe Ratio (1.84 vs 1.08), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.