DWTFX vs. AGOX

Last updated Jun 24, 2026

DWTFX (Arrow DWA Tactical: Macro Fund) and AGOX (Adaptive Alpha Opportunities ETF) are both Tactical Allocation funds. Over the past 5 years, DWTFX returned 11.11%/yr vs 8.55%/yr for AGOX. A 0.65 correlation means they provide meaningful diversification when combined. DWTFX charges 1.69%/yr vs 1.33%/yr for AGOX.

Performance

DWTFX vs. AGOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow DWA Tactical: Macro Fund (DWTFX) and Adaptive Alpha Opportunities ETF (AGOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DWTFX achieves a 10.02% return, which is significantly lower than AGOX's 20.02% return.

DWTFX

• 1D: 0.25%
• 1M: 0.42%
• YTD: 10.02%
• 6M: 8.74%
• 1Y: 32.37%
• 3Y*: 17.71%
• 5Y*: 11.11%
• 10Y*: 9.22%

AGOX

• 1D: -2.40%
• 1M: 1.11%
• YTD: 20.02%
• 6M: 16.23%
• 1Y: 26.99%
• 3Y*: 17.26%
• 5Y*: 8.55%
• 10Y*: —

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

DWTFX vs. AGOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DWTFX Arrow DWA Tactical: Macro Fund	10.02%	27.93%	12.86%	-0.79%	2.23%	3.94%
AGOX Adaptive Alpha Opportunities ETF	20.02%	8.58%	15.97%	19.07%	-19.21%	8.91%

Correlation

The correlation between DWTFX and AGOX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since May 10, 2021	0.65

The correlation between DWTFX and AGOX shifts across timeframes, from 0.51 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DWTFX vs. AGOX — Risk / Return Rank

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

DWTFX

DWTFX Risk / Return Rank: 34
DWTFX Sharpe Ratio Rank: 37
DWTFX Sortino Ratio Rank: 28
DWTFX Omega Ratio Rank: 43
DWTFX Calmar Ratio Rank: 33
DWTFX Martin Ratio Rank: 27

AGOX

AGOX Risk / Return Rank: 43
AGOX Sharpe Ratio Rank: 43
AGOX Sortino Ratio Rank: 47
AGOX Omega Ratio Rank: 44
AGOX Calmar Ratio Rank: 38
AGOX Martin Ratio Rank: 42

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.

DWTFX vs. AGOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow DWA Tactical: Macro Fund (DWTFX) and Adaptive Alpha Opportunities ETF (AGOX). 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.

	DWTFX	AGOX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.44	+0.20
Sortino ratio: Return per unit of downside risk	2.03	2.21	-0.19
Omega ratio: Gain probability vs. loss probability	1.33	1.27	+0.06
Calmar ratio: Return relative to maximum drawdown	2.04	1.77	+0.27
Martin ratio: Return relative to average drawdown	6.02	6.44	-0.43

DWTFX vs. AGOX - Sharpe Ratio Comparison

The current DWTFX Sharpe Ratio is 1.65, which is comparable to the AGOX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of DWTFX and AGOX, 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

DWTFX vs. AGOX - Drawdown Comparison

The maximum DWTFX drawdown since its inception was -46.24%, which is greater than AGOX's maximum drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for DWTFX and AGOX.

Drawdown Indicators

	DWTFX	AGOX	Difference
Max Drawdown Largest peak-to-trough decline	-46.24%	-26.93%	-19.31%
Max Drawdown (1Y) Largest decline over 1 year	-16.49%	-15.32%	-1.17%
Max Drawdown (3Y) Largest decline over 3 years	-16.49%	-21.15%	+4.66%
Max Drawdown (5Y) Largest decline over 5 years	-19.87%	-26.93%	+7.06%
Max Drawdown (10Y) Largest decline over 10 years	-32.51%	—	—
Current Drawdown Current decline from peak	-6.07%	-3.39%	-2.68%
Average Drawdown Average peak-to-trough decline	-9.12%	-8.10%	-1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.57%	4.20%	+1.37%

Volatility

DWTFX vs. AGOX - Volatility Comparison

Arrow DWA Tactical: Macro Fund (DWTFX) and Adaptive Alpha Opportunities ETF (AGOX) have volatilities of 5.46% and 5.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWTFX	AGOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	5.40%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	19.17%	16.35%	+2.82%
Volatility (1Y) Calculated over the trailing 1-year period	20.41%	18.77%	+1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.14%	19.75%	-3.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.55%	19.67%	-3.12%

DWTFX vs. AGOX - Expense Ratio Comparison

DWTFX has a 1.69% expense ratio, which is higher than AGOX's 1.33% expense ratio.

Dividends

DWTFX vs. AGOX - Dividend Comparison

DWTFX's dividend yield for the trailing twelve months is around 9.63%, more than AGOX's 2.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGOX Adaptive Alpha Opportunities ETF	2.69%	3.23%	3.94%	0.27%	0.20%	6.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DWTFX Arrow DWA Tactical: Macro Fund	9.63%	10.60%	0.00%	1.33%	7.27%	22.92%	7.11%	7.00%	3.78%	9.52%	3.06%	6.27%

Frequently Asked Questions

Can I hold both DWTFX and AGOX in my portfolio?

DWTFX and AGOX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DWTFX or AGOX?

DWTFX has higher volatility (5.46%) compared to AGOX (5.40%). In terms of maximum drawdown, DWTFX dropped -46.24% vs AGOX's -26.93%.

Which has better risk-adjusted returns?

DWTFX currently has the higher Sharpe Ratio (1.65 vs 1.44), 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.