DWTFX vs. DWAFX
DWTFX (Arrow DWA Tactical: Macro Fund) and DWAFX (Arrow DWA Tactical: Balanced Fund) are both Tactical Allocation funds from Arrow Funds. Over the past 10 years, DWTFX returned 9.13%/yr vs 6.23%/yr for DWAFX. Their correlation of 0.88 suggests significant overlap in exposure. DWTFX charges 1.69%/yr vs 1.84%/yr for DWAFX.
Performance
DWTFX vs. DWAFX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with DWTFX having a 9.74% return and DWAFX slightly higher at 9.95%. Over the past 10 years, DWTFX has outperformed DWAFX with an annualized return of 9.13%, while DWAFX has yielded a comparatively lower 6.23% annualized return.
DWTFX
- 1D
- -0.41%
- 1M
- 0.17%
- YTD
- 9.74%
- 6M
- 9.63%
- 1Y
- 33.09%
- 3Y*
- 16.50%
- 5Y*
- 11.50%
- 10Y*
- 9.13%
DWAFX
- 1D
- 0.15%
- 1M
- -1.00%
- YTD
- 9.95%
- 6M
- 9.12%
- 1Y
- 25.09%
- 3Y*
- 10.75%
- 5Y*
- 5.29%
- 10Y*
- 6.23%
DWTFX vs. DWAFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DWTFX Arrow DWA Tactical: Macro Fund | 9.74% | 27.93% | 12.86% | -0.79% | 2.23% | 12.69% | 8.96% | 17.10% | -12.11% | 16.05% |
DWAFX Arrow DWA Tactical: Balanced Fund | 9.95% | 15.86% | 5.79% | 1.26% | -5.30% | 4.68% | 21.10% | 10.89% | -10.01% | 12.86% |
Correlation
The correlation between DWTFX and DWAFX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since May 29, 2008 | 0.88 |
The correlation between DWTFX and DWAFX has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.
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Return for Risk
DWTFX vs. DWAFX — Risk / Return Rank
DWTFX
DWAFX
DWTFX vs. DWAFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Arrow DWA Tactical: Macro Fund (DWTFX) and Arrow DWA Tactical: Balanced Fund (DWAFX). 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 | DWAFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.38 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 3.66 | -1.68 |
| Martin ratioReturn relative to average drawdown | 5.85 | 12.99 | -7.14 |
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Drawdowns
DWTFX vs. DWAFX - Drawdown Comparison
The maximum DWTFX drawdown since its inception was -46.24%, which is greater than DWAFX's maximum drawdown of -36.11%. Use the drawdown chart below to compare losses from any high point for DWTFX and DWAFX.
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Drawdown Indicators
| DWTFX | DWAFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.24% | -36.11% | -10.13% |
Max Drawdown (1Y)Largest decline over 1 year | -16.49% | -6.89% | -9.60% |
Max Drawdown (3Y)Largest decline over 3 years | -16.49% | -12.92% | -3.57% |
Max Drawdown (5Y)Largest decline over 5 years | -19.87% | -14.26% | -5.61% |
Max Drawdown (10Y)Largest decline over 10 years | -32.51% | -18.39% | -14.12% |
Current DrawdownCurrent decline from peak | -6.30% | -2.85% | -3.45% |
Average DrawdownAverage peak-to-trough decline | -9.12% | -7.09% | -2.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.56% | 1.94% | +3.62% |
Volatility
DWTFX vs. DWAFX - Volatility Comparison
Arrow DWA Tactical: Macro Fund (DWTFX) has a higher volatility of 5.65% compared to Arrow DWA Tactical: Balanced Fund (DWAFX) at 4.87%. This indicates that DWTFX's price experiences larger fluctuations and is considered to be riskier than DWAFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DWTFX | DWAFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.65% | 4.87% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 19.17% | 10.37% | +8.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.38% | 12.15% | +8.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.15% | 11.15% | +5.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.54% | 10.05% | +6.49% |
DWTFX vs. DWAFX - Expense Ratio Comparison
DWTFX has a 1.69% expense ratio, which is lower than DWAFX's 1.84% expense ratio.
Dividends
DWTFX vs. DWAFX - Dividend Comparison
DWTFX's dividend yield for the trailing twelve months is around 9.66%, less than DWAFX's 11.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DWAFX Arrow DWA Tactical: Balanced Fund | 11.44% | 12.58% | 0.13% | 4.45% | 6.02% | 4.94% | 11.89% | 2.07% | 9.09% | 7.24% | 0.00% | 5.70% |
DWTFX Arrow DWA Tactical: Macro Fund | 9.66% | 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
DWTFX and DWAFX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DWTFX has higher volatility (5.65%) compared to DWAFX (4.87%). In terms of maximum drawdown, DWTFX dropped -46.24% vs DWAFX's -36.11%.
DWAFX currently has the higher Sharpe Ratio (2.07 vs 1.60), 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.
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