DWTFX vs. UPAAX

Last updated Jun 5, 2026

DWTFX (Arrow DWA Tactical: Macro Fund) and UPAAX (Upright Assets Allocation Plus Fund) are both Tactical Allocation funds. Their correlation of 0.80 suggests significant overlap in exposure. DWTFX charges 1.69%/yr vs 2.49%/yr for UPAAX.

Performance

DWTFX vs. UPAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow DWA Tactical: Macro Fund (DWTFX) and Upright Assets Allocation Plus Fund (UPAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DWTFX

• 1D: -0.98%
• 1M: 2.44%
• YTD: 10.75%
• 6M: 15.58%
• 1Y: 33.51%
• 3Y*: 17.92%
• 5Y*: 10.88%
• 10Y*: 9.34%

UPAAX

• 1D: -0.95%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DWTFX vs. UPAAX - Yearly Performance Comparison

	2026 (YTD)
DWTFX Arrow DWA Tactical: Macro Fund	-0.16%
UPAAX Upright Assets Allocation Plus Fund	2.88%

Correlation

The correlation between DWTFX and UPAAX is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.80

Return for Risk

DWTFX vs. UPAAX — Risk / Return Rank

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

DWTFX

DWTFX Risk / Return Rank: 33
DWTFX Sharpe Ratio Rank: 36
DWTFX Sortino Ratio Rank: 26
DWTFX Omega Ratio Rank: 42
DWTFX Calmar Ratio Rank: 31
DWTFX Martin Ratio Rank: 27

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. UPAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow DWA Tactical: Macro Fund (DWTFX) and Upright Assets Allocation Plus Fund (UPAAX). 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.

	DWTFX	UPAAX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	—	—
Sortino ratio: Return per unit of downside risk	2.10	—	—
Omega ratio: Gain probability vs. loss probability	1.34	—	—
Calmar ratio: Return relative to maximum drawdown	2.05	—	—
Martin ratio: Return relative to average drawdown	6.30	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DWTFX	UPAAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	23.09	-22.73

Drawdowns

DWTFX vs. UPAAX - Drawdown Comparison

The maximum DWTFX drawdown since its inception was -46.24%, which is greater than UPAAX's maximum drawdown of -0.95%. Use the drawdown chart below to compare losses from any high point for DWTFX and UPAAX.

Drawdown Indicators

	DWTFX	UPAAX	Difference
Max Drawdown Largest peak-to-trough decline	-46.24%	-0.95%	-45.29%
Max Drawdown (1Y) Largest decline over 1 year	-16.49%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.51%	—	—
Current Drawdown Current decline from peak	-5.44%	-0.95%	-4.49%
Average Drawdown Average peak-to-trough decline	-9.12%	-0.30%	-8.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.35%	—	—

Volatility

Volatility by Period

	DWTFX	UPAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.47%	—	—
Volatility (6M) Calculated over the trailing 6-month period	18.63%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.79%	24.99%	-5.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	24.99%	-8.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.47%	24.99%	-8.52%

DWTFX vs. UPAAX - Expense Ratio Comparison

DWTFX has a 1.69% expense ratio, which is lower than UPAAX's 2.49% expense ratio.

Dividends

DWTFX vs. UPAAX - Dividend Comparison

DWTFX's dividend yield for the trailing twelve months is around 9.57%, while UPAAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWTFX Arrow DWA Tactical: Macro Fund	9.57%	10.60%	0.00%	1.33%	7.27%	22.92%	7.11%	7.00%	3.78%	9.52%	3.06%	6.27%
UPAAX Upright Assets Allocation Plus Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DWTFX and UPAAX in my portfolio?

DWTFX and UPAAX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.