FLCO vs. DWAT

Last updated Jun 5, 2026

FLCO (Franklin Liberty Investment Grade Corporate ETF) and DWAT (Arrow DWA Tactical: Macro ETF) are both exchange-traded funds - FLCO is a Corporate Bonds fund actively managed by Franklin Templeton, while DWAT is a Tactical Allocation fund actively managed by Arrow Funds. Both are actively managed. FLCO charges 0.35%/yr vs 1.83%/yr for DWAT.

Performance

FLCO vs. DWAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty Investment Grade Corporate ETF (FLCO) and Arrow DWA Tactical: Macro ETF (DWAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FLCO

• 1D: 0.19%
• 1M: 0.47%
• YTD: 0.59%
• 6M: 0.59%
• 1Y: 5.18%
• 3Y*: 5.11%
• 5Y*: 0.21%
• 10Y*: —

DWAT

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLCO vs. DWAT - Yearly Performance Comparison

	2026 (YTD)
FLCO Franklin Liberty Investment Grade Corporate ETF	-0.02%
DWAT Arrow DWA Tactical: Macro ETF	0.00%

FLCO vs. DWAT - Sectors Allocation Comparison

Sectors	FLCO	DWAT
Financial Services	12.6%	27.2%
Healthcare	2.8%	5.3%
Communication Services	2.4%	3.4%
Industrials	2.1%	25.1%
Energy	1.7%	4.2%
Technology	1.1%	10.2%
Basic Materials	0.5%	2.6%
Consumer Defensive	0.3%	6.5%
Consumer Cyclical	0.0%	5.2%
Real Estate	-	5.1%
Utilities	-	5.3%

Return for Risk

FLCO vs. DWAT — Risk / Return Rank

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

FLCO

FLCO Risk / Return Rank: 35
FLCO Sharpe Ratio Rank: 33
FLCO Sortino Ratio Rank: 33
FLCO Omega Ratio Rank: 31
FLCO Calmar Ratio Rank: 39
FLCO Martin Ratio Rank: 37

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.

FLCO vs. DWAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Investment Grade Corporate ETF (FLCO) and Arrow DWA Tactical: Macro ETF (DWAT). 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.

	FLCO	DWAT	Difference
Sharpe ratio: Return per unit of total volatility	1.19	—	—
Sortino ratio: Return per unit of downside risk	1.75	—	—
Omega ratio: Gain probability vs. loss probability	1.20	—	—
Calmar ratio: Return relative to maximum drawdown	1.88	—	—
Martin ratio: Return relative to average drawdown	5.66	—	—
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

	FLCO	DWAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	—	—

Drawdowns

FLCO vs. DWAT - Drawdown Comparison

The maximum FLCO drawdown since its inception was -22.71%, which is greater than DWAT's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FLCO and DWAT.

Drawdown Indicators

	FLCO	DWAT	Difference
Max Drawdown Largest peak-to-trough decline	-22.71%	0.00%	-22.71%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-6.59%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.48%	—	—
Current Drawdown Current decline from peak	-2.18%	0.00%	-2.18%
Average Drawdown Average peak-to-trough decline	-5.88%	0.00%	-5.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	—	—

Volatility

Volatility by Period

	FLCO	DWAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.25%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.43%	0.00%	+4.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.14%	0.00%	+7.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.83%	0.00%	+6.83%

FLCO vs. DWAT - Expense Ratio Comparison

FLCO has a 0.35% expense ratio, which is lower than DWAT's 1.83% expense ratio.

Dividends

FLCO vs. DWAT - Dividend Comparison

FLCO's dividend yield for the trailing twelve months is around 4.65%, while DWAT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DWAT Arrow DWA Tactical: Macro ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FLCO Franklin Liberty Investment Grade Corporate ETF	4.65%	4.60%	4.63%	3.83%	3.85%	2.85%	3.99%	3.39%	3.86%	3.33%	0.51%

Frequently Asked Questions

Which ETF is better, FLCO or DWAT?

On fees, FLCO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FLCO or DWAT?

FLCO is cheaper with a 0.35% expense ratio, compared with 1.83% for DWAT.

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

FLCO has the higher dividend yield at 4.65%, compared with 0.00% for DWAT.

What is the main difference between FLCO and DWAT?

FLCO is categorized as Corporate Bonds, while DWAT is Tactical Allocation. They also come from different issuers: Franklin Templeton and Arrow Funds. Their fees differ too: 0.35% for FLCO and 1.83% for DWAT.