FXED vs. DWAT

Last updated Jun 4, 2026

FXED (Sound Enhanced Fixed Income ETF) and DWAT (Arrow DWA Tactical: Macro ETF) are both exchange-traded funds - FXED is a Diversified Portfolio fund actively managed by Sound Income Strategies, while DWAT is a Tactical Allocation fund actively managed by Arrow Funds. Both are actively managed. FXED charges 2.33%/yr vs 1.83%/yr for DWAT.

Performance

FXED vs. DWAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sound Enhanced Fixed Income ETF (FXED) and Arrow DWA Tactical: Macro ETF (DWAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FXED

• 1D: -0.86%
• 1M: -1.64%
• YTD: -0.68%
• 6M: -0.29%
• 1Y: 4.11%
• 3Y*: 6.64%
• 5Y*: 2.33%
• 10Y*: —

DWAT

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

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

FXED vs. DWAT - Yearly Performance Comparison

	2026 (YTD)
FXED Sound Enhanced Fixed Income ETF	-0.73%
DWAT Arrow DWA Tactical: Macro ETF	0.00%

FXED vs. DWAT - Sectors Allocation Comparison

Sectors	FXED	DWAT
Financial Services	61.2%	27.2%
Real Estate	38.8%	5.1%
Basic Materials	-	2.6%
Communication Services	-	3.4%
Consumer Cyclical	-	5.2%
Consumer Defensive	-	6.5%
Energy	-	4.2%
Healthcare	-	5.3%
Industrials	-	25.1%
Technology	-	10.2%
Utilities	-	5.3%

Return for Risk

FXED vs. DWAT — Risk / Return Rank

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

FXED

FXED Risk / Return Rank: 18
FXED Sharpe Ratio Rank: 19
FXED Sortino Ratio Rank: 18
FXED Omega Ratio Rank: 17
FXED Calmar Ratio Rank: 19
FXED Martin Ratio Rank: 19

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.

FXED vs. DWAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sound Enhanced Fixed Income ETF (FXED) 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.

	FXED	DWAT	Difference
Sharpe ratio: Return per unit of total volatility	0.61	—	—
Sortino ratio: Return per unit of downside risk	0.90	—	—
Omega ratio: Gain probability vs. loss probability	1.11	—	—
Calmar ratio: Return relative to maximum drawdown	0.77	—	—
Martin ratio: Return relative to average drawdown	2.09	—	—
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

	FXED	DWAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	—	—

Drawdowns

FXED vs. DWAT - Drawdown Comparison

The maximum FXED drawdown since its inception was -19.70%, which is greater than DWAT's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FXED and DWAT.

Drawdown Indicators

	FXED	DWAT	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	0.00%	-19.70%
Max Drawdown (1Y) Largest decline over 1 year	-5.36%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-8.96%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	—	—
Current Drawdown Current decline from peak	-2.54%	0.00%	-2.54%
Average Drawdown Average peak-to-trough decline	-4.77%	0.00%	-4.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	—	—

Volatility

Volatility by Period

	FXED	DWAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.21%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.79%	0.00%	+6.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.75%	0.00%	+8.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.59%	0.00%	+8.59%

FXED vs. DWAT - Expense Ratio Comparison

FXED has a 2.33% expense ratio, which is higher than DWAT's 1.83% expense ratio.

Dividends

FXED vs. DWAT - Dividend Comparison

FXED's dividend yield for the trailing twelve months is around 7.16%, while DWAT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
DWAT Arrow DWA Tactical: Macro ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FXED Sound Enhanced Fixed Income ETF	7.16%	6.96%	6.70%	5.65%	5.94%	4.59%

Frequently Asked Questions

Which ETF is better, FXED or DWAT?

On fees, DWAT is cheaper at 1.83% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FXED or DWAT?

DWAT is cheaper with a 1.83% expense ratio, compared with 2.33% for FXED.

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

FXED has the higher dividend yield at 7.16%, compared with 0.00% for DWAT.

What is the main difference between FXED and DWAT?

FXED is categorized as Diversified Portfolio, while DWAT is Tactical Allocation. They also come from different issuers: Sound Income Strategies and Arrow Funds. Their fees differ too: 2.33% for FXED and 1.83% for DWAT.