GYLD vs. DWAT

Last updated Jun 4, 2026

GYLD (Arrow Dow Jones Global Yield ETF) and DWAT (Arrow DWA Tactical: Macro ETF) are both exchange-traded funds - GYLD is a Diversified Portfolio fund tracking the DJ Brookfield Global Infrastructure Composite Yield, while DWAT is a Tactical Allocation fund actively managed by Arrow Funds. GYLD is passively managed, while DWAT is actively managed. GYLD charges 0.75%/yr vs 1.83%/yr for DWAT.

Performance

GYLD vs. DWAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow Dow Jones Global Yield ETF (GYLD) and Arrow DWA Tactical: Macro ETF (DWAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GYLD

• 1D: -0.42%
• 1M: -0.76%
• YTD: 7.91%
• 6M: 10.25%
• 1Y: 15.94%
• 3Y*: 15.50%
• 5Y*: 6.21%
• 10Y*: 4.68%

DWAT

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

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

GYLD vs. DWAT - Yearly Performance Comparison

	2026 (YTD)
GYLD Arrow Dow Jones Global Yield ETF	5.17%
DWAT Arrow DWA Tactical: Macro ETF	0.00%

GYLD vs. DWAT - Sectors Allocation Comparison

Sectors	GYLD	DWAT
Real Estate	34.8%	5.1%
Energy	30.0%	4.2%
Financial Services	12.0%	27.2%
Basic Materials	7.5%	2.6%
Utilities	4.6%	5.3%
Industrials	4.3%	25.1%
Communication Services	2.7%	3.4%
Consumer Cyclical	2.5%	5.2%
Consumer Defensive	1.6%	6.5%
Healthcare	-	5.3%
Technology	-	10.2%

Return for Risk

GYLD vs. DWAT — Risk / Return Rank

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

GYLD

GYLD Risk / Return Rank: 45
GYLD Sharpe Ratio Rank: 34
GYLD Sortino Ratio Rank: 35
GYLD Omega Ratio Rank: 35
GYLD Calmar Ratio Rank: 66
GYLD Martin Ratio Rank: 54

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.

GYLD vs. DWAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow Dow Jones Global Yield ETF (GYLD) 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.

	GYLD	DWAT	Difference
Sharpe ratio: Return per unit of total volatility	1.26	—	—
Sortino ratio: Return per unit of downside risk	1.86	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	3.29	—	—
Martin ratio: Return relative to average drawdown	9.19	—	—
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

	GYLD	DWAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	—	—

Drawdowns

GYLD vs. DWAT - Drawdown Comparison

The maximum GYLD drawdown since its inception was -55.03%, which is greater than DWAT's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for GYLD and DWAT.

Drawdown Indicators

	GYLD	DWAT	Difference
Max Drawdown Largest peak-to-trough decline	-55.03%	0.00%	-55.03%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-8.37%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.89%	—	—
Current Drawdown Current decline from peak	-1.71%	0.00%	-1.71%
Average Drawdown Average peak-to-trough decline	-14.41%	0.00%	-14.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	—	—

Volatility

Volatility by Period

	GYLD	DWAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.39%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.78%	0.00%	+12.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.79%	0.00%	+13.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.58%	0.00%	+16.58%

GYLD vs. DWAT - Expense Ratio Comparison

GYLD has a 0.75% expense ratio, which is lower than DWAT's 1.83% expense ratio.

Dividends

GYLD vs. DWAT - Dividend Comparison

GYLD's dividend yield for the trailing twelve months is around 7.37%, while DWAT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
GYLD Arrow Dow Jones Global Yield ETF	7.37%	8.43%	12.90%	7.13%	4.64%	5.50%	7.42%	5.83%	8.17%	6.78%	7.29%	10.35%

Frequently Asked Questions

Which ETF is better, GYLD or DWAT?

On fees, GYLD is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GYLD or DWAT?

GYLD is cheaper with a 0.75% expense ratio, compared with 1.83% for DWAT.

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

GYLD has the higher dividend yield at 7.37%, compared with 0.00% for DWAT.

What is the main difference between GYLD and DWAT?

GYLD is categorized as Diversified Portfolio, while DWAT is Tactical Allocation. Their fees differ too: 0.75% for GYLD and 1.83% for DWAT.