IVOL vs. DWAT

Last updated Jun 4, 2026

IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and DWAT (Arrow DWA Tactical: Macro ETF) are both exchange-traded funds - IVOL is a Inflation-Protected Bonds fund actively managed by CICC, while DWAT is a Tactical Allocation fund actively managed by Arrow Funds. Both are actively managed. IVOL charges 0.99%/yr vs 1.83%/yr for DWAT.

Performance

IVOL vs. DWAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) and Arrow DWA Tactical: Macro ETF (DWAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IVOL

• 1D: -0.34%
• 1M: -3.62%
• YTD: -6.33%
• 6M: -7.21%
• 1Y: -5.59%
• 3Y*: -3.54%
• 5Y*: -5.77%
• 10Y*: —

DWAT

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

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

IVOL vs. DWAT - Yearly Performance Comparison

	2026 (YTD)
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	-5.87%
DWAT Arrow DWA Tactical: Macro ETF	0.00%

IVOL vs. DWAT - Sectors Allocation Comparison

Sectors	IVOL	DWAT
Financial Services	77.1%	27.2%
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%
Real Estate	-	5.1%
Technology	-	10.2%
Utilities	-	5.3%

Return for Risk

IVOL vs. DWAT — Risk / Return Rank

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

IVOL

IVOL Risk / Return Rank: 3
IVOL Sharpe Ratio Rank: 3
IVOL Sortino Ratio Rank: 3
IVOL Omega Ratio Rank: 3
IVOL Calmar Ratio Rank: 4
IVOL Martin Ratio Rank: 3

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.

IVOL vs. DWAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) 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.

	IVOL	DWAT	Difference
Sharpe ratio: Return per unit of total volatility	-0.81	—	—
Sortino ratio: Return per unit of downside risk	-1.14	—	—
Omega ratio: Gain probability vs. loss probability	0.88	—	—
Calmar ratio: Return relative to maximum drawdown	-0.57	—	—
Martin ratio: Return relative to average drawdown	-1.28	—	—
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

	IVOL	DWAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.81	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	—	—

Drawdowns

IVOL vs. DWAT - Drawdown Comparison

The maximum IVOL drawdown since its inception was -31.16%, which is greater than DWAT's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for IVOL and DWAT.

Drawdown Indicators

	IVOL	DWAT	Difference
Max Drawdown Largest peak-to-trough decline	-31.16%	0.00%	-31.16%
Max Drawdown (1Y) Largest decline over 1 year	-9.81%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.63%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.62%	—	—
Current Drawdown Current decline from peak	-26.33%	0.00%	-26.33%
Average Drawdown Average peak-to-trough decline	-13.30%	0.00%	-13.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	—	—

Volatility

Volatility by Period

	IVOL	DWAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.44%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.89%	0.00%	+6.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.84%	0.00%	+12.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.99%	0.00%	+11.99%

IVOL vs. DWAT - Expense Ratio Comparison

IVOL has a 0.99% expense ratio, which is lower than DWAT's 1.83% expense ratio.

Dividends

IVOL vs. DWAT - Dividend Comparison

IVOL's dividend yield for the trailing twelve months is around 3.89%, while DWAT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DWAT Arrow DWA Tactical: Macro ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	3.89%	3.61%	3.83%	3.73%	3.92%	3.93%	3.44%	2.02%

Frequently Asked Questions

Which ETF is better, IVOL or DWAT?

On fees, IVOL is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IVOL or DWAT?

IVOL is cheaper with a 0.99% expense ratio, compared with 1.83% for DWAT.

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

IVOL has the higher dividend yield at 3.89%, compared with 0.00% for DWAT.

What is the main difference between IVOL and DWAT?

IVOL is categorized as Inflation-Protected Bonds, while DWAT is Tactical Allocation. They also come from different issuers: CICC and Arrow Funds. Their fees differ too: 0.99% for IVOL and 1.83% for DWAT.