IYLD vs. DWAT

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Morningstar Multi-Asset Income ETF (IYLD) and Arrow DWA Tactical ETF (DWAT).

IYLD and DWAT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IYLD is a passively managed fund by iShares that tracks the performance of the Morningstar Multi-Asset High Income Index. It was launched on Apr 5, 2012. DWAT is an actively managed fund by Arrow Funds. It was launched on Oct 1, 2014.

Performance

IYLD vs. DWAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Multi-Asset Income ETF (IYLD) and Arrow DWA Tactical ETF (DWAT). The values are adjusted to include any dividend payments, if applicable.

IYLD vs. DWAT - Yearly Performance Comparison

	2026 (YTD)
IYLD iShares Morningstar Multi-Asset Income ETF	-1.79%
DWAT Arrow DWA Tactical ETF	0.00%

Returns By Period

IYLD

• 1D: 0.46%
• 1M: -1.92%
• YTD: 2.45%
• 6M: 5.08%
• 1Y: 13.61%
• 3Y*: 10.00%
• 5Y*: 3.49%
• 10Y*: 4.04%

DWAT

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

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

IYLD vs. DWAT - Expense Ratio Comparison

IYLD has a 0.60% expense ratio, which is lower than DWAT's 1.66% expense ratio.

DWAT

Arrow DWA Tactical ETF

IYLD

iShares Morningstar Multi-Asset Income ETF

Return for Risk

IYLD vs. DWAT — Risk / Return Rank

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

IYLD

IYLD Risk / Return Rank: 90
IYLD Sharpe Ratio Rank: 90
IYLD Sortino Ratio Rank: 91
IYLD Omega Ratio Rank: 92
IYLD Calmar Ratio Rank: 89
IYLD Martin Ratio Rank: 88

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.

IYLD vs. DWAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Multi-Asset Income ETF (IYLD) and Arrow DWA Tactical 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.

	IYLD	DWAT	Difference
Sharpe ratio Return per unit of total volatility	2.01	—	—
Sortino ratio Return per unit of downside risk	2.75	—	—
Omega ratio Gain probability vs. loss probability	1.42	—	—
Calmar ratio Return relative to maximum drawdown	3.02	—	—
Martin ratio Return relative to average drawdown	11.37	—	—
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

	IYLD	DWAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	—	—

Dividends

IYLD vs. DWAT - Dividend Comparison

IYLD's dividend yield for the trailing twelve months is around 4.58%, while DWAT has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IYLD iShares Morningstar Multi-Asset Income ETF	4.58%	4.72%	5.32%	5.76%	5.45%	3.47%	4.38%	5.25%	5.78%	4.22%	4.84%	5.26%
DWAT Arrow DWA Tactical 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%

Drawdowns

IYLD vs. DWAT - Drawdown Comparison

The maximum IYLD drawdown since its inception was -30.23%, which is greater than DWAT's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for IYLD and DWAT.

Drawdown Indicators

	IYLD	DWAT	Difference
Max Drawdown Largest peak-to-trough decline	-30.23%	0.00%	-30.23%
Max Drawdown (1Y) Largest decline over 1 year	-4.63%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.57%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.23%	—	—
Current Drawdown Current decline from peak	-2.92%	0.00%	-2.92%
Average Drawdown Average peak-to-trough decline	-4.58%	0.00%	-4.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	—	—

Volatility

Volatility by Period

	IYLD	DWAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.54%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.80%	0.00%	+6.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.83%	0.00%	+7.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.56%	0.00%	+9.56%