IYLD vs. DWAT

Last updated Jun 4, 2026

IYLD (iShares Morningstar Multi-Asset Income ETF) and DWAT (Arrow DWA Tactical: Macro ETF) are both exchange-traded funds - IYLD is a Diversified Portfolio fund tracking the Morningstar Multi-Asset High Income Index, while DWAT is a Tactical Allocation fund actively managed by Arrow Funds. IYLD is passively managed, while DWAT is actively managed. IYLD charges 0.60%/yr vs 1.83%/yr for DWAT.

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: Macro ETF (DWAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IYLD

• 1D: -0.20%
• 1M: 1.01%
• YTD: 4.95%
• 6M: 5.45%
• 1Y: 14.02%
• 3Y*: 10.59%
• 5Y*: 3.36%
• 10Y*: 4.00%

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 - Yearly Performance Comparison

	2026 (YTD)
IYLD iShares Morningstar Multi-Asset Income ETF	0.61%
DWAT Arrow DWA Tactical: Macro ETF	0.00%

IYLD vs. DWAT - Sectors Allocation Comparison

Sectors	IYLD	DWAT
Financial Services	23.3%	27.2%
Real Estate	23.1%	5.1%
Industrials	12.2%	25.1%
Technology	6.3%	10.2%
Utilities	6.0%	5.3%
Consumer Cyclical	5.9%	5.2%
Basic Materials	5.9%	2.6%
Healthcare	5.2%	5.3%
Consumer Defensive	4.7%	6.5%
Communication Services	3.8%	3.4%
Energy	3.6%	4.2%

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: 72
IYLD Sharpe Ratio Rank: 75
IYLD Sortino Ratio Rank: 81
IYLD Omega Ratio Rank: 78
IYLD Calmar Ratio Rank: 61
IYLD Martin Ratio Rank: 64

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: 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.

	IYLD	DWAT	Difference
Sharpe ratio Return per unit of total volatility	2.46	—	—
Sortino ratio Return per unit of downside risk	3.65	—	—
Omega ratio Gain probability vs. loss probability	1.47	—	—
Calmar ratio Return relative to maximum drawdown	3.04	—	—
Martin ratio Return relative to average drawdown	11.80	—	—
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	2.46	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	—	—

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 (3Y) Largest decline over 3 years	-5.20%	—	—
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	-0.55%	0.00%	-0.55%
Average Drawdown Average peak-to-trough decline	-4.53%	0.00%	-4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.19%	—	—

Volatility

Volatility by Period

	IYLD	DWAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.73%	0.00%	+5.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.86%	0.00%	+7.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.58%	0.00%	+9.58%

IYLD vs. DWAT - Expense Ratio Comparison

IYLD has a 0.60% expense ratio, which is lower than DWAT's 1.83% expense ratio.

Dividends

IYLD vs. DWAT - Dividend Comparison

IYLD's dividend yield for the trailing twelve months is around 4.61%, 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%
IYLD iShares Morningstar Multi-Asset Income ETF	4.61%	4.72%	5.32%	5.76%	5.45%	3.47%	4.38%	5.25%	5.78%	4.22%	4.84%	5.26%

Frequently Asked Questions

Which ETF is better, IYLD or DWAT?

On fees, IYLD is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IYLD or DWAT?

IYLD is cheaper with a 0.60% expense ratio, compared with 1.83% for DWAT.

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

IYLD has the higher dividend yield at 4.61%, compared with 0.00% for DWAT.

What is the main difference between IYLD and DWAT?

IYLD is categorized as Diversified Portfolio, while DWAT is Tactical Allocation. They also come from different issuers: iShares and Arrow Funds. Their fees differ too: 0.60% for IYLD and 1.83% for DWAT.