MPRO vs. DWAT

Last updated Jun 4, 2026

MPRO (Monarch ProCap ETF) and DWAT (Arrow DWA Tactical: Macro ETF) are both exchange-traded funds - MPRO is a Diversified Portfolio fund tracking the Monarch ProCap Index, while DWAT is a Tactical Allocation fund actively managed by Arrow Funds. MPRO is passively managed, while DWAT is actively managed. MPRO charges 1.17%/yr vs 1.83%/yr for DWAT.

Performance

MPRO vs. DWAT - Performance Comparison

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

Returns By Period

MPRO

• 1D: -0.28%
• 1M: 0.89%
• YTD: 5.93%
• 6M: 5.81%
• 1Y: 12.85%
• 3Y*: 9.93%
• 5Y*: 5.46%
• 10Y*: —

DWAT

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

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

MPRO vs. DWAT - Yearly Performance Comparison

	2026 (YTD)
MPRO Monarch ProCap ETF	1.59%
DWAT Arrow DWA Tactical: Macro ETF	0.00%

MPRO vs. DWAT - Sectors Allocation Comparison

Sectors	MPRO	DWAT
Communication Services	19.8%	3.4%
Healthcare	18.8%	5.3%
Technology	11.9%	10.2%
Consumer Cyclical	10.4%	5.2%
Real Estate	10.1%	5.1%
Financial Services	9.8%	27.2%
Consumer Defensive	9.6%	6.5%
Industrials	9.5%	25.1%
Basic Materials	-	2.6%
Energy	-	4.2%
Utilities	-	5.3%

Return for Risk

MPRO vs. DWAT — Risk / Return Rank

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

MPRO

MPRO Risk / Return Rank: 56
MPRO Sharpe Ratio Rank: 58
MPRO Sortino Ratio Rank: 62
MPRO Omega Ratio Rank: 58
MPRO Calmar Ratio Rank: 47
MPRO Martin Ratio Rank: 53

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.

MPRO vs. DWAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monarch ProCap ETF (MPRO) 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.

	MPRO	DWAT	Difference
Sharpe ratio: Return per unit of total volatility	1.95	—	—
Sortino ratio: Return per unit of downside risk	2.87	—	—
Omega ratio: Gain probability vs. loss probability	1.35	—	—
Calmar ratio: Return relative to maximum drawdown	2.28	—	—
Martin ratio: Return relative to average drawdown	8.99	—	—
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

	MPRO	DWAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	—	—

Drawdowns

MPRO vs. DWAT - Drawdown Comparison

The maximum MPRO drawdown since its inception was -14.51%, which is greater than DWAT's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for MPRO and DWAT.

Drawdown Indicators

	MPRO	DWAT	Difference
Max Drawdown Largest peak-to-trough decline	-14.51%	0.00%	-14.51%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-9.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.51%	—	—
Current Drawdown Current decline from peak	-0.87%	0.00%	-0.87%
Average Drawdown Average peak-to-trough decline	-3.46%	0.00%	-3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.43%	—	—

Volatility

Volatility by Period

	MPRO	DWAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.74%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.02%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.64%	0.00%	+6.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.25%	0.00%	+9.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.22%	0.00%	+9.22%

MPRO vs. DWAT - Expense Ratio Comparison

MPRO has a 1.17% expense ratio, which is lower than DWAT's 1.83% expense ratio.

Dividends

MPRO vs. DWAT - Dividend Comparison

MPRO's dividend yield for the trailing twelve months is around 1.88%, 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%
MPRO Monarch ProCap ETF	1.88%	1.93%	1.64%	1.40%	1.09%	0.95%

Frequently Asked Questions

Which ETF is better, MPRO or DWAT?

On fees, MPRO is cheaper at 1.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MPRO or DWAT?

MPRO is cheaper with a 1.17% expense ratio, compared with 1.83% for DWAT.

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

MPRO has the higher dividend yield at 1.88%, compared with 0.00% for DWAT.

What is the main difference between MPRO and DWAT?

MPRO is categorized as Diversified Portfolio, while DWAT is Tactical Allocation. They also come from different issuers: Monarch and Arrow Funds. Their fees differ too: 1.17% for MPRO and 1.83% for DWAT.