ONOF vs. DWAT

Last updated Jun 4, 2026

ONOF (Global X Adaptive U.S. Risk Management ETF) and DWAT (Arrow DWA Tactical: Macro ETF) are both Tactical Allocation funds. ONOF is passively managed, while DWAT is actively managed. ONOF charges 0.39%/yr vs 1.83%/yr for DWAT.

Performance

ONOF vs. DWAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Adaptive U.S. Risk Management ETF (ONOF) and Arrow DWA Tactical: Macro ETF (DWAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ONOF

• 1D: -0.68%
• 1M: 5.26%
• YTD: 7.32%
• 6M: 7.29%
• 1Y: 23.60%
• 3Y*: 13.72%
• 5Y*: 9.34%
• 10Y*: —

DWAT

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

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

ONOF vs. DWAT - Yearly Performance Comparison

	2026 (YTD)
ONOF Global X Adaptive U.S. Risk Management ETF	6.44%
DWAT Arrow DWA Tactical: Macro ETF	0.00%

ONOF vs. DWAT - Sectors Allocation Comparison

Sectors	ONOF	DWAT
Technology	35.6%	10.2%
Communication Services	11.6%	3.4%
Financial Services	11.5%	27.2%
Consumer Cyclical	10.1%	5.2%
Healthcare	8.6%	5.3%
Industrials	8.3%	25.1%
Consumer Defensive	4.8%	6.5%
Energy	3.6%	4.2%
Utilities	2.3%	5.3%
Basic Materials	1.8%	2.6%
Real Estate	1.8%	5.1%

Return for Risk

ONOF vs. DWAT — Risk / Return Rank

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

ONOF

ONOF Risk / Return Rank: 64
ONOF Sharpe Ratio Rank: 63
ONOF Sortino Ratio Rank: 61
ONOF Omega Ratio Rank: 61
ONOF Calmar Ratio Rank: 69
ONOF Martin Ratio Rank: 65

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.

ONOF vs. DWAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Adaptive U.S. Risk Management ETF (ONOF) 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.

	ONOF	DWAT	Difference
Sharpe ratio: Return per unit of total volatility	2.11	—	—
Sortino ratio: Return per unit of downside risk	2.86	—	—
Omega ratio: Gain probability vs. loss probability	1.38	—	—
Calmar ratio: Return relative to maximum drawdown	3.45	—	—
Martin ratio: Return relative to average drawdown	11.88	—	—
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

	ONOF	DWAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	—	—

Drawdowns

ONOF vs. DWAT - Drawdown Comparison

The maximum ONOF drawdown since its inception was -26.21%, which is greater than DWAT's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for ONOF and DWAT.

Drawdown Indicators

	ONOF	DWAT	Difference
Max Drawdown Largest peak-to-trough decline	-26.21%	0.00%	-26.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.86%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-21.67%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.21%	—	—
Current Drawdown Current decline from peak	-0.68%	0.00%	-0.68%
Average Drawdown Average peak-to-trough decline	-6.15%	0.00%	-6.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	—	—

Volatility

Volatility by Period

	ONOF	DWAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.95%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	0.00%	+11.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.30%	0.00%	+14.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.33%	0.00%	+14.33%

ONOF vs. DWAT - Expense Ratio Comparison

ONOF has a 0.39% expense ratio, which is lower than DWAT's 1.83% expense ratio.

Dividends

ONOF vs. DWAT - Dividend Comparison

ONOF's dividend yield for the trailing twelve months is around 1.29%, 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%
ONOF Global X Adaptive U.S. Risk Management ETF	1.29%	1.38%	0.93%	1.37%	1.92%	0.69%

Frequently Asked Questions

Which ETF is better, ONOF or DWAT?

On fees, ONOF is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ONOF or DWAT?

ONOF is cheaper with a 0.39% expense ratio, compared with 1.83% for DWAT.

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

ONOF has the higher dividend yield at 1.29%, compared with 0.00% for DWAT.

What is the main difference between ONOF and DWAT?

They also come from different issuers: Global X and Arrow Funds. Their fees differ too: 0.39% for ONOF and 1.83% for DWAT.