RAA vs. DWAT

Last updated Jun 5, 2026

RAA (SMI 3Fourteen REAL Asset Allocation ETF) and DWAT (Arrow DWA Tactical: Macro ETF) are both exchange-traded funds - RAA is a Diversified Portfolio fund actively managed by SMI Advisory Services, while DWAT is a Tactical Allocation fund actively managed by Arrow Funds. Both are actively managed. RAA charges 0.85%/yr vs 1.83%/yr for DWAT.

Performance

RAA vs. DWAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SMI 3Fourteen REAL Asset Allocation ETF (RAA) and Arrow DWA Tactical: Macro ETF (DWAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

RAA

• 1D: -0.11%
• 1M: 2.74%
• YTD: 10.92%
• 6M: 10.91%
• 1Y: 24.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DWAT

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

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

RAA vs. DWAT - Yearly Performance Comparison

	2026 (YTD)
RAA SMI 3Fourteen REAL Asset Allocation ETF	7.77%
DWAT Arrow DWA Tactical: Macro ETF	0.00%

Return for Risk

RAA vs. DWAT — Risk / Return Rank

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

RAA

RAA Risk / Return Rank: 81
RAA Sharpe Ratio Rank: 80
RAA Sortino Ratio Rank: 80
RAA Omega Ratio Rank: 81
RAA Calmar Ratio Rank: 80
RAA Martin Ratio Rank: 83

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.

RAA vs. DWAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SMI 3Fourteen REAL Asset Allocation ETF (RAA) 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.

	RAA	DWAT	Difference
Sharpe ratio: Return per unit of total volatility	2.56	—	—
Sortino ratio: Return per unit of downside risk	3.53	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	4.11	—	—
Martin ratio: Return relative to average drawdown	16.57	—	—
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

	RAA	DWAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.48	—	—

Drawdowns

RAA vs. DWAT - Drawdown Comparison

The maximum RAA drawdown since its inception was -11.80%, which is greater than DWAT's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for RAA and DWAT.

Drawdown Indicators

	RAA	DWAT	Difference
Max Drawdown Largest peak-to-trough decline	-11.80%	0.00%	-11.80%
Max Drawdown (1Y) Largest decline over 1 year	-5.91%	—	—
Current Drawdown Current decline from peak	-0.51%	0.00%	-0.51%
Average Drawdown Average peak-to-trough decline	-1.41%	0.00%	-1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	—	—

Volatility

Volatility by Period

	RAA	DWAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.44%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.48%	0.00%	+9.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.69%	0.00%	+12.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.69%	0.00%	+12.69%

RAA vs. DWAT - Expense Ratio Comparison

RAA has a 0.85% expense ratio, which is lower than DWAT's 1.83% expense ratio.

Dividends

RAA vs. DWAT - Dividend Comparison

RAA's dividend yield for the trailing twelve months is around 2.11%, while DWAT has not paid dividends to shareholders.

Position	TTM	2025
DWAT Arrow DWA Tactical: Macro ETF	0.00%	0.00%
RAA SMI 3Fourteen REAL Asset Allocation ETF	2.11%	2.14%

Frequently Asked Questions

Which ETF is better, RAA or DWAT?

On fees, RAA is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RAA or DWAT?

RAA is cheaper with a 0.85% expense ratio, compared with 1.83% for DWAT.

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

RAA has the higher dividend yield at 2.11%, compared with 0.00% for DWAT.

What is the main difference between RAA and DWAT?

RAA is categorized as Diversified Portfolio, while DWAT is Tactical Allocation. They also come from different issuers: SMI Advisory Services and Arrow Funds. Their fees differ too: 0.85% for RAA and 1.83% for DWAT.