SPAX vs. DWAT

Last updated Apr 1, 2026

Compare and contrast key facts about Robinson Alternative Yield Pre-merger SPAC ETF (SPAX) and Arrow DWA Tactical ETF (DWAT).

SPAX and DWAT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPAX is an actively managed fund by Toroso Investments. It was launched on Jun 22, 2021. DWAT is an actively managed fund by Arrow Funds. It was launched on Oct 1, 2014.

Performance

SPAX vs. DWAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Robinson Alternative Yield Pre-merger SPAC ETF (SPAX) and Arrow DWA Tactical ETF (DWAT). The values are adjusted to include any dividend payments, if applicable.

SPAX vs. DWAT - Yearly Performance Comparison

	2026 (YTD)
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%
DWAT Arrow DWA Tactical ETF	0.00%

Returns By Period

SPAX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 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)

SPAX vs. DWAT - Expense Ratio Comparison

SPAX has a 0.85% expense ratio, which is lower than DWAT's 1.66% expense ratio.

DWAT

Arrow DWA Tactical ETF

SPAX

Robinson Alternative Yield Pre-merger SPAC ETF

Return for Risk

SPAX vs. DWAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Robinson Alternative Yield Pre-merger SPAC ETF (SPAX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Dividends

SPAX vs. DWAT - Dividend Comparison

Neither SPAX nor DWAT has paid dividends to shareholders.

	TTM	2025	2024	2023	2022
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.00%	5.50%	7.54%	0.97%
DWAT Arrow DWA Tactical ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

Drawdown Indicators

	SPAX	DWAT	Difference
Max Drawdown Largest peak-to-trough decline	—	0.00%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	0.00%	—

Volatility

Volatility by Period

	SPAX	DWAT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	—	0.00%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	0.00%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	0.00%	—