Abstract: Dynamic Time Warping (DTW) is a classical similarity measure for strings and time series that allows local stretching. Given non-empty strings $S,T$ over an alphabet $Σ$ and a cost function $δ:Σ^2\to\mathbb{R}_{\ge0}$, $DTW_δ(S,T)$ is the minimum total cost of equal-length expansions of $S$ and $T$ obtained by duplicating characters. For strings of length at most $n$, DTW is computable in $O(n^2)$ time, and this is conditionally optimal under the Orthogonal Vectors Hypothesis (OVH). We study the low-distance regime, where an integer $k$ upper-bounds $DTW_δ(S,T)$, assuming $δ(a,a)=0$ and $δ(a,b)\ge1$ for $a\ne b$. For several classical similarity measures, this regime admits $O(n+\operatorname{poly}(k))$ algorithms, whereas for DTW with metric costs the best known bound is $O(nk)$. We show that this dependence is essentially optimal: assuming OVH, computing DTW requires $n^{1-o(1)}k$ time even for the discrete mismatch-cost function, which assigns cost $1$ to every mismatch. The lower bound applies to the whole spectrum of thresholds $k$ between constant and linear in $n$. Our reduction from Orthogonal Vectors encodes vector coordinates in the lengths of equal-character runs. The resulting instances are very structured: collapsing runs to single characters reveals long substrings with short periods. We complement the lower bound with a $\tilde O(n+\operatorname{poly}(k))$-time algorithm whenever, after collapsing runs in the inputs, every substring with period $O(k)$ has length $\operatorname{poly}(k)$. Finally, we extend this lower bound to DTW pattern matching, which asks whether any non-empty substring of a length-$n$ text has DTW distance at most $k$ from a length-$m$ pattern. We prove that the classic $O(nm)$-time dynamic-programming algorithm is near-optimal under OVH, even when $k=O(\log n)$.