In this letter, dynamic decode-and-forward (DDF) protocol and static decode-and-forward (SDF) protocol are considered in a two-way half-duplex fading system, where two sources are equipped with multiple antennas and a relay is equipped with a single antenna. Their closed-form expressions of diversity multiplexing tradeoff (DMT) are derived, respectively. From the results, DDF always outperforms SDF in terms of DMT, achieves DMT gain over nonorthogonal amplify-and-forward (NAF) in low spectral efficiency scenarios, but is inferior to NAF in high spectral efficiency scenarios.