Bring the coconut water and sugar to a boil in a small saucepan, stirring until the sugar has dissolved. Let cool, then transfer the syrup to a 3-quart pitcher.
Add the wine, soda water, rum and lime juice to the pitcher, and stir to combine. Add the pomegranate seeds, dragon fruits, kiwis and pineapple, and cover the pitcher with plastic wrap. Refrigerate the sangria to chill, at least 4 hours up to overnight.
To serve, fill 8 to 10 glasses halfway with ice, then pour the sangria and fruit into each glass.
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