Meaning

noun a funnel-shaped device towed as a target by an airplane

noun a truncated cloth cone mounted on a mast; used (e.g., at airports) to show the direction of the wind

noun restraint consisting of a canvas covered frame that floats behind a vessel; prevents drifting or maintains the heading into a wind

originUncertain; probably related to drag in some way.

Etymology from Wiktionary, CC BY-SA 3.0