DFAPX vs. UCON

Last updated Jun 23, 2026

DFAPX (DFA Investment Grade Portfolio) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both funds - DFAPX is a Intermediate Core Bond fund managed by Dimensional, while UCON is a Nontraditional Bonds fund actively managed by First Trust. Over the past 5 years, DFAPX returned 0.50%/yr vs 2.79%/yr for UCON. A 0.54 correlation means they provide meaningful diversification when combined. DFAPX charges 0.20%/yr vs 0.86%/yr for UCON.

Performance

DFAPX vs. UCON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Investment Grade Portfolio (DFAPX) and First Trust TCW Unconstrained Plus Bond ETF (UCON). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFAPX achieves a 0.84% return, which is significantly higher than UCON's 0.74% return.

DFAPX

• 1D: 0.29%
• 1M: 0.89%
• YTD: 0.84%
• 6M: 0.94%
• 1Y: 4.84%
• 3Y*: 4.66%
• 5Y*: 0.50%
• 10Y*: 2.02%

UCON

• 1D: -0.04%
• 1M: 0.48%
• YTD: 0.74%
• 6M: 0.90%
• 1Y: 5.16%
• 3Y*: 5.89%
• 5Y*: 2.79%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DFAPX vs. UCON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DFAPX DFA Investment Grade Portfolio	0.84%	7.22%	1.81%	6.84%	-12.92%	-1.57%	9.19%	9.97%	2.17%
UCON First Trust TCW Unconstrained Plus Bond ETF	0.74%	7.00%	4.69%	7.72%	-5.72%	1.02%	6.54%	7.39%	1.11%

Correlation

The correlation between DFAPX and UCON is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018	0.54

Over the past year, DFAPX and UCON have become more correlated (0.89) than their long-term average of 0.54, meaning their price movements have been converging.

Return for Risk

DFAPX vs. UCON — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFAPX

DFAPX Risk / Return Rank: 25
DFAPX Sharpe Ratio Rank: 24
DFAPX Sortino Ratio Rank: 25
DFAPX Omega Ratio Rank: 23
DFAPX Calmar Ratio Rank: 28
DFAPX Martin Ratio Rank: 23

UCON

UCON Risk / Return Rank: 50
UCON Sharpe Ratio Rank: 52
UCON Sortino Ratio Rank: 52
UCON Omega Ratio Rank: 53
UCON Calmar Ratio Rank: 44
UCON Martin Ratio Rank: 49

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DFAPX vs. UCON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Investment Grade Portfolio (DFAPX) and First Trust TCW Unconstrained Plus Bond ETF (UCON). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DFAPX	UCON	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.73	-0.44
Sortino ratio: Return per unit of downside risk	1.96	2.49	-0.52
Omega ratio: Gain probability vs. loss probability	1.23	1.32	-0.09
Calmar ratio: Return relative to maximum drawdown	1.88	2.11	-0.24
Martin ratio: Return relative to average drawdown	5.11	8.09	-2.98

DFAPX vs. UCON - Sharpe Ratio Comparison

The current DFAPX Sharpe Ratio is 1.30, which is comparable to the UCON Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of DFAPX and UCON, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFAPX vs. UCON - Drawdown Comparison

The maximum DFAPX drawdown since its inception was -18.30%, which is greater than UCON's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for DFAPX and UCON.

Drawdown Indicators

	DFAPX	UCON	Difference
Max Drawdown Largest peak-to-trough decline	-18.30%	-15.31%	-2.99%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-2.45%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-4.74%	-2.85%	-1.89%
Max Drawdown (5Y) Largest decline over 5 years	-18.22%	-9.60%	-8.62%
Max Drawdown (10Y) Largest decline over 10 years	-18.30%	—	—
Current Drawdown Current decline from peak	-1.01%	-0.45%	-0.56%
Average Drawdown Average peak-to-trough decline	-3.46%	-1.48%	-1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.64%	+0.33%

Volatility

DFAPX vs. UCON - Volatility Comparison

DFA Investment Grade Portfolio (DFAPX) has a higher volatility of 1.14% compared to First Trust TCW Unconstrained Plus Bond ETF (UCON) at 0.86%. This indicates that DFAPX's price experiences larger fluctuations and is considered to be riskier than UCON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAPX	UCON	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	0.86%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	2.38%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	3.84%	2.99%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.82%	3.90%	+1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.89%	5.88%	-0.99%

DFAPX vs. UCON - Expense Ratio Comparison

DFAPX has a 0.20% expense ratio, which is lower than UCON's 0.86% expense ratio.

Dividends

DFAPX vs. UCON - Dividend Comparison

DFAPX's dividend yield for the trailing twelve months is around 3.73%, less than UCON's 4.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAPX DFA Investment Grade Portfolio	3.73%	3.78%	3.79%	3.31%	2.62%	3.31%	2.14%	2.59%	2.67%	2.21%	2.12%	2.45%
UCON First Trust TCW Unconstrained Plus Bond ETF	4.66%	4.63%	4.95%	4.75%	3.12%	2.20%	3.14%	3.25%	1.76%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFAPX and UCON in my portfolio?

DFAPX and UCON have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFAPX or UCON?

DFAPX has higher volatility (1.14%) compared to UCON (0.86%). In terms of maximum drawdown, DFAPX dropped -18.30% vs UCON's -15.31%.

Which has better risk-adjusted returns?

UCON currently has the higher Sharpe Ratio (1.73 vs 1.30), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.