FLXR vs. UCON

Last updated Jun 4, 2026

FLXR (TCW Flexible Income ETF) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both exchange-traded funds - FLXR is a Multisector Bonds fund actively managed by TCW, while UCON is a Nontraditional Bonds fund actively managed by First Trust. Both are actively managed. Over the past year, FLXR returned 5.89% vs 5.50% for UCON. A 0.76 correlation means they provide meaningful diversification when combined. FLXR charges 0.40%/yr vs 0.86%/yr for UCON.

Performance

FLXR vs. UCON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Flexible Income ETF (FLXR) 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, FLXR achieves a 1.09% return, which is significantly higher than UCON's 0.58% return.

FLXR

• 1D: -0.18%
• 1M: 0.36%
• YTD: 1.09%
• 6M: 1.43%
• 1Y: 5.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UCON

• 1D: -0.24%
• 1M: 0.38%
• YTD: 0.58%
• 6M: 0.66%
• 1Y: 5.50%
• 3Y*: 5.68%
• 5Y*: 2.76%
• 10Y*: —

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

FLXR vs. UCON - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLXR TCW Flexible Income ETF	1.09%	8.37%	4.77%
UCON First Trust TCW Unconstrained Plus Bond ETF	0.58%	7.00%	3.20%

Correlation

The correlation between FLXR and UCON is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jun 25, 2024	0.76

The correlation between FLXR and UCON has been stable across timeframes, ranging from 0.75 to 0.76 - a consistent structural relationship.

FLXR vs. UCON - Sectors Allocation Comparison

Sectors	FLXR	UCON
Healthcare	62.4%	-
Real Estate	37.6%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Industrials	-	-
Technology	-	-
Utilities	-	100.0%

Return for Risk

FLXR vs. UCON — Risk / Return Rank

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

FLXR

FLXR Risk / Return Rank: 82
FLXR Sharpe Ratio Rank: 79
FLXR Sortino Ratio Rank: 86
FLXR Omega Ratio Rank: 83
FLXR Calmar Ratio Rank: 78
FLXR Martin Ratio Rank: 84

UCON

UCON Risk / Return Rank: 52
UCON Sharpe Ratio Rank: 53
UCON Sortino Ratio Rank: 55
UCON Omega Ratio Rank: 56
UCON Calmar Ratio Rank: 46
UCON Martin Ratio Rank: 51

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.

FLXR vs. UCON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Flexible Income ETF (FLXR) 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.

	FLXR	UCON	Difference
Sharpe ratio Return per unit of total volatility	2.61	1.85	+0.76
Sortino ratio Return per unit of downside risk	3.94	2.65	+1.29
Omega ratio Gain probability vs. loss probability	1.51	1.35	+0.16
Calmar ratio Return relative to maximum drawdown	4.04	2.25	+1.79
Martin ratio Return relative to average drawdown	17.36	8.74	+8.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLXR vs. UCON - Sharpe Ratio Comparison

The current FLXR Sharpe Ratio is 2.61, which is higher than the UCON Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of FLXR 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.

Sharpe Ratios by Period

	FLXR	UCON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	1.85	+0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.65	0.63	+2.02

Drawdowns

FLXR vs. UCON - Drawdown Comparison

The maximum FLXR drawdown since its inception was -1.94%, smaller than the maximum UCON drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for FLXR and UCON.

Drawdown Indicators

	FLXR	UCON	Difference
Max Drawdown Largest peak-to-trough decline	-1.94%	-15.31%	+13.37%
Max Drawdown (1Y) Largest decline over 1 year	-1.46%	-2.45%	+0.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.85%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.60%	—
Current Drawdown Current decline from peak	-0.23%	-0.61%	+0.38%
Average Drawdown Average peak-to-trough decline	-0.36%	-1.48%	+1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	0.63%	-0.29%

Volatility

FLXR vs. UCON - Volatility Comparison

The current volatility for TCW Flexible Income ETF (FLXR) is 0.76%, while First Trust TCW Unconstrained Plus Bond ETF (UCON) has a volatility of 1.14%. This indicates that FLXR experiences smaller price fluctuations and is considered to be less risky than UCON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLXR	UCON	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	1.14%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	1.65%	2.33%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	2.26%	2.98%	-0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.79%	3.89%	-1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.79%	5.89%	-3.10%

FLXR vs. UCON - Expense Ratio Comparison

FLXR has a 0.40% expense ratio, which is lower than UCON's 0.86% expense ratio.

Dividends

FLXR vs. UCON - Dividend Comparison

FLXR's dividend yield for the trailing twelve months is around 5.82%, more than UCON's 4.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FLXR TCW Flexible Income ETF	5.82%	5.66%	3.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UCON First Trust TCW Unconstrained Plus Bond ETF	4.67%	4.63%	4.95%	4.75%	3.12%	2.20%	3.14%	3.25%	1.76%

Frequently Asked Questions

Can I hold both FLXR and UCON in my portfolio?

FLXR and UCON have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLXR or UCON?

UCON has higher volatility (1.14%) compared to FLXR (0.76%). In terms of maximum drawdown, FLXR dropped -1.94% vs UCON's -15.31%.

Which ETF is better, FLXR or UCON?

On 1-year performance, FLXR leads with 5.89% vs 5.50% for UCON. On fees, FLXR is cheaper at 0.40% per year. On volatility, FLXR has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLXR or UCON?

Over the 1-year period, FLXR has performed better with a 5.89% return vs 5.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLXR or UCON?

FLXR is cheaper with a 0.40% expense ratio, compared with 0.86% for UCON.

Which ETF pays a higher dividend yield, FLXR or UCON?

FLXR has the higher dividend yield at 5.82%, compared with 4.67% for UCON.

What is the main difference between FLXR and UCON?

FLXR is categorized as Multisector Bonds, while UCON is Nontraditional Bonds. They also come from different issuers: TCW and First Trust. Their fees differ too: 0.40% for FLXR and 0.86% for UCON.

Which has better risk-adjusted returns?

FLXR currently has the higher Sharpe Ratio (2.61 vs 1.85), 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.