GBLD vs. UCON

Last updated Jun 5, 2026

GBLD (Invesco MSCI Green Building ETF) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both exchange-traded funds - GBLD is a Sustainable fund tracking the MSCI Global Green Building Index, while UCON is a Nontraditional Bonds fund actively managed by First Trust. GBLD is passively managed, while UCON is actively managed. At a 0.33 correlation, their price movements are largely independent. GBLD charges 0.39%/yr vs 0.86%/yr for UCON.

Performance

GBLD vs. UCON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI Green Building ETF (GBLD) and First Trust TCW Unconstrained Plus Bond ETF (UCON). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GBLD

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UCON

• 1D: 0.16%
• 1M: 0.38%
• YTD: 0.74%
• 6M: 0.91%
• 1Y: 5.33%
• 3Y*: 5.71%
• 5Y*: 2.79%
• 10Y*: —

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

GBLD vs. UCON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GBLD Invesco MSCI Green Building ETF	4.52%	17.95%	-5.63%	6.39%	-21.69%	-2.45%
UCON First Trust TCW Unconstrained Plus Bond ETF	0.74%	7.00%	4.69%	7.72%	-5.72%	0.50%

Correlation

The correlation between GBLD and UCON is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Apr 23, 2021	0.33

Return for Risk

GBLD vs. UCON — Risk / Return Rank

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

UCON

UCON Risk / Return Rank: 52
UCON Sharpe Ratio Rank: 54
UCON Sortino Ratio Rank: 54
UCON Omega Ratio Rank: 56
UCON Calmar Ratio Rank: 45
UCON Martin Ratio Rank: 50

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.

GBLD vs. UCON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Green Building ETF (GBLD) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GBLD	UCON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.80	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.64	—

Drawdowns

Drawdown Indicators

	GBLD	UCON	Difference
Max Drawdown Largest peak-to-trough decline	—	-15.31%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-2.45%	—
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	—	-0.45%	—
Average Drawdown Average peak-to-trough decline	—	-1.48%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.63%	—

Volatility

Volatility by Period

	GBLD	UCON	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.14%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	2.98%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	3.89%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	5.89%	—

GBLD vs. UCON - Expense Ratio Comparison

GBLD has a 0.39% expense ratio, which is lower than UCON's 0.86% expense ratio.

Dividends

GBLD vs. UCON - Dividend Comparison

GBLD's dividend yield for the trailing twelve months is around 3.45%, less than UCON's 4.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GBLD Invesco MSCI Green Building ETF	3.45%	3.27%	5.34%	6.60%	3.79%	3.16%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both GBLD and UCON in my portfolio?

GBLD and UCON have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GBLD or UCON?

On fees, GBLD is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GBLD or UCON?

GBLD is cheaper with a 0.39% expense ratio, compared with 0.86% for UCON.

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

UCON has the higher dividend yield at 4.66%, compared with 3.45% for GBLD.

What is the main difference between GBLD and UCON?

GBLD is categorized as Sustainable, while UCON is Nontraditional Bonds. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.39% for GBLD and 0.86% for UCON.