GLDB vs. UCON

Last updated Jun 4, 2026

GLDB (Strategy Shares Gold-Hedged Bond ETF) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both Nontraditional Bonds funds. GLDB is passively managed, while UCON is actively managed. At a 0.26 correlation, their price movements are largely independent. GLDB charges 0.79%/yr vs 0.86%/yr for UCON.

Performance

GLDB vs. UCON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategy Shares Gold-Hedged Bond ETF (GLDB) 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, GLDB achieves a -7.90% return, which is significantly lower than UCON's 0.58% return.

GLDB

• 1D: -2.17%
• 1M: -7.55%
• YTD: -7.90%
• 6M: -6.06%
• 1Y: —
• 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)

GLDB vs. UCON - Yearly Performance Comparison

	2026 (YTD)	2025
GLDB Strategy Shares Gold-Hedged Bond ETF	-7.90%	-3.51%
UCON First Trust TCW Unconstrained Plus Bond ETF	0.58%	0.36%

Correlation

The correlation between GLDB and UCON is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 27, 2025	0.26

Return for Risk

GLDB 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: 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.

GLDB vs. UCON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold-Hedged Bond ETF (GLDB) 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

	GLDB	UCON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.85	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.45	0.63	-1.08

Drawdowns

GLDB vs. UCON - Drawdown Comparison

The maximum GLDB drawdown since its inception was -27.36%, which is greater than UCON's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for GLDB and UCON.

Drawdown Indicators

	GLDB	UCON	Difference
Max Drawdown Largest peak-to-trough decline	-27.36%	-15.31%	-12.05%
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	-26.71%	-0.61%	-26.10%
Average Drawdown Average peak-to-trough decline	-13.44%	-1.48%	-11.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.63%	—

Volatility

Volatility by Period

	GLDB	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	39.96%	2.98%	+36.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.96%	3.89%	+36.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.96%	5.89%	+34.07%

GLDB vs. UCON - Expense Ratio Comparison

GLDB has a 0.79% expense ratio, which is lower than UCON's 0.86% expense ratio.

Dividends

GLDB vs. UCON - Dividend Comparison

GLDB's dividend yield for the trailing twelve months is around 0.21%, less than UCON's 4.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GLDB Strategy Shares Gold-Hedged Bond ETF	0.21%	0.19%	0.00%	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 GLDB and UCON in my portfolio?

GLDB and UCON have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLDB or UCON?

On fees, GLDB is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLDB or UCON?

GLDB is cheaper with a 0.79% expense ratio, compared with 0.86% for UCON.

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

UCON has the higher dividend yield at 4.67%, compared with 0.21% for GLDB.

What is the main difference between GLDB and UCON?

They also come from different issuers: Strategy Shares and First Trust. Their fees differ too: 0.79% for GLDB and 0.86% for UCON.