HARD vs. UCON

Last updated Jun 4, 2026

HARD (Simplify Commodities Strategy No K-1 ETF) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both exchange-traded funds - HARD is a Commodities fund actively managed by Simplify, while UCON is a Nontraditional Bonds fund actively managed by First Trust. Both are actively managed. Over the past 3 years, HARD returned 13.00%/yr vs 5.68%/yr for UCON. At a correlation of -0.07, they often move in opposite directions. HARD charges 0.75%/yr vs 0.86%/yr for UCON.

Performance

HARD vs. UCON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Commodities Strategy No K-1 ETF (HARD) 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, HARD achieves a 14.81% return, which is significantly higher than UCON's 0.58% return.

HARD

• 1D: -0.24%
• 1M: -9.01%
• YTD: 14.81%
• 6M: 14.73%
• 1Y: 24.26%
• 3Y*: 13.00%
• 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)

HARD vs. UCON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HARD Simplify Commodities Strategy No K-1 ETF	14.81%	12.19%	20.48%	-5.04%
UCON First Trust TCW Unconstrained Plus Bond ETF	0.58%	7.00%	4.69%	6.46%

Correlation

The correlation between HARD and UCON is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023	-0.07

The correlation between HARD and UCON shifts across timeframes, from -0.26 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

HARD vs. UCON - Sectors Allocation Comparison

Sectors	HARD	UCON
Financial Services	26.7%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	100.0%

Return for Risk

HARD vs. UCON — Risk / Return Rank

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

HARD

HARD Risk / Return Rank: 29
HARD Sharpe Ratio Rank: 25
HARD Sortino Ratio Rank: 24
HARD Omega Ratio Rank: 25
HARD Calmar Ratio Rank: 39
HARD Martin Ratio Rank: 31

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.

HARD vs. UCON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Commodities Strategy No K-1 ETF (HARD) 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.

	HARD	UCON	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.85	-0.93
Sortino ratio: Return per unit of downside risk	1.29	2.65	-1.37
Omega ratio: Gain probability vs. loss probability	1.17	1.35	-0.18
Calmar ratio: Return relative to maximum drawdown	1.97	2.25	-0.28
Martin ratio: Return relative to average drawdown	4.51	8.74	-4.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HARD vs. UCON - Sharpe Ratio Comparison

The current HARD Sharpe Ratio is 0.92, which is lower than the UCON Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of HARD 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

	HARD	UCON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.85	-0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.63	+0.05

Drawdowns

HARD vs. UCON - Drawdown Comparison

The maximum HARD drawdown since its inception was -13.51%, smaller than the maximum UCON drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for HARD and UCON.

Drawdown Indicators

	HARD	UCON	Difference
Max Drawdown Largest peak-to-trough decline	-13.51%	-15.31%	+1.80%
Max Drawdown (1Y) Largest decline over 1 year	-12.38%	-2.45%	-9.93%
Max Drawdown (3Y) Largest decline over 3 years	-13.51%	-2.85%	-10.66%
Max Drawdown (5Y) Largest decline over 5 years	—	-9.60%	—
Current Drawdown Current decline from peak	-10.38%	-0.61%	-9.77%
Average Drawdown Average peak-to-trough decline	-5.47%	-1.48%	-3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.39%	0.63%	+4.76%

Volatility

HARD vs. UCON - Volatility Comparison

Simplify Commodities Strategy No K-1 ETF (HARD) has a higher volatility of 8.11% compared to First Trust TCW Unconstrained Plus Bond ETF (UCON) at 1.14%. This indicates that HARD'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

	HARD	UCON	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.11%	1.14%	+6.97%
Volatility (6M) Calculated over the trailing 6-month period	21.64%	2.33%	+19.31%
Volatility (1Y) Calculated over the trailing 1-year period	26.47%	2.98%	+23.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.09%	3.89%	+15.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.09%	5.89%	+13.20%

HARD vs. UCON - Expense Ratio Comparison

HARD has a 0.75% expense ratio, which is lower than UCON's 0.86% expense ratio.

Dividends

HARD vs. UCON - Dividend Comparison

HARD's dividend yield for the trailing twelve months is around 2.61%, less than UCON's 4.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HARD Simplify Commodities Strategy No K-1 ETF	2.61%	2.36%	3.51%	1.95%	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 HARD and UCON in my portfolio?

HARD 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 is riskier, HARD or UCON?

HARD has higher volatility (8.11%) compared to UCON (1.14%). In terms of maximum drawdown, HARD dropped -13.51% vs UCON's -15.31%.

Which ETF is better, HARD or UCON?

On 3-year performance, HARD leads with 13.00% vs 5.68% for UCON. On fees, HARD is cheaper at 0.75% per year. On volatility, UCON has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HARD or UCON?

Over the 3-year period, HARD has performed better with a 13.00% return vs 5.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HARD or UCON?

HARD is cheaper with a 0.75% expense ratio, compared with 0.86% for UCON.

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

UCON has the higher dividend yield at 4.67%, compared with 2.61% for HARD.

What is the main difference between HARD and UCON?

HARD is categorized as Commodities, while UCON is Nontraditional Bonds. They also come from different issuers: Simplify and First Trust. Their fees differ too: 0.75% for HARD and 0.86% for UCON.

Which has better risk-adjusted returns?

UCON currently has the higher Sharpe Ratio (1.85 vs 0.92), 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.