OBND vs. UCON

Last updated Jun 4, 2026

OBND (SPDR Loomis Sayles Opportunistic Bond ETF) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both Nontraditional Bonds funds. Both are actively managed. Over the past 3 years, OBND returned 6.89%/yr vs 5.68%/yr for UCON. A 0.64 correlation means they provide meaningful diversification when combined. OBND charges 0.55%/yr vs 0.86%/yr for UCON.

Performance

OBND vs. UCON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Loomis Sayles Opportunistic Bond ETF (OBND) 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, OBND achieves a 1.31% return, which is significantly higher than UCON's 0.58% return.

OBND

• 1D: -0.23%
• 1M: 0.37%
• YTD: 1.31%
• 6M: 1.22%
• 1Y: 6.61%
• 3Y*: 6.89%
• 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)

OBND vs. UCON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OBND SPDR Loomis Sayles Opportunistic Bond ETF	1.31%	7.85%	4.80%	9.47%	-11.24%	0.02%
UCON First Trust TCW Unconstrained Plus Bond ETF	0.58%	7.00%	4.69%	7.72%	-5.72%	-0.24%

Correlation

The correlation between OBND and UCON is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021	0.64

Over the past year, OBND and UCON have become more correlated (0.84) than their long-term average of 0.64, meaning their price movements have been converging.

OBND vs. UCON - Sectors Allocation Comparison

Sectors	OBND	UCON
Financial Services	98.1%	-
Energy	0.6%	-
Technology	0.5%	-
Consumer Defensive	0.3%	-
Healthcare	0.2%	-
Communication Services	0.2%	-
Real Estate	0.1%	-
Consumer Cyclical	0.0%	-
Basic Materials	-	-
Industrials	-	-
Utilities	-	100.0%

Return for Risk

OBND vs. UCON — Risk / Return Rank

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

OBND

OBND Risk / Return Rank: 58
OBND Sharpe Ratio Rank: 58
OBND Sortino Ratio Rank: 64
OBND Omega Ratio Rank: 62
OBND Calmar Ratio Rank: 47
OBND Martin Ratio Rank: 58

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.

OBND vs. UCON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Loomis Sayles Opportunistic Bond ETF (OBND) 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.

	OBND	UCON	Difference
Sharpe ratio Return per unit of total volatility	1.97	1.85	+0.11
Sortino ratio Return per unit of downside risk	2.95	2.65	+0.29
Omega ratio Gain probability vs. loss probability	1.37	1.35	+0.03
Calmar ratio Return relative to maximum drawdown	2.30	2.25	+0.05
Martin ratio Return relative to average drawdown	10.09	8.74	+1.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OBND vs. UCON - Sharpe Ratio Comparison

The current OBND Sharpe Ratio is 1.97, which is comparable to the UCON Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of OBND 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

	OBND	UCON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	1.85	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.63	-0.13

Drawdowns

OBND vs. UCON - Drawdown Comparison

The maximum OBND drawdown since its inception was -15.86%, roughly equal to the maximum UCON drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for OBND and UCON.

Drawdown Indicators

	OBND	UCON	Difference
Max Drawdown Largest peak-to-trough decline	-15.86%	-15.31%	-0.55%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-2.45%	-0.43%
Max Drawdown (3Y) Largest decline over 3 years	-3.17%	-2.85%	-0.32%
Max Drawdown (5Y) Largest decline over 5 years	—	-9.60%	—
Current Drawdown Current decline from peak	-0.29%	-0.61%	+0.32%
Average Drawdown Average peak-to-trough decline	-4.41%	-1.48%	-2.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.63%	+0.03%

Volatility

OBND vs. UCON - Volatility Comparison

The current volatility for SPDR Loomis Sayles Opportunistic Bond ETF (OBND) is 1.08%, while First Trust TCW Unconstrained Plus Bond ETF (UCON) has a volatility of 1.14%. This indicates that OBND 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

	OBND	UCON	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	1.14%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.68%	2.33%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	2.98%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.66%	3.89%	+0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.66%	5.89%	-1.23%

OBND vs. UCON - Expense Ratio Comparison

OBND has a 0.55% expense ratio, which is lower than UCON's 0.86% expense ratio.

Dividends

OBND vs. UCON - Dividend Comparison

OBND's dividend yield for the trailing twelve months is around 6.28%, more than UCON's 4.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
OBND SPDR Loomis Sayles Opportunistic Bond ETF	6.28%	6.26%	6.53%	6.01%	4.56%	0.55%	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 OBND and UCON in my portfolio?

OBND and UCON have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OBND or UCON?

UCON has higher volatility (1.14%) compared to OBND (1.08%). In terms of maximum drawdown, OBND dropped -15.86% vs UCON's -15.31%.

Which ETF is better, OBND or UCON?

On 3-year performance, OBND leads with 6.89% vs 5.68% for UCON. On fees, OBND is cheaper at 0.55% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBND or UCON?

Over the 3-year period, OBND has performed better with a 6.89% return vs 5.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBND or UCON?

OBND is cheaper with a 0.55% expense ratio, compared with 0.86% for UCON.

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

OBND has the higher dividend yield at 6.28%, compared with 4.67% for UCON.

What is the main difference between OBND and UCON?

They also come from different issuers: State Street and First Trust. Their fees differ too: 0.55% for OBND and 0.86% for UCON.

Which has better risk-adjusted returns?

OBND currently has the higher Sharpe Ratio (1.97 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.