OILU vs. UCON
OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both exchange-traded funds - OILU is a Leveraged Commodities fund managed by BMO, while UCON is a Nontraditional Bonds fund actively managed by First Trust. Over the past 3 years, OILU returned 4.35%/yr vs 5.89%/yr for UCON. At a correlation of -0.02, they often move in opposite directions. OILU charges 0.95%/yr vs 0.86%/yr for UCON.
Performance
OILU vs. UCON - Performance Comparison
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Returns By Period
In the year-to-date period, OILU achieves a 51.45% return, which is significantly higher than UCON's 0.74% return.
OILU
- 1D
- 4.46%
- 1M
- -26.24%
- YTD
- 51.45%
- 6M
- 55.78%
- 1Y
- 39.41%
- 3Y*
- 4.35%
- 5Y*
- —
- 10Y*
- —
UCON
- 1D
- -0.04%
- 1M
- 0.48%
- YTD
- 0.74%
- 6M
- 0.90%
- 1Y
- 5.16%
- 3Y*
- 5.89%
- 5Y*
- 2.79%
- 10Y*
- —
OILU vs. UCON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN | 51.45% | -16.50% | -21.65% | -32.50% | 151.08% | -16.79% |
UCON First Trust TCW Unconstrained Plus Bond ETF | 0.74% | 7.00% | 4.69% | 7.72% | -5.72% | -0.26% |
Correlation
The correlation between OILU and UCON is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021 | -0.02 |
Over the past year, the inverse relationship between OILU and UCON has strengthened: their correlation has moved from -0.02 to -0.27, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
OILU vs. UCON — Risk / Return Rank
OILU
UCON
OILU vs. UCON - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| OILU | UCON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.32 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | 2.11 | -1.21 |
| Martin ratioReturn relative to average drawdown | 2.64 | 8.09 | -5.45 |
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Drawdowns
OILU vs. UCON - Drawdown Comparison
The maximum OILU drawdown since its inception was -81.00%, which is greater than UCON's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for OILU and UCON.
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Drawdown Indicators
| OILU | UCON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.00% | -15.31% | -65.69% |
Max Drawdown (1Y)Largest decline over 1 year | -43.74% | -2.45% | -41.29% |
Max Drawdown (3Y)Largest decline over 3 years | -69.09% | -2.85% | -66.24% |
Max Drawdown (5Y)Largest decline over 5 years | — | -9.60% | — |
Current DrawdownCurrent decline from peak | -59.27% | -0.45% | -58.82% |
Average DrawdownAverage peak-to-trough decline | -50.58% | -1.48% | -49.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.21% | 0.64% | +14.57% |
Volatility
OILU vs. UCON - Volatility Comparison
MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a higher volatility of 21.80% compared to First Trust TCW Unconstrained Plus Bond ETF (UCON) at 0.86%. This indicates that OILU'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.
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Volatility by Period
| OILU | UCON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.80% | 0.86% | +20.94% |
Volatility (6M)Calculated over the trailing 6-month period | 51.07% | 2.38% | +48.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 63.69% | 2.99% | +60.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 81.13% | 3.90% | +77.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.13% | 5.88% | +75.25% |
OILU vs. UCON - Expense Ratio Comparison
OILU has a 0.95% expense ratio, which is higher than UCON's 0.86% expense ratio.
Dividends
OILU vs. UCON - Dividend Comparison
OILU has not paid dividends to shareholders, while UCON's dividend yield for the trailing twelve months is around 4.66%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
OILU and UCON have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILU has higher volatility (21.80%) compared to UCON (0.86%). In terms of maximum drawdown, OILU dropped -81.00% vs UCON's -15.31%.
On 3-year performance, UCON leads with 5.89% vs 4.35% for OILU. On fees, UCON is cheaper at 0.86% per year. On volatility, UCON has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UCON has performed better with a 5.89% return vs 4.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCON is cheaper with a 0.86% expense ratio, compared with 0.95% for OILU.
UCON has the higher dividend yield at 4.66%, compared with 0.00% for OILU.
OILU is categorized as Leveraged Commodities, while UCON is Nontraditional Bonds. They also come from different issuers: BMO and First Trust. Their fees differ too: 0.95% for OILU and 0.86% for UCON.
UCON currently has the higher Sharpe Ratio (1.73 vs 0.62), 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.
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