REK vs. UCON
REK (ProShares Short Real Estate) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both exchange-traded funds - REK is a REIT fund tracking the DJ Global United States (All) / Real Estate -SS (-100%), while UCON is a Nontraditional Bonds fund actively managed by First Trust. REK is passively managed, while UCON is actively managed. Over the past 5 years, REK returned -0.65%/yr vs 2.78%/yr for UCON. At a correlation of -0.25, they often move in opposite directions. REK charges 0.95%/yr vs 0.86%/yr for UCON.
Performance
REK vs. UCON - Performance Comparison
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Returns By Period
In the year-to-date period, REK achieves a -9.23% return, which is significantly lower than UCON's 0.76% return.
REK
- 1D
- -1.45%
- 1M
- -0.67%
- YTD
- -9.23%
- 6M
- -9.52%
- 1Y
- -4.22%
- 3Y*
- -5.24%
- 5Y*
- -0.65%
- 10Y*
- -6.40%
UCON
- 1D
- 0.02%
- 1M
- 0.50%
- YTD
- 0.76%
- 6M
- 0.92%
- 1Y
- 5.01%
- 3Y*
- 5.89%
- 5Y*
- 2.78%
- 10Y*
- —
REK vs. UCON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | -9.23% | 2.35% | 1.42% | -6.61% | 29.17% | -30.58% | -11.33% | -20.96% | 2.98% |
UCON First Trust TCW Unconstrained Plus Bond ETF | 0.76% | 7.00% | 4.69% | 7.72% | -5.72% | 1.02% | 6.54% | 7.39% | 1.11% |
Correlation
The correlation between REK and UCON is -0.41, 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 | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.33 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018 | -0.25 |
The correlation between REK and UCON shifts across timeframes, from -0.41 (1 year) to -0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
REK vs. UCON — Risk / Return Rank
REK
UCON
REK vs. UCON - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Real Estate (REK) 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.
| REK | UCON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.99 | ||
| Sortino ratioReturn per unit of downside risk | -2.77 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.31 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.38 | 2.05 | -2.44 |
| Martin ratioReturn relative to average drawdown | -0.86 | 7.85 | -8.71 |
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Drawdowns
REK vs. UCON - Drawdown Comparison
The maximum REK drawdown since its inception was -84.57%, which is greater than UCON's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for REK and UCON.
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Drawdown Indicators
| REK | UCON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.57% | -15.31% | -69.26% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -2.45% | -8.60% |
Max Drawdown (3Y)Largest decline over 3 years | -26.93% | -2.85% | -24.08% |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | -9.60% | -17.33% |
Max Drawdown (10Y)Largest decline over 10 years | -58.67% | — | — |
Current DrawdownCurrent decline from peak | -82.46% | -0.43% | -82.03% |
Average DrawdownAverage peak-to-trough decline | -64.12% | -1.48% | -62.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.94% | 0.64% | +4.30% |
Volatility
REK vs. UCON - Volatility Comparison
ProShares Short Real Estate (REK) has a higher volatility of 5.22% compared to First Trust TCW Unconstrained Plus Bond ETF (UCON) at 0.85%. This indicates that REK'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
| REK | UCON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.22% | 0.85% | +4.37% |
Volatility (6M)Calculated over the trailing 6-month period | 10.60% | 2.37% | +8.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.14% | 2.99% | +11.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.92% | 3.90% | +15.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.35% | 5.88% | +14.47% |
REK vs. UCON - Expense Ratio Comparison
REK has a 0.95% expense ratio, which is higher than UCON's 0.86% expense ratio.
Dividends
REK vs. UCON - Dividend Comparison
REK's dividend yield for the trailing twelve months is around 3.36%, less than UCON's 4.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | 3.36% | 3.43% | 6.22% | 4.50% | 0.48% | 0.00% | 0.07% | 1.28% | 0.43% |
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
REK and UCON have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REK has higher volatility (5.22%) compared to UCON (0.85%). In terms of maximum drawdown, REK dropped -84.57% vs UCON's -15.31%.
On 5-year performance, UCON leads with 2.78% vs -0.65% for REK. On fees, UCON is cheaper at 0.86% per year. On volatility, UCON has been the lower-risk option at 0.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UCON has performed better with a 2.78% return vs -0.65%. 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 REK.
UCON has the higher dividend yield at 4.66%, compared with 3.36% for REK.
REK is categorized as REIT, while UCON is Nontraditional Bonds. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for REK and 0.86% for UCON.
UCON currently has the higher Sharpe Ratio (1.69 vs -0.30), 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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