RYSE vs. UCON

Last updated Jun 4, 2026

RYSE (Cboe Vest 10 Year Interest Rate Hedge ETF) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both Nontraditional Bonds funds. Both are actively managed. Over the past 3 years, RYSE returned 4.39%/yr vs 5.68%/yr for UCON. At a correlation of -0.62, they often move in opposite directions. RYSE charges 0.85%/yr vs 0.86%/yr for UCON.

Performance

RYSE vs. UCON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cboe Vest 10 Year Interest Rate Hedge ETF (RYSE) 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, RYSE achieves a 2.52% return, which is significantly higher than UCON's 0.58% return.

RYSE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 2.52%
• 6M: 5.91%
• 1Y: 1.55%
• 3Y*: 4.39%
• 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)

RYSE vs. UCON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
RYSE Cboe Vest 10 Year Interest Rate Hedge ETF	2.52%	-3.09%	12.46%	9.32%
UCON First Trust TCW Unconstrained Plus Bond ETF	0.58%	7.00%	4.69%	4.97%

Correlation

The correlation between RYSE and UCON is -0.72, 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	-0.72
Correlation (3Y) Calculated over the trailing 3-year period	-0.64
Correlation (All Time) Calculated using the full available price history since Feb 6, 2023	-0.62

The correlation between RYSE and UCON shifts across timeframes, from -0.72 (1 year) to -0.62 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RYSE vs. UCON — Risk / Return Rank

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

RYSE

RYSE Risk / Return Rank: 11
RYSE Sharpe Ratio Rank: 11
RYSE Sortino Ratio Rank: 10
RYSE Omega Ratio Rank: 10
RYSE Calmar Ratio Rank: 11
RYSE Martin Ratio Rank: 11

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.

RYSE vs. UCON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cboe Vest 10 Year Interest Rate Hedge ETF (RYSE) 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.

	RYSE	UCON	Difference
Sharpe ratio: Return per unit of total volatility	0.15	1.85	-1.71
Sortino ratio: Return per unit of downside risk	0.29	2.65	-2.37
Omega ratio: Gain probability vs. loss probability	1.04	1.35	-0.31
Calmar ratio: Return relative to maximum drawdown	0.19	2.25	-2.06
Martin ratio: Return relative to average drawdown	0.40	8.74	-8.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RYSE vs. UCON - Sharpe Ratio Comparison

The current RYSE Sharpe Ratio is 0.15, which is lower than the UCON Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of RYSE 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

	RYSE	UCON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.15	1.85	-1.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.63	-0.21

Drawdowns

RYSE vs. UCON - Drawdown Comparison

The maximum RYSE drawdown since its inception was -19.70%, which is greater than UCON's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for RYSE and UCON.

Drawdown Indicators

	RYSE	UCON	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-15.31%	-4.39%
Max Drawdown (1Y) Largest decline over 1 year	-8.06%	-2.45%	-5.61%
Max Drawdown (3Y) Largest decline over 3 years	-19.70%	-2.85%	-16.85%
Max Drawdown (5Y) Largest decline over 5 years	—	-9.60%	—
Current Drawdown Current decline from peak	-7.83%	-0.61%	-7.22%
Average Drawdown Average peak-to-trough decline	-9.18%	-1.48%	-7.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	0.63%	+3.23%

Volatility

RYSE vs. UCON - Volatility Comparison

The current volatility for Cboe Vest 10 Year Interest Rate Hedge ETF (RYSE) is 0.00%, while First Trust TCW Unconstrained Plus Bond ETF (UCON) has a volatility of 1.14%. This indicates that RYSE 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

	RYSE	UCON	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	1.14%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	6.64%	2.33%	+4.31%
Volatility (1Y) Calculated over the trailing 1-year period	10.64%	2.98%	+7.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.92%	3.89%	+11.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.92%	5.89%	+9.03%

RYSE vs. UCON - Expense Ratio Comparison

RYSE has a 0.85% expense ratio, which is lower than UCON's 0.86% expense ratio.

Dividends

RYSE vs. UCON - Dividend Comparison

RYSE's dividend yield for the trailing twelve months is around 1.37%, less than UCON's 4.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
RYSE Cboe Vest 10 Year Interest Rate Hedge ETF	1.37%	1.86%	2.58%	24.91%	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 RYSE and UCON in my portfolio?

RYSE and UCON have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYSE or UCON?

UCON has higher volatility (1.14%) compared to RYSE (0.00%). In terms of maximum drawdown, RYSE dropped -19.70% vs UCON's -15.31%.

Which ETF is better, RYSE or UCON?

On 3-year performance, UCON leads with 5.68% vs 4.39% for RYSE. On fees, RYSE is cheaper at 0.85% per year. On volatility, RYSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RYSE or UCON?

Over the 3-year period, UCON has performed better with a 5.68% return vs 4.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RYSE or UCON?

RYSE is cheaper with a 0.85% expense ratio, compared with 0.86% for UCON.

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

UCON has the higher dividend yield at 4.67%, compared with 1.37% for RYSE.

What is the main difference between RYSE and UCON?

They also come from different issuers: Vest and First Trust. Their fees differ too: 0.85% for RYSE and 0.86% for UCON.

Which has better risk-adjusted returns?

UCON currently has the higher Sharpe Ratio (1.85 vs 0.15), 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.