SSFI vs. UCON

Last updated Jun 24, 2026

SSFI (Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both Nontraditional Bonds funds. Both are actively managed. Over the past 3 years, SSFI returned 3.18%/yr vs 5.89%/yr for UCON. A 0.65 correlation means they provide meaningful diversification when combined. SSFI charges 0.81%/yr vs 0.86%/yr for UCON.

Performance

SSFI vs. UCON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF (SSFI) 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, SSFI achieves a 0.53% return, which is significantly lower than UCON's 0.76% return.

SSFI

• 1D: 0.04%
• 1M: 0.89%
• YTD: 0.53%
• 6M: 0.58%
• 1Y: 3.79%
• 3Y*: 3.18%
• 5Y*: —
• 10Y*: —

UCON

• 1D: 0.02%
• 1M: 0.50%
• YTD: 0.76%
• 6M: 0.92%
• 1Y: 5.01%
• 3Y*: 5.89%
• 5Y*: 2.78%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SSFI vs. UCON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SSFI Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF	0.53%	6.62%	1.10%	4.26%	-12.82%	0.51%
UCON First Trust TCW Unconstrained Plus Bond ETF	0.76%	7.00%	4.69%	7.72%	-5.72%	-0.24%

Correlation

The correlation between SSFI and UCON is 0.87, 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	0.87
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	0.65

Over the past year, SSFI and UCON have become more correlated (0.87) than their long-term average of 0.65, meaning their price movements have been converging.

Return for Risk

SSFI vs. UCON — Risk / Return Rank

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

SSFI

SSFI Risk / Return Rank: 29
SSFI Sharpe Ratio Rank: 28
SSFI Sortino Ratio Rank: 28
SSFI Omega Ratio Rank: 26
SSFI Calmar Ratio Rank: 31
SSFI Martin Ratio Rank: 32

UCON

UCON Risk / Return Rank: 50
UCON Sharpe Ratio Rank: 52
UCON Sortino Ratio Rank: 53
UCON Omega Ratio Rank: 53
UCON Calmar Ratio Rank: 44
UCON Martin Ratio Rank: 49

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.

SSFI vs. UCON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF (SSFI) 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.

	SSFI	UCON	Difference
Sharpe ratio: Return per unit of total volatility	0.96	1.69	-0.72
Sortino ratio: Return per unit of downside risk	1.45	2.42	-0.96
Omega ratio: Gain probability vs. loss probability	1.17	1.31	-0.15
Calmar ratio: Return relative to maximum drawdown	1.44	2.05	-0.61
Martin ratio: Return relative to average drawdown	4.41	7.85	-3.44

SSFI vs. UCON - Sharpe Ratio Comparison

The current SSFI Sharpe Ratio is 0.96, which is lower than the UCON Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of SSFI 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.

Drawdowns

SSFI vs. UCON - Drawdown Comparison

The maximum SSFI drawdown since its inception was -16.07%, roughly equal to the maximum UCON drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for SSFI and UCON.

Drawdown Indicators

	SSFI	UCON	Difference
Max Drawdown Largest peak-to-trough decline	-16.07%	-15.31%	-0.76%
Max Drawdown (1Y) Largest decline over 1 year	-2.64%	-2.45%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-6.72%	-2.85%	-3.87%
Max Drawdown (5Y) Largest decline over 5 years	—	-9.60%	—
Current Drawdown Current decline from peak	-1.94%	-0.43%	-1.51%
Average Drawdown Average peak-to-trough decline	-7.51%	-1.48%	-6.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.64%	+0.22%

Volatility

SSFI vs. UCON - Volatility Comparison

Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF (SSFI) has a higher volatility of 1.20% compared to First Trust TCW Unconstrained Plus Bond ETF (UCON) at 0.85%. This indicates that SSFI'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

	SSFI	UCON	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	0.85%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	2.88%	2.37%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	3.96%	2.99%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.75%	3.90%	+1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.75%	5.88%	-0.13%

SSFI vs. UCON - Expense Ratio Comparison

SSFI has a 0.81% expense ratio, which is lower than UCON's 0.86% expense ratio.

Dividends

SSFI vs. UCON - Dividend Comparison

SSFI'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
SSFI Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF	3.36%	3.51%	3.64%	3.97%	1.87%	0.71%	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

Can I hold both SSFI and UCON in my portfolio?

SSFI and UCON have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSFI or UCON?

SSFI has higher volatility (1.20%) compared to UCON (0.85%). In terms of maximum drawdown, SSFI dropped -16.07% vs UCON's -15.31%.

Which ETF is better, SSFI or UCON?

On 3-year performance, UCON leads with 5.89% vs 3.18% for SSFI. On fees, SSFI is cheaper at 0.81% 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.

Which ETF has performed better, SSFI or UCON?

Over the 3-year period, UCON has performed better with a 5.89% return vs 3.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSFI or UCON?

SSFI is cheaper with a 0.81% expense ratio, compared with 0.86% for UCON.

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

UCON has the higher dividend yield at 4.66%, compared with 3.36% for SSFI.

What is the main difference between SSFI and UCON?

They also come from different issuers: Day Hagan and First Trust. Their fees differ too: 0.81% for SSFI and 0.86% for UCON.

Which has better risk-adjusted returns?

UCON currently has the higher Sharpe Ratio (1.69 vs 0.96), 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.