TBT vs. UCON
TBT (ProShares UltraShort 20+ Year Treasury) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while UCON is a Nontraditional Bonds fund actively managed by First Trust. TBT is passively managed, while UCON is actively managed. Over the past 5 years, TBT returned 16.22%/yr vs 2.78%/yr for UCON. At a correlation of -0.42, they often move in opposite directions. TBT charges 0.93%/yr vs 0.86%/yr for UCON.
Performance
TBT vs. UCON - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TBT achieves a 1.05% return, which is significantly higher than UCON's 0.76% return.
TBT
- 1D
- -0.51%
- 1M
- -4.25%
- YTD
- 1.05%
- 6M
- 2.51%
- 1Y
- -0.72%
- 3Y*
- 10.52%
- 5Y*
- 16.22%
- 10Y*
- 2.32%
UCON
- 1D
- 0.02%
- 1M
- 0.50%
- YTD
- 0.76%
- 6M
- 0.92%
- 1Y
- 5.01%
- 3Y*
- 5.89%
- 5Y*
- 2.78%
- 10Y*
- —
TBT vs. UCON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 1.05% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | -5.14% |
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 TBT and UCON is -0.79, 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018 | -0.42 |
Over the past year, the inverse relationship between TBT and UCON has strengthened: their correlation has moved from -0.42 to -0.79, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TBT vs. UCON — Risk / Return Rank
TBT
UCON
TBT vs. UCON - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) 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.
| TBT | UCON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.72 | ||
| Sortino ratioReturn per unit of downside risk | -2.33 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.31 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.05 | -2.10 |
| Martin ratioReturn relative to average drawdown | -0.10 | 7.85 | -7.94 |
Loading charts...
Drawdowns
TBT vs. UCON - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than UCON's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for TBT and UCON.
Loading charts...
Drawdown Indicators
| TBT | UCON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -15.31% | -79.68% |
Max Drawdown (1Y)Largest decline over 1 year | -14.89% | -2.45% | -12.44% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -2.85% | -30.98% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -9.60% | -24.23% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | — | — |
Current DrawdownCurrent decline from peak | -85.92% | -0.43% | -85.49% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -1.48% | -75.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 0.64% | +6.91% |
Volatility
TBT vs. UCON - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 4.53% compared to First Trust TCW Unconstrained Plus Bond ETF (UCON) at 0.85%. This indicates that TBT'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.
Loading charts...
Volatility by Period
| TBT | UCON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 0.85% | +3.68% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 2.37% | +11.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 2.99% | +16.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 3.90% | +27.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 5.88% | +22.87% |
TBT vs. UCON - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is higher than UCON's 0.86% expense ratio.
Dividends
TBT vs. UCON - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.95%, less than UCON's 4.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
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
TBT and UCON have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (4.53%) compared to UCON (0.85%). In terms of maximum drawdown, TBT dropped -94.99% vs UCON's -15.31%.
On 5-year performance, TBT leads with 16.22% vs 2.78% for UCON. 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, TBT has performed better with a 16.22% return vs 2.78%. 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 0.93% for TBT.
UCON has the higher dividend yield at 4.66%, compared with 2.95% for TBT.
TBT is categorized as Inverse Bonds, while UCON is Nontraditional Bonds. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.93% for TBT and 0.86% for UCON.
UCON currently has the higher Sharpe Ratio (1.69 vs -0.04), 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.
Find the right allocation for TBT and UCON
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer