TBX vs. UCON
TBX (ProShares Short 7-10 Year Treasury) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both exchange-traded funds - TBX is a Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while UCON is a Nontraditional Bonds fund actively managed by First Trust. TBX is passively managed, while UCON is actively managed. Over the past 5 years, TBX returned 6.11%/yr vs 2.79%/yr for UCON. At a correlation of -0.48, they often move in opposite directions. TBX charges 0.95%/yr vs 0.86%/yr for UCON.
Performance
TBX vs. UCON - Performance Comparison
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Returns By Period
In the year-to-date period, TBX achieves a 3.28% return, which is significantly higher than UCON's 0.74% return.
TBX
- 1D
- 0.31%
- 1M
- -0.17%
- YTD
- 3.28%
- 6M
- 3.40%
- 1Y
- 2.87%
- 3Y*
- 4.64%
- 5Y*
- 6.11%
- 10Y*
- 2.10%
UCON
- 1D
- -0.04%
- 1M
- 0.48%
- YTD
- 0.74%
- 6M
- 0.90%
- 1Y
- 5.16%
- 3Y*
- 5.89%
- 5Y*
- 2.79%
- 10Y*
- —
TBX vs. UCON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 3.28% | -1.15% | 8.52% | 3.99% | 18.31% | 1.70% | -9.96% | -5.20% | -2.30% |
UCON First Trust TCW Unconstrained Plus Bond ETF | 0.74% | 7.00% | 4.69% | 7.72% | -5.72% | 1.02% | 6.54% | 7.39% | 1.11% |
Correlation
The correlation between TBX and UCON is -0.88, 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 | -0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.59 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018 | -0.48 |
Over the past year, the inverse relationship between TBX and UCON has strengthened: their correlation has moved from -0.48 to -0.88, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
TBX vs. UCON — Risk / Return Rank
TBX
UCON
TBX vs. UCON - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) 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.
| TBX | UCON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.13 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.32 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.93 | 2.11 | -1.18 |
| Martin ratioReturn relative to average drawdown | 1.88 | 8.09 | -6.21 |
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Drawdowns
TBX vs. UCON - Drawdown Comparison
The maximum TBX drawdown since its inception was -41.04%, which is greater than UCON's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for TBX and UCON.
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Drawdown Indicators
| TBX | UCON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.04% | -15.31% | -25.73% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -2.45% | -0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -2.85% | -4.92% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | -9.60% | +1.83% |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | — | — |
Current DrawdownCurrent decline from peak | -16.93% | -0.45% | -16.48% |
Average DrawdownAverage peak-to-trough decline | -26.60% | -1.48% | -25.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.54% | 0.64% | +0.90% |
Volatility
TBX vs. UCON - Volatility Comparison
ProShares Short 7-10 Year Treasury (TBX) has a higher volatility of 1.42% compared to First Trust TCW Unconstrained Plus Bond ETF (UCON) at 0.86%. This indicates that TBX'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
| TBX | UCON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 0.86% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 3.52% | 2.38% | +1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 2.99% | +1.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.44% | 3.90% | +4.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.14% | 5.88% | +1.26% |
TBX vs. UCON - Expense Ratio Comparison
TBX has a 0.95% expense ratio, which is higher than UCON's 0.86% expense ratio.
Dividends
TBX vs. UCON - Dividend Comparison
TBX's dividend yield for the trailing twelve months is around 3.04%, less than UCON's 4.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 3.04% | 3.45% | 6.58% | 4.07% | 0.40% | 0.00% | 0.10% | 1.53% | 0.72% |
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
TBX and UCON have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBX has higher volatility (1.42%) compared to UCON (0.86%). In terms of maximum drawdown, TBX dropped -41.04% vs UCON's -15.31%.
On 5-year performance, TBX leads with 6.11% vs 2.79% for UCON. 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 5-year period, TBX has performed better with a 6.11% return vs 2.79%. 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 TBX.
UCON has the higher dividend yield at 4.66%, compared with 3.04% for TBX.
TBX is categorized as Inverse Bonds, while UCON is Nontraditional Bonds. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for TBX and 0.86% for UCON.
UCON currently has the higher Sharpe Ratio (1.73 vs 0.61), 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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