TTT vs. UCON
TTT (UltraPro Short 20+ Year Treasury) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both exchange-traded funds - TTT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (-300%), while UCON is a Nontraditional Bonds fund actively managed by First Trust. TTT is passively managed, while UCON is actively managed. Over the past 5 years, TTT returned 18.57%/yr vs 2.78%/yr for UCON. At a correlation of -0.42, they often move in opposite directions. TTT charges 0.95%/yr vs 0.86%/yr for UCON.
Performance
TTT vs. UCON - Performance Comparison
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Returns By Period
In the year-to-date period, TTT achieves a 0.59% return, which is significantly lower than UCON's 0.76% return.
TTT
- 1D
- -0.36%
- 1M
- -6.09%
- YTD
- 0.59%
- 6M
- 2.13%
- 1Y
- -4.00%
- 3Y*
- 10.12%
- 5Y*
- 18.57%
- 10Y*
- -0.85%
UCON
- 1D
- 0.02%
- 1M
- 0.50%
- YTD
- 0.76%
- 6M
- 0.92%
- 1Y
- 5.01%
- 3Y*
- 5.89%
- 5Y*
- 2.78%
- 10Y*
- —
TTT vs. UCON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 0.59% | -7.89% | 38.07% | -11.25% | 150.17% | 2.55% | -54.12% | -34.88% | -8.20% |
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 TTT 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 | -0.53 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018 | -0.42 |
Over the past year, the inverse relationship between TTT 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.
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Return for Risk
TTT vs. UCON — Risk / Return Rank
TTT
UCON
TTT vs. UCON - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UltraPro Short 20+ Year Treasury (TTT) 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.
| TTT | UCON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.83 | ||
| Sortino ratioReturn per unit of downside risk | -2.42 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.31 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 2.05 | -2.23 |
| Martin ratioReturn relative to average drawdown | -0.34 | 7.85 | -8.19 |
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Drawdowns
TTT vs. UCON - Drawdown Comparison
The maximum TTT drawdown since its inception was -94.00%, which is greater than UCON's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for TTT and UCON.
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Drawdown Indicators
| TTT | UCON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.00% | -15.31% | -78.69% |
Max Drawdown (1Y)Largest decline over 1 year | -22.18% | -2.45% | -19.73% |
Max Drawdown (3Y)Largest decline over 3 years | -49.69% | -2.85% | -46.84% |
Max Drawdown (5Y)Largest decline over 5 years | -49.69% | -9.60% | -40.09% |
Max Drawdown (10Y)Largest decline over 10 years | -81.76% | — | — |
Current DrawdownCurrent decline from peak | -78.91% | -0.43% | -78.48% |
Average DrawdownAverage peak-to-trough decline | -70.37% | -1.48% | -68.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.89% | 0.64% | +11.25% |
Volatility
TTT vs. UCON - Volatility Comparison
UltraPro Short 20+ Year Treasury (TTT) has a higher volatility of 6.36% compared to First Trust TCW Unconstrained Plus Bond ETF (UCON) at 0.85%. This indicates that TTT'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
| TTT | UCON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 0.85% | +5.51% |
Volatility (6M)Calculated over the trailing 6-month period | 19.77% | 2.37% | +17.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.33% | 2.99% | +25.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.02% | 3.90% | +43.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.32% | 5.88% | +37.44% |
TTT vs. UCON - Expense Ratio Comparison
TTT has a 0.95% expense ratio, which is higher than UCON's 0.86% expense ratio.
Dividends
TTT vs. UCON - Dividend Comparison
TTT's dividend yield for the trailing twelve months is around 9.61%, more than UCON's 4.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 9.61% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% |
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
TTT 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.
TTT has higher volatility (6.36%) compared to UCON (0.85%). In terms of maximum drawdown, TTT dropped -94.00% vs UCON's -15.31%.
On 5-year performance, TTT leads with 18.57% 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, TTT has performed better with a 18.57% 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 0.95% for TTT.
TTT has the higher dividend yield at 9.61%, compared with 4.66% for UCON.
TTT is categorized as Leveraged Bonds, while UCON is Nontraditional Bonds. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for TTT and 0.86% for UCON.
UCON currently has the higher Sharpe Ratio (1.69 vs -0.14), 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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