UCON vs. AGG
UCON (First Trust TCW Unconstrained Plus Bond ETF) and AGG (iShares Core U.S. Aggregate Bond ETF) are both exchange-traded funds - UCON is a Nontraditional Bonds fund actively managed by First Trust, while AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. UCON is actively managed, while AGG is passively managed. Over the past 5 years, UCON returned 2.82%/yr vs 0.23%/yr for AGG. A 0.53 correlation means they provide meaningful diversification when combined. UCON charges 0.86%/yr vs 0.03%/yr for AGG.
Performance
UCON vs. AGG - Performance Comparison
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Returns By Period
In the year-to-date period, UCON achieves a 0.83% return, which is significantly higher than AGG's 0.47% return.
UCON
- 1D
- 0.04%
- 1M
- 0.42%
- YTD
- 0.83%
- 6M
- 1.07%
- 1Y
- 5.80%
- 3Y*
- 5.77%
- 5Y*
- 2.82%
- 10Y*
- —
AGG
- 1D
- 0.03%
- 1M
- 0.14%
- YTD
- 0.47%
- 6M
- 0.49%
- 1Y
- 5.29%
- 3Y*
- 4.02%
- 5Y*
- 0.23%
- 10Y*
- 1.59%
UCON vs. AGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UCON First Trust TCW Unconstrained Plus Bond ETF | 0.83% | 7.00% | 4.69% | 7.72% | -5.72% | 1.02% | 6.54% | 7.39% | 1.11% |
AGG iShares Core U.S. Aggregate Bond ETF | 0.47% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 8.46% | 2.16% |
Correlation
The correlation between UCON and AGG is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jun 6, 2018 | 0.53 |
Over the past year, UCON and AGG have become more correlated (0.91) than their long-term average of 0.53, meaning their price movements have been converging.
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Return for Risk
UCON vs. AGG — Risk / Return Rank
UCON
AGG
UCON vs. AGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust TCW Unconstrained Plus Bond ETF (UCON) and iShares Core U.S. Aggregate Bond ETF (AGG). 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.
| UCON | AGG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.96 | 1.38 | +0.58 |
Sortino ratioReturn per unit of downside risk | 2.81 | 2.06 | +0.75 |
Omega ratioGain probability vs. loss probability | 1.37 | 1.25 | +0.13 |
Calmar ratioReturn relative to maximum drawdown | 2.29 | 1.81 | +0.48 |
Martin ratioReturn relative to average drawdown | 8.94 | 5.61 | +3.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UCON | AGG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.96 | 1.38 | +0.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.04 | +0.69 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.30 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.59 | +0.04 |
Drawdowns
UCON vs. AGG - Drawdown Comparison
The maximum UCON drawdown since its inception was -15.31%, smaller than the maximum AGG drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for UCON and AGG.
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Drawdown Indicators
| UCON | AGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -18.43% | +3.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.45% | -2.76% | +0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -2.85% | -6.11% | +3.26% |
Max Drawdown (5Y)Largest decline over 5 years | -9.60% | -17.82% | +8.22% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.43% | — |
Current DrawdownCurrent decline from peak | -0.37% | -1.93% | +1.56% |
Average DrawdownAverage peak-to-trough decline | -1.48% | -2.71% | +1.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | 0.89% | -0.26% |
Volatility
UCON vs. AGG - Volatility Comparison
The current volatility for First Trust TCW Unconstrained Plus Bond ETF (UCON) is 1.13%, while iShares Core U.S. Aggregate Bond ETF (AGG) has a volatility of 1.32%. This indicates that UCON experiences smaller price fluctuations and is considered to be less risky than AGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCON | AGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 1.32% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.32% | 2.76% | -0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.98% | 3.85% | -0.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.89% | 6.09% | -2.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.89% | 5.41% | +0.48% |
UCON vs. AGG - Expense Ratio Comparison
UCON has a 0.86% expense ratio, which is higher than AGG's 0.03% expense ratio.
Dividends
UCON vs. AGG - Dividend Comparison
UCON's dividend yield for the trailing twelve months is around 4.65%, more than AGG's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 3.98% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
UCON First Trust TCW Unconstrained Plus Bond ETF | 4.65% | 4.63% | 4.95% | 4.75% | 3.12% | 2.20% | 3.14% | 3.25% | 1.76% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, UCON and AGG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
AGG has higher volatility (1.32%) compared to UCON (1.13%). In terms of maximum drawdown, UCON dropped -15.31% vs AGG's -18.43%.
On 5-year performance, UCON leads with 2.82% vs 0.23% for AGG. On fees, AGG is cheaper at 0.03% per year. On volatility, UCON has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UCON has performed better with a 2.82% return vs 0.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGG is cheaper with a 0.03% expense ratio, compared with 0.86% for UCON.
UCON has the higher dividend yield at 4.65%, compared with 3.98% for AGG.
UCON is categorized as Nontraditional Bonds, while AGG is Total Bond Market. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.86% for UCON and 0.03% for AGG.
UCON currently has the higher Sharpe Ratio (1.96 vs 1.38), 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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