UCON vs. AMAX

Last updated Jun 3, 2026

UCON (First Trust TCW Unconstrained Plus Bond ETF) and AMAX (RH Hedged Multi-Asset Income ETF) are both Nontraditional Bonds funds. Both are actively managed. Over the past 3 years, UCON returned 5.77%/yr vs 9.23%/yr for AMAX. At a 0.30 correlation, their price movements are largely independent. UCON charges 0.86%/yr vs 1.29%/yr for AMAX.

Performance

UCON vs. AMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust TCW Unconstrained Plus Bond ETF (UCON) and RH Hedged Multi-Asset Income ETF (AMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UCON achieves a 0.83% return, which is significantly lower than AMAX's 4.98% return.

UCON

• 1D: 0.04%
• 1M: 0.42%
• YTD: 0.83%
• 6M: 1.07%
• 1Y: 5.80%
• 3Y*: 5.77%
• 5Y*: 2.82%
• 10Y*: —

AMAX

• 1D: -0.13%
• 1M: 0.30%
• YTD: 4.98%
• 6M: 3.96%
• 1Y: 12.42%
• 3Y*: 9.23%
• 5Y*: —
• 10Y*: —

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

UCON vs. AMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UCON First Trust TCW Unconstrained Plus Bond ETF	0.83%	7.00%	4.69%	7.72%	-5.72%	0.27%
AMAX RH Hedged Multi-Asset Income ETF	4.98%	11.38%	9.62%	6.70%	-12.56%	-0.20%

Correlation

The correlation between UCON and AMAX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Nov 16, 2021	0.30

UCON vs. AMAX - Sectors Allocation Comparison

Sectors	UCON	AMAX
Utilities	100.0%	1.1%
Basic Materials	-	16.4%
Communication Services	-	7.7%
Consumer Cyclical	-	5.8%
Consumer Defensive	-	2.3%
Energy	-	1.6%
Financial Services	-	6.8%
Healthcare	-	4.7%
Industrials	-	4.6%
Real Estate	-	0.9%
Technology	-	48.2%

Return for Risk

UCON vs. AMAX — Risk / Return Rank

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

UCON

UCON Risk / Return Rank: 55
UCON Sharpe Ratio Rank: 57
UCON Sortino Ratio Rank: 59
UCON Omega Ratio Rank: 60
UCON Calmar Ratio Rank: 45
UCON Martin Ratio Rank: 52

AMAX

AMAX Risk / Return Rank: 34
AMAX Sharpe Ratio Rank: 35
AMAX Sortino Ratio Rank: 33
AMAX Omega Ratio Rank: 33
AMAX Calmar Ratio Rank: 36
AMAX Martin Ratio Rank: 34

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.

UCON vs. AMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust TCW Unconstrained Plus Bond ETF (UCON) and RH Hedged Multi-Asset Income ETF (AMAX). 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	AMAX	Difference
Sharpe ratio Return per unit of total volatility	1.96	1.26	+0.70
Sortino ratio Return per unit of downside risk	2.81	1.76	+1.05
Omega ratio Gain probability vs. loss probability	1.37	1.22	+0.15
Calmar ratio Return relative to maximum drawdown	2.29	1.79	+0.50
Martin ratio Return relative to average drawdown	8.94	5.33	+3.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UCON vs. AMAX - Sharpe Ratio Comparison

The current UCON Sharpe Ratio is 1.96, which is higher than the AMAX Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of UCON and AMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UCON	AMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	1.26	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.39	+0.25

Drawdowns

UCON vs. AMAX - Drawdown Comparison

The maximum UCON drawdown since its inception was -15.31%, smaller than the maximum AMAX drawdown of -16.28%. Use the drawdown chart below to compare losses from any high point for UCON and AMAX.

Drawdown Indicators

	UCON	AMAX	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-16.28%	+0.97%
Max Drawdown (1Y) Largest decline over 1 year	-2.45%	-7.53%	+5.08%
Max Drawdown (3Y) Largest decline over 3 years	-2.85%	-9.27%	+6.42%
Max Drawdown (5Y) Largest decline over 5 years	-9.60%	—	—
Current Drawdown Current decline from peak	-0.37%	-1.80%	+1.43%
Average Drawdown Average peak-to-trough decline	-1.48%	-5.32%	+3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	2.53%	-1.90%

Volatility

UCON vs. AMAX - Volatility Comparison

The current volatility for First Trust TCW Unconstrained Plus Bond ETF (UCON) is 1.13%, while RH Hedged Multi-Asset Income ETF (AMAX) has a volatility of 2.32%. This indicates that UCON experiences smaller price fluctuations and is considered to be less risky than AMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCON	AMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	2.32%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	8.02%	-5.70%
Volatility (1Y) Calculated over the trailing 1-year period	2.98%	9.95%	-6.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.89%	10.36%	-6.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	10.36%	-4.47%

UCON vs. AMAX - Expense Ratio Comparison

UCON has a 0.86% expense ratio, which is lower than AMAX's 1.29% expense ratio.

Dividends

UCON vs. AMAX - Dividend Comparison

UCON's dividend yield for the trailing twelve months is around 4.65%, less than AMAX's 10.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AMAX RH Hedged Multi-Asset Income ETF	10.94%	9.18%	7.36%	6.99%	11.22%	1.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both UCON and AMAX in my portfolio?

UCON and AMAX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UCON or AMAX?

AMAX has higher volatility (2.32%) compared to UCON (1.13%). In terms of maximum drawdown, UCON dropped -15.31% vs AMAX's -16.28%.

Which ETF is better, UCON or AMAX?

On 3-year performance, AMAX leads with 9.23% vs 5.77% for UCON. On fees, UCON is cheaper at 0.86% 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.

Which ETF has performed better, UCON or AMAX?

Over the 3-year period, AMAX has performed better with a 9.23% return vs 5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCON or AMAX?

UCON is cheaper with a 0.86% expense ratio, compared with 1.29% for AMAX.

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

AMAX has the higher dividend yield at 10.94%, compared with 4.65% for UCON.

What is the main difference between UCON and AMAX?

They also come from different issuers: First Trust and Adaptive. Their fees differ too: 0.86% for UCON and 1.29% for AMAX.

Which has better risk-adjusted returns?

UCON currently has the higher Sharpe Ratio (1.96 vs 1.26), 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.