UCON vs. AOK
UCON (First Trust TCW Unconstrained Plus Bond ETF) and AOK (iShares Core 30/70 Conservative Allocation ETF) are both exchange-traded funds - UCON is a Nontraditional Bonds fund actively managed by First Trust, while AOK is a Diversified Portfolio fund tracking the S&P Target Risk Conservative Index. UCON is actively managed, while AOK is passively managed. Over the past 5 years, UCON returned 2.79%/yr vs 3.80%/yr for AOK. At a 0.43 correlation, their price movements are largely independent. UCON charges 0.86%/yr vs 0.15%/yr for AOK.
Performance
UCON vs. AOK - Performance Comparison
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Returns By Period
In the year-to-date period, UCON achieves a 0.74% return, which is significantly lower than AOK's 4.44% return.
UCON
- 1D
- -0.04%
- 1M
- 0.48%
- YTD
- 0.74%
- 6M
- 0.90%
- 1Y
- 5.16%
- 3Y*
- 5.89%
- 5Y*
- 2.79%
- 10Y*
- —
AOK
- 1D
- -0.22%
- 1M
- 0.89%
- YTD
- 4.44%
- 6M
- 4.18%
- 1Y
- 11.77%
- 3Y*
- 9.25%
- 5Y*
- 3.80%
- 10Y*
- 5.26%
UCON vs. AOK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% |
AOK iShares Core 30/70 Conservative Allocation ETF | 4.44% | 11.26% | 6.58% | 10.85% | -14.16% | 4.87% | 9.33% | 13.90% | -2.25% |
Correlation
The correlation between UCON and AOK is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018 | 0.43 |
Over the past year, UCON and AOK have become more correlated (0.67) than their long-term average of 0.43, meaning their price movements have been converging.
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Return for Risk
UCON vs. AOK — Risk / Return Rank
UCON
AOK
UCON vs. AOK - 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 30/70 Conservative Allocation ETF (AOK). 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.
| UCON | AOK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.38 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 2.63 | -0.52 |
| Martin ratioReturn relative to average drawdown | 8.09 | 11.08 | -2.99 |
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Drawdowns
UCON vs. AOK - Drawdown Comparison
The maximum UCON drawdown since its inception was -15.31%, smaller than the maximum AOK drawdown of -18.94%. Use the drawdown chart below to compare losses from any high point for UCON and AOK.
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Drawdown Indicators
| UCON | AOK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -18.94% | +3.63% |
Max Drawdown (1Y)Largest decline over 1 year | -2.45% | -4.50% | +2.05% |
Max Drawdown (3Y)Largest decline over 3 years | -2.85% | -6.37% | +3.52% |
Max Drawdown (5Y)Largest decline over 5 years | -9.60% | -18.94% | +9.34% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.94% | — |
Current DrawdownCurrent decline from peak | -0.45% | -0.24% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -1.48% | -2.36% | +0.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 1.06% | -0.42% |
Volatility
UCON vs. AOK - Volatility Comparison
The current volatility for First Trust TCW Unconstrained Plus Bond ETF (UCON) is 0.86%, while iShares Core 30/70 Conservative Allocation ETF (AOK) has a volatility of 2.17%. This indicates that UCON experiences smaller price fluctuations and is considered to be less risky than AOK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCON | AOK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 2.17% | -1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 2.38% | 4.82% | -2.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.99% | 5.99% | -3.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.90% | 7.15% | -3.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.88% | 6.74% | -0.86% |
UCON vs. AOK - Expense Ratio Comparison
UCON has a 0.86% expense ratio, which is higher than AOK's 0.15% expense ratio.
Dividends
UCON vs. AOK - Dividend Comparison
UCON's dividend yield for the trailing twelve months is around 4.66%, more than AOK's 3.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AOK iShares Core 30/70 Conservative Allocation ETF | 3.27% | 3.28% | 3.23% | 2.93% | 2.25% | 1.55% | 2.10% | 2.71% | 2.68% | 2.91% | 2.14% | 2.02% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UCON and AOK have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AOK has higher volatility (2.17%) compared to UCON (0.86%). In terms of maximum drawdown, UCON dropped -15.31% vs AOK's -18.94%.
On 5-year performance, AOK leads with 3.80% vs 2.79% for UCON. On fees, AOK is cheaper at 0.15% 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, AOK has performed better with a 3.80% return vs 2.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AOK is cheaper with a 0.15% expense ratio, compared with 0.86% for UCON.
UCON has the higher dividend yield at 4.66%, compared with 3.27% for AOK.
UCON is categorized as Nontraditional Bonds, while AOK is Diversified Portfolio. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.86% for UCON and 0.15% for AOK.
AOK currently has the higher Sharpe Ratio (1.98 vs 1.73), 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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