UCON vs. DFAPX

Last updated Jun 23, 2026

UCON (First Trust TCW Unconstrained Plus Bond ETF) and DFAPX (DFA Investment Grade Portfolio) are both funds - UCON is a Nontraditional Bonds fund actively managed by First Trust, while DFAPX is a Intermediate Core Bond fund managed by Dimensional. Over the past 5 years, UCON returned 2.79%/yr vs 0.50%/yr for DFAPX. A 0.54 correlation means they provide meaningful diversification when combined. UCON charges 0.86%/yr vs 0.20%/yr for DFAPX.

Performance

UCON vs. DFAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust TCW Unconstrained Plus Bond ETF (UCON) and DFA Investment Grade Portfolio (DFAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UCON achieves a 0.74% return, which is significantly lower than DFAPX's 0.84% return.

UCON

• 1D: -0.04%
• 1M: 0.48%
• YTD: 0.74%
• 6M: 0.90%
• 1Y: 5.16%
• 3Y*: 5.89%
• 5Y*: 2.79%
• 10Y*: —

DFAPX

• 1D: 0.29%
• 1M: 0.89%
• YTD: 0.84%
• 6M: 0.94%
• 1Y: 4.84%
• 3Y*: 4.66%
• 5Y*: 0.50%
• 10Y*: 2.02%

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

UCON vs. DFAPX - 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%
DFAPX DFA Investment Grade Portfolio	0.84%	7.22%	1.81%	6.84%	-12.92%	-1.57%	9.19%	9.97%	2.17%

Correlation

The correlation between UCON and DFAPX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018	0.54

Over the past year, UCON and DFAPX have become more correlated (0.89) than their long-term average of 0.54, meaning their price movements have been converging.

Return for Risk

UCON vs. DFAPX — Risk / Return Rank

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

UCON

UCON Risk / Return Rank: 50
UCON Sharpe Ratio Rank: 52
UCON Sortino Ratio Rank: 52
UCON Omega Ratio Rank: 53
UCON Calmar Ratio Rank: 44
UCON Martin Ratio Rank: 49

DFAPX

DFAPX Risk / Return Rank: 25
DFAPX Sharpe Ratio Rank: 24
DFAPX Sortino Ratio Rank: 25
DFAPX Omega Ratio Rank: 23
DFAPX Calmar Ratio Rank: 28
DFAPX Martin Ratio Rank: 23

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. DFAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust TCW Unconstrained Plus Bond ETF (UCON) and DFA Investment Grade Portfolio (DFAPX). 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	DFAPX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.30	+0.44
Sortino ratio: Return per unit of downside risk	2.49	1.96	+0.52
Omega ratio: Gain probability vs. loss probability	1.32	1.23	+0.09
Calmar ratio: Return relative to maximum drawdown	2.11	1.88	+0.24
Martin ratio: Return relative to average drawdown	8.09	5.11	+2.98

UCON vs. DFAPX - Sharpe Ratio Comparison

The current UCON Sharpe Ratio is 1.73, which is higher than the DFAPX Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of UCON and DFAPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UCON vs. DFAPX - Drawdown Comparison

The maximum UCON drawdown since its inception was -15.31%, smaller than the maximum DFAPX drawdown of -18.30%. Use the drawdown chart below to compare losses from any high point for UCON and DFAPX.

Drawdown Indicators

	UCON	DFAPX	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-18.30%	+2.99%
Max Drawdown (1Y) Largest decline over 1 year	-2.45%	-2.66%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	-2.85%	-4.74%	+1.89%
Max Drawdown (5Y) Largest decline over 5 years	-9.60%	-18.22%	+8.62%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.30%	—
Current Drawdown Current decline from peak	-0.45%	-1.01%	+0.56%
Average Drawdown Average peak-to-trough decline	-1.48%	-3.46%	+1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	0.97%	-0.33%

Volatility

UCON vs. DFAPX - Volatility Comparison

The current volatility for First Trust TCW Unconstrained Plus Bond ETF (UCON) is 0.86%, while DFA Investment Grade Portfolio (DFAPX) has a volatility of 1.14%. This indicates that UCON experiences smaller price fluctuations and is considered to be less risky than DFAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCON	DFAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	1.14%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	2.38%	2.78%	-0.40%
Volatility (1Y) Calculated over the trailing 1-year period	2.99%	3.84%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.90%	5.82%	-1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.88%	4.89%	+0.99%

UCON vs. DFAPX - Expense Ratio Comparison

UCON has a 0.86% expense ratio, which is higher than DFAPX's 0.20% expense ratio.

Dividends

UCON vs. DFAPX - Dividend Comparison

UCON's dividend yield for the trailing twelve months is around 4.66%, more than DFAPX's 3.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAPX DFA Investment Grade Portfolio	3.73%	3.78%	3.79%	3.31%	2.62%	3.31%	2.14%	2.59%	2.67%	2.21%	2.12%	2.45%
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

Can I hold both UCON and DFAPX in my portfolio?

UCON and DFAPX have a correlation of 0.89, 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 DFAPX?

DFAPX has higher volatility (1.14%) compared to UCON (0.86%). In terms of maximum drawdown, UCON dropped -15.31% vs DFAPX's -18.30%.

Which has better risk-adjusted returns?

UCON currently has the higher Sharpe Ratio (1.73 vs 1.30), 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.