UCON vs. FTSM
UCON (First Trust TCW Unconstrained Plus Bond ETF) and FTSM (First Trust Enhanced Short Maturity ETF) are both exchange-traded funds - UCON is a Nontraditional Bonds fund actively managed by First Trust, while FTSM is a Ultrashort Bond fund actively managed by First Trust. Both are actively managed. Over the past 5 years, UCON returned 2.79%/yr vs 3.49%/yr for FTSM. At a 0.34 correlation, their price movements are largely independent. UCON charges 0.86%/yr vs 0.44%/yr for FTSM.
Performance
UCON vs. FTSM - 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 FTSM's 1.59% return.
UCON
- 1D
- -0.04%
- 1M
- 0.48%
- YTD
- 0.74%
- 6M
- 0.90%
- 1Y
- 5.16%
- 3Y*
- 5.89%
- 5Y*
- 2.79%
- 10Y*
- —
FTSM
- 1D
- -0.01%
- 1M
- 0.22%
- YTD
- 1.59%
- 6M
- 1.73%
- 1Y
- 4.09%
- 3Y*
- 4.83%
- 5Y*
- 3.49%
- 10Y*
- 2.57%
UCON vs. FTSM - 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% |
FTSM First Trust Enhanced Short Maturity ETF | 1.59% | 4.66% | 5.22% | 5.12% | 1.02% | -0.01% | 1.12% | 2.82% | 1.11% |
Correlation
The correlation between UCON and FTSM is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018 | 0.34 |
Over the past year, UCON and FTSM have become more correlated (0.56) than their long-term average of 0.34, meaning their price movements have been converging.
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Return for Risk
UCON vs. FTSM — Risk / Return Rank
UCON
FTSM
UCON vs. FTSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust TCW Unconstrained Plus Bond ETF (UCON) and First Trust Enhanced Short Maturity ETF (FTSM). 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 | FTSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.73 | ||
| Sortino ratioReturn per unit of downside risk | -17.00 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 4.15 | -2.83 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 35.13 | -33.02 |
| Martin ratioReturn relative to average drawdown | 8.09 | 172.78 | -164.70 |
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Drawdowns
UCON vs. FTSM - Drawdown Comparison
The maximum UCON drawdown since its inception was -15.31%, which is greater than FTSM's maximum drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for UCON and FTSM.
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Drawdown Indicators
| UCON | FTSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -4.12% | -11.19% |
Max Drawdown (1Y)Largest decline over 1 year | -2.45% | -0.12% | -2.33% |
Max Drawdown (3Y)Largest decline over 3 years | -2.85% | -0.15% | -2.70% |
Max Drawdown (5Y)Largest decline over 5 years | -9.60% | -0.65% | -8.95% |
Max Drawdown (10Y)Largest decline over 10 years | — | -4.12% | — |
Current DrawdownCurrent decline from peak | -0.45% | -0.02% | -0.43% |
Average DrawdownAverage peak-to-trough decline | -1.48% | -0.22% | -1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.02% | +0.62% |
Volatility
UCON vs. FTSM - Volatility Comparison
First Trust TCW Unconstrained Plus Bond ETF (UCON) has a higher volatility of 0.86% compared to First Trust Enhanced Short Maturity ETF (FTSM) at 0.17%. This indicates that UCON's price experiences larger fluctuations and is considered to be riskier than FTSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCON | FTSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 0.17% | +0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 2.38% | 0.37% | +2.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.99% | 0.49% | +2.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.90% | 0.50% | +3.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.88% | 0.88% | +5.00% |
UCON vs. FTSM - Expense Ratio Comparison
UCON has a 0.86% expense ratio, which is higher than FTSM's 0.44% expense ratio.
Dividends
UCON vs. FTSM - Dividend Comparison
UCON's dividend yield for the trailing twelve months is around 4.66%, more than FTSM's 4.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTSM First Trust Enhanced Short Maturity ETF | 4.15% | 4.28% | 4.91% | 4.62% | 1.62% | 0.39% | 1.20% | 2.38% | 2.14% | 1.49% | 1.03% | 0.48% |
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 FTSM have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCON has higher volatility (0.86%) compared to FTSM (0.17%). In terms of maximum drawdown, UCON dropped -15.31% vs FTSM's -4.12%.
On 5-year performance, FTSM leads with 3.49% vs 2.79% for UCON. On fees, FTSM is cheaper at 0.44% per year. On volatility, FTSM has been the lower-risk option at 0.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FTSM has performed better with a 3.49% return vs 2.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FTSM is cheaper with a 0.44% expense ratio, compared with 0.86% for UCON.
UCON has the higher dividend yield at 4.66%, compared with 4.15% for FTSM.
UCON is categorized as Nontraditional Bonds, while FTSM is Ultrashort Bond. Their fees differ too: 0.86% for UCON and 0.44% for FTSM.
FTSM currently has the higher Sharpe Ratio (8.47 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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