UCON vs. GSG
UCON (First Trust TCW Unconstrained Plus Bond ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - UCON is a Nontraditional Bonds fund actively managed by First Trust, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. UCON is actively managed, while GSG is passively managed. Over the past 5 years, UCON returned 2.70%/yr vs 13.83%/yr for GSG. At a correlation of -0.06, they often move in opposite directions. UCON charges 0.86%/yr vs 0.75%/yr for GSG.
Performance
UCON vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, UCON achieves a 0.44% return, which is significantly lower than GSG's 32.35% return.
UCON
- 1D
- -0.28%
- 1M
- -0.30%
- 6M
- 0.32%
- YTD
- 0.44%
- 1Y
- 4.55%
- 3Y*
- 5.61%
- 5Y*
- 2.70%
- 10Y*
- —
GSG
- 1D
- 3.60%
- 1M
- -0.20%
- 6M
- 28.24%
- YTD
- 32.35%
- 1Y
- 34.57%
- 3Y*
- 14.41%
- 5Y*
- 13.83%
- 10Y*
- 7.40%
UCON vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UCON First Trust TCW Unconstrained Plus Bond ETF | 0.44% | 7.00% | 4.69% | 7.72% | -5.72% | 1.02% | 6.54% | 7.39% | 1.11% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.35% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -19.05% |
Correlation
The correlation between UCON and GSG is -0.38, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018 | -0.06 |
Over the past year, the inverse relationship between UCON and GSG has strengthened: their correlation has moved from -0.06 to -0.38, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UCON vs. GSG — Risk / Return Rank
UCON
GSG
UCON vs. GSG - 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 S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.27 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | 1.85 | +0.01 |
| Martin ratioReturn relative to average drawdown | 7.11 | 6.29 | +0.81 |
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Drawdowns
UCON vs. GSG - Drawdown Comparison
The maximum UCON drawdown since its inception was -15.31%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for UCON and GSG.
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Drawdown Indicators
| UCON | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -89.62% | +74.31% |
Max Drawdown (1Y)Largest decline over 1 year | -2.45% | -18.81% | +16.36% |
Max Drawdown (3Y)Largest decline over 3 years | -2.85% | -18.81% | +15.96% |
Max Drawdown (5Y)Largest decline over 5 years | -9.60% | -29.12% | +19.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -0.80% | -60.04% | +59.24% |
Average DrawdownAverage peak-to-trough decline | -1.47% | -63.69% | +62.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 5.51% | -4.87% |
Volatility
UCON vs. GSG - Volatility Comparison
The current volatility for First Trust TCW Unconstrained Plus Bond ETF (UCON) is 0.86%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.35%. This indicates that UCON experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCON | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 7.35% | -6.49% |
Volatility (6M)Calculated over the trailing 6-month period | 2.42% | 21.50% | -19.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.99% | 23.48% | -20.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.91% | 22.80% | -18.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.86% | 22.00% | -16.14% |
UCON vs. GSG - Expense Ratio Comparison
UCON has a 0.86% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
UCON vs. GSG - Dividend Comparison
UCON's dividend yield for the trailing twelve months is around 4.71%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UCON First Trust TCW Unconstrained Plus Bond ETF | 4.71% | 4.63% | 4.95% | 4.75% | 3.12% | 2.20% | 3.14% | 3.25% | 1.76% |
Frequently Asked Questions
UCON and GSG have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.35%) compared to UCON (0.86%). In terms of maximum drawdown, UCON dropped -15.31% vs GSG's -89.62%.
On 5-year performance, GSG leads with 13.83% vs 2.70% for UCON. On fees, GSG is cheaper at 0.75% 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, GSG has performed better with a 13.83% return vs 2.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 0.86% for UCON.
UCON has the higher dividend yield at 4.71%, compared with 0.00% for GSG.
UCON is categorized as Nontraditional Bonds, while GSG is Commodities. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.86% for UCON and 0.75% for GSG.
UCON currently has the higher Sharpe Ratio (1.53 vs 1.48), 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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