UCON vs. HLIPX
UCON (First Trust TCW Unconstrained Plus Bond ETF) and HLIPX (JPMorgan Core Plus Bond Fund) are both funds - UCON is a Nontraditional Bonds fund actively managed by First Trust, while HLIPX is a Intermediate Core-Plus Bond fund managed by JPMorgan. Over the past 5 years, UCON returned 2.62%/yr vs 0.31%/yr for HLIPX. Their 0.56 correlation means they have sometimes moved together and sometimes differently. UCON charges 0.86%/yr vs 0.46%/yr for HLIPX.
Performance
UCON vs. HLIPX - Performance Comparison
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Returns By Period
In the year-to-date period, UCON achieves a 0.17% return, which is significantly higher than HLIPX's -0.53% return.
UCON
- 1D
- -0.08%
- 1M
- -0.90%
- 6M
- -0.03%
- YTD
- 0.17%
- 1Y
- 3.17%
- 3Y*
- 5.26%
- 5Y*
- 2.62%
- 10Y*
- —
- ALL TIME*
- 3.58%
HLIPX
- 1D
- 0.14%
- 1M
- -0.96%
- 6M
- -0.93%
- YTD
- -0.53%
- 1Y
- 2.37%
- 3Y*
- 4.56%
- 5Y*
- 0.31%
- 10Y*
- 2.04%
- ALL TIME*
- 4.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $12.55M | $12.19M | $13.58M |
UCON vs. HLIPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UCON First Trust TCW Unconstrained Plus Bond ETF | 0.17% | 7.00% | 4.69% | 7.72% | -5.72% | 1.02% | 6.54% | 7.39% | 1.11% |
HLIPX JPMorgan Core Plus Bond Fund | -0.53% | 7.98% | 2.64% | 6.38% | -12.69% | -0.30% | 7.93% | 8.73% | 1.79% |
Correlation
The correlation between UCON and HLIPX is 0.88, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.88 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018 | 0.56 |
Over the past year, UCON and HLIPX have become more correlated (0.88) than their long-term average of 0.56, meaning their price movements have been converging.
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Return for Risk
UCON vs. HLIPX — Risk / Return Rank
UCON
HLIPX
UCON vs. HLIPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust TCW Unconstrained Plus Bond ETF (UCON) and JPMorgan Core Plus Bond Fund (HLIPX). 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 | HLIPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.15 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 1.06 | +0.44 |
| Martin ratioReturn relative to average drawdown | 5.42 | 2.53 | +2.89 |
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Drawdowns
UCON vs. HLIPX - Drawdown Comparison
The maximum UCON drawdown since its inception was -15.31%, smaller than the maximum HLIPX drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for UCON and HLIPX.
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Drawdown Indicators
| UCON | HLIPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -16.91% | +1.60% |
Max Drawdown (1Y)Largest decline over 1 year | -2.45% | -3.05% | +0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -2.85% | -4.95% | +2.10% |
Max Drawdown (5Y)Largest decline over 5 years | -9.60% | -16.91% | +7.31% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.91% | — |
Current DrawdownCurrent decline from peak | -1.06% | -2.64% | +1.58% |
Average DrawdownAverage peak-to-trough decline | -1.46% | -1.94% | +0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 1.28% | -0.60% |
Volatility
UCON vs. HLIPX - Volatility Comparison
The current volatility for First Trust TCW Unconstrained Plus Bond ETF (UCON) is 0.74%, while JPMorgan Core Plus Bond Fund (HLIPX) has a volatility of 0.97%. This indicates that UCON experiences smaller price fluctuations and is considered to be less risky than HLIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCON | HLIPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 0.97% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 3.02% | -0.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.98% | 3.85% | -0.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.91% | 5.70% | -1.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.85% | 4.65% | +1.20% |
UCON vs. HLIPX - Expense Ratio Comparison
UCON has a 0.86% expense ratio, which is higher than HLIPX's 0.46% expense ratio.
Dividends
UCON vs. HLIPX - Dividend Comparison
UCON's dividend yield for the trailing twelve months is around 4.74%, more than HLIPX's 4.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HLIPX JPMorgan Core Plus Bond Fund | 4.26% | 4.86% | 4.88% | 4.02% | 3.36% | 3.25% | 4.36% | 3.23% | 3.08% | 2.83% | 2.77% | 3.25% |
UCON First Trust TCW Unconstrained Plus Bond ETF | 4.74% | 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 HLIPX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HLIPX has higher volatility (0.97%) compared to UCON (0.74%). In terms of maximum drawdown, UCON dropped -15.31% vs HLIPX's -16.91%.
UCON currently has the higher Sharpe Ratio (1.24 vs 0.84), 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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