UCON vs. HYBI

Last updated Jun 5, 2026

UCON (First Trust TCW Unconstrained Plus Bond ETF) and HYBI (NEOS Enhanced Income Credit Select ETF) are both Nontraditional Bonds funds. Both are actively managed. Over the past year, UCON returned 5.33% vs 7.29% for HYBI. A 0.51 correlation means they provide meaningful diversification when combined. UCON charges 0.86%/yr vs 0.68%/yr for HYBI.

Performance

UCON vs. HYBI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust TCW Unconstrained Plus Bond ETF (UCON) and NEOS Enhanced Income Credit Select ETF (HYBI). 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 HYBI's 1.70% return.

UCON

• 1D: 0.16%
• 1M: 0.38%
• YTD: 0.74%
• 6M: 0.91%
• 1Y: 5.33%
• 3Y*: 5.71%
• 5Y*: 2.79%
• 10Y*: —

HYBI

• 1D: 0.13%
• 1M: 0.27%
• YTD: 1.70%
• 6M: 2.21%
• 1Y: 7.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UCON vs. HYBI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UCON First Trust TCW Unconstrained Plus Bond ETF	0.74%	7.00%	-0.74%
HYBI NEOS Enhanced Income Credit Select ETF	1.70%	6.97%	-0.48%

Correlation

The correlation between UCON and HYBI is 0.59, 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	0.59
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.51

The correlation between UCON and HYBI has been stable across timeframes, ranging from 0.51 to 0.59 - a consistent structural relationship.

UCON vs. HYBI - Sectors Allocation Comparison

Sectors	UCON	HYBI
Utilities	100.0%	2.3%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.6%
Financial Services	-	11.8%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%

Return for Risk

UCON vs. HYBI — Risk / Return Rank

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

UCON

UCON Risk / Return Rank: 52
UCON Sharpe Ratio Rank: 54
UCON Sortino Ratio Rank: 54
UCON Omega Ratio Rank: 56
UCON Calmar Ratio Rank: 45
UCON Martin Ratio Rank: 50

HYBI

HYBI Risk / Return Rank: 79
HYBI Sharpe Ratio Rank: 71
HYBI Sortino Ratio Rank: 79
HYBI Omega Ratio Rank: 76
HYBI Calmar Ratio Rank: 88
HYBI Martin Ratio Rank: 83

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. HYBI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust TCW Unconstrained Plus Bond ETF (UCON) and NEOS Enhanced Income Credit Select ETF (HYBI). 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.

	UCON	HYBI	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.28	-0.47
Sortino ratio: Return per unit of downside risk	2.57	3.49	-0.92
Omega ratio: Gain probability vs. loss probability	1.34	1.44	-0.10
Calmar ratio: Return relative to maximum drawdown	2.18	5.13	-2.95
Martin ratio: Return relative to average drawdown	8.47	16.80	-8.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UCON vs. HYBI - Sharpe Ratio Comparison

The current UCON Sharpe Ratio is 1.80, which is comparable to the HYBI Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of UCON and HYBI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UCON	HYBI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	2.28	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.99	-0.36

Drawdowns

UCON vs. HYBI - Drawdown Comparison

The maximum UCON drawdown since its inception was -15.31%, which is greater than HYBI's maximum drawdown of -4.68%. Use the drawdown chart below to compare losses from any high point for UCON and HYBI.

Drawdown Indicators

	UCON	HYBI	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-4.68%	-10.63%
Max Drawdown (1Y) Largest decline over 1 year	-2.45%	-1.43%	-1.02%
Max Drawdown (3Y) Largest decline over 3 years	-2.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.60%	—	—
Current Drawdown Current decline from peak	-0.45%	-0.11%	-0.34%
Average Drawdown Average peak-to-trough decline	-1.48%	-0.62%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	0.44%	+0.19%

Volatility

UCON vs. HYBI - Volatility Comparison

First Trust TCW Unconstrained Plus Bond ETF (UCON) has a higher volatility of 1.14% compared to NEOS Enhanced Income Credit Select ETF (HYBI) at 0.98%. This indicates that UCON's price experiences larger fluctuations and is considered to be riskier than HYBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCON	HYBI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	0.98%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	2.13%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	2.98%	3.22%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.89%	4.93%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	4.93%	+0.96%

UCON vs. HYBI - Expense Ratio Comparison

UCON has a 0.86% expense ratio, which is higher than HYBI's 0.68% expense ratio.

Dividends

UCON vs. HYBI - Dividend Comparison

UCON's dividend yield for the trailing twelve months is around 4.66%, less than HYBI's 8.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HYBI NEOS Enhanced Income Credit Select ETF	8.36%	8.48%	2.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both UCON and HYBI in my portfolio?

UCON and HYBI have a correlation of 0.59, 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 HYBI?

UCON has higher volatility (1.14%) compared to HYBI (0.98%). In terms of maximum drawdown, UCON dropped -15.31% vs HYBI's -4.68%.

Which ETF is better, UCON or HYBI?

On 1-year performance, HYBI leads with 7.29% vs 5.33% for UCON. On fees, HYBI is cheaper at 0.68% per year. On volatility, HYBI has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCON or HYBI?

Over the 1-year period, HYBI has performed better with a 7.29% return vs 5.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCON or HYBI?

HYBI is cheaper with a 0.68% expense ratio, compared with 0.86% for UCON.

Which ETF pays a higher dividend yield, UCON or HYBI?

HYBI has the higher dividend yield at 8.36%, compared with 4.66% for UCON.

What is the main difference between UCON and HYBI?

They also come from different issuers: First Trust and Neos. Their fees differ too: 0.86% for UCON and 0.68% for HYBI.

Which has better risk-adjusted returns?

HYBI currently has the higher Sharpe Ratio (2.28 vs 1.80), 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.