UCON vs. HYBI

Last updated Apr 2, 2026

Compare and contrast key facts about First Trust TCW Unconstrained Plus Bond ETF (UCON) and NEOS Enhanced Income Credit Select ETF (HYBI).

UCON and HYBI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UCON is an actively managed fund by First Trust. It was launched on Jun 4, 2018. HYBI is an actively managed fund by Neos. It was launched on Sep 27, 2024.

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.

UCON vs. HYBI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UCON First Trust TCW Unconstrained Plus Bond ETF	-0.44%	7.00%	-0.74%
HYBI NEOS Enhanced Income Credit Select ETF	0.31%	6.97%	-0.48%

Returns By Period

In the year-to-date period, UCON achieves a -0.44% return, which is significantly lower than HYBI's 0.31% return.

UCON

• 1D: 0.08%
• 1M: -1.27%
• YTD: -0.44%
• 6M: 0.59%
• 1Y: 4.86%
• 3Y*: 5.76%
• 5Y*: 2.67%
• 10Y*: —

HYBI

• 1D: -0.00%
• 1M: -0.57%
• YTD: 0.31%
• 6M: 1.46%
• 1Y: 7.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UCON vs. HYBI - Expense Ratio Comparison

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

UCON

First Trust TCW Unconstrained Plus Bond ETF

HYBI

NEOS Enhanced Income Credit Select ETF

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: 79
UCON Sharpe Ratio Rank: 83
UCON Sortino Ratio Rank: 85
UCON Omega Ratio Rank: 78
UCON Calmar Ratio Rank: 73
UCON Martin Ratio Rank: 77

HYBI

HYBI Risk / Return Rank: 81
HYBI Sharpe Ratio Rank: 72
HYBI Sortino Ratio Rank: 76
HYBI Omega Ratio Rank: 87
HYBI Calmar Ratio Rank: 82
HYBI Martin Ratio Rank: 89

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	1.67	1.33	+0.34
Sortino ratio Return per unit of downside risk	2.36	2.01	+0.35
Omega ratio Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio Return relative to maximum drawdown	2.00	2.49	-0.49
Martin ratio Return relative to average drawdown	8.70	12.04	-3.35
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 1.67, which is comparable to the HYBI Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of UCON and HYBI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UCON	HYBI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	1.33	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.88	-0.26

Correlation

The correlation between UCON and HYBI is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

UCON vs. HYBI - Dividend Comparison

UCON's dividend yield for the trailing twelve months is around 4.66%, less than HYBI's 8.37% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
HYBI NEOS Enhanced Income Credit Select ETF	8.37%	8.48%	2.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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%	-3.07%	+0.62%
Max Drawdown (5Y) Largest decline over 5 years	-9.60%	—	—
Current Drawdown Current decline from peak	-1.62%	-0.96%	-0.66%
Average Drawdown Average peak-to-trough decline	-1.50%	-0.66%	-0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.63%	-0.07%

Volatility

UCON vs. HYBI - Volatility Comparison

First Trust TCW Unconstrained Plus Bond ETF (UCON) has a higher volatility of 1.55% compared to NEOS Enhanced Income Credit Select ETF (HYBI) at 1.14%. 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	1.55%	1.14%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	2.07%	2.44%	-0.37%
Volatility (1Y) Calculated over the trailing 1-year period	2.92%	5.56%	-2.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.84%	5.10%	-1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.94%	5.10%	+0.84%