UCON vs. HYKE

Last updated Jun 24, 2026

UCON (First Trust TCW Unconstrained Plus Bond ETF) and HYKE (Vest 2 Year Interest Rate Hedge ETF) are both Nontraditional Bonds funds. Both are actively managed. UCON charges 0.86%/yr vs 0.85%/yr for HYKE.

Performance

UCON vs. HYKE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust TCW Unconstrained Plus Bond ETF (UCON) and Vest 2 Year Interest Rate Hedge ETF (HYKE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UCON

• 1D: 0.02%
• 1M: 0.50%
• YTD: 0.76%
• 6M: 0.92%
• 1Y: 5.01%
• 3Y*: 5.89%
• 5Y*: 2.78%
• 10Y*: —

HYKE

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UCON vs. HYKE - Yearly Performance Comparison

	2026 (YTD)
UCON First Trust TCW Unconstrained Plus Bond ETF	2.08%
HYKE Vest 2 Year Interest Rate Hedge ETF	0.00%

Return for Risk

UCON vs. HYKE — Risk / Return Rank

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

UCON

UCON Risk / Return Rank: 50
UCON Sharpe Ratio Rank: 52
UCON Sortino Ratio Rank: 53
UCON Omega Ratio Rank: 53
UCON Calmar Ratio Rank: 44
UCON Martin Ratio Rank: 49

HYKE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. HYKE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust TCW Unconstrained Plus Bond ETF (UCON) and Vest 2 Year Interest Rate Hedge ETF (HYKE). 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	HYKE	Difference
Sharpe ratio: Return per unit of total volatility	1.69	—	—
Sortino ratio: Return per unit of downside risk	2.42	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	2.05	—	—
Martin ratio: Return relative to average drawdown	7.85	—	—

Drawdowns

UCON vs. HYKE - Drawdown Comparison

The maximum UCON drawdown since its inception was -15.31%, which is greater than HYKE's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for UCON and HYKE.

Drawdown Indicators

	UCON	HYKE	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	0.00%	-15.31%
Max Drawdown (1Y) Largest decline over 1 year	-2.45%	—	—
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	-0.43%	0.00%	-0.43%
Average Drawdown Average peak-to-trough decline	-1.48%	0.00%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	—	—

Volatility

Volatility by Period

	UCON	HYKE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.37%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.99%	0.00%	+2.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.90%	0.00%	+3.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.88%	0.00%	+5.88%

UCON vs. HYKE - Expense Ratio Comparison

UCON has a 0.86% expense ratio, which is higher than HYKE's 0.85% expense ratio.

Dividends

UCON vs. HYKE - Dividend Comparison

UCON's dividend yield for the trailing twelve months is around 4.66%, while HYKE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HYKE Vest 2 Year Interest Rate Hedge ETF	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	4.66%	4.63%	4.95%	4.75%	3.12%	2.20%	3.14%	3.25%	1.76%

Frequently Asked Questions

Which ETF is better, UCON or HYKE?

On fees, HYKE is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UCON or HYKE?

HYKE is cheaper with a 0.85% expense ratio, compared with 0.86% for UCON.

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

UCON has the higher dividend yield at 4.66%, compared with 0.00% for HYKE.

What is the main difference between UCON and HYKE?

They also come from different issuers: First Trust and Cboe Vest. Their fees differ too: 0.86% for UCON and 0.85% for HYKE.