UCON vs. HYKE

Last updated Apr 3, 2026

Compare and contrast key facts about First Trust TCW Unconstrained Plus Bond ETF (UCON) and Vest 2 Year Interest Rate Hedge ETF (HYKE).

UCON and HYKE 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. HYKE is an actively managed fund by Cboe Vest. It was launched on Jan 10, 2024.

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.

UCON vs. HYKE - Yearly Performance Comparison

	2026 (YTD)
UCON First Trust TCW Unconstrained Plus Bond ETF	0.85%
HYKE Vest 2 Year Interest Rate Hedge ETF	0.00%

Returns By Period

UCON

• 1D: 0.24%
• 1M: -0.95%
• YTD: -0.20%
• 6M: 0.71%
• 1Y: 5.15%
• 3Y*: 5.78%
• 5Y*: 2.72%
• 10Y*: —

HYKE

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

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

UCON vs. HYKE - Expense Ratio Comparison

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

UCON

First Trust TCW Unconstrained Plus Bond ETF

HYKE

Vest 2 Year Interest Rate Hedge ETF

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: 79
UCON Sharpe Ratio Rank: 84
UCON Sortino Ratio Rank: 87
UCON Omega Ratio Rank: 80
UCON Calmar Ratio Rank: 69
UCON Martin Ratio Rank: 74

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.

	UCON	HYKE	Difference
Sharpe ratio Return per unit of total volatility	1.77	—	—
Sortino ratio Return per unit of downside risk	2.50	—	—
Omega ratio Gain probability vs. loss probability	1.33	—	—
Calmar ratio Return relative to maximum drawdown	2.08	—	—
Martin ratio Return relative to average drawdown	8.96	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UCON	HYKE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	—	—

Dividends

UCON vs. HYKE - Dividend Comparison

UCON's dividend yield for the trailing twelve months is around 4.65%, while HYKE has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
UCON First Trust TCW Unconstrained Plus Bond ETF	4.65%	4.63%	4.95%	4.75%	3.12%	2.20%	3.14%	3.25%	1.76%
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%

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 (5Y) Largest decline over 5 years	-9.60%	—	—
Current Drawdown Current decline from peak	-1.38%	0.00%	-1.38%
Average Drawdown Average peak-to-trough decline	-1.50%	0.00%	-1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	—	—

Volatility

Volatility by Period

	UCON	HYKE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.07%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.93%	0.00%	+2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.84%	0.00%	+3.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.93%	0.00%	+5.93%