UCON vs. OBND

Last updated Apr 2, 2026

Compare and contrast key facts about First Trust TCW Unconstrained Plus Bond ETF (UCON) and SPDR Loomis Sayles Opportunistic Bond ETF (OBND).

UCON and OBND 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. OBND is an actively managed fund by State Street. It was launched on Sep 27, 2021.

Performance

UCON vs. OBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust TCW Unconstrained Plus Bond ETF (UCON) and SPDR Loomis Sayles Opportunistic Bond ETF (OBND). The values are adjusted to include any dividend payments, if applicable.

UCON vs. OBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UCON First Trust TCW Unconstrained Plus Bond ETF	-0.44%	7.00%	4.69%	7.72%	-5.72%	-0.24%
OBND SPDR Loomis Sayles Opportunistic Bond ETF	-0.55%	7.85%	4.80%	9.47%	-11.24%	0.02%

Returns By Period

In the year-to-date period, UCON achieves a -0.44% return, which is significantly higher than OBND's -0.55% return.

UCON

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

OBND

• 1D: 0.06%
• 1M: -1.48%
• YTD: -0.55%
• 6M: 0.38%
• 1Y: 5.21%
• 3Y*: 6.13%
• 5Y*: —
• 10Y*: —

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

UCON vs. OBND - Expense Ratio Comparison

UCON has a 0.86% expense ratio, which is higher than OBND's 0.55% expense ratio.

UCON

First Trust TCW Unconstrained Plus Bond ETF

OBND

SPDR Loomis Sayles Opportunistic Bond ETF

Return for Risk

UCON vs. OBND — 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

OBND

OBND Risk / Return Rank: 69
OBND Sharpe Ratio Rank: 74
OBND Sortino Ratio Rank: 75
OBND Omega Ratio Rank: 69
OBND Calmar Ratio Rank: 64
OBND Martin Ratio Rank: 63

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. OBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust TCW Unconstrained Plus Bond ETF (UCON) and SPDR Loomis Sayles Opportunistic Bond ETF (OBND). 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	OBND	Difference
Sharpe ratio Return per unit of total volatility	1.67	1.41	+0.26
Sortino ratio Return per unit of downside risk	2.36	2.01	+0.34
Omega ratio Gain probability vs. loss probability	1.31	1.27	+0.04
Calmar ratio Return relative to maximum drawdown	2.00	1.84	+0.16
Martin ratio Return relative to average drawdown	8.70	7.06	+1.64
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. OBND - Sharpe Ratio Comparison

The current UCON Sharpe Ratio is 1.67, which is comparable to the OBND Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of UCON and OBND, 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	OBND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	1.41	+0.26
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	0.42	+0.19

Correlation

The correlation between UCON and OBND is 0.63, 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. OBND - Dividend Comparison

UCON's dividend yield for the trailing twelve months is around 4.66%, less than OBND's 6.35% 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%
OBND SPDR Loomis Sayles Opportunistic Bond ETF	6.35%	6.26%	6.53%	6.01%	4.56%	0.55%	0.00%	0.00%	0.00%

Drawdowns

UCON vs. OBND - Drawdown Comparison

The maximum UCON drawdown since its inception was -15.31%, roughly equal to the maximum OBND drawdown of -15.86%. Use the drawdown chart below to compare losses from any high point for UCON and OBND.

Drawdown Indicators

	UCON	OBND	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-15.86%	+0.55%
Max Drawdown (1Y) Largest decline over 1 year	-2.45%	-2.88%	+0.43%
Max Drawdown (5Y) Largest decline over 5 years	-9.60%	—	—
Current Drawdown Current decline from peak	-1.62%	-1.79%	+0.17%
Average Drawdown Average peak-to-trough decline	-1.50%	-4.55%	+3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.75%	-0.19%

Volatility

UCON vs. OBND - Volatility Comparison

The current volatility for First Trust TCW Unconstrained Plus Bond ETF (UCON) is 1.55%, while SPDR Loomis Sayles Opportunistic Bond ETF (OBND) has a volatility of 1.84%. This indicates that UCON experiences smaller price fluctuations and is considered to be less risky than OBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCON	OBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	1.84%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	2.07%	2.45%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	2.92%	3.71%	-0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.84%	4.69%	-0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.94%	4.69%	+1.25%