UCON vs. PFIX
UCON (First Trust TCW Unconstrained Plus Bond ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - UCON is a Nontraditional Bonds fund actively managed by First Trust, while PFIX is a Inverse Bonds fund actively managed by Simplify. Both are actively managed. Over the past 5 years, UCON returned 2.62%/yr vs 23.20%/yr for PFIX. Their -0.48 correlation means they have often moved in opposite directions in the past. UCON charges 0.86%/yr vs 0.50%/yr for PFIX.
Performance
UCON vs. PFIX - Performance Comparison
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Returns By Period
In the year-to-date period, UCON achieves a 0.17% return, which is significantly lower than PFIX's 10.66% return.
UCON
- 1D
- -0.08%
- 1M
- -0.90%
- 6M
- -0.03%
- YTD
- 0.17%
- 1Y
- 3.17%
- 3Y*
- 5.26%
- 5Y*
- 2.62%
- 10Y*
- —
- ALL TIME*
- 3.58%
PFIX
- 1D
- 3.06%
- 1M
- 17.72%
- 6M
- 11.49%
- YTD
- 10.66%
- 1Y
- 7.25%
- 3Y*
- 17.57%
- 5Y*
- 23.20%
- 10Y*
- —
- ALL TIME*
- 17.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.29M | $5.62M | $16.95M | |
| $12.55M | $12.19M | $13.58M |
UCON vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UCON First Trust TCW Unconstrained Plus Bond ETF | 0.17% | 7.00% | 4.69% | 7.72% | -5.72% | 0.35% |
PFIX Simplify Interest Rate Hedge ETF | 10.66% | 0.42% | 35.94% | 5.67% | 92.05% | -24.98% |
Correlation
The correlation between UCON and PFIX is -0.57, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.57 |
Correlation (3Y) Balances recent behavior with more history. | -0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.49 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | -0.48 |
The correlation between UCON and PFIX shifts across timeframes, from -0.61 (3 years) to -0.48 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UCON vs. PFIX — Risk / Return Rank
UCON
PFIX
UCON vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust TCW Unconstrained Plus Bond ETF (UCON) and Simplify Interest Rate Hedge ETF (PFIX). 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 | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.16 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.04 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 0.10 | +1.40 |
| Martin ratioReturn relative to average drawdown | 5.42 | 0.15 | +5.26 |
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Drawdowns
UCON vs. PFIX - Drawdown Comparison
The maximum UCON drawdown since its inception was -15.31%, smaller than the maximum PFIX drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for UCON and PFIX.
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Drawdown Indicators
| UCON | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -36.17% | +20.86% |
Max Drawdown (1Y)Largest decline over 1 year | -2.45% | -23.71% | +21.26% |
Max Drawdown (3Y)Largest decline over 3 years | -2.85% | -36.17% | +33.32% |
Max Drawdown (5Y)Largest decline over 5 years | -9.60% | -36.17% | +26.57% |
Current DrawdownCurrent decline from peak | -1.06% | -8.76% | +7.70% |
Average DrawdownAverage peak-to-trough decline | -1.46% | -17.19% | +15.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 15.42% | -14.74% |
Volatility
UCON vs. PFIX - Volatility Comparison
The current volatility for First Trust TCW Unconstrained Plus Bond ETF (UCON) is 0.74%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 7.75%. This indicates that UCON experiences smaller price fluctuations and is considered to be less risky than PFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCON | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 7.75% | -7.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 21.92% | -19.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.98% | 29.31% | -26.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.91% | 38.61% | -34.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.85% | 38.13% | -32.28% |
UCON vs. PFIX - Expense Ratio Comparison
UCON has a 0.86% expense ratio, which is higher than PFIX's 0.50% expense ratio.
Dividends
UCON vs. PFIX - Dividend Comparison
UCON's dividend yield for the trailing twelve months is around 4.74%, less than PFIX's 7.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 7.82% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% |
UCON First Trust TCW Unconstrained Plus Bond ETF | 4.74% | 4.63% | 4.95% | 4.75% | 3.12% | 2.20% | 3.14% | 3.25% | 1.76% |
Frequently Asked Questions
UCON and PFIX have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFIX has higher volatility (7.75%) compared to UCON (0.74%). In terms of maximum drawdown, UCON dropped -15.31% vs PFIX's -36.17%.
On 5-year performance, PFIX leads with 23.20% vs 2.62% for UCON. On fees, PFIX is cheaper at 0.50% per year. On volatility, UCON has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PFIX has performed better with a 23.20% return vs 2.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFIX is cheaper with a 0.50% expense ratio, compared with 0.86% for UCON.
PFIX has the higher dividend yield at 7.82%, compared with 4.74% for UCON.
UCON is categorized as Nontraditional Bonds, while PFIX is Inverse Bonds. They also come from different issuers: First Trust and Simplify. Their fees differ too: 0.86% for UCON and 0.50% for PFIX.
UCON currently has the higher Sharpe Ratio (1.24 vs 0.08), 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.
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