UCON vs. PIMIX

Last updated Jun 3, 2026

UCON (First Trust TCW Unconstrained Plus Bond ETF) and PIMIX (PIMCO Income Fund Institutional Class) are both funds - UCON is a Nontraditional Bonds fund actively managed by First Trust, while PIMIX is a Total Bond Market fund managed by PIMCO. Over the past 5 years, UCON returned 2.82%/yr vs 3.45%/yr for PIMIX. A 0.53 correlation means they provide meaningful diversification when combined. UCON charges 0.86%/yr vs 0.62%/yr for PIMIX.

Performance

UCON vs. PIMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust TCW Unconstrained Plus Bond ETF (UCON) and PIMCO Income Fund Institutional Class (PIMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with UCON having a 0.83% return and PIMIX slightly lower at 0.81%.

UCON

• 1D: 0.04%
• 1M: 0.42%
• YTD: 0.83%
• 6M: 1.07%
• 1Y: 5.80%
• 3Y*: 5.77%
• 5Y*: 2.82%
• 10Y*: —

PIMIX

• 1D: -0.18%
• 1M: 0.35%
• YTD: 0.81%
• 6M: 1.41%
• 1Y: 8.19%
• 3Y*: 7.80%
• 5Y*: 3.45%
• 10Y*: 4.69%

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

UCON vs. PIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
UCON First Trust TCW Unconstrained Plus Bond ETF	0.83%	7.00%	4.69%	7.72%	-5.72%	1.02%	6.54%	7.39%	1.11%
PIMIX PIMCO Income Fund Institutional Class	0.81%	11.08%	5.45%	9.36%	-9.07%	2.62%	5.84%	8.10%	1.71%

Correlation

The correlation between UCON and PIMIX is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jun 6, 2018	0.53

Over the past year, UCON and PIMIX have become more correlated (0.80) than their long-term average of 0.53, meaning their price movements have been converging.

Return for Risk

UCON vs. PIMIX — Risk / Return Rank

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

UCON

UCON Risk / Return Rank: 55
UCON Sharpe Ratio Rank: 57
UCON Sortino Ratio Rank: 59
UCON Omega Ratio Rank: 60
UCON Calmar Ratio Rank: 45
UCON Martin Ratio Rank: 52

PIMIX

PIMIX Risk / Return Rank: 45
PIMIX Sharpe Ratio Rank: 45
PIMIX Sortino Ratio Rank: 49
PIMIX Omega Ratio Rank: 48
PIMIX Calmar Ratio Rank: 42
PIMIX Martin Ratio Rank: 40

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. PIMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust TCW Unconstrained Plus Bond ETF (UCON) and PIMCO Income Fund Institutional Class (PIMIX). 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	PIMIX	Difference
Sharpe ratio Return per unit of total volatility	1.96	1.97	0.00
Sortino ratio Return per unit of downside risk	2.81	2.96	-0.15
Omega ratio Gain probability vs. loss probability	1.37	1.38	-0.01
Calmar ratio Return relative to maximum drawdown	2.29	2.51	-0.22
Martin ratio Return relative to average drawdown	8.94	8.78	+0.16
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. PIMIX - Sharpe Ratio Comparison

The current UCON Sharpe Ratio is 1.96, which is comparable to the PIMIX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of UCON and PIMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UCON	PIMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	1.97	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.72	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.11	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	1.57	-0.93

Drawdowns

UCON vs. PIMIX - Drawdown Comparison

The maximum UCON drawdown since its inception was -15.31%, which is greater than PIMIX's maximum drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for UCON and PIMIX.

Drawdown Indicators

	UCON	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-13.39%	-1.92%
Max Drawdown (1Y) Largest decline over 1 year	-2.45%	-3.69%	+1.24%
Max Drawdown (3Y) Largest decline over 3 years	-2.85%	-3.84%	+0.99%
Max Drawdown (5Y) Largest decline over 5 years	-9.60%	-13.34%	+3.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-13.39%	—
Current Drawdown Current decline from peak	-0.37%	-1.12%	+0.75%
Average Drawdown Average peak-to-trough decline	-1.48%	-1.69%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	1.06%	-0.43%

Volatility

UCON vs. PIMIX - Volatility Comparison

The current volatility for First Trust TCW Unconstrained Plus Bond ETF (UCON) is 1.13%, while PIMCO Income Fund Institutional Class (PIMIX) has a volatility of 1.68%. This indicates that UCON experiences smaller price fluctuations and is considered to be less risky than PIMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCON	PIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	1.68%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	3.28%	-0.96%
Volatility (1Y) Calculated over the trailing 1-year period	2.98%	4.16%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.89%	4.84%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	4.25%	+1.64%

UCON vs. PIMIX - Expense Ratio Comparison

UCON has a 0.86% expense ratio, which is higher than PIMIX's 0.62% expense ratio.

Dividends

UCON vs. PIMIX - Dividend Comparison

UCON's dividend yield for the trailing twelve months is around 4.65%, less than PIMIX's 5.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIMIX PIMCO Income Fund Institutional Class	5.84%	6.01%	6.27%	6.21%	4.98%	4.02%	4.88%	5.83%	5.66%	5.37%	5.52%	7.88%
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%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UCON and PIMIX in my portfolio?

UCON and PIMIX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UCON or PIMIX?

PIMIX has higher volatility (1.68%) compared to UCON (1.13%). In terms of maximum drawdown, UCON dropped -15.31% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

PIMIX currently has the higher Sharpe Ratio (1.97 vs 1.96), 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.