UCON vs. REK
UCON (First Trust TCW Unconstrained Plus Bond ETF) and REK (ProShares Short Real Estate) are both exchange-traded funds - UCON is a Nontraditional Bonds fund actively managed by First Trust, while REK is a REIT fund tracking the DJ Global United States (All) / Real Estate -SS (-100%). UCON is actively managed, while REK is passively managed. Over the past 5 years, UCON returned 2.76%/yr vs -0.24%/yr for REK. At a correlation of -0.25, they often move in opposite directions. UCON charges 0.86%/yr vs 0.95%/yr for REK.
Performance
UCON vs. REK - Performance Comparison
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Returns By Period
In the year-to-date period, UCON achieves a 0.72% return, which is significantly higher than REK's -10.66% return.
UCON
- 1D
- 0.00%
- 1M
- -0.30%
- 6M
- 0.54%
- YTD
- 0.72%
- 1Y
- 4.78%
- 3Y*
- 5.77%
- 5Y*
- 2.76%
- 10Y*
- —
REK
- 1D
- -1.96%
- 1M
- -1.41%
- 6M
- -7.93%
- YTD
- -10.66%
- 1Y
- -6.85%
- 3Y*
- -3.67%
- 5Y*
- -0.24%
- 10Y*
- -5.95%
UCON vs. REK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UCON First Trust TCW Unconstrained Plus Bond ETF | 0.72% | 7.00% | 4.69% | 7.72% | -5.72% | 1.02% | 6.54% | 7.39% | 1.11% |
REK ProShares Short Real Estate | -10.66% | 2.35% | 1.42% | -6.61% | 29.17% | -30.58% | -11.33% | -20.96% | 2.98% |
Correlation
The correlation between UCON and REK is -0.37, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.33 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018 | -0.25 |
The correlation between UCON and REK shifts across timeframes, from -0.38 (3 years) to -0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UCON vs. REK — Risk / Return Rank
UCON
REK
UCON vs. REK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust TCW Unconstrained Plus Bond ETF (UCON) and ProShares Short Real Estate (REK). 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 | REK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.10 | ||
| Sortino ratioReturn per unit of downside risk | +2.93 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 0.93 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.96 | -0.59 | +2.55 |
| Martin ratioReturn relative to average drawdown | 7.44 | -1.24 | +8.69 |
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Drawdowns
UCON vs. REK - Drawdown Comparison
The maximum UCON drawdown since its inception was -15.31%, smaller than the maximum REK drawdown of -84.57%. Use the drawdown chart below to compare losses from any high point for UCON and REK.
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Drawdown Indicators
| UCON | REK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -84.57% | +69.26% |
Max Drawdown (1Y)Largest decline over 1 year | -2.45% | -11.67% | +9.22% |
Max Drawdown (3Y)Largest decline over 3 years | -2.85% | -26.93% | +24.08% |
Max Drawdown (5Y)Largest decline over 5 years | -9.60% | -26.93% | +17.33% |
Max Drawdown (10Y)Largest decline over 10 years | — | -58.67% | — |
Current DrawdownCurrent decline from peak | -0.52% | -82.74% | +82.22% |
Average DrawdownAverage peak-to-trough decline | -1.47% | -64.19% | +62.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 5.52% | -4.88% |
Volatility
UCON vs. REK - Volatility Comparison
The current volatility for First Trust TCW Unconstrained Plus Bond ETF (UCON) is 0.80%, while ProShares Short Real Estate (REK) has a volatility of 5.55%. This indicates that UCON experiences smaller price fluctuations and is considered to be less risky than REK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCON | REK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 5.55% | -4.75% |
Volatility (6M)Calculated over the trailing 6-month period | 2.43% | 11.28% | -8.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.97% | 14.39% | -11.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.91% | 18.98% | -15.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.86% | 20.36% | -14.50% |
UCON vs. REK - Expense Ratio Comparison
UCON has a 0.86% expense ratio, which is lower than REK's 0.95% expense ratio.
Dividends
UCON vs. REK - Dividend Comparison
UCON's dividend yield for the trailing twelve months is around 4.70%, more than REK's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | 3.32% | 3.43% | 6.22% | 4.50% | 0.48% | 0.00% | 0.07% | 1.28% | 0.43% |
UCON First Trust TCW Unconstrained Plus Bond ETF | 4.70% | 4.63% | 4.95% | 4.75% | 3.12% | 2.20% | 3.14% | 3.25% | 1.76% |
Frequently Asked Questions
UCON and REK have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REK has higher volatility (5.55%) compared to UCON (0.80%). In terms of maximum drawdown, UCON dropped -15.31% vs REK's -84.57%.
On 5-year performance, UCON leads with 2.76% vs -0.24% for REK. On fees, UCON is cheaper at 0.86% per year. On volatility, UCON has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UCON has performed better with a 2.76% return vs -0.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCON is cheaper with a 0.86% expense ratio, compared with 0.95% for REK.
UCON has the higher dividend yield at 4.70%, compared with 3.32% for REK.
UCON is categorized as Nontraditional Bonds, while REK is REIT. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.86% for UCON and 0.95% for REK.
UCON currently has the higher Sharpe Ratio (1.62 vs -0.48), 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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