UCON vs. RYSE

Last updated Jun 24, 2026

UCON (First Trust TCW Unconstrained Plus Bond ETF) and RYSE (Cboe Vest 10 Year Interest Rate Hedge ETF) are both Nontraditional Bonds funds. Both are actively managed. Over the past 3 years, UCON returned 5.89%/yr vs 4.06%/yr for RYSE. At a correlation of -0.61, they often move in opposite directions. UCON charges 0.86%/yr vs 0.85%/yr for RYSE.

Performance

UCON vs. RYSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust TCW Unconstrained Plus Bond ETF (UCON) and Cboe Vest 10 Year Interest Rate Hedge ETF (RYSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UCON achieves a 0.76% return, which is significantly lower than RYSE's 2.52% return.

UCON

• 1D: 0.02%
• 1M: 0.50%
• YTD: 0.76%
• 6M: 0.92%
• 1Y: 5.01%
• 3Y*: 5.89%
• 5Y*: 2.78%
• 10Y*: —

RYSE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 2.52%
• 6M: 3.15%
• 1Y: 3.82%
• 3Y*: 4.06%
• 5Y*: —
• 10Y*: —

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

UCON vs. RYSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UCON First Trust TCW Unconstrained Plus Bond ETF	0.76%	7.00%	4.69%	4.63%
RYSE Cboe Vest 10 Year Interest Rate Hedge ETF	2.52%	-3.09%	12.46%	9.32%

Correlation

The correlation between UCON and RYSE is -0.68, 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	-0.68
Correlation (3Y) Calculated over the trailing 3-year period	-0.63
Correlation (All Time) Calculated using the full available price history since Feb 3, 2023	-0.61

The correlation between UCON and RYSE has been stable across timeframes, ranging from -0.68 to -0.61 - a consistent structural relationship.

Return for Risk

UCON vs. RYSE — Risk / Return Rank

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

UCON

UCON Risk / Return Rank: 50
UCON Sharpe Ratio Rank: 52
UCON Sortino Ratio Rank: 53
UCON Omega Ratio Rank: 53
UCON Calmar Ratio Rank: 44
UCON Martin Ratio Rank: 49

RYSE

RYSE Risk / Return Rank: 14
RYSE Sharpe Ratio Rank: 15
RYSE Sortino Ratio Rank: 13
RYSE Omega Ratio Rank: 14
RYSE Calmar Ratio Rank: 15
RYSE Martin Ratio Rank: 14

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. RYSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust TCW Unconstrained Plus Bond ETF (UCON) and Cboe Vest 10 Year Interest Rate Hedge ETF (RYSE). 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	RYSE	Difference
Sharpe ratio: Return per unit of total volatility	1.69	0.38	+1.31
Sortino ratio: Return per unit of downside risk	2.42	0.62	+1.80
Omega ratio: Gain probability vs. loss probability	1.31	1.08	+0.24
Calmar ratio: Return relative to maximum drawdown	2.05	0.53	+1.52
Martin ratio: Return relative to average drawdown	7.85	1.19	+6.66

UCON vs. RYSE - Sharpe Ratio Comparison

The current UCON Sharpe Ratio is 1.69, which is higher than the RYSE Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of UCON and RYSE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UCON vs. RYSE - Drawdown Comparison

The maximum UCON drawdown since its inception was -15.31%, smaller than the maximum RYSE drawdown of -19.70%. Use the drawdown chart below to compare losses from any high point for UCON and RYSE.

Drawdown Indicators

	UCON	RYSE	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-19.70%	+4.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.45%	-7.18%	+4.73%
Max Drawdown (3Y) Largest decline over 3 years	-2.85%	-19.70%	+16.85%
Max Drawdown (5Y) Largest decline over 5 years	-9.60%	—	—
Current Drawdown Current decline from peak	-0.43%	-7.83%	+7.40%
Average Drawdown Average peak-to-trough decline	-1.48%	-9.15%	+7.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	3.22%	-2.58%

Volatility

UCON vs. RYSE - Volatility Comparison

First Trust TCW Unconstrained Plus Bond ETF (UCON) has a higher volatility of 0.85% compared to Cboe Vest 10 Year Interest Rate Hedge ETF (RYSE) at 0.00%. This indicates that UCON's price experiences larger fluctuations and is considered to be riskier than RYSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCON	RYSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	0.00%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	2.37%	6.39%	-4.02%
Volatility (1Y) Calculated over the trailing 1-year period	2.99%	10.12%	-7.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.90%	14.80%	-10.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.88%	14.80%	-8.92%

UCON vs. RYSE - Expense Ratio Comparison

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

Dividends

UCON vs. RYSE - Dividend Comparison

UCON's dividend yield for the trailing twelve months is around 4.66%, more than RYSE's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
RYSE Cboe Vest 10 Year Interest Rate Hedge ETF	1.37%	1.86%	2.58%	24.91%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both UCON and RYSE in my portfolio?

UCON and RYSE have a correlation of -0.68, 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 RYSE?

UCON has higher volatility (0.85%) compared to RYSE (0.00%). In terms of maximum drawdown, UCON dropped -15.31% vs RYSE's -19.70%.

Which ETF is better, UCON or RYSE?

On 3-year performance, UCON leads with 5.89% vs 4.06% for RYSE. On fees, RYSE is cheaper at 0.85% per year. On volatility, RYSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCON or RYSE?

Over the 3-year period, UCON has performed better with a 5.89% return vs 4.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCON or RYSE?

RYSE is cheaper with a 0.85% expense ratio, compared with 0.86% for UCON.

Which ETF pays a higher dividend yield, UCON or RYSE?

UCON has the higher dividend yield at 4.66%, compared with 1.37% for RYSE.

What is the main difference between UCON and RYSE?

They also come from different issuers: First Trust and Vest. Their fees differ too: 0.86% for UCON and 0.85% for RYSE.

Which has better risk-adjusted returns?

UCON currently has the higher Sharpe Ratio (1.69 vs 0.38), 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.