UCON vs. VGSR

Last updated Jun 24, 2026

UCON (First Trust TCW Unconstrained Plus Bond ETF) and VGSR (Vert Global Sustainable Real Estate ETF) are both exchange-traded funds - UCON is a Nontraditional Bonds fund actively managed by First Trust, while VGSR is a REIT fund actively managed by Vert. Both are actively managed. Over the past year, UCON returned 5.01% vs 11.42% for VGSR. At a 0.42 correlation, their price movements are largely independent. UCON charges 0.86%/yr vs 0.45%/yr for VGSR.

Performance

UCON vs. VGSR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust TCW Unconstrained Plus Bond ETF (UCON) and Vert Global Sustainable Real Estate ETF (VGSR). 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 VGSR's 10.97% return.

UCON

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

VGSR

• 1D: 0.55%
• 1M: 1.53%
• YTD: 10.97%
• 6M: 10.94%
• 1Y: 11.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UCON vs. VGSR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UCON First Trust TCW Unconstrained Plus Bond ETF	0.76%	7.00%	4.69%	1.93%
VGSR Vert Global Sustainable Real Estate ETF	10.97%	6.31%	5.59%	7.06%

Correlation

The correlation between UCON and VGSR is 0.52, 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	0.52
Correlation (All Time) Calculated using the full available price history since Dec 4, 2023	0.42

The correlation between UCON and VGSR has been stable across timeframes, ranging from 0.42 to 0.52 - a consistent structural relationship.

Return for Risk

UCON vs. VGSR — 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

VGSR

VGSR Risk / Return Rank: 26
VGSR Sharpe Ratio Rank: 26
VGSR Sortino Ratio Rank: 24
VGSR Omega Ratio Rank: 25
VGSR Calmar Ratio Rank: 26
VGSR Martin Ratio Rank: 29

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. VGSR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust TCW Unconstrained Plus Bond ETF (UCON) and Vert Global Sustainable Real Estate ETF (VGSR). 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	VGSR	Difference
Sharpe ratio: Return per unit of total volatility	1.69	0.89	+0.79
Sortino ratio: Return per unit of downside risk	2.42	1.30	+1.12
Omega ratio: Gain probability vs. loss probability	1.31	1.16	+0.15
Calmar ratio: Return relative to maximum drawdown	2.05	1.18	+0.87
Martin ratio: Return relative to average drawdown	7.85	3.90	+3.95

UCON vs. VGSR - Sharpe Ratio Comparison

The current UCON Sharpe Ratio is 1.69, which is higher than the VGSR Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of UCON and VGSR, 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. VGSR - Drawdown Comparison

The maximum UCON drawdown since its inception was -15.31%, smaller than the maximum VGSR drawdown of -18.33%. Use the drawdown chart below to compare losses from any high point for UCON and VGSR.

Drawdown Indicators

	UCON	VGSR	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-18.33%	+3.02%
Max Drawdown (1Y) Largest decline over 1 year	-2.45%	-9.74%	+7.29%
Max Drawdown (3Y) Largest decline over 3 years	-2.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.60%	—	—
Current Drawdown Current decline from peak	-0.43%	-0.87%	+0.44%
Average Drawdown Average peak-to-trough decline	-1.48%	-3.89%	+2.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	2.93%	-2.29%

Volatility

UCON vs. VGSR - Volatility Comparison

The current volatility for First Trust TCW Unconstrained Plus Bond ETF (UCON) is 0.85%, while Vert Global Sustainable Real Estate ETF (VGSR) has a volatility of 3.74%. This indicates that UCON experiences smaller price fluctuations and is considered to be less risky than VGSR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCON	VGSR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	3.74%	-2.89%
Volatility (6M) Calculated over the trailing 6-month period	2.37%	9.98%	-7.61%
Volatility (1Y) Calculated over the trailing 1-year period	2.99%	12.94%	-9.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.90%	15.07%	-11.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.88%	15.07%	-9.19%

UCON vs. VGSR - Expense Ratio Comparison

UCON has a 0.86% expense ratio, which is higher than VGSR's 0.45% expense ratio.

Dividends

UCON vs. VGSR - Dividend Comparison

UCON's dividend yield for the trailing twelve months is around 4.66%, more than VGSR's 3.37% yield.

Position	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%
VGSR Vert Global Sustainable Real Estate ETF	3.37%	3.41%	3.79%	2.64%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UCON and VGSR in my portfolio?

UCON and VGSR have a correlation of 0.52, 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 VGSR?

VGSR has higher volatility (3.74%) compared to UCON (0.85%). In terms of maximum drawdown, UCON dropped -15.31% vs VGSR's -18.33%.

Which ETF is better, UCON or VGSR?

On 1-year performance, VGSR leads with 11.42% vs 5.01% for UCON. On fees, VGSR is cheaper at 0.45% per year. On volatility, UCON has been the lower-risk option at 0.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCON or VGSR?

Over the 1-year period, VGSR has performed better with a 11.42% return vs 5.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCON or VGSR?

VGSR is cheaper with a 0.45% expense ratio, compared with 0.86% for UCON.

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

UCON has the higher dividend yield at 4.66%, compared with 3.37% for VGSR.

What is the main difference between UCON and VGSR?

UCON is categorized as Nontraditional Bonds, while VGSR is REIT. They also come from different issuers: First Trust and Vert. Their fees differ too: 0.86% for UCON and 0.45% for VGSR.

Which has better risk-adjusted returns?

UCON currently has the higher Sharpe Ratio (1.69 vs 0.89), 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.