USOY vs. UCON

Last updated Jul 15, 2026

USOY (Defiance Oil Enhanced Options Income ETF) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both exchange-traded funds - USOY is a Derivative Income fund actively managed by Defiance, while UCON is a Nontraditional Bonds fund actively managed by First Trust. Both are actively managed. Over the past year, USOY returned 35.94% vs 4.61% for UCON. At a correlation of -0.28, they often move in opposite directions. USOY charges 1.22%/yr vs 0.86%/yr for UCON.

Performance

USOY vs. UCON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Oil Enhanced Options Income ETF (USOY) and First Trust TCW Unconstrained Plus Bond ETF (UCON). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USOY achieves a 43.95% return, which is significantly higher than UCON's 0.66% return.

USOY

• 1D: 1.56%
• 1M: -3.68%
• 6M: 39.99%
• YTD: 43.95%
• 1Y: 35.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UCON

• 1D: 0.22%
• 1M: -0.08%
• 6M: 0.48%
• YTD: 0.66%
• 1Y: 4.61%
• 3Y*: 5.69%
• 5Y*: 2.74%
• 10Y*: —

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

USOY vs. UCON - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOY Defiance Oil Enhanced Options Income ETF	43.95%	-7.93%	6.13%
UCON First Trust TCW Unconstrained Plus Bond ETF	0.66%	7.00%	4.21%

Correlation

The correlation between USOY and UCON is -0.40, 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	-0.40
Correlation (All Time) Calculated using the full available price history since May 10, 2024	-0.28

The correlation between USOY and UCON shifts across timeframes, from -0.40 (1 year) to -0.28 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USOY vs. UCON — Risk / Return Rank

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

USOY

USOY Risk / Return Rank: 37
USOY Sharpe Ratio Rank: 38
USOY Sortino Ratio Rank: 36
USOY Omega Ratio Rank: 40
USOY Calmar Ratio Rank: 34
USOY Martin Ratio Rank: 36

UCON

UCON Risk / Return Rank: 54
UCON Sharpe Ratio Rank: 57
UCON Sortino Ratio Rank: 58
UCON Omega Ratio Rank: 58
UCON Calmar Ratio Rank: 46
UCON Martin Ratio Rank: 53

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.

USOY vs. UCON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Oil Enhanced Options Income ETF (USOY) and First Trust TCW Unconstrained Plus Bond ETF (UCON). 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.

	USOY	UCON	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.55	-0.43
Sortino ratio: Return per unit of downside risk	1.56	2.21	-0.64
Omega ratio: Gain probability vs. loss probability	1.22	1.29	-0.07
Calmar ratio: Return relative to maximum drawdown	1.42	1.89	-0.47
Martin ratio: Return relative to average drawdown	4.33	7.20	-2.87

USOY vs. UCON - Sharpe Ratio Comparison

The current USOY Sharpe Ratio is 1.12, which is comparable to the UCON Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of USOY and UCON, 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

USOY vs. UCON - Drawdown Comparison

The maximum USOY drawdown since its inception was -25.51%, which is greater than UCON's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for USOY and UCON.

Drawdown Indicators

	USOY	UCON	Difference
Max Drawdown Largest peak-to-trough decline	-25.51%	-15.31%	-10.20%
Max Drawdown (1Y) Largest decline over 1 year	-25.51%	-2.45%	-23.06%
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	-15.77%	-0.58%	-15.19%
Average Drawdown Average peak-to-trough decline	-7.04%	-1.47%	-5.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.33%	0.64%	+7.69%

Volatility

USOY vs. UCON - Volatility Comparison

Defiance Oil Enhanced Options Income ETF (USOY) has a higher volatility of 12.15% compared to First Trust TCW Unconstrained Plus Bond ETF (UCON) at 0.80%. This indicates that USOY's price experiences larger fluctuations and is considered to be riskier than UCON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOY	UCON	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.15%	0.80%	+11.35%
Volatility (6M) Calculated over the trailing 6-month period	29.89%	2.43%	+27.46%
Volatility (1Y) Calculated over the trailing 1-year period	32.39%	2.99%	+29.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.10%	3.91%	+23.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.10%	5.86%	+21.24%

USOY vs. UCON - Expense Ratio Comparison

USOY has a 1.22% expense ratio, which is higher than UCON's 0.86% expense ratio.

Dividends

USOY vs. UCON - Dividend Comparison

USOY's dividend yield for the trailing twelve months is around 60.76%, more than UCON's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
USOY Defiance Oil Enhanced Options Income ETF	60.76%	104.32%	48.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USOY and UCON in my portfolio?

USOY and UCON have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USOY or UCON?

USOY has higher volatility (12.15%) compared to UCON (0.80%). In terms of maximum drawdown, USOY dropped -25.51% vs UCON's -15.31%.

Which ETF is better, USOY or UCON?

On 1-year performance, USOY leads with 35.94% vs 4.61% for UCON. 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.

Which ETF has performed better, USOY or UCON?

Over the 1-year period, USOY has performed better with a 35.94% return vs 4.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USOY or UCON?

UCON is cheaper with a 0.86% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 60.76%, compared with 4.70% for UCON.

What is the main difference between USOY and UCON?

USOY is categorized as Derivative Income, while UCON is Nontraditional Bonds. They also come from different issuers: Defiance and First Trust. Their fees differ too: 1.22% for USOY and 0.86% for UCON.

Which has better risk-adjusted returns?

UCON currently has the higher Sharpe Ratio (1.55 vs 1.11), 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.