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XBAL.TO vs. UCON
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XBAL.TO vs. UCON

Last updated Jun 4, 2026

XBAL.TO (iShares Core Balanced ETF Portfolio) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both exchange-traded funds - XBAL.TO is a Diversified Portfolio fund actively managed by iShares, while UCON is a Nontraditional Bonds fund actively managed by First Trust. Both are actively managed. Over the past 5 years, XBAL.TO returned 8.15%/yr vs 5.70%/yr for UCON. At a correlation of -0.02, they often move in opposite directions. XBAL.TO charges 0.20%/yr vs 0.86%/yr for UCON.

Performance

XBAL.TO vs. UCON - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core Balanced ETF Portfolio (XBAL.TO) and First Trust TCW Unconstrained Plus Bond ETF (UCON). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XBAL.TO is traded in CAD, while UCON is traded in USD. To make them comparable, the UCON values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XBAL.TO achieves a 7.81% return, which is significantly higher than UCON's 1.86% return.

XBAL.TO

1D
-0.36%
1M
4.13%
YTD
7.81%
6M
6.00%
1Y
17.48%
3Y*
14.21%
5Y*
8.15%
10Y*
7.69%

UCON

1D
0.17%
1M
2.39%
YTD
1.86%
6M
0.28%
1Y
6.87%
3Y*
6.91%
5Y*
5.70%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XBAL.TO vs. UCON - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
XBAL.TO
iShares Core Balanced ETF Portfolio		7.81%11.87%15.76%13.01%-11.19%10.11%10.67%15.28%-2.09%
UCON
First Trust TCW Unconstrained Plus Bond ETF		1.86%2.09%13.68%5.34%1.00%0.11%4.74%2.12%6.41%

Correlation

The correlation between XBAL.TO and UCON is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.14

Correlation (3Y)
Calculated over the trailing 3-year period

0.10

Correlation (5Y)
Calculated over the trailing 5-year period

-0.01

Correlation (All Time)
Calculated using the full available price history since Jun 6, 2018

-0.02

The correlation between XBAL.TO and UCON shifts across timeframes, from -0.02 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.

XBAL.TO vs. UCON - Sectors Allocation Comparison

Sectors
XBAL.TO
UCON

Technology

21.6%

-

Financial Services

20.5%

-

Industrials

12.4%

-

Consumer Cyclical

8.0%

-

Energy

7.5%

-

Basic Materials

7.4%

-

Healthcare

6.6%

-

Communication Services

6.4%

-

Consumer Defensive

4.6%

-

Utilities

2.9%
100.0%

Real Estate

2.3%

-

Technology

XBAL.TO
21.6%
UCON

-

Financial Services

XBAL.TO
20.5%
UCON

-

Industrials

XBAL.TO
12.4%
UCON

-

Consumer Cyclical

XBAL.TO
8.0%
UCON

-

Energy

XBAL.TO
7.5%
UCON

-

Basic Materials

XBAL.TO
7.4%
UCON

-

Healthcare

XBAL.TO
6.6%
UCON

-

Communication Services

XBAL.TO
6.4%
UCON

-

Consumer Defensive

XBAL.TO
4.6%
UCON

-

Utilities

XBAL.TO
2.9%
UCON
100.0%

Real Estate

XBAL.TO
2.3%
UCON

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core Balanced ETF Portfolio

First Trust TCW Unconstrained Plus Bond ETF

Often compared with XBAL.TO:
XBAL.TO vs. XEQT.TOXBAL.TO vs. VBAL.TOXBAL.TO vs. XCNS.TOXBAL.TO vs. XEI.TOXBAL.TO vs. ZBAL.TOXBAL.TO vs. ZLB.TOXBAL.TO vs. GBAL.TO
Often compared with UCON:
UCON vs. DIALUCON vs. FTSMUCON vs. AOKUCON vs. HLIPXUCON vs. DFAPXUCON vs. WOBDXUCON vs. GQRE

Return for Risk

XBAL.TO vs. UCON — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XBAL.TO
XBAL.TO Risk / Return Rank: 6161
Overall Rank
XBAL.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
XBAL.TO Sortino Ratio Rank: 6060
Sortino Ratio Rank
XBAL.TO Omega Ratio Rank: 6262
Omega Ratio Rank
XBAL.TO Calmar Ratio Rank: 5757
Calmar Ratio Rank
XBAL.TO Martin Ratio Rank: 6565
Martin Ratio Rank
UCON
UCON Risk / Return Rank: 5252
Overall Rank
UCON Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
UCON Sortino Ratio Rank: 5555
Sortino Ratio Rank
UCON Omega Ratio Rank: 5656
Omega Ratio Rank
UCON Calmar Ratio Rank: 4646
Calmar Ratio Rank
UCON Martin Ratio Rank: 5151
Martin Ratio Rank
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.

XBAL.TO vs. UCON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Balanced ETF Portfolio (XBAL.TO) 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.

XBAL.TOUCONDifference
Sharpe ratioReturn per unit of total volatility
2.06
1.41

+0.65

Sortino ratioReturn per unit of downside risk
2.87
1.99

+0.88

Omega ratioGain probability vs. loss probability

1.39

1.25

+0.13

Calmar ratioReturn relative to maximum drawdown

2.89

1.76

+1.14

Martin ratioReturn relative to average drawdown

12.15

4.07

+8.08

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XBAL.TO vs. UCON - Sharpe Ratio Comparison

The current XBAL.TO Sharpe Ratio is 2.06, which is higher than the UCON Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of XBAL.TO 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.

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Sharpe Ratios by Period

XBAL.TOUCONDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.06

1.41

+0.65

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.93

0.87

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.82

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

0.59

+0.09

Drawdowns

XBAL.TO vs. UCON - Drawdown Comparison

The maximum XBAL.TO drawdown since its inception was -28.83%, which is greater than UCON's maximum drawdown of -10.20%. Use the drawdown chart below to compare losses from any high point for XBAL.TO and UCON.

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Drawdown Indicators

XBAL.TOUCONDifference

Max Drawdown

Largest peak-to-trough decline

-28.83%

-10.20%

-18.63%

Max Drawdown (1Y)

Largest decline over 1 year

-6.06%

-3.92%

-2.14%

Max Drawdown (3Y)

Largest decline over 3 years

-9.35%

-6.14%

-3.21%

Max Drawdown (5Y)

Largest decline over 5 years

-17.12%

-7.48%

-9.64%

Max Drawdown (10Y)

Largest decline over 10 years

-20.93%

—

—

Current Drawdown

Current decline from peak

-0.36%

-0.72%

+0.36%

Average Drawdown

Average peak-to-trough decline

-3.39%

-1.99%

-1.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.44%

1.69%

-0.25%

Volatility

XBAL.TO vs. UCON - Volatility Comparison

iShares Core Balanced ETF Portfolio (XBAL.TO) has a higher volatility of 3.14% compared to First Trust TCW Unconstrained Plus Bond ETF (UCON) at 1.22%. This indicates that XBAL.TO'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.

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Volatility by Period

XBAL.TOUCONDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.14%

1.22%

+1.92%

Volatility (6M)

Calculated over the trailing 6-month period

7.21%

3.86%

+3.35%

Volatility (1Y)

Calculated over the trailing 1-year period

8.51%

4.88%

+3.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.79%

6.57%

+2.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.37%

7.84%

+1.53%

XBAL.TO vs. UCON - Expense Ratio Comparison

XBAL.TO has a 0.20% expense ratio, which is lower than UCON's 0.86% expense ratio.

Dividends

XBAL.TO vs. UCON - Dividend Comparison

XBAL.TO's dividend yield for the trailing twelve months is around 2.10%, less than UCON's 4.67% yield.

PositionTTM20252024202320222021202020192018201720162015
UCON
First Trust TCW Unconstrained Plus Bond ETF		4.67%4.63%4.95%4.75%3.12%2.20%3.14%3.25%1.76%0.00%0.00%0.00%
XBAL.TO
iShares Core Balanced ETF Portfolio		2.10%2.24%2.68%2.40%2.09%1.74%1.99%2.26%3.39%2.93%3.64%3.29%

Frequently Asked Questions

XBAL.TO and UCON have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XBAL.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XBAL.TO is cheaper with a 0.20% expense ratio, compared with 0.86% for UCON.

XBAL.TO is categorized as Diversified Portfolio, while UCON is Nontraditional Bonds. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.20% for XBAL.TO and 0.86% for UCON.

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