XOP vs. UCON
XOP (SPDR S&P Oil & Gas Exploration & Production ETF) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both exchange-traded funds - XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry, while UCON is a Nontraditional Bonds fund actively managed by First Trust. XOP is passively managed, while UCON is actively managed. Over the past 5 years, XOP returned 12.47%/yr vs 2.79%/yr for UCON. At a correlation of -0.01, they often move in opposite directions. XOP charges 0.35%/yr vs 0.86%/yr for UCON.
Performance
XOP vs. UCON - Performance Comparison
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Returns By Period
In the year-to-date period, XOP achieves a 23.78% return, which is significantly higher than UCON's 0.74% return.
XOP
- 1D
- 1.50%
- 1M
- -9.47%
- YTD
- 23.78%
- 6M
- 24.78%
- 1Y
- 18.46%
- 3Y*
- 10.97%
- 5Y*
- 12.47%
- 10Y*
- 3.08%
UCON
- 1D
- -0.04%
- 1M
- 0.48%
- YTD
- 0.74%
- 6M
- 0.90%
- 1Y
- 5.16%
- 3Y*
- 5.89%
- 5Y*
- 2.79%
- 10Y*
- —
XOP vs. UCON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 23.78% | -2.15% | -1.00% | 3.56% | 45.37% | 66.74% | -36.40% | -9.44% | -35.19% |
UCON First Trust TCW Unconstrained Plus Bond ETF | 0.74% | 7.00% | 4.69% | 7.72% | -5.72% | 1.02% | 6.54% | 7.39% | 1.11% |
Correlation
The correlation between XOP and UCON is -0.29, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018 | -0.01 |
Over the past year, the inverse relationship between XOP and UCON has strengthened: their correlation has moved from -0.01 to -0.29, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
XOP vs. UCON — Risk / Return Rank
XOP
UCON
XOP vs. UCON - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) 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.
| XOP | UCON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.32 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 2.11 | -1.11 |
| Martin ratioReturn relative to average drawdown | 2.84 | 8.09 | -5.25 |
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Drawdowns
XOP vs. UCON - Drawdown Comparison
The maximum XOP drawdown since its inception was -90.27%, which is greater than UCON's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for XOP and UCON.
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Drawdown Indicators
| XOP | UCON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.27% | -15.31% | -74.96% |
Max Drawdown (1Y)Largest decline over 1 year | -18.50% | -2.45% | -16.05% |
Max Drawdown (3Y)Largest decline over 3 years | -34.98% | -2.85% | -32.13% |
Max Drawdown (5Y)Largest decline over 5 years | -34.98% | -9.60% | -25.38% |
Max Drawdown (10Y)Largest decline over 10 years | -82.61% | — | — |
Current DrawdownCurrent decline from peak | -42.15% | -0.45% | -41.70% |
Average DrawdownAverage peak-to-trough decline | -42.58% | -1.48% | -41.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.62% | 0.64% | +5.98% |
Volatility
XOP vs. UCON - Volatility Comparison
SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has a higher volatility of 9.19% compared to First Trust TCW Unconstrained Plus Bond ETF (UCON) at 0.86%. This indicates that XOP'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
| XOP | UCON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.19% | 0.86% | +8.33% |
Volatility (6M)Calculated over the trailing 6-month period | 22.09% | 2.38% | +19.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.36% | 2.99% | +25.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.88% | 3.90% | +29.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.29% | 5.88% | +34.41% |
XOP vs. UCON - Expense Ratio Comparison
XOP has a 0.35% expense ratio, which is lower than UCON's 0.86% expense ratio.
Dividends
XOP vs. UCON - Dividend Comparison
XOP's dividend yield for the trailing twelve months is around 2.58%, less than UCON's 4.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 2.10% | 2.62% | 2.45% | 2.63% | 2.47% | 1.61% | 2.34% | 1.47% | 0.99% | 0.76% | 0.76% | 2.21% |
Frequently Asked Questions
XOP and UCON have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XOP has higher volatility (9.19%) compared to UCON (0.86%). In terms of maximum drawdown, XOP dropped -90.27% vs UCON's -15.31%.
On 5-year performance, XOP leads with 12.47% vs 2.79% for UCON. On fees, XOP is cheaper at 0.35% per year. On volatility, UCON has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, XOP has performed better with a 12.47% return vs 2.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XOP is cheaper with a 0.35% expense ratio, compared with 0.86% for UCON.
UCON has the higher dividend yield at 4.66%, compared with 2.58% for XOP.
XOP is categorized as Energy Equities, while UCON is Nontraditional Bonds. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.35% for XOP and 0.86% for UCON.
UCON currently has the higher Sharpe Ratio (1.73 vs 0.66), 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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