First Trust TCW Unconstrained Plus Bond ETF (UCON) Performance
UCON total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.4% since Dec 31, 2025
- 1 year
- −0.9% total return
- 5 years
- +2.3% a year
- Since first price
- +3.3% a year since 2018
UCON trailing returns vs SPY, QQQ, AGG
| Period | UCON total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.2% | −1.0% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.3% | −2.4% | +3.2% | +1.9% | −0.4% |
| 6 months | −1.8% | −4.1% | +7.8% | +8.4% | −1.5% |
| YTD | −1.4% | −5.0% | +12.3% | +15.1% | −1.0% |
| 1 year | −0.9% | −5.4% | +14.4% | +15.9% | −1.1% |
| 3 years | +17.5%+5.5%/yr | +1.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +12.2%+2.3%/yr | −9.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionJun 5, 2018 | +31.5%+3.3%/yr | −4.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: UCON vs SPY
From Jun 5, 2018: UCON grew to $13,148, SPY to $31,420.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
UCON returns by calendar year
6 of 7 full years positive. Best 2023 (+7.7%), worst 2022 (−5.7%). 2026 is year to date.
UCON annual returns table
| Year | UCON | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −1.4% | −3.6% | +12.3% | +15.1% | −1.0% |
| 2025 | +7.0% | −1.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +4.7% | −1.7% | +24.9% | +25.6% | +1.3% |
| 2023 | +7.7% | −3.1% | +26.2% | +54.9% | +5.7% |
| 2022 | −5.7% | −9.2% | −18.2% | −32.6% | −13.0% |
| 2021 | +1.0% | −1.1% | +28.7% | +27.4% | −1.8% |
| 2020 | +6.5% | −15.3% | +18.3% | +48.6% | +7.5% |
| 2019 | +7.7% | −1.0% | +31.2% | +39.0% | +8.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
UCON largest drawdowns
Now 2.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 5, 2020 | −15.3% | Mar 18, 2020 | Jun 29, 2020 | 13 days | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
UCON risk statistics
| Statistic | 3 years | 5 years | Since 2018 |
|---|---|---|---|
| Annualized return | +4.7% | +2.0% | +3.2% |
| Volatility (annualized) | 3.9% | 4.5% | 4.7% |
| Sharpe ratio | 0.07 | -0.34 | 0.15 |
| Sortino ratio | 0.10 | -0.43 | 0.20 |
| Best month | +2.8% | +2.8% | +3.7% |
| Worst month | −3.1% | −3.2% | −7.1% |
| Best 12 months | +10.7% | +10.7% | +13.7% |
| Worst 12 months | −1.2% | −8.4% | −8.4% |
| Positive months | 75% | 62% | 72% |
| Beta vs S&P 500 | 0.18 | 0.19 | — |
| Correlation with S&P 500 | 0.57 | 0.66 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
UCON rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 89 | −8.4% | +5.0% | +13.7% | 80% |
| 3-year (a year) | 65 | −0.3% | +2.5% | +7.2% | 97% |
| 5-year (a year) | 41 | +2.0% | +2.8% | +4.3% | 100% |
Every holding period starting at a month-end since 2018. Returns for 3 years and longer are annualized.
UCON performance overview
First Trust TCW Unconstrained Plus Bond ETF (UCON) returned −0.9% over the past year and +2.3% a year over five years, with distributions reinvested. Since its first recorded price in 2018 it has returned +3.3% a year, turning $10,000 into about $13,148. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −15.3%, from Mar 5, 2020 to Mar 18, 2020, and it took 3 months to get back to the old high. UCON finished 6 of its 7 full calendar years with a gain; the best year was 2023 (+7.7%) and the worst 2022 (−5.7%). Volatility has been 4.7% a year.
Related: UCON chart, UCON dividends. See the UCON overview for the latest quote and fund facts.
UCON performance FAQ
What is the UCON return over the past year?
UCON returned −0.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 5.4%.
What is the average annual return of UCON?
UCON has returned +2.3% a year over 5 years, +3.3% a year since June 5, 2018 (total return, distributions reinvested).
How much would $10,000 invested in UCON be worth?
$10,000 invested in UCON at its first recorded close on June 5, 2018 would be worth about $13,148 on October 23, 2026 with distributions reinvested.
What was the worst year for UCON?
The worst calendar year was 2022, with a total return of −5.7%. The best was 2023 at +7.7%.
What is the biggest drawdown of UCON?
The largest peak-to-trough decline was −15.3% between March 5, 2020 and March 18, 2020. It recovered to the old high on June 29, 2020, 3 months after the bottom.
How volatile is UCON?
Over the past 3 years UCON had an annualized volatility of 3.9% and a Sharpe ratio of 0.07 (excess return over 1–3 month T-bills per unit of risk).