An unregulated converter is a cheaper solution but offers less output voltage stability. The output voltage can change depending on both the load and the input voltage variations. Therefore, the input voltage range is restricted to +/-5% or +/-10% , so it is recommended to use unregulated DC/DC cpnverters only with a regulated supply voltage. The output voltage can rise substantially during no-load conditions, but, even an unregulated converter offers a low output voltage variation over a 20% to 100% load range.
Regulated converters offer a much better load and line voltage regulation, typically less than 1%, so the output voltage is not dependant on the load or input voltage. In particular, the output voltage remains stable under low load or no load conditions. In addition, the input voltage range is higher (2:1, 4:1 or up to 7:1 with non-isolated converters), so regulated converters are suitable for use with variable input voltage supplies such a batteries or multiple supply voltages (e.g, 12V or 24V supplies)