- Issuer
- EMPIRICAL FINANCE LLC
- Inception Date
- May 5, 2021
- Region
- North America (U.S.)
- Category
- Dividend
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Assets Under Management
- $123M
Share Price Chart
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Performance
MBOX Performance Chart
Freedom Day Dividend ETF (MBOX) is up 15.2% since the beginning of the year. MBOX is currently trading at $40 per share. Investors who bought $1,000 worth of MBOX shares 5 years ago would now be looking at an investment worth $1,785.
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Returns By Period
Freedom Day Dividend ETF (MBOX) has returned 15.24% so far this year and 23.19% over the past 12 months.
Freedom Day Dividend ETF
- 1D
- 0.48%
- 1M
- 1.01%
- YTD
- 15.24%
- 6M
- 14.33%
- 1Y
- 23.19%
- 3Y*
- 19.11%
- 5Y*
- 12.29%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
MBOX Monthly Returns History
Based on dividend-adjusted daily data since May 5, 2021, MBOX's average daily return is +0.05%, while the average monthly return is +1.02%. At this rate, an investment would double in approximately 5.7 years.
Historically, 60% of months were positive and 40% were negative. The best month was Oct 2022 with a return of +11.6%, while the worst month was Jun 2022 at -7.6%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 3 months.
On a daily basis, MBOX closed higher 54% of trading days. The best single day was Apr 9, 2025 with a return of +7.4%, while the worst single day was Apr 4, 2025 at -5.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.78% | 4.45% | -4.03% | 6.41% | 2.15% | 0.92% | 15.24% | ||||||
| 2025 | 3.99% | 0.62% | -2.98% | -3.27% | 2.20% | 2.88% | -0.37% | 3.59% | 2.14% | -1.70% | 2.19% | -0.57% | 8.72% |
| 2024 | 1.31% | 4.11% | 6.64% | -3.64% | 2.93% | 0.69% | 5.01% | 1.90% | 0.10% | -2.61% | 6.51% | -6.74% | 16.39% |
| 2023 | 3.81% | -4.47% | 0.04% | -0.08% | -3.32% | 7.70% | 4.73% | -1.54% | -2.88% | -2.22% | 7.30% | 6.83% | 15.84% |
| 2022 | -3.19% | -0.66% | 4.04% | -5.22% | 2.51% | -7.61% | 4.70% | -2.56% | -7.11% | 11.62% | 4.71% | -3.84% | -4.32% |
| 2021 | 1.07% | -0.09% | 1.05% | 1.77% | -4.34% | 5.69% | -1.79% | 6.81% | 10.13% |
Benchmark Metrics
Freedom Day Dividend ETF has an annualized alpha of 2.92%, beta of 0.73, and R2 of 0.74 versus S&P 500 Index. Calculated based on daily prices since May 05, 2021.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (82.44%) than losses (80.48%) - typical of diversified or defensive assets.
- This ETF generated an annualized alpha of 2.92% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Alpha
- 2.92%
- Beta
- 0.73
- R²
- 0.74
- Upside Capture
- 82.44%
- Downside Capture
- 80.48%
Expense Ratio
MBOX has an expense ratio of 0.39%, placing it in the medium range.
Return for Risk
Risk / Return Rank
MBOX ranks 72 for risk / return — better than 72% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Freedom Day Dividend ETF (MBOX) and compare them to S&P 500 Index.
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.
| MBOX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.37 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.05 | 2.78 | +1.27 |
| Martin ratioReturn relative to average drawdown | 13.34 | 12.44 | +0.90 |
Dividends
Dividend History
Freedom Day Dividend ETF provided a 1.90% dividend yield over the last twelve months, with an annual payout of $0.76 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Dividend | $0.76 | $0.68 | $0.52 | $0.61 | $0.73 | $0.32 |
Dividend yield | 1.90% | 1.94% | 1.60% | 2.13% | 2.87% | 1.17% |
Monthly Dividends
The table displays the monthly dividend distributions for Freedom Day Dividend ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.24 | $0.00 | $0.00 | $0.00 | $0.24 | ||||||
| 2025 | $0.00 | $0.00 | $0.16 | $0.00 | $0.00 | $0.16 | $0.00 | $0.00 | $0.16 | $0.00 | $0.00 | $0.20 | $0.68 |
| 2024 | $0.00 | $0.00 | $0.10 | $0.00 | $0.00 | $0.17 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.12 | $0.52 |
| 2023 | $0.00 | $0.00 | $0.18 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.16 | $0.00 | $0.00 | $0.14 | $0.61 |
| 2022 | $0.00 | $0.00 | $0.10 | $0.00 | $0.00 | $0.21 | $0.00 | $0.00 | $0.17 | $0.00 | $0.00 | $0.25 | $0.73 |
| 2021 | $0.03 | $0.00 | $0.00 | $0.09 | $0.00 | $0.00 | $0.19 | $0.32 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Freedom Day Dividend ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Freedom Day Dividend ETF was 16.42%, occurring on Sep 30, 2022. Recovery took 202 trading sessions.
The current Freedom Day Dividend ETF drawdown is 1.21%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -16.42%Sep 2022 | 5mo 22d | 9mo 27d | 1y 3moApr 2022 - Jul 2023 |
2025 selloff2025 | -16.37%Apr 2025 | 4mo 13d | 5mo 5d | 9mo 18dNov 2024 - Sep 2025 |
2023 pullback2023 | -7.60%Oct 2023 | 2mo 27d | 24d | 3mo 21dAug 2023 - Nov 2023 |
Bear market2022 | -6.84%Feb 2022 | 1mo 20d | 28d | 2mo 18dJan 2022 - Mar 2022 |
2024 pullback2024 | -6.82%Aug 2024 | 19d | 18d | 1mo 7dJul 2024 - Aug 2024 |
Drawdown Indicators
| MBOX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.42% | -56.78% | +40.36% |
Max Drawdown (1Y)Largest decline over 1 year | -5.75% | -9.10% | +3.35% |
Max Drawdown (3Y)Largest decline over 3 years | -16.37% | -18.90% | +2.53% |
Max Drawdown (5Y)Largest decline over 5 years | -16.42% | -25.43% | +9.01% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.21% | -1.80% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -10.71% | +7.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 2.03% | -0.29% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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