BOXA vs. IBTM

Last updated Jun 4, 2026

BOXA (Alpha Architect Aggregate Bond ETF) and IBTM (iShares iBonds Dec 2032 Term Treasury ETF) are both Intermediate Core Bond funds. BOXA is actively managed, while IBTM is passively managed. Over the past year, BOXA returned 3.52% vs 3.93% for IBTM. Their correlation of 0.91 suggests significant overlap in exposure. BOXA charges 0.23%/yr vs 0.07%/yr for IBTM.

Performance

BOXA vs. IBTM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect Aggregate Bond ETF (BOXA) and iShares iBonds Dec 2032 Term Treasury ETF (IBTM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOXA achieves a -0.19% return, which is significantly higher than IBTM's -0.50% return.

BOXA

• 1D: -0.22%
• 1M: 0.13%
• YTD: -0.19%
• 6M: -0.46%
• 1Y: 3.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBTM

• 1D: -0.18%
• 1M: -0.15%
• YTD: -0.50%
• 6M: -0.81%
• 1Y: 3.93%
• 3Y*: 2.68%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BOXA vs. IBTM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BOXA Alpha Architect Aggregate Bond ETF	-0.19%	5.41%	0.02%
IBTM iShares iBonds Dec 2032 Term Treasury ETF	-0.50%	8.06%	-0.10%

Correlation

The correlation between BOXA and IBTM is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	0.91

The correlation between BOXA and IBTM has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

Return for Risk

BOXA vs. IBTM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BOXA

BOXA Risk / Return Rank: 25
BOXA Sharpe Ratio Rank: 26
BOXA Sortino Ratio Rank: 25
BOXA Omega Ratio Rank: 24
BOXA Calmar Ratio Rank: 23
BOXA Martin Ratio Rank: 25

IBTM

IBTM Risk / Return Rank: 26
IBTM Sharpe Ratio Rank: 27
IBTM Sortino Ratio Rank: 27
IBTM Omega Ratio Rank: 25
IBTM Calmar Ratio Rank: 26
IBTM Martin Ratio Rank: 26

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.

BOXA vs. IBTM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect Aggregate Bond ETF (BOXA) and iShares iBonds Dec 2032 Term Treasury ETF (IBTM). 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.

	BOXA	IBTM	Difference
Sharpe ratio: Return per unit of total volatility	0.94	0.96	-0.02
Sortino ratio: Return per unit of downside risk	1.39	1.46	-0.08
Omega ratio: Gain probability vs. loss probability	1.16	1.17	0.00
Calmar ratio: Return relative to maximum drawdown	1.10	1.21	-0.11
Martin ratio: Return relative to average drawdown	3.36	3.51	-0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BOXA vs. IBTM - Sharpe Ratio Comparison

The current BOXA Sharpe Ratio is 0.94, which is comparable to the IBTM Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of BOXA and IBTM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BOXA	IBTM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	0.96	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.20	+0.67

Drawdowns

BOXA vs. IBTM - Drawdown Comparison

The maximum BOXA drawdown since its inception was -3.22%, smaller than the maximum IBTM drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for BOXA and IBTM.

Drawdown Indicators

	BOXA	IBTM	Difference
Max Drawdown Largest peak-to-trough decline	-3.22%	-13.60%	+10.38%
Max Drawdown (1Y) Largest decline over 1 year	-3.22%	-3.26%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.86%	—
Current Drawdown Current decline from peak	-2.04%	-2.38%	+0.34%
Average Drawdown Average peak-to-trough decline	-0.75%	-4.82%	+4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	1.12%	-0.07%

Volatility

BOXA vs. IBTM - Volatility Comparison

Alpha Architect Aggregate Bond ETF (BOXA) has a higher volatility of 1.36% compared to iShares iBonds Dec 2032 Term Treasury ETF (IBTM) at 1.20%. This indicates that BOXA's price experiences larger fluctuations and is considered to be riskier than IBTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOXA	IBTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	1.20%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	2.75%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	3.75%	4.09%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.15%	7.56%	-3.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.15%	7.56%	-3.41%

BOXA vs. IBTM - Expense Ratio Comparison

BOXA has a 0.23% expense ratio, which is higher than IBTM's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BOXA vs. IBTM - Dividend Comparison

BOXA's dividend yield for the trailing twelve months is around 0.13%, less than IBTM's 3.95% yield.

Position	TTM	2025	2024	2023	2022
BOXA Alpha Architect Aggregate Bond ETF	0.13%	0.13%	0.00%	0.00%	0.00%
IBTM iShares iBonds Dec 2032 Term Treasury ETF	3.95%	3.87%	3.96%	3.39%	1.38%

Frequently Asked Questions

Can I hold both BOXA and IBTM in my portfolio?

With a correlation of 0.91, BOXA and IBTM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BOXA or IBTM?

BOXA has higher volatility (1.36%) compared to IBTM (1.20%). In terms of maximum drawdown, BOXA dropped -3.22% vs IBTM's -13.60%.

Which ETF is better, BOXA or IBTM?

On 1-year performance, IBTM leads with 3.93% vs 3.52% for BOXA. On fees, IBTM is cheaper at 0.07% per year. On volatility, IBTM has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOXA or IBTM?

Over the 1-year period, IBTM has performed better with a 3.93% return vs 3.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOXA or IBTM?

IBTM is cheaper with a 0.07% expense ratio, compared with 0.23% for BOXA.

Which ETF pays a higher dividend yield, BOXA or IBTM?

IBTM has the higher dividend yield at 3.95%, compared with 0.13% for BOXA.

What is the main difference between BOXA and IBTM?

They also come from different issuers: Alpha Architect and iShares. Their fees differ too: 0.23% for BOXA and 0.07% for IBTM.

Which has better risk-adjusted returns?

IBTM currently has the higher Sharpe Ratio (0.96 vs 0.94), 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.