BOXA vs. IBTO
BOXA (Alpha Architect Aggregate Bond ETF) and IBTO (iShares iBonds Dec 2033 Term Treasury ETF) are both Intermediate Core Bond funds. BOXA is actively managed, while IBTO is passively managed. Over the past year, BOXA returned 3.25% vs 3.22% for IBTO. Their correlation of 0.92 suggests significant overlap in exposure. BOXA charges 0.23%/yr vs 0.07%/yr for IBTO.
Performance
BOXA vs. IBTO - Performance Comparison
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Returns By Period
In the year-to-date period, BOXA achieves a 0.52% return, which is significantly higher than IBTO's 0.04% return.
BOXA
- 1D
- 0.31%
- 1M
- 1.21%
- YTD
- 0.52%
- 6M
- 0.27%
- 1Y
- 3.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBTO
- 1D
- 0.57%
- 1M
- 1.05%
- YTD
- 0.04%
- 6M
- -0.09%
- 1Y
- 3.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BOXA vs. IBTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BOXA Alpha Architect Aggregate Bond ETF | 0.52% | 5.41% | 0.02% |
IBTO iShares iBonds Dec 2033 Term Treasury ETF | 0.04% | 8.23% | -1.09% |
Correlation
The correlation between BOXA and IBTO is 0.92, 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 | 0.92 |
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024 | 0.92 |
The correlation between BOXA and IBTO has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.
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Return for Risk
BOXA vs. IBTO — Risk / Return Rank
BOXA
IBTO
BOXA vs. IBTO - 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 2033 Term Treasury ETF (IBTO). 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.
| BOXA | IBTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.13 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.01 | 0.88 | +0.13 |
| Martin ratioReturn relative to average drawdown | 2.87 | 2.31 | +0.56 |
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Drawdowns
BOXA vs. IBTO - Drawdown Comparison
The maximum BOXA drawdown since its inception was -3.22%, smaller than the maximum IBTO drawdown of -8.36%. Use the drawdown chart below to compare losses from any high point for BOXA and IBTO.
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Drawdown Indicators
| BOXA | IBTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.22% | -8.36% | +5.14% |
Max Drawdown (1Y)Largest decline over 1 year | -3.22% | -3.66% | +0.44% |
Current DrawdownCurrent decline from peak | -1.34% | -2.03% | +0.69% |
Average DrawdownAverage peak-to-trough decline | -0.79% | -2.37% | +1.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 1.40% | -0.27% |
Volatility
BOXA vs. IBTO - Volatility Comparison
The current volatility for Alpha Architect Aggregate Bond ETF (BOXA) is 1.01%, while iShares iBonds Dec 2033 Term Treasury ETF (IBTO) has a volatility of 1.38%. This indicates that BOXA experiences smaller price fluctuations and is considered to be less risky than IBTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOXA | IBTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 1.38% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 2.70% | 3.19% | -0.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 4.41% | -0.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.13% | 6.59% | -2.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.13% | 6.59% | -2.46% |
BOXA vs. IBTO - Expense Ratio Comparison
BOXA has a 0.23% expense ratio, which is higher than IBTO'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. IBTO - Dividend Comparison
BOXA's dividend yield for the trailing twelve months is around 0.13%, less than IBTO's 4.13% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BOXA Alpha Architect Aggregate Bond ETF | 0.13% | 0.13% | 0.00% | 0.00% |
IBTO iShares iBonds Dec 2033 Term Treasury ETF | 4.13% | 4.05% | 4.23% | 1.66% |
Frequently Asked Questions
With a correlation of 0.92, BOXA and IBTO 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.
IBTO has higher volatility (1.38%) compared to BOXA (1.01%). In terms of maximum drawdown, BOXA dropped -3.22% vs IBTO's -8.36%.
On 1-year performance, BOXA leads with 3.25% vs 3.22% for IBTO. On fees, IBTO is cheaper at 0.07% per year. On volatility, BOXA has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BOXA has performed better with a 3.25% return vs 3.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTO is cheaper with a 0.07% expense ratio, compared with 0.23% for BOXA.
IBTO has the higher dividend yield at 4.13%, compared with 0.13% for BOXA.
They also come from different issuers: Alpha Architect and iShares. Their fees differ too: 0.23% for BOXA and 0.07% for IBTO.
BOXA currently has the higher Sharpe Ratio (0.88 vs 0.74), 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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