BOXA vs. IBTO

Last updated Apr 2, 2026

Compare and contrast key facts about Alpha Architect Aggregate Bond ETF (BOXA) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO).

BOXA and IBTO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BOXA is an actively managed fund by Alpha Architect. It was launched on Dec 17, 2024. IBTO is a passively managed fund by iShares that tracks the performance of the ICE 2033 Maturity US Treasury Index. It was launched on Jun 27, 2023.

Performance

BOXA vs. IBTO - 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 2033 Term Treasury ETF (IBTO). The values are adjusted to include any dividend payments, if applicable.

BOXA vs. IBTO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BOXA Alpha Architect Aggregate Bond ETF	-0.12%	5.41%	0.02%
IBTO iShares iBonds Dec 2033 Term Treasury ETF	-0.19%	8.23%	-0.30%

Returns By Period

In the year-to-date period, BOXA achieves a -0.12% return, which is significantly higher than IBTO's -0.19% return.

BOXA

• 1D: -0.00%
• 1M: -1.56%
• YTD: -0.12%
• 6M: 0.47%
• 1Y: 2.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBTO

• 1D: -0.17%
• 1M: -1.64%
• YTD: -0.19%
• 6M: 0.43%
• 1Y: 3.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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%.

BOXA

Alpha Architect Aggregate Bond ETF

IBTO

iShares iBonds Dec 2033 Term Treasury ETF

Return for Risk

BOXA vs. IBTO — Risk / Return Rank

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

BOXA

BOXA Risk / Return Rank: 33
BOXA Sharpe Ratio Rank: 33
BOXA Sortino Ratio Rank: 30
BOXA Omega Ratio Rank: 27
BOXA Calmar Ratio Rank: 39
BOXA Martin Ratio Rank: 36

IBTO

IBTO Risk / Return Rank: 33
IBTO Sharpe Ratio Rank: 34
IBTO Sortino Ratio Rank: 33
IBTO Omega Ratio Rank: 27
IBTO Calmar Ratio Rank: 41
IBTO Martin Ratio Rank: 31

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. 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.

	BOXA	IBTO	Difference
Sharpe ratio Return per unit of total volatility	0.67	0.71	-0.05
Sortino ratio Return per unit of downside risk	0.94	1.06	-0.12
Omega ratio Gain probability vs. loss probability	1.12	1.12	-0.01
Calmar ratio Return relative to maximum drawdown	1.08	1.28	-0.20
Martin ratio Return relative to average drawdown	3.43	3.32	+0.11
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. IBTO - Sharpe Ratio Comparison

The current BOXA Sharpe Ratio is 0.67, which is comparable to the IBTO Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of BOXA and IBTO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BOXA	IBTO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	0.71	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	0.47	+0.53

Correlation

The correlation between BOXA and IBTO is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BOXA vs. IBTO - Dividend Comparison

BOXA's dividend yield for the trailing twelve months is around 0.13%, less than IBTO's 4.12% yield.

	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	4.12%	4.05%	4.23%	1.66%

Drawdowns

BOXA vs. IBTO - Drawdown Comparison

The maximum BOXA drawdown since its inception was -2.87%, 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.

Drawdown Indicators

	BOXA	IBTO	Difference
Max Drawdown Largest peak-to-trough decline	-2.87%	-8.36%	+5.49%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-3.08%	+0.21%
Current Drawdown Current decline from peak	-1.98%	-2.25%	+0.27%
Average Drawdown Average peak-to-trough decline	-0.59%	-2.37%	+1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	1.19%	-0.28%

Volatility

BOXA vs. IBTO - Volatility Comparison

The current volatility for Alpha Architect Aggregate Bond ETF (BOXA) is 1.55%, while iShares iBonds Dec 2033 Term Treasury ETF (IBTO) has a volatility of 1.76%. 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.

Volatility by Period

	BOXA	IBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	1.76%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	2.41%	3.02%	-0.61%
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	5.18%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.18%	6.74%	-2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.18%	6.74%	-2.56%