BOXA vs. QVAL

Last updated Jun 4, 2026

BOXA (Alpha Architect Aggregate Bond ETF) and QVAL (Alpha Architect U.S. Quantitative Value ETF) are both exchange-traded funds - BOXA is a Intermediate Core Bond fund actively managed by Alpha Architect, while QVAL is a Mid Cap Value Equities fund actively managed by Alpha Architect. Both are actively managed. Over the past year, BOXA returned 3.52% vs 29.65% for QVAL. At a 0.21 correlation, their price movements are largely independent. BOXA charges 0.23%/yr vs 0.28%/yr for QVAL.

Performance

BOXA vs. QVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect Aggregate Bond ETF (BOXA) and Alpha Architect U.S. Quantitative Value ETF (QVAL). 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 lower than QVAL's 14.68% return.

BOXA

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

QVAL

• 1D: -0.23%
• 1M: 4.34%
• YTD: 14.68%
• 6M: 15.27%
• 1Y: 29.65%
• 3Y*: 21.66%
• 5Y*: 12.15%
• 10Y*: 11.64%

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

BOXA vs. QVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BOXA Alpha Architect Aggregate Bond ETF	-0.19%	5.41%	0.02%
QVAL Alpha Architect U.S. Quantitative Value ETF	14.68%	10.98%	1.08%

Correlation

The correlation between BOXA and QVAL is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	0.21

Return for Risk

BOXA vs. QVAL — 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

QVAL

QVAL Risk / Return Rank: 69
QVAL Sharpe Ratio Rank: 60
QVAL Sortino Ratio Rank: 69
QVAL Omega Ratio Rank: 57
QVAL Calmar Ratio Rank: 86
QVAL Martin Ratio Rank: 73

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. QVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect Aggregate Bond ETF (BOXA) and Alpha Architect U.S. Quantitative Value ETF (QVAL). 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	QVAL	Difference
Sharpe ratio: Return per unit of total volatility	0.94	2.07	-1.12
Sortino ratio: Return per unit of downside risk	1.39	3.21	-1.82
Omega ratio: Gain probability vs. loss probability	1.16	1.35	-0.19
Calmar ratio: Return relative to maximum drawdown	1.10	4.93	-3.84
Martin ratio: Return relative to average drawdown	3.36	13.98	-10.62
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. QVAL - Sharpe Ratio Comparison

The current BOXA Sharpe Ratio is 0.94, which is lower than the QVAL Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of BOXA and QVAL, 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	QVAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	2.07	-1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.56	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.49	+0.38

Drawdowns

BOXA vs. QVAL - Drawdown Comparison

The maximum BOXA drawdown since its inception was -3.22%, smaller than the maximum QVAL drawdown of -51.49%. Use the drawdown chart below to compare losses from any high point for BOXA and QVAL.

Drawdown Indicators

	BOXA	QVAL	Difference
Max Drawdown Largest peak-to-trough decline	-3.22%	-51.49%	+48.27%
Max Drawdown (1Y) Largest decline over 1 year	-3.22%	-6.04%	+2.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.41%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.17%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.49%	—
Current Drawdown Current decline from peak	-2.04%	-0.78%	-1.26%
Average Drawdown Average peak-to-trough decline	-0.75%	-7.80%	+7.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	2.13%	-1.08%

Volatility

BOXA vs. QVAL - Volatility Comparison

The current volatility for Alpha Architect Aggregate Bond ETF (BOXA) is 1.36%, while Alpha Architect U.S. Quantitative Value ETF (QVAL) has a volatility of 4.16%. This indicates that BOXA experiences smaller price fluctuations and is considered to be less risky than QVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOXA	QVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	4.16%	-2.80%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	10.06%	-7.44%
Volatility (1Y) Calculated over the trailing 1-year period	3.75%	14.44%	-10.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.15%	21.63%	-17.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.15%	22.79%	-18.64%

BOXA vs. QVAL - Expense Ratio Comparison

BOXA has a 0.23% expense ratio, which is lower than QVAL's 0.28% expense ratio.

Dividends

BOXA vs. QVAL - Dividend Comparison

BOXA's dividend yield for the trailing twelve months is around 0.13%, less than QVAL's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BOXA Alpha Architect Aggregate Bond ETF	0.13%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QVAL Alpha Architect U.S. Quantitative Value ETF	1.46%	1.44%	1.72%	1.76%	2.00%	1.23%	1.86%	1.99%	1.64%	1.08%	1.30%

Frequently Asked Questions

Can I hold both BOXA and QVAL in my portfolio?

BOXA and QVAL have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOXA or QVAL?

QVAL has higher volatility (4.16%) compared to BOXA (1.36%). In terms of maximum drawdown, BOXA dropped -3.22% vs QVAL's -51.49%.

Which ETF is better, BOXA or QVAL?

On 1-year performance, QVAL leads with 29.65% vs 3.52% for BOXA. On fees, BOXA is cheaper at 0.23% per year. On volatility, BOXA has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOXA or QVAL?

Over the 1-year period, QVAL has performed better with a 29.65% 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 QVAL?

BOXA is cheaper with a 0.23% expense ratio, compared with 0.28% for QVAL.

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

QVAL has the higher dividend yield at 1.46%, compared with 0.13% for BOXA.

What is the main difference between BOXA and QVAL?

BOXA is categorized as Intermediate Core Bond, while QVAL is Mid Cap Value Equities. Their fees differ too: 0.23% for BOXA and 0.28% for QVAL.

Which has better risk-adjusted returns?

QVAL currently has the higher Sharpe Ratio (2.07 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.