BOXX vs. BILZ

Last updated Apr 2, 2026

Compare and contrast key facts about Alpha Architect 1-3 Month Box ETF (BOXX) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ).

BOXX and BILZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BOXX is a passively managed fund by Alpha Architect that tracks the performance of the Solactive 1-3 Month US T-Bill Index. It was launched on Dec 27, 2022. BILZ is an actively managed fund by PIMCO. It was launched on Jun 21, 2023.

Performance

BOXX vs. BILZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect 1-3 Month Box ETF (BOXX) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). The values are adjusted to include any dividend payments, if applicable.

BOXX vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BOXX Alpha Architect 1-3 Month Box ETF	0.96%	4.37%	5.16%	2.82%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	0.84%	4.21%	5.25%	2.33%

Returns By Period

In the year-to-date period, BOXX achieves a 0.96% return, which is significantly higher than BILZ's 0.84% return.

BOXX

• 1D: -0.07%
• 1M: 0.32%
• YTD: 0.96%
• 6M: 2.05%
• 1Y: 4.22%
• 3Y*: 4.80%
• 5Y*: —
• 10Y*: —

BILZ

• 1D: 0.01%
• 1M: 0.29%
• YTD: 0.84%
• 6M: 1.84%
• 1Y: 4.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BOXX vs. BILZ - Expense Ratio Comparison

BOXX has a 0.19% expense ratio, which is higher than BILZ's 0.14% 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%.

BOXX

Alpha Architect 1-3 Month Box ETF

BILZ

PIMCO Ultra Short Government Active Exchange-Traded Fund

Return for Risk

BOXX vs. BILZ — Risk / Return Rank

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

BOXX

BOXX Risk / Return Rank: 100
BOXX Sharpe Ratio Rank: 100
BOXX Sortino Ratio Rank: 100
BOXX Omega Ratio Rank: 100
BOXX Calmar Ratio Rank: 100
BOXX Martin Ratio Rank: 100

BILZ

BILZ Risk / Return Rank: 100
BILZ Sharpe Ratio Rank: 100
BILZ Sortino Ratio Rank: 100
BILZ Omega Ratio Rank: 100
BILZ Calmar Ratio Rank: 100
BILZ Martin Ratio Rank: 100

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.

BOXX vs. BILZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect 1-3 Month Box ETF (BOXX) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). 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.

	BOXX	BILZ	Difference
Sharpe ratio Return per unit of total volatility	12.86	19.23	-6.38
Sortino ratio Return per unit of downside risk	36.75	117.44	-80.69
Omega ratio Gain probability vs. loss probability	9.21	44.68	-35.47
Calmar ratio Return relative to maximum drawdown	61.54	204.35	-142.81
Martin ratio Return relative to average drawdown	571.35	1,813.57	-1,242.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BOXX vs. BILZ - Sharpe Ratio Comparison

The current BOXX Sharpe Ratio is 12.86, which is lower than the BILZ Sharpe Ratio of 19.23. The chart below compares the historical Sharpe Ratios of BOXX and BILZ, 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

	BOXX	BILZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	12.86	19.23	-6.38
Sharpe Ratio (All Time) Calculated using the full available price history	12.97	10.37	+2.59

Correlation

The correlation between BOXX and BILZ is 0.30, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BOXX vs. BILZ - Dividend Comparison

BOXX has not paid dividends to shareholders, while BILZ's dividend yield for the trailing twelve months is around 4.15%.

	TTM	2025	2024	2023
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%	0.00%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.15%	4.19%	4.95%	2.23%

Drawdowns

BOXX vs. BILZ - Drawdown Comparison

The maximum BOXX drawdown since its inception was -0.12%, smaller than the maximum BILZ drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for BOXX and BILZ.

Drawdown Indicators

	BOXX	BILZ	Difference
Max Drawdown Largest peak-to-trough decline	-0.12%	-0.52%	+0.40%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-0.02%	-0.05%
Current Drawdown Current decline from peak	-0.07%	0.00%	-0.07%
Average Drawdown Average peak-to-trough decline	0.00%	-0.01%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.00%	+0.01%

Volatility

BOXX vs. BILZ - Volatility Comparison

Alpha Architect 1-3 Month Box ETF (BOXX) has a higher volatility of 0.15% compared to PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) at 0.05%. This indicates that BOXX's price experiences larger fluctuations and is considered to be riskier than BILZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOXX	BILZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	0.05%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	0.25%	0.14%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	0.33%	0.21%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.37%	0.44%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.37%	0.44%	-0.07%