BOXX vs. BILZ

Last updated Jun 5, 2026

BOXX (Alpha Architect 1-3 Month Box ETF) and BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) are both Ultrashort Bond funds. BOXX is passively managed, while BILZ is actively managed. Over the past year, BOXX returned 4.09% vs 3.91% for BILZ. At a 0.31 correlation, their price movements are largely independent. BOXX charges 0.19%/yr vs 0.14%/yr for BILZ.

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.

Returns By Period

In the year-to-date period, BOXX achieves a 1.59% return, which is significantly higher than BILZ's 1.47% return.

BOXX

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.59%
• 6M: 1.98%
• 1Y: 4.09%
• 3Y*: 4.75%
• 5Y*: —
• 10Y*: —

BILZ

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.47%
• 6M: 1.78%
• 1Y: 3.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BOXX vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BOXX Alpha Architect 1-3 Month Box ETF	1.59%	4.37%	5.16%	2.82%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	1.47%	4.21%	5.25%	2.33%

Correlation

The correlation between BOXX and BILZ is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	0.31

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	12.81	19.07	-6.26
Sortino ratio: Return per unit of downside risk	37.95	125.20	-87.25
Omega ratio: Gain probability vs. loss probability	9.96	53.29	-43.33
Calmar ratio: Return relative to maximum drawdown	59.63	198.46	-138.83
Martin ratio: Return relative to average drawdown	530.59	2,000.09	-1,469.50
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 12.81, which is lower than the BILZ Sharpe Ratio of 19.07. The chart below compares the historical Sharpe Ratios of BOXX and BILZ, 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

	BOXX	BILZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	12.81	19.07	-6.26
Sharpe Ratio (All Time) Calculated using the full available price history	12.91	10.48	+2.43

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%
Max Drawdown (3Y) Largest decline over 3 years	-0.12%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
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 0.09% compared to PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) at 0.07%. 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	0.09%	0.07%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.25%	0.14%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	0.32%	0.21%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.37%	0.43%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.37%	0.43%	-0.06%

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%.

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 4.07%.

Position	TTM	2025	2024	2023
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.07%	4.19%	4.95%	2.23%
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%	0.00%

Frequently Asked Questions

Can I hold both BOXX and BILZ in my portfolio?

BOXX and BILZ have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOXX or BILZ?

BOXX has higher volatility (0.09%) compared to BILZ (0.07%). In terms of maximum drawdown, BOXX dropped -0.12% vs BILZ's -0.52%.

Which ETF is better, BOXX or BILZ?

On 1-year performance, BOXX leads with 4.09% vs 3.91% for BILZ. On fees, BILZ is cheaper at 0.14% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOXX or BILZ?

Over the 1-year period, BOXX has performed better with a 4.09% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOXX or BILZ?

BILZ is cheaper with a 0.14% expense ratio, compared with 0.19% for BOXX.

Which ETF pays a higher dividend yield, BOXX or BILZ?

BILZ has the higher dividend yield at 4.07%, compared with 0.00% for BOXX.

What is the main difference between BOXX and BILZ?

They also come from different issuers: Alpha Architect and PIMCO. Their fees differ too: 0.19% for BOXX and 0.14% for BILZ.

Which has better risk-adjusted returns?

BILZ currently has the higher Sharpe Ratio (19.07 vs 12.81), 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.