BOXX vs. CBOX

Last updated Aug 1, 2026

BOXX (Alpha Architect 1-3 Month Box ETF) and CBOX (Calamos Tax-Aware Collateral ETF) are both exchange-traded funds - BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index, while CBOX is a Options Trading fund actively managed by Calamos. BOXX is passively managed, while CBOX is actively managed. Their 0.26 correlation means their historical movements had little consistent relationship. BOXX charges 0.19%/yr vs 0.14%/yr for CBOX.

Performance

BOXX vs. CBOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect 1-3 Month Box ETF (BOXX) and Calamos Tax-Aware Collateral ETF (CBOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BOXX

• 1D: 0.06%
• 1M: 0.48%
• 6M: 1.95%
• YTD: 2.26%
• 1Y: 4.12%
• 3Y*: 4.73%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.71%

CBOX

• 1D: 0.00%
• 1M: 0.40%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BOXX Alpha Architect 1-3 Month Box ETF	$253.32M	$264.36M	$274.97M
CBOX Calamos Tax-Aware Collateral ETF	$7.89M	$8.89M	$7.14M

BOXX vs. CBOX - Yearly Performance Comparison

	2026 (YTD)
BOXX Alpha Architect 1-3 Month Box ETF	1.15%
CBOX Calamos Tax-Aware Collateral ETF	1.12%

Correlation

The correlation between BOXX and CBOX is 0.26, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 17, 2026	0.26

Return for Risk

BOXX vs. CBOX — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

CBOX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BOXX vs. CBOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect 1-3 Month Box ETF (BOXX) and Calamos Tax-Aware Collateral ETF (CBOX). 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.

	BOXX	CBOX	Difference
Sharpe ratio: Return per unit of total volatility	12.44	—	—
Sortino ratio: Return per unit of downside risk	36.42	—	—
Omega ratio: Gain probability vs. loss probability	8.74	—	—
Calmar ratio: Return relative to maximum drawdown	60.17	—	—
Martin ratio: Return relative to average drawdown	505.74	—	—

Drawdowns

BOXX vs. CBOX - Drawdown Comparison

The maximum BOXX drawdown since its inception was -0.12%, smaller than the maximum CBOX drawdown of -2.90%. Use the drawdown chart below to compare losses from any high point for BOXX and CBOX.

Drawdown Indicators

	BOXX	CBOX	Difference
Max Drawdown Largest peak-to-trough decline	-0.12%	-2.90%	+2.78%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.12%	—	—
Current Drawdown Current decline from peak	0.00%	-2.30%	+2.30%
Average Drawdown Average peak-to-trough decline	0.00%	-1.47%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	—	—

Volatility

Volatility by Period

	BOXX	CBOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.27%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.33%	7.83%	-7.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.37%	7.83%	-7.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.37%	7.83%	-7.46%

BOXX vs. CBOX - Expense Ratio Comparison

BOXX has a 0.19% expense ratio, which is higher than CBOX'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. CBOX - Dividend Comparison

Neither BOXX nor CBOX has paid dividends to shareholders.

Position	TTM	2025	2024
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%
CBOX Calamos Tax-Aware Collateral ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BOXX and CBOX in my portfolio?

BOXX and CBOX 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 ETF is better, BOXX or CBOX?

On fees, CBOX is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BOXX or CBOX?

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

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

BOXX and CBOX have nearly identical dividend yields, around 0.00%.

What is the main difference between BOXX and CBOX?

BOXX is categorized as Ultrashort Bond, while CBOX is Options Trading. They also come from different issuers: Alpha Architect and Calamos. Their fees differ too: 0.19% for BOXX and 0.14% for CBOX.