BOXX vs. CLIP

Last updated Aug 2, 2026

BOXX (Alpha Architect 1-3 Month Box ETF) and CLIP (Global X 1-3 Month T-Bill ETF) are both Ultrashort Bond funds - BOXX tracks the Solactive 1-3 Month US T-Bill Index while CLIP tracks the Solactive 1-3 month US T-Bill Index - USD. Both are passively managed. Over the past 3 years, BOXX returned 4.73%/yr vs 4.63%/yr for CLIP. Their 0.21 correlation means their historical movements had little consistent relationship. BOXX charges 0.19%/yr vs 0.07%/yr for CLIP.

Performance

BOXX vs. CLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect 1-3 Month Box ETF (BOXX) and Global X 1-3 Month T-Bill ETF (CLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOXX achieves a 2.26% return, which is significantly higher than CLIP's 2.13% return.

BOXX

• 1D: 0.06%
• 1M: 0.41%
• 6M: 1.95%
• YTD: 2.26%
• 1Y: 4.08%
• 3Y*: 4.73%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.71%

CLIP

• 1D: 0.03%
• 1M: 0.29%
• 6M: 1.83%
• YTD: 2.13%
• 1Y: 3.87%
• 3Y*: 4.63%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.66%

*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
CLIP Global X 1-3 Month T-Bill ETF	$16.58M	$21.00M	$33.74M

BOXX vs. CLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BOXX Alpha Architect 1-3 Month Box ETF	2.26%	4.37%	5.16%	2.87%
CLIP Global X 1-3 Month T-Bill ETF	2.13%	4.23%	5.26%	2.82%

Correlation

The correlation between BOXX and CLIP is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (3Y) Balances recent behavior with more history.	0.22
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023	0.21

The correlation between BOXX and CLIP shifts across timeframes, from 0.21 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BOXX vs. CLIP — 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

CLIP

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

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. CLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect 1-3 Month Box ETF (BOXX) and Global X 1-3 Month T-Bill ETF (CLIP). 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	CLIP	Difference
Sharpe ratio: Return per unit of total volatility	12.44	18.23	-5.79
Sortino ratio: Return per unit of downside risk	36.42	106.96	-70.54
Omega ratio: Gain probability vs. loss probability	8.74	35.98	-27.25
Calmar ratio: Return relative to maximum drawdown	60.17	197.11	-136.94
Martin ratio: Return relative to average drawdown	505.74	1,667.91	-1,162.17

BOXX vs. CLIP - Sharpe Ratio Comparison

The current BOXX Sharpe Ratio is 12.44, which is lower than the CLIP Sharpe Ratio of 18.23. The chart below compares the historical Sharpe Ratios of BOXX and CLIP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BOXX vs. CLIP - Drawdown Comparison

The maximum BOXX drawdown since its inception was -0.12%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for BOXX and CLIP.

Drawdown Indicators

	BOXX	CLIP	Difference
Max Drawdown Largest peak-to-trough decline	-0.12%	-0.08%	-0.04%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-0.02%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-0.12%	-0.08%	-0.04%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.00%	+0.01%

Volatility

BOXX vs. CLIP - Volatility Comparison

Alpha Architect 1-3 Month Box ETF (BOXX) has a higher volatility of 0.09% compared to Global X 1-3 Month T-Bill ETF (CLIP) at 0.07%. This indicates that BOXX's price experiences larger fluctuations and is considered to be riskier than CLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOXX	CLIP	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	0.27%	0.15%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	0.33%	0.22%	+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. CLIP - Expense Ratio Comparison

BOXX has a 0.19% expense ratio, which is higher than CLIP'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%.

Dividends

BOXX vs. CLIP - Dividend Comparison

BOXX has not paid dividends to shareholders, while CLIP's dividend yield for the trailing twelve months is around 3.85%.

Position	TTM	2025	2024	2023
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%	0.00%
CLIP Global X 1-3 Month T-Bill ETF	3.49%	4.14%	5.11%	2.75%

Frequently Asked Questions

Can I hold both BOXX and CLIP in my portfolio?

BOXX and CLIP 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 CLIP?

BOXX has higher volatility (0.09%) compared to CLIP (0.07%). In terms of maximum drawdown, BOXX dropped -0.12% vs CLIP's -0.08%.

Which ETF is better, BOXX or CLIP?

On 3-year performance, BOXX leads with 4.73% vs 4.63% for CLIP. On fees, CLIP is cheaper at 0.07% 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 CLIP?

Over the 3-year period, BOXX has performed better with a 4.73% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOXX or CLIP?

CLIP is cheaper with a 0.07% expense ratio, compared with 0.19% for BOXX.

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

CLIP has the higher dividend yield at 3.49%, compared with 0.00% for BOXX.

What is the main difference between BOXX and CLIP?

BOXX tracks Solactive 1-3 Month US T-Bill Index, while CLIP tracks Solactive 1-3 month US T-Bill Index - USD. They also come from different issuers: Alpha Architect and Global X. Their fees differ too: 0.19% for BOXX and 0.07% for CLIP.

Which has better risk-adjusted returns?

CLIP currently has the higher Sharpe Ratio (18.23 vs 12.44), 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.