BOXX vs. JAAA

Last updated Jun 24, 2026

BOXX (Alpha Architect 1-3 Month Box ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index, while JAAA is a CLO fund actively managed by Janus Henderson. BOXX is passively managed, while JAAA is actively managed. Over the past 3 years, BOXX returned 4.70%/yr vs 6.58%/yr for JAAA. At a 0.09 correlation, their price movements are largely independent. BOXX charges 0.19%/yr vs 0.20%/yr for JAAA.

Performance

BOXX vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect 1-3 Month Box ETF (BOXX) and Janus Henderson AAA CLO ETF (JAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOXX achieves a 1.70% return, which is significantly lower than JAAA's 2.07% return.

BOXX

• 1D: -0.02%
• 1M: 0.16%
• YTD: 1.70%
• 6M: 1.82%
• 1Y: 3.98%
• 3Y*: 4.70%
• 5Y*: —
• 10Y*: —

JAAA

• 1D: -0.02%
• 1M: 0.29%
• YTD: 2.07%
• 6M: 2.31%
• 1Y: 4.95%
• 3Y*: 6.58%
• 5Y*: 4.80%
• 10Y*: —

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

BOXX vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BOXX Alpha Architect 1-3 Month Box ETF	1.70%	4.37%	5.16%	5.04%	0.07%
JAAA Janus Henderson AAA CLO ETF	2.07%	5.16%	7.43%	8.59%	0.04%

Correlation

The correlation between BOXX and JAAA is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (All Time) Calculated using the full available price history since Dec 28, 2022	0.09

The correlation between BOXX and JAAA shifts across timeframes, from -0.06 (1 year) to 0.11 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

BOXX vs. JAAA — 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: 99
BOXX Omega Ratio Rank: 99
BOXX Calmar Ratio Rank: 99
BOXX Martin Ratio Rank: 100

JAAA

JAAA Risk / Return Rank: 98
JAAA Sharpe Ratio Rank: 99
JAAA Sortino Ratio Rank: 99
JAAA Omega Ratio Rank: 99
JAAA Calmar Ratio Rank: 98
JAAA Martin Ratio Rank: 98

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. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect 1-3 Month Box ETF (BOXX) and Janus Henderson AAA CLO ETF (JAAA). 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	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	12.43	6.04	+6.39
Sortino ratio: Return per unit of downside risk	35.10	10.01	+25.10
Omega ratio: Gain probability vs. loss probability	8.71	2.72	+5.99
Calmar ratio: Return relative to maximum drawdown	58.08	12.81	+45.27
Martin ratio: Return relative to average drawdown	496.82	69.26	+427.56

BOXX vs. JAAA - Sharpe Ratio Comparison

The current BOXX Sharpe Ratio is 12.43, which is higher than the JAAA Sharpe Ratio of 6.04. The chart below compares the historical Sharpe Ratios of BOXX and JAAA, 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. JAAA - Drawdown Comparison

The maximum BOXX drawdown since its inception was -0.12%, smaller than the maximum JAAA drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for BOXX and JAAA.

Drawdown Indicators

	BOXX	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.12%	-2.64%	+2.52%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-0.39%	+0.32%
Max Drawdown (3Y) Largest decline over 3 years	-0.12%	-1.46%	+1.34%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.64%	—
Current Drawdown Current decline from peak	-0.02%	-0.02%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.25%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.07%	-0.06%

Volatility

BOXX vs. JAAA - Volatility Comparison

Alpha Architect 1-3 Month Box ETF (BOXX) and Janus Henderson AAA CLO ETF (JAAA) have volatilities of 0.12% and 0.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOXX	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.12%	0.12%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.26%	0.63%	-0.37%
Volatility (1Y) Calculated over the trailing 1-year period	0.32%	0.83%	-0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.37%	1.67%	-1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.37%	1.64%	-1.27%

BOXX vs. JAAA - Expense Ratio Comparison

BOXX has a 0.19% expense ratio, which is lower than JAAA's 0.20% expense ratio. Despite the difference, 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. JAAA - Dividend Comparison

BOXX has not paid dividends to shareholders, while JAAA's dividend yield for the trailing twelve months is around 4.99%.

Position	TTM	2025	2024	2023	2022	2021	2020
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%	0.00%	0.00%	0.00%	0.00%
JAAA Janus Henderson AAA CLO ETF	4.99%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%

Frequently Asked Questions

Can I hold both BOXX and JAAA in my portfolio?

BOXX and JAAA have a correlation of -0.06, 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 JAAA?

JAAA has higher volatility (0.12%) compared to BOXX (0.12%). In terms of maximum drawdown, BOXX dropped -0.12% vs JAAA's -2.64%.

Which ETF is better, BOXX or JAAA?

On 3-year performance, JAAA leads with 6.58% vs 4.70% for BOXX. On fees, BOXX is cheaper at 0.19% 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 JAAA?

Over the 3-year period, JAAA has performed better with a 6.58% return vs 4.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOXX or JAAA?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.20% for JAAA.

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

JAAA has the higher dividend yield at 4.99%, compared with 0.00% for BOXX.

What is the main difference between BOXX and JAAA?

BOXX is categorized as Ultrashort Bond, while JAAA is CLO. They also come from different issuers: Alpha Architect and Janus Henderson. Their fees differ too: 0.19% for BOXX and 0.20% for JAAA.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.43 vs 6.04), 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.