BOXX vs. TAXM

Last updated Jun 5, 2026

BOXX (Alpha Architect 1-3 Month Box ETF) and TAXM (BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents) are both exchange-traded funds - BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index, while TAXM is a Municipal Bonds fund actively managed by BondBloxx. BOXX is passively managed, while TAXM is actively managed. Over the past year, BOXX returned 4.09% vs 6.44% for TAXM. At a correlation of -0.13, they often move in opposite directions. BOXX charges 0.19%/yr vs 0.35%/yr for TAXM.

Performance

BOXX vs. TAXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect 1-3 Month Box ETF (BOXX) and BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM). 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 TAXM's 1.26% return.

BOXX

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

TAXM

• 1D: 0.07%
• 1M: 0.56%
• YTD: 1.26%
• 6M: 1.58%
• 1Y: 6.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BOXX vs. TAXM - Yearly Performance Comparison

	2026 (YTD)	2025
BOXX Alpha Architect 1-3 Month Box ETF	1.59%	3.46%
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	1.26%	3.71%

Correlation

The correlation between BOXX and TAXM is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025	-0.13

Return for Risk

BOXX vs. TAXM — 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

TAXM

TAXM Risk / Return Rank: 69
TAXM Sharpe Ratio Rank: 76
TAXM Sortino Ratio Rank: 81
TAXM Omega Ratio Rank: 86
TAXM Calmar Ratio Rank: 49
TAXM Martin Ratio Rank: 50

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. TAXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect 1-3 Month Box ETF (BOXX) and BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM). 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	TAXM	Difference
Sharpe ratio: Return per unit of total volatility	12.81	2.43	+10.38
Sortino ratio: Return per unit of downside risk	37.95	3.57	+34.38
Omega ratio: Gain probability vs. loss probability	9.96	1.51	+8.44
Calmar ratio: Return relative to maximum drawdown	59.63	2.39	+57.24
Martin ratio: Return relative to average drawdown	530.59	8.37	+522.22
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. TAXM - Sharpe Ratio Comparison

The current BOXX Sharpe Ratio is 12.81, which is higher than the TAXM Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of BOXX and TAXM, 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	TAXM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	12.81	2.43	+10.38
Sharpe Ratio (All Time) Calculated using the full available price history	12.91	1.15	+11.76

Drawdowns

BOXX vs. TAXM - Drawdown Comparison

The maximum BOXX drawdown since its inception was -0.12%, smaller than the maximum TAXM drawdown of -3.10%. Use the drawdown chart below to compare losses from any high point for BOXX and TAXM.

Drawdown Indicators

	BOXX	TAXM	Difference
Max Drawdown Largest peak-to-trough decline	-0.12%	-3.10%	+2.98%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-2.70%	+2.63%
Max Drawdown (3Y) Largest decline over 3 years	-0.12%	—	—
Current Drawdown Current decline from peak	0.00%	-0.73%	+0.73%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.71%	+0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.77%	-0.76%

Volatility

BOXX vs. TAXM - Volatility Comparison

The current volatility for Alpha Architect 1-3 Month Box ETF (BOXX) is 0.09%, while BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) has a volatility of 0.94%. This indicates that BOXX experiences smaller price fluctuations and is considered to be less risky than TAXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOXX	TAXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	0.94%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	0.25%	2.04%	-1.79%
Volatility (1Y) Calculated over the trailing 1-year period	0.32%	2.67%	-2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.37%	3.55%	-3.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.37%	3.55%	-3.18%

BOXX vs. TAXM - Expense Ratio Comparison

BOXX has a 0.19% expense ratio, which is lower than TAXM's 0.35% expense ratio.

Dividends

BOXX vs. TAXM - Dividend Comparison

BOXX has not paid dividends to shareholders, while TAXM's dividend yield for the trailing twelve months is around 3.29%.

Position	TTM	2025	2024
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	3.29%	2.75%	0.00%

Frequently Asked Questions

Can I hold both BOXX and TAXM in my portfolio?

BOXX and TAXM have a correlation of -0.17, 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 TAXM?

TAXM has higher volatility (0.94%) compared to BOXX (0.09%). In terms of maximum drawdown, BOXX dropped -0.12% vs TAXM's -3.10%.

Which ETF is better, BOXX or TAXM?

On 1-year performance, TAXM leads with 6.44% vs 4.09% for BOXX. On fees, BOXX is cheaper at 0.19% per year. On volatility, BOXX has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOXX or TAXM?

Over the 1-year period, TAXM has performed better with a 6.44% return vs 4.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOXX or TAXM?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.35% for TAXM.

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

TAXM has the higher dividend yield at 3.29%, compared with 0.00% for BOXX.

What is the main difference between BOXX and TAXM?

BOXX is categorized as Ultrashort Bond, while TAXM is Municipal Bonds. They also come from different issuers: Alpha Architect and BondBloxx. Their fees differ too: 0.19% for BOXX and 0.35% for TAXM.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.81 vs 2.43), 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.