BOXX vs. TFLO
BOXX (Alpha Architect 1-3 Month Box ETF) and TFLO (iShares Treasury Floating Rate Bond ETF) are both exchange-traded funds - BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index, while TFLO is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Index. Both are passively managed. Over the past 3 years, BOXX returned 4.72%/yr vs 4.72%/yr for TFLO. At a 0.22 correlation, their price movements are largely independent. BOXX charges 0.19%/yr vs 0.15%/yr for TFLO.
Performance
BOXX vs. TFLO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BOXX having a 1.75% return and TFLO slightly higher at 1.83%.
BOXX
- 1D
- 0.04%
- 1M
- 0.23%
- YTD
- 1.75%
- 6M
- 1.87%
- 1Y
- 4.00%
- 3Y*
- 4.72%
- 5Y*
- —
- 10Y*
- —
TFLO
- 1D
- 0.04%
- 1M
- 0.33%
- YTD
- 1.83%
- 6M
- 1.91%
- 1Y
- 3.97%
- 3Y*
- 4.72%
- 5Y*
- 3.69%
- 10Y*
- 2.38%
BOXX vs. TFLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BOXX Alpha Architect 1-3 Month Box ETF | 1.75% | 4.37% | 5.16% | 5.04% | 0.07% |
TFLO iShares Treasury Floating Rate Bond ETF | 1.83% | 4.22% | 5.34% | 5.12% | 0.10% |
Correlation
The correlation between BOXX and TFLO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Dec 28, 2022 | 0.22 |
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Return for Risk
BOXX vs. TFLO — Risk / Return Rank
BOXX
TFLO
BOXX vs. TFLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alpha Architect 1-3 Month Box ETF (BOXX) and iShares Treasury Floating Rate Bond ETF (TFLO). 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 | TFLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -14.01 | ||
| Omega ratioGain probability vs. loss probability | 8.74 | 13.14 | -4.40 |
| Calmar ratioReturn relative to maximum drawdown | 58.32 | 201.22 | -142.91 |
| Martin ratioReturn relative to average drawdown | 497.74 | 823.20 | -325.46 |
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Drawdowns
BOXX vs. TFLO - Drawdown Comparison
The maximum BOXX drawdown since its inception was -0.12%, smaller than the maximum TFLO drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for BOXX and TFLO.
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Drawdown Indicators
| BOXX | TFLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.12% | -5.01% | +4.89% |
Max Drawdown (1Y)Largest decline over 1 year | -0.07% | -0.02% | -0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -0.12% | -0.04% | -0.08% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.13% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.16% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -0.10% | +0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.00% | +0.01% |
Volatility
BOXX vs. TFLO - Volatility Comparison
Alpha Architect 1-3 Month Box ETF (BOXX) has a higher volatility of 0.10% compared to iShares Treasury Floating Rate Bond ETF (TFLO) at 0.09%. This indicates that BOXX's price experiences larger fluctuations and is considered to be riskier than TFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOXX | TFLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.10% | 0.09% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.26% | 0.20% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.32% | 0.29% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.37% | 0.36% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.37% | 0.46% | -0.09% |
BOXX vs. TFLO - Expense Ratio Comparison
BOXX has a 0.19% expense ratio, which is higher than TFLO's 0.15% 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. TFLO - Dividend Comparison
BOXX has not paid dividends to shareholders, while TFLO's dividend yield for the trailing twelve months is around 3.89%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BOXX Alpha Architect 1-3 Month Box ETF | 0.00% | 0.00% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TFLO iShares Treasury Floating Rate Bond ETF | 3.89% | 4.16% | 5.21% | 4.88% | 1.68% | 0.00% | 0.36% | 2.08% | 1.65% | 0.86% | 0.31% | 0.15% |
Frequently Asked Questions
BOXX and TFLO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BOXX has higher volatility (0.10%) compared to TFLO (0.09%). In terms of maximum drawdown, BOXX dropped -0.12% vs TFLO's -5.01%.
On 3-year performance, TFLO leads with 4.72% vs 4.72% for BOXX. On fees, TFLO is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TFLO has performed better with a 4.72% return vs 4.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TFLO is cheaper with a 0.15% expense ratio, compared with 0.19% for BOXX.
TFLO has the higher dividend yield at 3.89%, compared with 0.00% for BOXX.
BOXX is categorized as Ultrashort Bond, while TFLO is Government Bonds. BOXX tracks Solactive 1-3 Month US T-Bill Index, while TFLO tracks Bloomberg U.S. Treasury Floating Rate Index. They also come from different issuers: Alpha Architect and iShares. Their fees differ too: 0.19% for BOXX and 0.15% for TFLO.
TFLO currently has the higher Sharpe Ratio (13.95 vs 12.45), 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.
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