BOXX vs. TLT
BOXX (Alpha Architect 1-3 Month Box ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 3 years, BOXX returned 4.72%/yr vs -2.05%/yr for TLT. At a correlation of -0.02, they often move in opposite directions. BOXX charges 0.19%/yr vs 0.15%/yr for TLT.
Performance
BOXX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, BOXX achieves a 1.60% return, which is significantly higher than TLT's -1.08% return.
BOXX
- 1D
- -0.01%
- 1M
- 0.25%
- YTD
- 1.60%
- 6M
- 1.94%
- 1Y
- 4.04%
- 3Y*
- 4.72%
- 5Y*
- —
- 10Y*
- —
TLT
- 1D
- -0.52%
- 1M
- -1.31%
- YTD
- -1.08%
- 6M
- -1.51%
- 1Y
- 3.67%
- 3Y*
- -2.05%
- 5Y*
- -6.70%
- 10Y*
- -1.85%
BOXX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BOXX Alpha Architect 1-3 Month Box ETF | 1.60% | 4.37% | 5.16% | 5.04% | 0.07% |
TLT iShares 20+ Year Treasury Bond ETF | -1.08% | 4.25% | -8.05% | 2.77% | 0.01% |
Correlation
The correlation between BOXX and TLT is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Dec 29, 2022 | -0.02 |
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Return for Risk
BOXX vs. TLT — Risk / Return Rank
BOXX
TLT
BOXX vs. TLT - 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 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +12.30 | ||
| Sortino ratioReturn per unit of downside risk | +36.78 | ||
| Omega ratioGain probability vs. loss probability | 9.69 | 1.07 | +8.62 |
| Calmar ratioReturn relative to maximum drawdown | 58.95 | 0.49 | +58.47 |
| Martin ratioReturn relative to average drawdown | 524.63 | 1.19 | +523.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BOXX | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 12.68 | 0.38 | +12.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.42 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.12 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 12.89 | 0.25 | +12.64 |
Drawdowns
BOXX vs. TLT - Drawdown Comparison
The maximum BOXX drawdown since its inception was -0.12%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for BOXX and TLT.
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Drawdown Indicators
| BOXX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.12% | -48.35% | +48.23% |
Max Drawdown (1Y)Largest decline over 1 year | -0.07% | -7.58% | +7.51% |
Max Drawdown (3Y)Largest decline over 3 years | -0.12% | -19.18% | +19.06% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -0.01% | -40.92% | +40.91% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -13.83% | +13.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 3.08% | -3.07% |
Volatility
BOXX vs. TLT - Volatility Comparison
The current volatility for Alpha Architect 1-3 Month Box ETF (BOXX) is 0.09%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.65%. This indicates that BOXX experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOXX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.09% | 2.65% | -2.56% |
Volatility (6M)Calculated over the trailing 6-month period | 0.25% | 6.51% | -6.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.32% | 9.60% | -9.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.37% | 15.85% | -15.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.37% | 14.91% | -14.54% |
BOXX vs. TLT - Expense Ratio Comparison
BOXX has a 0.19% expense ratio, which is higher than TLT'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. TLT - Dividend Comparison
BOXX has not paid dividends to shareholders, while TLT's dividend yield for the trailing twelve months is around 4.63%.
| 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.63% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
BOXX and TLT have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.65%) compared to BOXX (0.09%). In terms of maximum drawdown, BOXX dropped -0.12% vs TLT's -48.35%.
On 3-year performance, BOXX leads with 4.72% vs -2.05% for TLT. On fees, TLT is cheaper at 0.15% 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.
Over the 3-year period, BOXX has performed better with a 4.72% return vs -2.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.19% for BOXX.
TLT has the higher dividend yield at 4.63%, compared with 0.00% for BOXX.
BOXX is categorized as Ultrashort Bond, while TLT is Government Bonds. BOXX tracks Solactive 1-3 Month US T-Bill Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Alpha Architect and iShares. Their fees differ too: 0.19% for BOXX and 0.15% for TLT.
BOXX currently has the higher Sharpe Ratio (12.68 vs 0.38), 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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