BOXX vs. USD=X

Last updated Jun 14, 2026

BOXX (Alpha Architect 1-3 Month Box ETF) is Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index, while USD=X (USD Cash) is a currency. Over the past 3 years, BOXX returned 4.74%/yr vs 0.00%/yr for USD=X.

Performance

BOXX vs. USD=X - Performance Comparison

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

Returns By Period

BOXX

• 1D: 0.03%
• 1M: 0.24%
• YTD: 1.66%
• 6M: 1.95%
• 1Y: 4.06%
• 3Y*: 4.74%
• 5Y*: —
• 10Y*: —

USD=X

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 0.00%
• 3Y*: 0.00%
• 5Y*: 0.00%
• 10Y*: 0.00%

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

BOXX vs. USD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BOXX Alpha Architect 1-3 Month Box ETF	1.66%	4.37%	5.16%	5.04%	0.07%
USD=X USD Cash	0.00%	0.00%	0.00%	0.00%	0.00%

Return for Risk

BOXX vs. USD=X — 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: 99
BOXX Calmar Ratio Rank: 100
BOXX Martin Ratio Rank: 100

USD=X

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. USD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect 1-3 Month Box ETF (BOXX) and USD Cash (USD=X). 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	USD=X	Difference
Sharpe ratio: Return per unit of total volatility	12.70	—	—
Sortino ratio: Return per unit of downside risk	37.36	—	—
Omega ratio: Gain probability vs. loss probability	9.61	—	—
Calmar ratio: Return relative to maximum drawdown	59.46	—	—
Martin ratio: Return relative to average drawdown	524.03	—	—

Drawdowns

BOXX vs. USD=X - Drawdown Comparison

The maximum BOXX drawdown since its inception was -0.12%, which is greater than USD=X's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for BOXX and USD=X.

Drawdown Indicators

	BOXX	USD=X	Difference
Max Drawdown Largest peak-to-trough decline	-0.12%	0.00%	-0.12%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	0.00%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-0.12%	0.00%	-0.12%
Max Drawdown (5Y) Largest decline over 5 years	—	0.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	0.00%	—
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. USD=X - Volatility Comparison

Alpha Architect 1-3 Month Box ETF (BOXX) has a higher volatility of 0.10% compared to USD Cash (USD=X) at 0.00%. This indicates that BOXX's price experiences larger fluctuations and is considered to be riskier than USD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOXX	USD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	0.00%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	0.25%	0.00%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	0.32%	0.00%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.37%	0.00%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.37%	0.00%	+0.37%

Frequently Asked Questions

Which is riskier, BOXX or USD=X?

BOXX has higher volatility (0.10%) compared to USD=X (0.00%). In terms of maximum drawdown, BOXX dropped -0.12% vs USD=X's 0.00%.