BOXX vs. VBIL

Last updated Jun 23, 2026

BOXX (Alpha Architect 1-3 Month Box ETF) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both Ultrashort Bond funds - BOXX tracks the Solactive 1-3 Month US T-Bill Index while VBIL tracks the Bloomberg US Treasury Bills 0-3 Months Index. Both are passively managed. Over the past year, BOXX returned 4.02% vs 3.91% for VBIL. At a 0.25 correlation, their price movements are largely independent. BOXX charges 0.19%/yr vs 0.07%/yr for VBIL.

Performance

BOXX vs. VBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect 1-3 Month Box ETF (BOXX) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BOXX having a 1.72% return and VBIL slightly lower at 1.70%.

BOXX

• 1D: 0.02%
• 1M: 0.18%
• YTD: 1.72%
• 6M: 1.87%
• 1Y: 4.02%
• 3Y*: 4.71%
• 5Y*: —
• 10Y*: —

VBIL

• 1D: 0.03%
• 1M: 0.29%
• YTD: 1.70%
• 6M: 1.81%
• 1Y: 3.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BOXX vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
BOXX Alpha Architect 1-3 Month Box ETF	1.72%	3.84%
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.70%	3.73%

Correlation

The correlation between BOXX and VBIL is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	0.25

Return for Risk

BOXX vs. VBIL — 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

VBIL

VBIL Risk / Return Rank: 100
VBIL Sharpe Ratio Rank: 100
VBIL Sortino Ratio Rank: 100
VBIL Omega Ratio Rank: 100
VBIL Calmar Ratio Rank: 100
VBIL Martin Ratio Rank: 100

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. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect 1-3 Month Box ETF (BOXX) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). 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	VBIL	Difference
Sharpe ratio: Return per unit of total volatility	12.63	18.07	-5.44
Sortino ratio: Return per unit of downside risk	35.92	111.81	-75.89
Omega ratio: Gain probability vs. loss probability	9.07	39.66	-30.59
Calmar ratio: Return relative to maximum drawdown	58.74	296.41	-237.67
Martin ratio: Return relative to average drawdown	507.08	1,809.33	-1,302.25

BOXX vs. VBIL - Sharpe Ratio Comparison

The current BOXX Sharpe Ratio is 12.63, which is lower than the VBIL Sharpe Ratio of 18.07. The chart below compares the historical Sharpe Ratios of BOXX and VBIL, 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. VBIL - Drawdown Comparison

The maximum BOXX drawdown since its inception was -0.12%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for BOXX and VBIL.

Drawdown Indicators

	BOXX	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.12%	-0.09%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-0.01%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-0.12%	—	—
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. VBIL - Volatility Comparison

Alpha Architect 1-3 Month Box ETF (BOXX) has a higher volatility of 0.12% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.05%. This indicates that BOXX's price experiences larger fluctuations and is considered to be riskier than VBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOXX	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.12%	0.05%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	0.26%	0.16%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	0.32%	0.22%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.37%	0.30%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.37%	0.30%	+0.07%

BOXX vs. VBIL - Expense Ratio Comparison

BOXX has a 0.19% expense ratio, which is higher than VBIL's 0.07% 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. VBIL - Dividend Comparison

BOXX has not paid dividends to shareholders, while VBIL's dividend yield for the trailing twelve months is around 3.65%.

Position	TTM	2025	2024
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.65%	3.12%	0.00%

Frequently Asked Questions

Can I hold both BOXX and VBIL in my portfolio?

BOXX and VBIL have a correlation of 0.26, 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 VBIL?

BOXX has higher volatility (0.12%) compared to VBIL (0.05%). In terms of maximum drawdown, BOXX dropped -0.12% vs VBIL's -0.09%.

Which ETF is better, BOXX or VBIL?

On 1-year performance, BOXX leads with 4.02% vs 3.91% for VBIL. On fees, VBIL is cheaper at 0.07% 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 VBIL?

Over the 1-year period, BOXX has performed better with a 4.02% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOXX or VBIL?

VBIL is cheaper with a 0.07% expense ratio, compared with 0.19% for BOXX.

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

VBIL has the higher dividend yield at 3.65%, compared with 0.00% for BOXX.

What is the main difference between BOXX and VBIL?

BOXX tracks Solactive 1-3 Month US T-Bill Index, while VBIL tracks Bloomberg US Treasury Bills 0-3 Months Index. They also come from different issuers: Alpha Architect and Vanguard. Their fees differ too: 0.19% for BOXX and 0.07% for VBIL.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (18.07 vs 12.63), 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.