CBOX vs. BOXX

Last updated Aug 1, 2026

CBOX (Calamos Tax-Aware Collateral ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - CBOX is a Options Trading fund actively managed by Calamos, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. CBOX is actively managed, while BOXX is passively managed. Their 0.26 correlation means their historical movements had little consistent relationship. CBOX charges 0.14%/yr vs 0.19%/yr for BOXX.

Performance

CBOX vs. BOXX - Performance Comparison

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

Returns By Period

CBOX

• 1D: 0.00%
• 1M: 0.40%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

BOXX

• 1D: 0.06%
• 1M: 0.48%
• 6M: 1.95%
• YTD: 2.26%
• 1Y: 4.12%
• 3Y*: 4.73%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.71%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BOXX Alpha Architect 1-3 Month Box ETF	$253.32M	$264.36M	$274.97M
CBOX Calamos Tax-Aware Collateral ETF	$7.89M	$8.89M	$7.14M

CBOX vs. BOXX - Yearly Performance Comparison

	2026 (YTD)
CBOX Calamos Tax-Aware Collateral ETF	1.12%
BOXX Alpha Architect 1-3 Month Box ETF	1.15%

Correlation

The correlation between CBOX and BOXX is 0.26, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 17, 2026	0.26

Return for Risk

CBOX vs. BOXX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CBOX

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

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CBOX vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Tax-Aware Collateral ETF (CBOX) and Alpha Architect 1-3 Month Box ETF (BOXX). 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.

	CBOX	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	—	12.44	—
Sortino ratio: Return per unit of downside risk	—	36.42	—
Omega ratio: Gain probability vs. loss probability	—	8.74	—
Calmar ratio: Return relative to maximum drawdown	—	60.17	—
Martin ratio: Return relative to average drawdown	—	505.74	—

Drawdowns

CBOX vs. BOXX - Drawdown Comparison

The maximum CBOX drawdown since its inception was -2.90%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for CBOX and BOXX.

Drawdown Indicators

	CBOX	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-2.90%	-0.12%	-2.78%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.07%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.12%	—
Current Drawdown Current decline from peak	-2.30%	0.00%	-2.30%
Average Drawdown Average peak-to-trough decline	-1.47%	0.00%	-1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.01%	—

Volatility

Volatility by Period

	CBOX	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.09%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.27%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.83%	0.33%	+7.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.83%	0.37%	+7.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.83%	0.37%	+7.46%

CBOX vs. BOXX - Expense Ratio Comparison

CBOX has a 0.14% expense ratio, which is lower than BOXX's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CBOX vs. BOXX - Dividend Comparison

Neither CBOX nor BOXX has paid dividends to shareholders.

Position	TTM	2025	2024
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%
CBOX Calamos Tax-Aware Collateral ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOX and BOXX in my portfolio?

CBOX and BOXX 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 ETF is better, CBOX or BOXX?

On fees, CBOX is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBOX or BOXX?

CBOX is cheaper with a 0.14% expense ratio, compared with 0.19% for BOXX.

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

CBOX and BOXX have nearly identical dividend yields, around 0.00%.

What is the main difference between CBOX and BOXX?

CBOX is categorized as Options Trading, while BOXX is Ultrashort Bond. They also come from different issuers: Calamos and Alpha Architect. Their fees differ too: 0.14% for CBOX and 0.19% for BOXX.