CSHP vs. BOXX

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Enhanced Short-Term Bond Active ETF (CSHP) and Alpha Architect 1-3 Month Box ETF (BOXX).

CSHP and BOXX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CSHP is an actively managed fund by iShares. It was launched on Jul 17, 2024. BOXX is a passively managed fund by Alpha Architect that tracks the performance of the Solactive 1-3 Month US T-Bill Index. It was launched on Dec 27, 2022.

Performance

CSHP vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Enhanced Short-Term Bond Active ETF (CSHP) and Alpha Architect 1-3 Month Box ETF (BOXX). The values are adjusted to include any dividend payments, if applicable.

CSHP vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	0.98%	4.10%	2.24%
BOXX Alpha Architect 1-3 Month Box ETF	1.03%	4.37%	2.29%

Returns By Period

In the year-to-date period, CSHP achieves a 0.98% return, which is significantly lower than BOXX's 1.03% return.

CSHP

• 1D: -0.00%
• 1M: 0.39%
• YTD: 0.98%
• 6M: 1.98%
• 1Y: 4.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BOXX

• 1D: 0.11%
• 1M: 0.40%
• YTD: 1.03%
• 6M: 2.13%
• 1Y: 4.31%
• 3Y*: 4.83%
• 5Y*: —
• 10Y*: —

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

CSHP vs. BOXX - Expense Ratio Comparison

CSHP has a 0.20% expense ratio, which is higher than BOXX's 0.19% 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%.

CSHP

iShares Enhanced Short-Term Bond Active ETF

BOXX

Alpha Architect 1-3 Month Box ETF

Return for Risk

CSHP vs. BOXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CSHP

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

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) 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.

CSHP vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Enhanced Short-Term Bond Active ETF (CSHP) 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.

	CSHP	BOXX	Difference
Sharpe ratio Return per unit of total volatility	10.92	13.56	-2.65
Sortino ratio Return per unit of downside risk	27.40	47.23	-19.83
Omega ratio Gain probability vs. loss probability	6.43	10.69	-4.26
Calmar ratio Return relative to maximum drawdown	58.55	120.87	-62.32
Martin ratio Return relative to average drawdown	348.21	720.99	-372.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSHP vs. BOXX - Sharpe Ratio Comparison

The current CSHP Sharpe Ratio is 10.92, which is comparable to the BOXX Sharpe Ratio of 13.56. The chart below compares the historical Sharpe Ratios of CSHP and BOXX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CSHP	BOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	10.92	13.56	-2.65
Sharpe Ratio (All Time) Calculated using the full available price history	10.59	13.15	-2.55

Correlation

The correlation between CSHP and BOXX is 0.20, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CSHP vs. BOXX - Dividend Comparison

CSHP's dividend yield for the trailing twelve months is around 5.19%, while BOXX has not paid dividends to shareholders.

	TTM	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	5.19%	5.39%	1.96%
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%

Drawdowns

CSHP vs. BOXX - Drawdown Comparison

The maximum CSHP drawdown since its inception was -0.08%, smaller than the maximum BOXX drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for CSHP and BOXX.

Drawdown Indicators

	CSHP	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-0.08%	-0.12%	+0.04%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-0.04%	-0.03%
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%	0.01%	0.00%

Volatility

CSHP vs. BOXX - Volatility Comparison

iShares Enhanced Short-Term Bond Active ETF (CSHP) has a higher volatility of 0.15% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.13%. This indicates that CSHP's price experiences larger fluctuations and is considered to be riskier than BOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSHP	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	0.13%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.26%	0.24%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	0.38%	0.32%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.41%	0.37%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.41%	0.37%	+0.04%