FTLS vs. BOXX

Last updated Jun 28, 2026

FTLS (First Trust Long/Short Equity ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - FTLS is a Long-Short fund actively managed by First Trust, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. FTLS is actively managed, while BOXX is passively managed. Over the past 3 years, FTLS returned 13.28%/yr vs 4.71%/yr for BOXX. At a 0.02 correlation, their price movements are largely independent. FTLS charges 1.60%/yr vs 0.19%/yr for BOXX.

Performance

FTLS vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Long/Short Equity ETF (FTLS) and Alpha Architect 1-3 Month Box ETF (BOXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTLS achieves a 3.31% return, which is significantly higher than BOXX's 1.76% return.

FTLS

• 1D: -0.59%
• 1M: -1.50%
• YTD: 3.31%
• 6M: 2.22%
• 1Y: 11.69%
• 3Y*: 13.28%
• 5Y*: 9.77%
• 10Y*: 9.87%

BOXX

• 1D: 0.01%
• 1M: 0.21%
• YTD: 1.76%
• 6M: 1.83%
• 1Y: 3.98%
• 3Y*: 4.71%
• 5Y*: —
• 10Y*: —

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

FTLS vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FTLS First Trust Long/Short Equity ETF	3.31%	9.09%	18.80%	16.94%	-0.55%
BOXX Alpha Architect 1-3 Month Box ETF	1.76%	4.37%	5.16%	5.04%	0.07%

Correlation

The correlation between FTLS and BOXX is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since Dec 28, 2022	0.02

Return for Risk

FTLS vs. BOXX — Risk / Return Rank

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

FTLS

FTLS Risk / Return Rank: 57
FTLS Sharpe Ratio Rank: 49
FTLS Sortino Ratio Rank: 50
FTLS Omega Ratio Rank: 47
FTLS Calmar Ratio Rank: 75
FTLS Martin Ratio Rank: 65

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: 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.

FTLS vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Long/Short Equity ETF (FTLS) 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.

	FTLS	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	1.53	12.44	-10.92
Sortino ratio: Return per unit of downside risk	2.22	35.24	-33.02
Omega ratio: Gain probability vs. loss probability	1.27	8.74	-7.47
Calmar ratio: Return relative to maximum drawdown	3.39	58.31	-54.92
Martin ratio: Return relative to average drawdown	10.38	497.70	-487.32

FTLS vs. BOXX - Sharpe Ratio Comparison

The current FTLS Sharpe Ratio is 1.53, which is lower than the BOXX Sharpe Ratio of 12.44. The chart below compares the historical Sharpe Ratios of FTLS and BOXX, 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

FTLS vs. BOXX - Drawdown Comparison

The maximum FTLS drawdown since its inception was -20.54%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for FTLS and BOXX.

Drawdown Indicators

	FTLS	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-20.54%	-0.12%	-20.42%
Max Drawdown (1Y) Largest decline over 1 year	-3.79%	-0.07%	-3.72%
Max Drawdown (3Y) Largest decline over 3 years	-11.69%	-0.12%	-11.57%
Max Drawdown (5Y) Largest decline over 5 years	-11.69%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-20.54%	—	—
Current Drawdown Current decline from peak	-2.14%	0.00%	-2.14%
Average Drawdown Average peak-to-trough decline	-2.68%	-0.00%	-2.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	0.01%	+1.22%

Volatility

FTLS vs. BOXX - Volatility Comparison

First Trust Long/Short Equity ETF (FTLS) has a higher volatility of 2.61% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.10%. This indicates that FTLS'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

	FTLS	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	0.10%	+2.51%
Volatility (6M) Calculated over the trailing 6-month period	5.96%	0.26%	+5.70%
Volatility (1Y) Calculated over the trailing 1-year period	8.40%	0.32%	+8.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.58%	0.37%	+10.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.25%	0.37%	+10.88%

FTLS vs. BOXX - Expense Ratio Comparison

FTLS has a 1.60% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

FTLS vs. BOXX - Dividend Comparison

FTLS's dividend yield for the trailing twelve months is around 0.90%, while BOXX has not paid dividends to shareholders.

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%
FTLS First Trust Long/Short Equity ETF	0.90%	1.07%	1.50%	1.49%	0.81%	0.01%	0.44%	0.83%	0.87%	0.43%	1.04%	0.49%

Frequently Asked Questions

Can I hold both FTLS and BOXX in my portfolio?

FTLS and BOXX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTLS or BOXX?

FTLS has higher volatility (2.61%) compared to BOXX (0.10%). In terms of maximum drawdown, FTLS dropped -20.54% vs BOXX's -0.12%.

Which ETF is better, FTLS or BOXX?

On 3-year performance, FTLS leads with 13.28% vs 4.71% for BOXX. On fees, BOXX is cheaper at 0.19% per year. On volatility, BOXX has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTLS or BOXX?

Over the 3-year period, FTLS has performed better with a 13.28% return vs 4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTLS or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 1.60% for FTLS.

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

FTLS has the higher dividend yield at 0.90%, compared with 0.00% for BOXX.

What is the main difference between FTLS and BOXX?

FTLS is categorized as Long-Short, while BOXX is Ultrashort Bond. They also come from different issuers: First Trust and Alpha Architect. Their fees differ too: 1.60% for FTLS and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.44 vs 1.53), 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.