FXED vs. BOXX

Last updated Jun 4, 2026

FXED (Sound Enhanced Fixed Income ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - FXED is a Diversified Portfolio fund actively managed by Sound Income Strategies, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. FXED is actively managed, while BOXX is passively managed. Over the past 3 years, FXED returned 6.64%/yr vs 4.75%/yr for BOXX. At a correlation of -0.00, they often move in opposite directions. FXED charges 2.33%/yr vs 0.19%/yr for BOXX.

Performance

FXED vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sound Enhanced Fixed Income ETF (FXED) 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, FXED achieves a -0.68% return, which is significantly lower than BOXX's 1.58% return.

FXED

• 1D: -0.86%
• 1M: -1.64%
• YTD: -0.68%
• 6M: -0.29%
• 1Y: 4.11%
• 3Y*: 6.64%
• 5Y*: 2.33%
• 10Y*: —

BOXX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.58%
• 6M: 1.97%
• 1Y: 4.10%
• 3Y*: 4.75%
• 5Y*: —
• 10Y*: —

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

FXED vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FXED Sound Enhanced Fixed Income ETF	-0.68%	5.77%	5.18%	15.09%	1.07%
BOXX Alpha Architect 1-3 Month Box ETF	1.58%	4.37%	5.16%	5.04%	0.07%

Correlation

The correlation between FXED and BOXX is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (All Time) Calculated using the full available price history since Dec 29, 2022	-0.00

The correlation between FXED and BOXX shifts across timeframes, from -0.10 (1 year) to 0.00 (3 years), reflecting how their relationship changes across market environments.

FXED vs. BOXX - Sectors Allocation Comparison

Sectors	FXED	BOXX
Financial Services	61.2%	12.3%
Real Estate	38.8%	2.0%
Basic Materials	-	1.9%
Communication Services	-	10.7%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	5.4%
Energy	-	3.5%
Healthcare	-	9.8%
Industrials	-	8.7%
Technology	-	33.1%
Utilities	-	2.5%

Return for Risk

FXED vs. BOXX — Risk / Return Rank

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

FXED

FXED Risk / Return Rank: 18
FXED Sharpe Ratio Rank: 19
FXED Sortino Ratio Rank: 18
FXED Omega Ratio Rank: 17
FXED Calmar Ratio Rank: 19
FXED Martin Ratio Rank: 19

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.

FXED vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sound Enhanced Fixed Income ETF (FXED) 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.

	FXED	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	0.61	12.84	-12.23
Sortino ratio: Return per unit of downside risk	0.90	38.04	-37.13
Omega ratio: Gain probability vs. loss probability	1.11	9.98	-8.87
Calmar ratio: Return relative to maximum drawdown	0.77	59.77	-59.00
Martin ratio: Return relative to average drawdown	2.09	531.84	-529.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXED vs. BOXX - Sharpe Ratio Comparison

The current FXED Sharpe Ratio is 0.61, which is lower than the BOXX Sharpe Ratio of 12.84. The chart below compares the historical Sharpe Ratios of FXED 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.

Sharpe Ratios by Period

	FXED	BOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	12.84	-12.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	12.91	-12.53

Drawdowns

FXED vs. BOXX - Drawdown Comparison

The maximum FXED drawdown since its inception was -19.70%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for FXED and BOXX.

Drawdown Indicators

	FXED	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-0.12%	-19.58%
Max Drawdown (1Y) Largest decline over 1 year	-5.36%	-0.07%	-5.29%
Max Drawdown (3Y) Largest decline over 3 years	-8.96%	-0.12%	-8.84%
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	—	—
Current Drawdown Current decline from peak	-2.54%	0.00%	-2.54%
Average Drawdown Average peak-to-trough decline	-4.77%	-0.00%	-4.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	0.01%	+1.96%

Volatility

FXED vs. BOXX - Volatility Comparison

Sound Enhanced Fixed Income ETF (FXED) has a higher volatility of 2.12% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.09%. This indicates that FXED'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

	FXED	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	0.09%	+2.03%
Volatility (6M) Calculated over the trailing 6-month period	5.21%	0.25%	+4.96%
Volatility (1Y) Calculated over the trailing 1-year period	6.79%	0.32%	+6.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.75%	0.37%	+8.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.59%	0.37%	+8.22%

FXED vs. BOXX - Expense Ratio Comparison

FXED has a 2.33% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

FXED vs. BOXX - Dividend Comparison

FXED's dividend yield for the trailing twelve months is around 7.16%, while BOXX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%	0.00%	0.00%	0.00%
FXED Sound Enhanced Fixed Income ETF	7.16%	6.96%	6.70%	5.65%	5.94%	4.59%

Frequently Asked Questions

Can I hold both FXED and BOXX in my portfolio?

FXED and BOXX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXED or BOXX?

FXED has higher volatility (2.12%) compared to BOXX (0.09%). In terms of maximum drawdown, FXED dropped -19.70% vs BOXX's -0.12%.

Which ETF is better, FXED or BOXX?

On 3-year performance, FXED leads with 6.64% vs 4.75% for BOXX. On fees, BOXX is cheaper at 0.19% per year. On volatility, BOXX has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXED or BOXX?

Over the 3-year period, FXED has performed better with a 6.64% return vs 4.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXED or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 2.33% for FXED.

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

FXED has the higher dividend yield at 7.16%, compared with 0.00% for BOXX.

What is the main difference between FXED and BOXX?

FXED is categorized as Diversified Portfolio, while BOXX is Ultrashort Bond. They also come from different issuers: Sound Income Strategies and Alpha Architect. Their fees differ too: 2.33% for FXED and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.84 vs 0.61), 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.