GLD vs. BOXX

Last updated Jun 9, 2026

GLD (SPDR Gold Shares) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. Both are passively managed. Over the past 3 years, GLD returned 29.71%/yr vs 4.72%/yr for BOXX. At a 0.01 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.19%/yr for BOXX.

Performance

GLD vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) 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, GLD achieves a 0.24% return, which is significantly lower than BOXX's 1.60% return.

GLD

• 1D: 0.26%
• 1M: -8.41%
• YTD: 0.24%
• 6M: 3.07%
• 1Y: 30.18%
• 3Y*: 29.71%
• 5Y*: 17.55%
• 10Y*: 12.56%

BOXX

• 1D: -0.01%
• 1M: 0.25%
• YTD: 1.60%
• 6M: 1.94%
• 1Y: 4.04%
• 3Y*: 4.72%
• 5Y*: —
• 10Y*: —

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

GLD vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GLD SPDR Gold Shares	0.24%	63.68%	26.66%	12.69%	0.58%
BOXX Alpha Architect 1-3 Month Box ETF	1.60%	4.37%	5.16%	5.04%	0.07%

Correlation

The correlation between GLD and BOXX is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Dec 28, 2022	0.01

GLD vs. BOXX - Sectors Allocation Comparison

Sectors	GLD	BOXX
Basic Materials	100.0%	1.9%
Communication Services	-	10.7%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	5.4%
Energy	-	3.5%
Financial Services	-	12.3%
Healthcare	-	9.8%
Industrials	-	8.7%
Real Estate	-	2.0%
Technology	-	33.1%
Utilities	-	2.5%

Return for Risk

GLD vs. BOXX — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 33
GLD Sharpe Ratio Rank: 34
GLD Sortino Ratio Rank: 31
GLD Omega Ratio Rank: 38
GLD Calmar Ratio Rank: 34
GLD Martin Ratio Rank: 29

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: 99
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.

GLD vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) 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.

	GLD	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	1.13	12.68	-11.55
Sortino ratio: Return per unit of downside risk	1.51	37.40	-35.89
Omega ratio: Gain probability vs. loss probability	1.23	9.69	-8.46
Calmar ratio: Return relative to maximum drawdown	1.51	58.95	-57.44
Martin ratio: Return relative to average drawdown	3.78	524.63	-520.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLD vs. BOXX - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 1.13, which is lower than the BOXX Sharpe Ratio of 12.68. The chart below compares the historical Sharpe Ratios of GLD 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

	GLD	BOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	12.68	-11.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	12.89	-12.30

Drawdowns

GLD vs. BOXX - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for GLD and BOXX.

Drawdown Indicators

	GLD	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-0.12%	-45.44%
Max Drawdown (1Y) Largest decline over 1 year	-20.10%	-0.07%	-20.03%
Max Drawdown (3Y) Largest decline over 3 years	-20.10%	-0.12%	-19.98%
Max Drawdown (5Y) Largest decline over 5 years	-21.03%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.00%	—	—
Current Drawdown Current decline from peak	-19.89%	-0.01%	-19.88%
Average Drawdown Average peak-to-trough decline	-16.16%	-0.00%	-16.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.01%	0.01%	+8.00%

Volatility

GLD vs. BOXX - Volatility Comparison

SPDR Gold Shares (GLD) has a higher volatility of 5.68% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.09%. This indicates that GLD'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

	GLD	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	0.09%	+5.59%
Volatility (6M) Calculated over the trailing 6-month period	23.47%	0.25%	+23.22%
Volatility (1Y) Calculated over the trailing 1-year period	26.87%	0.32%	+26.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.07%	0.37%	+17.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.99%	0.37%	+15.62%

GLD vs. BOXX - Expense Ratio Comparison

GLD has a 0.40% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

GLD vs. BOXX - Dividend Comparison

Neither GLD 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%
GLD SPDR Gold Shares	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLD and BOXX in my portfolio?

GLD and BOXX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLD or BOXX?

GLD has higher volatility (5.68%) compared to BOXX (0.09%). In terms of maximum drawdown, GLD dropped -45.56% vs BOXX's -0.12%.

Which ETF is better, GLD or BOXX?

On 3-year performance, GLD leads with 29.71% vs 4.72% 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, GLD or BOXX?

Over the 3-year period, GLD has performed better with a 29.71% return vs 4.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLD or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.40% for GLD.

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

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

What is the main difference between GLD and BOXX?

GLD is categorized as Gold, while BOXX is Ultrashort Bond. GLD tracks LBMA Gold Price PM, while BOXX tracks Solactive 1-3 Month US T-Bill Index. They also come from different issuers: State Street and Alpha Architect. Their fees differ too: 0.40% for GLD and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.68 vs 1.13), 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.