HIPS vs. BOXX

Last updated Jun 3, 2026

HIPS (GraniteShares HIPS US High Income ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - HIPS is a Diversified Portfolio fund tracking the TFMS HIPS Index, 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, HIPS returned 11.23%/yr vs 4.75%/yr for BOXX. At a correlation of -0.03, they often move in opposite directions. HIPS charges 3.19%/yr vs 0.19%/yr for BOXX.

Performance

HIPS vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares HIPS US High Income ETF (HIPS) 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, HIPS achieves a 4.11% return, which is significantly higher than BOXX's 1.58% return.

HIPS

• 1D: -0.09%
• 1M: -3.46%
• YTD: 4.11%
• 6M: 3.85%
• 1Y: 8.09%
• 3Y*: 11.23%
• 5Y*: 4.18%
• 10Y*: 5.64%

BOXX

• 1D: 0.01%
• 1M: 0.30%
• YTD: 1.58%
• 6M: 1.98%
• 1Y: 4.09%
• 3Y*: 4.75%
• 5Y*: —
• 10Y*: —

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

HIPS vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HIPS GraniteShares HIPS US High Income ETF	4.11%	1.00%	13.71%	16.09%	0.42%
BOXX Alpha Architect 1-3 Month Box ETF	1.58%	4.37%	5.16%	5.04%	0.07%

Correlation

The correlation between HIPS and BOXX is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Dec 29, 2022	-0.03

HIPS vs. BOXX - Sectors Allocation Comparison

Sectors	HIPS	BOXX
Energy	32.7%	3.5%
Real Estate	31.7%	2.0%
Financial Services	31.6%	12.3%
Basic Materials	4.0%	1.9%
Communication Services	0.0%	10.7%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	5.4%
Healthcare	-	9.8%
Industrials	-	8.7%
Technology	-	33.1%
Utilities	-	2.5%

Return for Risk

HIPS vs. BOXX — Risk / Return Rank

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

HIPS

HIPS Risk / Return Rank: 24
HIPS Sharpe Ratio Rank: 24
HIPS Sortino Ratio Rank: 23
HIPS Omega Ratio Rank: 22
HIPS Calmar Ratio Rank: 25
HIPS Martin Ratio Rank: 24

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.

HIPS vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares HIPS US High Income ETF (HIPS) 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.

	HIPS	BOXX	Difference
Sharpe ratio Return per unit of total volatility	0.85	12.79	-11.94
Sortino ratio Return per unit of downside risk	1.24	37.82	-36.58
Omega ratio Gain probability vs. loss probability	1.15	9.78	-8.64
Calmar ratio Return relative to maximum drawdown	1.23	59.53	-58.30
Martin ratio Return relative to average drawdown	3.32	529.34	-526.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIPS vs. BOXX - Sharpe Ratio Comparison

The current HIPS Sharpe Ratio is 0.85, which is lower than the BOXX Sharpe Ratio of 12.79. The chart below compares the historical Sharpe Ratios of HIPS 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

	HIPS	BOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	12.79	-11.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	12.92	-12.69

Drawdowns

HIPS vs. BOXX - Drawdown Comparison

The maximum HIPS drawdown since its inception was -53.14%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for HIPS and BOXX.

Drawdown Indicators

	HIPS	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-53.14%	-0.12%	-53.02%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-0.07%	-6.08%
Max Drawdown (3Y) Largest decline over 3 years	-15.41%	-0.12%	-15.29%
Max Drawdown (5Y) Largest decline over 5 years	-21.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-53.14%	—	—
Current Drawdown Current decline from peak	-3.46%	0.00%	-3.46%
Average Drawdown Average peak-to-trough decline	-7.39%	-0.00%	-7.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	0.01%	+2.26%

Volatility

HIPS vs. BOXX - Volatility Comparison

GraniteShares HIPS US High Income ETF (HIPS) has a higher volatility of 1.76% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.09%. This indicates that HIPS'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

	HIPS	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.76%	0.09%	+1.67%
Volatility (6M) Calculated over the trailing 6-month period	7.00%	0.25%	+6.75%
Volatility (1Y) Calculated over the trailing 1-year period	9.55%	0.32%	+9.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.29%	0.37%	+12.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	0.37%	+17.71%

HIPS vs. BOXX - Expense Ratio Comparison

HIPS has a 3.19% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

HIPS vs. BOXX - Dividend Comparison

HIPS's dividend yield for the trailing twelve months is around 11.10%, 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%
HIPS GraniteShares HIPS US High Income ETF	11.10%	11.04%	10.04%	10.32%	10.76%	8.43%	9.50%	6.93%	8.66%	7.28%	7.20%	8.17%

Frequently Asked Questions

Can I hold both HIPS and BOXX in my portfolio?

HIPS and BOXX have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIPS or BOXX?

HIPS has higher volatility (1.76%) compared to BOXX (0.09%). In terms of maximum drawdown, HIPS dropped -53.14% vs BOXX's -0.12%.

Which ETF is better, HIPS or BOXX?

On 3-year performance, HIPS leads with 11.23% 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, HIPS or BOXX?

Over the 3-year period, HIPS has performed better with a 11.23% return vs 4.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIPS or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 3.19% for HIPS.

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

HIPS has the higher dividend yield at 11.10%, compared with 0.00% for BOXX.

What is the main difference between HIPS and BOXX?

HIPS is categorized as Diversified Portfolio, while BOXX is Ultrashort Bond. HIPS tracks TFMS HIPS Index, while BOXX tracks Solactive 1-3 Month US T-Bill Index. They also come from different issuers: GraniteShares and Alpha Architect. Their fees differ too: 3.19% for HIPS and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.79 vs 0.85), 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.