IBIT vs. BOXX

Last updated Jun 16, 2026

IBIT (iShares Bitcoin Trust ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. Both are passively managed. Over the past year, IBIT returned -36.83% vs 4.05% for BOXX. At a 0.01 correlation, their price movements are largely independent. IBIT charges 0.25%/yr vs 0.19%/yr for BOXX.

Performance

IBIT vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Bitcoin Trust ETF (IBIT) 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, IBIT achieves a -23.99% return, which is significantly lower than BOXX's 1.65% return.

IBIT

• 1D: 4.72%
• 1M: -15.80%
• YTD: -23.99%
• 6M: -22.44%
• 1Y: -36.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BOXX

• 1D: -0.01%
• 1M: 0.23%
• YTD: 1.65%
• 6M: 1.93%
• 1Y: 4.05%
• 3Y*: 4.70%
• 5Y*: —
• 10Y*: —

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

IBIT vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBIT iShares Bitcoin Trust ETF	-23.99%	-6.41%	89.87%
BOXX Alpha Architect 1-3 Month Box ETF	1.65%	4.37%	5.07%

Correlation

The correlation between IBIT and BOXX is -0.01, 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	-0.01
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.01

Return for Risk

IBIT vs. BOXX — Risk / Return Rank

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

IBIT

IBIT Risk / Return Rank: 3
IBIT Sharpe Ratio Rank: 3
IBIT Sortino Ratio Rank: 3
IBIT Omega Ratio Rank: 3
IBIT Calmar Ratio Rank: 3
IBIT Martin Ratio Rank: 3

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: 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.

IBIT vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.

	IBIT	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	12.58	-13.42
Sortino ratio: Return per unit of downside risk	-1.11	37.00	-38.11
Omega ratio: Gain probability vs. loss probability	0.88	9.40	-8.52
Calmar ratio: Return relative to maximum drawdown	-0.71	59.06	-59.77
Martin ratio: Return relative to average drawdown	-1.24	519.27	-520.51

IBIT vs. BOXX - Sharpe Ratio Comparison

The current IBIT Sharpe Ratio is -0.83, which is lower than the BOXX Sharpe Ratio of 12.58. The chart below compares the historical Sharpe Ratios of IBIT 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

IBIT vs. BOXX - Drawdown Comparison

The maximum IBIT drawdown since its inception was -52.11%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for IBIT and BOXX.

Drawdown Indicators

	IBIT	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-52.11%	-0.12%	-51.99%
Max Drawdown (1Y) Largest decline over 1 year	-52.11%	-0.07%	-52.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.12%	—
Current Drawdown Current decline from peak	-47.06%	-0.01%	-47.05%
Average Drawdown Average peak-to-trough decline	-16.58%	-0.00%	-16.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.79%	0.01%	+29.78%

Volatility

IBIT vs. BOXX - Volatility Comparison

iShares Bitcoin Trust ETF (IBIT) has a higher volatility of 12.94% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.11%. This indicates that IBIT'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

	IBIT	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.94%	0.11%	+12.83%
Volatility (6M) Calculated over the trailing 6-month period	34.80%	0.25%	+34.55%
Volatility (1Y) Calculated over the trailing 1-year period	44.40%	0.32%	+44.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.31%	0.37%	+49.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.31%	0.37%	+49.94%

IBIT vs. BOXX - Expense Ratio Comparison

IBIT has a 0.25% 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%.

Dividends

IBIT vs. BOXX - Dividend Comparison

Neither IBIT 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%
IBIT iShares Bitcoin Trust ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBIT and BOXX in my portfolio?

IBIT and BOXX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBIT or BOXX?

IBIT has higher volatility (12.94%) compared to BOXX (0.11%). In terms of maximum drawdown, IBIT dropped -52.11% vs BOXX's -0.12%.

Which ETF is better, IBIT or BOXX?

On 1-year performance, BOXX leads with 4.05% vs -36.83% for IBIT. On fees, BOXX is cheaper at 0.19% per year. On volatility, BOXX has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBIT or BOXX?

Over the 1-year period, BOXX has performed better with a 4.05% return vs -36.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBIT or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.25% for IBIT.

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

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

What is the main difference between IBIT and BOXX?

IBIT is categorized as Cryptocurrency, while BOXX is Ultrashort Bond. IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while BOXX tracks Solactive 1-3 Month US T-Bill Index. They also come from different issuers: iShares and Alpha Architect. Their fees differ too: 0.25% for IBIT and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.58 vs -0.83), 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.