IEFA vs. BOXX

Last updated Jun 9, 2026

IEFA (iShares Core MSCI EAFE ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net), 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, IEFA returned 16.13%/yr vs 4.72%/yr for BOXX. At a correlation of -0.00, they often move in opposite directions. IEFA charges 0.07%/yr vs 0.19%/yr for BOXX.

Performance

IEFA vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE ETF (IEFA) 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, IEFA achieves a 7.49% return, which is significantly higher than BOXX's 1.60% return.

IEFA

• 1D: 0.63%
• 1M: -1.17%
• YTD: 7.49%
• 6M: 10.04%
• 1Y: 19.61%
• 3Y*: 16.13%
• 5Y*: 7.82%
• 10Y*: 9.37%

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)

IEFA vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IEFA iShares Core MSCI EAFE ETF	7.49%	32.08%	3.26%	17.95%	0.59%
BOXX Alpha Architect 1-3 Month Box ETF	1.60%	4.37%	5.16%	5.04%	0.07%

Correlation

The correlation between IEFA and BOXX is -0.04, 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	-0.04
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	-0.00

IEFA vs. BOXX - Sectors Allocation Comparison

Sectors	IEFA	BOXX
Financial Services	22.5%	12.3%
Industrials	20.1%	8.7%
Technology	10.8%	33.1%
Healthcare	9.5%	9.8%
Consumer Cyclical	8.0%	10.1%
Basic Materials	7.0%	1.9%
Consumer Defensive	6.6%	5.4%
Communication Services	4.4%	10.7%
Energy	3.8%	3.5%
Utilities	3.6%	2.5%
Real Estate	3.0%	2.0%

Return for Risk

IEFA vs. BOXX — Risk / Return Rank

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

IEFA

IEFA Risk / Return Rank: 40
IEFA Sharpe Ratio Rank: 41
IEFA Sortino Ratio Rank: 40
IEFA Omega Ratio Rank: 40
IEFA Calmar Ratio Rank: 38
IEFA Martin Ratio Rank: 43

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.

IEFA vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) 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.

	IEFA	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	1.30	12.68	-11.38
Sortino ratio: Return per unit of downside risk	1.88	37.40	-35.53
Omega ratio: Gain probability vs. loss probability	1.24	9.69	-8.45
Calmar ratio: Return relative to maximum drawdown	1.71	58.95	-57.24
Martin ratio: Return relative to average drawdown	6.52	524.63	-518.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEFA vs. BOXX - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.30, which is lower than the BOXX Sharpe Ratio of 12.68. The chart below compares the historical Sharpe Ratios of IEFA 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

	IEFA	BOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	12.68	-11.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	12.89	-12.39

Drawdowns

IEFA vs. BOXX - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for IEFA and BOXX.

Drawdown Indicators

	IEFA	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-34.78%	-0.12%	-34.66%
Max Drawdown (1Y) Largest decline over 1 year	-11.50%	-0.07%	-11.43%
Max Drawdown (3Y) Largest decline over 3 years	-13.76%	-0.12%	-13.64%
Max Drawdown (5Y) Largest decline over 5 years	-30.41%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.78%	—	—
Current Drawdown Current decline from peak	-2.44%	-0.01%	-2.43%
Average Drawdown Average peak-to-trough decline	-6.69%	-0.00%	-6.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	0.01%	+3.01%

Volatility

IEFA vs. BOXX - Volatility Comparison

iShares Core MSCI EAFE ETF (IEFA) has a higher volatility of 4.54% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.09%. This indicates that IEFA'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

	IEFA	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	0.09%	+4.45%
Volatility (6M) Calculated over the trailing 6-month period	12.74%	0.25%	+12.49%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	0.32%	+14.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.55%	0.37%	+16.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.32%	0.37%	+16.95%

IEFA vs. BOXX - Expense Ratio Comparison

IEFA has a 0.07% expense ratio, which is lower than BOXX's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IEFA vs. BOXX - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.30%, 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%
IEFA iShares Core MSCI EAFE ETF	3.30%	3.55%	3.47%	3.20%	2.70%	3.32%	1.90%	3.18%	3.46%	2.57%	2.96%	2.63%

Frequently Asked Questions

Can I hold both IEFA and BOXX in my portfolio?

IEFA and BOXX have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEFA or BOXX?

IEFA has higher volatility (4.54%) compared to BOXX (0.09%). In terms of maximum drawdown, IEFA dropped -34.78% vs BOXX's -0.12%.

Which ETF is better, IEFA or BOXX?

On 3-year performance, IEFA leads with 16.13% vs 4.72% for BOXX. On fees, IEFA is cheaper at 0.07% 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, IEFA or BOXX?

Over the 3-year period, IEFA has performed better with a 16.13% return vs 4.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEFA or BOXX?

IEFA is cheaper with a 0.07% expense ratio, compared with 0.19% for BOXX.

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

IEFA has the higher dividend yield at 3.30%, compared with 0.00% for BOXX.

What is the main difference between IEFA and BOXX?

IEFA is categorized as Foreign Large Cap Equities, while BOXX is Ultrashort Bond. IEFA tracks MSCI EAFE IMI Index (Net), 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: 0.07% for IEFA and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.68 vs 1.30), 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.