IVAL vs. BOXX

Last updated Jun 4, 2026

IVAL (Alpha Architect International Quantitative Value ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - IVAL is a Foreign Large Cap Equities fund actively managed by Alpha Architect, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. IVAL is actively managed, while BOXX is passively managed. Over the past 3 years, IVAL returned 19.90%/yr vs 4.75%/yr for BOXX. At a correlation of -0.04, they often move in opposite directions. IVAL charges 0.39%/yr vs 0.19%/yr for BOXX.

Performance

IVAL vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect International Quantitative Value ETF (IVAL) 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, IVAL achieves a 13.29% return, which is significantly higher than BOXX's 1.58% return.

IVAL

• 1D: -0.50%
• 1M: 3.49%
• YTD: 13.29%
• 6M: 16.64%
• 1Y: 32.20%
• 3Y*: 19.90%
• 5Y*: 8.36%
• 10Y*: 8.01%

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)

IVAL vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IVAL Alpha Architect International Quantitative Value ETF	13.29%	34.92%	-0.71%	20.61%	0.10%
BOXX Alpha Architect 1-3 Month Box ETF	1.58%	4.37%	5.16%	5.04%	0.07%

Correlation

The correlation between IVAL 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 29, 2022	-0.04

IVAL vs. BOXX - Sectors Allocation Comparison

Sectors	IVAL	BOXX
Industrials	28.5%	8.7%
Consumer Cyclical	23.5%	10.1%
Basic Materials	21.2%	1.9%
Energy	11.6%	3.5%
Consumer Defensive	7.4%	5.4%
Technology	3.9%	33.1%
Communication Services	2.1%	10.7%
Healthcare	1.8%	9.8%
Financial Services	-	12.3%
Real Estate	-	2.0%
Utilities	-	2.5%

Return for Risk

IVAL vs. BOXX — Risk / Return Rank

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

IVAL

IVAL Risk / Return Rank: 61
IVAL Sharpe Ratio Rank: 63
IVAL Sortino Ratio Rank: 63
IVAL Omega Ratio Rank: 62
IVAL Calmar Ratio Rank: 58
IVAL Martin Ratio Rank: 57

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.

IVAL vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect International Quantitative Value ETF (IVAL) 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.

	IVAL	BOXX	Difference
Sharpe ratio Return per unit of total volatility	2.11	12.84	-10.73
Sortino ratio Return per unit of downside risk	2.96	38.04	-35.08
Omega ratio Gain probability vs. loss probability	1.38	9.98	-8.60
Calmar ratio Return relative to maximum drawdown	2.88	59.77	-56.90
Martin ratio Return relative to average drawdown	10.17	531.84	-521.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVAL vs. BOXX - Sharpe Ratio Comparison

The current IVAL Sharpe Ratio is 2.11, which is lower than the BOXX Sharpe Ratio of 12.84. The chart below compares the historical Sharpe Ratios of IVAL 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

	IVAL	BOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	12.84	-10.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	12.91	-12.57

Drawdowns

IVAL vs. BOXX - Drawdown Comparison

The maximum IVAL drawdown since its inception was -46.09%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for IVAL and BOXX.

Drawdown Indicators

	IVAL	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-46.09%	-0.12%	-45.97%
Max Drawdown (1Y) Largest decline over 1 year	-11.24%	-0.07%	-11.17%
Max Drawdown (3Y) Largest decline over 3 years	-14.92%	-0.12%	-14.80%
Max Drawdown (5Y) Largest decline over 5 years	-31.01%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.09%	—	—
Current Drawdown Current decline from peak	-2.94%	0.00%	-2.94%
Average Drawdown Average peak-to-trough decline	-12.00%	-0.00%	-12.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	0.01%	+3.17%

Volatility

IVAL vs. BOXX - Volatility Comparison

Alpha Architect International Quantitative Value ETF (IVAL) has a higher volatility of 3.82% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.09%. This indicates that IVAL'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

	IVAL	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	0.09%	+3.73%
Volatility (6M) Calculated over the trailing 6-month period	12.00%	0.25%	+11.75%
Volatility (1Y) Calculated over the trailing 1-year period	15.37%	0.32%	+15.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.74%	0.37%	+17.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.84%	0.37%	+18.47%

IVAL vs. BOXX - Expense Ratio Comparison

IVAL has a 0.39% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

IVAL vs. BOXX - Dividend Comparison

IVAL's dividend yield for the trailing twelve months is around 2.66%, 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%
IVAL Alpha Architect International Quantitative Value ETF	2.66%	2.75%	3.60%	5.15%	8.00%	3.95%	2.07%	2.51%	2.93%	1.73%	2.02%	1.86%

Frequently Asked Questions

Can I hold both IVAL and BOXX in my portfolio?

IVAL 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, IVAL or BOXX?

IVAL has higher volatility (3.82%) compared to BOXX (0.09%). In terms of maximum drawdown, IVAL dropped -46.09% vs BOXX's -0.12%.

Which ETF is better, IVAL or BOXX?

On 3-year performance, IVAL leads with 19.90% 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, IVAL or BOXX?

Over the 3-year period, IVAL has performed better with a 19.90% return vs 4.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVAL or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.39% for IVAL.

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

IVAL has the higher dividend yield at 2.66%, compared with 0.00% for BOXX.

What is the main difference between IVAL and BOXX?

IVAL is categorized as Foreign Large Cap Equities, while BOXX is Ultrashort Bond. Their fees differ too: 0.39% for IVAL and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.84 vs 2.11), 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.