JBBB vs. BOXX

Last updated Jun 23, 2026

JBBB (Janus Henderson B-BBB CLO ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - JBBB is a CLO fund actively managed by Janus Henderson, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. JBBB is actively managed, while BOXX is passively managed. Over the past 3 years, JBBB returned 10.02%/yr vs 4.71%/yr for BOXX. At a correlation of -0.00, they often move in opposite directions. JBBB charges 0.49%/yr vs 0.19%/yr for BOXX.

Performance

JBBB vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson B-BBB CLO ETF (JBBB) and Alpha Architect 1-3 Month Box ETF (BOXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with JBBB having a 1.71% return and BOXX slightly higher at 1.72%.

JBBB

• 1D: -0.17%
• 1M: 0.21%
• YTD: 1.71%
• 6M: 1.86%
• 1Y: 5.32%
• 3Y*: 10.02%
• 5Y*: —
• 10Y*: —

BOXX

• 1D: 0.02%
• 1M: 0.18%
• YTD: 1.72%
• 6M: 1.87%
• 1Y: 4.02%
• 3Y*: 4.71%
• 5Y*: —
• 10Y*: —

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

JBBB vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JBBB Janus Henderson B-BBB CLO ETF	1.71%	5.43%	12.38%	17.63%	-0.55%
BOXX Alpha Architect 1-3 Month Box ETF	1.72%	4.37%	5.16%	5.04%	0.07%

Correlation

The correlation between JBBB 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	-0.00
Correlation (All Time) Calculated using the full available price history since Dec 28, 2022	-0.00

The correlation between JBBB and BOXX shifts across timeframes, from -0.12 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JBBB vs. BOXX — Risk / Return Rank

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

JBBB

JBBB Risk / Return Rank: 48
JBBB Sharpe Ratio Rank: 44
JBBB Sortino Ratio Rank: 51
JBBB Omega Ratio Rank: 53
JBBB Calmar Ratio Rank: 45
JBBB Martin Ratio Rank: 45

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.

JBBB vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson B-BBB CLO ETF (JBBB) 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.

	JBBB	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	12.63	-11.12
Sortino ratio: Return per unit of downside risk	2.40	35.92	-33.52
Omega ratio: Gain probability vs. loss probability	1.32	9.07	-7.75
Calmar ratio: Return relative to maximum drawdown	2.17	58.74	-56.58
Martin ratio: Return relative to average drawdown	7.30	507.08	-499.78

JBBB vs. BOXX - Sharpe Ratio Comparison

The current JBBB Sharpe Ratio is 1.51, which is lower than the BOXX Sharpe Ratio of 12.63. The chart below compares the historical Sharpe Ratios of JBBB 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

JBBB vs. BOXX - Drawdown Comparison

The maximum JBBB drawdown since its inception was -10.57%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for JBBB and BOXX.

Drawdown Indicators

	JBBB	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-10.57%	-0.12%	-10.45%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-0.07%	-2.39%
Max Drawdown (3Y) Largest decline over 3 years	-3.82%	-0.12%	-3.70%
Current Drawdown Current decline from peak	-0.90%	0.00%	-0.90%
Average Drawdown Average peak-to-trough decline	-1.57%	-0.00%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.01%	+0.72%

Volatility

JBBB vs. BOXX - Volatility Comparison

Janus Henderson B-BBB CLO ETF (JBBB) has a higher volatility of 1.32% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.12%. This indicates that JBBB'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

	JBBB	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	0.12%	+1.20%
Volatility (6M) Calculated over the trailing 6-month period	3.02%	0.26%	+2.76%
Volatility (1Y) Calculated over the trailing 1-year period	3.55%	0.32%	+3.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.26%	0.37%	+4.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.26%	0.37%	+4.89%

JBBB vs. BOXX - Expense Ratio Comparison

JBBB has a 0.49% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

JBBB vs. BOXX - Dividend Comparison

JBBB's dividend yield for the trailing twelve months is around 7.14%, while BOXX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%	0.00%	0.00%
JBBB Janus Henderson B-BBB CLO ETF	7.14%	8.41%	9.13%	8.71%	5.71%

Frequently Asked Questions

Can I hold both JBBB and BOXX in my portfolio?

JBBB 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, JBBB or BOXX?

JBBB has higher volatility (1.32%) compared to BOXX (0.12%). In terms of maximum drawdown, JBBB dropped -10.57% vs BOXX's -0.12%.

Which ETF is better, JBBB or BOXX?

On 3-year performance, JBBB leads with 10.02% vs 4.71% for BOXX. On fees, BOXX is cheaper at 0.19% per year. On volatility, BOXX has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JBBB or BOXX?

Over the 3-year period, JBBB has performed better with a 10.02% return vs 4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JBBB or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.49% for JBBB.

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

JBBB has the higher dividend yield at 7.14%, compared with 0.00% for BOXX.

What is the main difference between JBBB and BOXX?

JBBB is categorized as CLO, while BOXX is Ultrashort Bond. They also come from different issuers: Janus Henderson and Alpha Architect. Their fees differ too: 0.49% for JBBB and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.63 vs 1.51), 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.