MAIN vs. BOXX

Last updated Jun 4, 2026

MAIN (Main Street Capital Corporation) is a stock, while BOXX (Alpha Architect 1-3 Month Box ETF) is Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. Over the past 3 years, MAIN returned 17.00%/yr vs 4.75%/yr for BOXX. At a correlation of -0.03, they often move in opposite directions.

Performance

MAIN vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Main Street Capital Corporation (MAIN) 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, MAIN achieves a -13.65% return, which is significantly lower than BOXX's 1.58% return.

MAIN

• 1D: -1.67%
• 1M: -8.64%
• YTD: -13.65%
• 6M: -11.32%
• 1Y: -3.49%
• 3Y*: 17.00%
• 5Y*: 12.47%
• 10Y*: 12.73%

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)

MAIN vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MAIN Main Street Capital Corporation	-13.65%	10.74%	47.30%	28.22%	1.21%
BOXX Alpha Architect 1-3 Month Box ETF	1.58%	4.37%	5.16%	5.04%	0.07%

Correlation

The correlation between MAIN and BOXX is -0.10, 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	-0.10
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	-0.03

Return for Risk

MAIN vs. BOXX — Risk / Return Rank

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

MAIN

MAIN Risk / Return Rank: 32
MAIN Sharpe Ratio Rank: 35
MAIN Sortino Ratio Rank: 29
MAIN Omega Ratio Rank: 29
MAIN Calmar Ratio Rank: 35
MAIN Martin Ratio Rank: 35

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.

MAIN vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Main Street Capital Corporation (MAIN) 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.

	MAIN	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	12.84	-12.98
Sortino ratio: Return per unit of downside risk	-0.03	38.04	-38.06
Omega ratio: Gain probability vs. loss probability	1.00	9.98	-8.98
Calmar ratio: Return relative to maximum drawdown	-0.16	59.77	-59.93
Martin ratio: Return relative to average drawdown	-0.33	531.84	-532.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAIN vs. BOXX - Sharpe Ratio Comparison

The current MAIN Sharpe Ratio is -0.14, which is lower than the BOXX Sharpe Ratio of 12.84. The chart below compares the historical Sharpe Ratios of MAIN 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

	MAIN	BOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.14	12.84	-12.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	12.91	-12.36

Drawdowns

MAIN vs. BOXX - Drawdown Comparison

The maximum MAIN drawdown since its inception was -64.53%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for MAIN and BOXX.

Drawdown Indicators

	MAIN	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-64.53%	-0.12%	-64.41%
Max Drawdown (1Y) Largest decline over 1 year	-22.43%	-0.07%	-22.36%
Max Drawdown (3Y) Largest decline over 3 years	-22.43%	-0.12%	-22.31%
Max Drawdown (5Y) Largest decline over 5 years	-27.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-64.53%	—	—
Current Drawdown Current decline from peak	-20.74%	0.00%	-20.74%
Average Drawdown Average peak-to-trough decline	-7.29%	-0.00%	-7.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.72%	0.01%	+10.71%

Volatility

MAIN vs. BOXX - Volatility Comparison

Main Street Capital Corporation (MAIN) has a higher volatility of 8.82% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.09%. This indicates that MAIN'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

	MAIN	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.82%	0.09%	+8.73%
Volatility (6M) Calculated over the trailing 6-month period	20.33%	0.25%	+20.08%
Volatility (1Y) Calculated over the trailing 1-year period	24.81%	0.32%	+24.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.56%	0.37%	+21.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.29%	0.37%	+26.92%

Dividends

MAIN vs. BOXX - Dividend Comparison

MAIN's dividend yield for the trailing twelve months is around 8.44%, 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%
MAIN Main Street Capital Corporation	8.44%	7.00%	7.02%	8.55%	7.97%	5.74%	6.99%	6.76%	8.43%	7.49%	7.42%	9.15%

Frequently Asked Questions

Can I hold both MAIN and BOXX in my portfolio?

MAIN and BOXX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAIN or BOXX?

MAIN has higher volatility (8.82%) compared to BOXX (0.09%). In terms of maximum drawdown, MAIN dropped -64.53% vs BOXX's -0.12%.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.84 vs -0.14), 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.