MRAL vs. BOXX

Last updated Jun 24, 2026

MRAL (GraniteShares 2x Long MARA Daily ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - MRAL is a Leveraged Equities fund tracking the MARA Holdings Inc. (MARA), 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, MRAL returned -51.00% vs 3.98% for BOXX. At a correlation of -0.02, they often move in opposite directions. MRAL charges 1.50%/yr vs 0.19%/yr for BOXX.

Performance

MRAL vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MARA Daily ETF (MRAL) 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, MRAL achieves a 74.43% return, which is significantly higher than BOXX's 1.70% return.

MRAL

• 1D: -2.03%
• 1M: 7.48%
• YTD: 74.43%
• 6M: 44.25%
• 1Y: -51.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BOXX

• 1D: -0.02%
• 1M: 0.16%
• YTD: 1.70%
• 6M: 1.82%
• 1Y: 3.98%
• 3Y*: 4.70%
• 5Y*: —
• 10Y*: —

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

MRAL vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025
MRAL GraniteShares 2x Long MARA Daily ETF	74.43%	-82.23%
BOXX Alpha Architect 1-3 Month Box ETF	1.70%	3.53%

Correlation

The correlation between MRAL 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 (All Time) Calculated using the full available price history since Mar 7, 2025	-0.02

Return for Risk

MRAL vs. BOXX — Risk / Return Rank

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

MRAL

MRAL Risk / Return Rank: 8
MRAL Sharpe Ratio Rank: 6
MRAL Sortino Ratio Rank: 12
MRAL Omega Ratio Rank: 12
MRAL Calmar Ratio Rank: 4
MRAL Martin Ratio Rank: 6

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.

MRAL vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MARA Daily ETF (MRAL) 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.

	MRAL	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	-0.33	12.43	-12.76
Sortino ratio: Return per unit of downside risk	0.49	35.10	-34.61
Omega ratio: Gain probability vs. loss probability	1.06	8.71	-7.65
Calmar ratio: Return relative to maximum drawdown	-0.55	58.08	-58.63
Martin ratio: Return relative to average drawdown	-0.75	496.82	-497.57

MRAL vs. BOXX - Sharpe Ratio Comparison

The current MRAL Sharpe Ratio is -0.33, which is lower than the BOXX Sharpe Ratio of 12.43. The chart below compares the historical Sharpe Ratios of MRAL 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

MRAL vs. BOXX - Drawdown Comparison

The maximum MRAL drawdown since its inception was -93.46%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for MRAL and BOXX.

Drawdown Indicators

	MRAL	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-93.46%	-0.12%	-93.34%
Max Drawdown (1Y) Largest decline over 1 year	-93.46%	-0.07%	-93.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.12%	—
Current Drawdown Current decline from peak	-77.03%	-0.02%	-77.01%
Average Drawdown Average peak-to-trough decline	-56.79%	-0.00%	-56.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	68.29%	0.01%	+68.28%

Volatility

MRAL vs. BOXX - Volatility Comparison

GraniteShares 2x Long MARA Daily ETF (MRAL) has a higher volatility of 44.96% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.12%. This indicates that MRAL'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

	MRAL	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	44.96%	0.12%	+44.84%
Volatility (6M) Calculated over the trailing 6-month period	118.77%	0.26%	+118.51%
Volatility (1Y) Calculated over the trailing 1-year period	156.74%	0.32%	+156.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	164.85%	0.37%	+164.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	164.85%	0.37%	+164.48%

MRAL vs. BOXX - Expense Ratio Comparison

MRAL has a 1.50% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

MRAL vs. BOXX - Dividend Comparison

Neither MRAL 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%
MRAL GraniteShares 2x Long MARA Daily ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MRAL and BOXX in my portfolio?

MRAL 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, MRAL or BOXX?

MRAL has higher volatility (44.96%) compared to BOXX (0.12%). In terms of maximum drawdown, MRAL dropped -93.46% vs BOXX's -0.12%.

Which ETF is better, MRAL or BOXX?

On 1-year performance, BOXX leads with 3.98% vs -51.00% for MRAL. 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, MRAL or BOXX?

Over the 1-year period, BOXX has performed better with a 3.98% return vs -51.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRAL or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 1.50% for MRAL.

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

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

What is the main difference between MRAL and BOXX?

MRAL is categorized as Leveraged Equities, while BOXX is Ultrashort Bond. MRAL tracks MARA Holdings Inc. (MARA), while BOXX tracks Solactive 1-3 Month US T-Bill Index. They also come from different issuers: GraniteShares and Alpha Architect. Their fees differ too: 1.50% for MRAL and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.43 vs -0.33), 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.