PSH vs. BOXX

Last updated Jun 24, 2026

PSH (PGIM Short Duration High Yield ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - PSH is a High Yield Bonds fund actively managed by PGIM, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. PSH is actively managed, while BOXX is passively managed. Over the past year, PSH returned 5.99% vs 3.98% for BOXX. At a 0.02 correlation, their price movements are largely independent. PSH charges 0.45%/yr vs 0.19%/yr for BOXX.

Performance

PSH vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Short Duration High Yield ETF (PSH) 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, PSH achieves a 2.30% return, which is significantly higher than BOXX's 1.70% return.

PSH

• 1D: 0.05%
• 1M: 0.46%
• YTD: 2.30%
• 6M: 2.57%
• 1Y: 5.99%
• 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)

PSH vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PSH PGIM Short Duration High Yield ETF	2.30%	7.34%	7.96%	0.35%
BOXX Alpha Architect 1-3 Month Box ETF	1.70%	4.37%	5.16%	0.29%

Correlation

The correlation between PSH and BOXX is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Dec 19, 2023	0.02

The correlation between PSH and BOXX shifts across timeframes, from -0.11 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PSH vs. BOXX — Risk / Return Rank

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

PSH

PSH Risk / Return Rank: 75
PSH Sharpe Ratio Rank: 66
PSH Sortino Ratio Rank: 76
PSH Omega Ratio Rank: 78
PSH Calmar Ratio Rank: 84
PSH Martin Ratio Rank: 72

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.

PSH vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Short Duration High Yield ETF (PSH) 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.

	PSH	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	12.43	-10.42
Sortino ratio: Return per unit of downside risk	3.15	35.10	-31.96
Omega ratio: Gain probability vs. loss probability	1.43	8.71	-7.28
Calmar ratio: Return relative to maximum drawdown	4.24	58.08	-53.84
Martin ratio: Return relative to average drawdown	12.56	496.82	-484.26

PSH vs. BOXX - Sharpe Ratio Comparison

The current PSH Sharpe Ratio is 2.01, which is lower than the BOXX Sharpe Ratio of 12.43. The chart below compares the historical Sharpe Ratios of PSH 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

PSH vs. BOXX - Drawdown Comparison

The maximum PSH drawdown since its inception was -3.06%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for PSH and BOXX.

Drawdown Indicators

	PSH	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-3.06%	-0.12%	-2.94%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-0.07%	-1.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.12%	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.26%	-0.00%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.01%	+0.47%

Volatility

PSH vs. BOXX - Volatility Comparison

PGIM Short Duration High Yield ETF (PSH) has a higher volatility of 0.52% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.12%. This indicates that PSH'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

	PSH	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	0.12%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	2.11%	0.26%	+1.85%
Volatility (1Y) Calculated over the trailing 1-year period	2.99%	0.32%	+2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.24%	0.37%	+2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.24%	0.37%	+2.87%

PSH vs. BOXX - Expense Ratio Comparison

PSH has a 0.45% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

PSH vs. BOXX - Dividend Comparison

PSH's dividend yield for the trailing twelve months is around 6.64%, while BOXX has not paid dividends to shareholders.

Position	TTM	2025	2024
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%
PSH PGIM Short Duration High Yield ETF	6.64%	6.62%	8.35%

Frequently Asked Questions

Can I hold both PSH and BOXX in my portfolio?

PSH and BOXX have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSH or BOXX?

PSH has higher volatility (0.52%) compared to BOXX (0.12%). In terms of maximum drawdown, PSH dropped -3.06% vs BOXX's -0.12%.

Which ETF is better, PSH or BOXX?

On 1-year performance, PSH leads with 5.99% vs 3.98% 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, PSH or BOXX?

Over the 1-year period, PSH has performed better with a 5.99% return vs 3.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSH or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.45% for PSH.

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

PSH has the higher dividend yield at 6.64%, compared with 0.00% for BOXX.

What is the main difference between PSH and BOXX?

PSH is categorized as High Yield Bonds, while BOXX is Ultrashort Bond. They also come from different issuers: PGIM and Alpha Architect. Their fees differ too: 0.45% for PSH and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.43 vs 2.01), 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.