TAXM vs. BOXX

Last updated Aug 1, 2026

TAXM (BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - TAXM is a Municipal Bonds fund actively managed by BondBloxx, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. TAXM is actively managed, while BOXX is passively managed. Over the past year, TAXM returned 4.10% vs 4.08% for BOXX. Their -0.11 correlation means they have often moved in opposite directions in the past. TAXM charges 0.35%/yr vs 0.19%/yr for BOXX.

Performance

TAXM vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) 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, TAXM achieves a 0.14% return, which is significantly lower than BOXX's 2.26% return.

TAXM

• 1D: -0.13%
• 1M: -1.61%
• 6M: -0.49%
• YTD: 0.14%
• 1Y: 4.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.91%

BOXX

• 1D: 0.06%
• 1M: 0.41%
• 6M: 1.95%
• YTD: 2.26%
• 1Y: 4.08%
• 3Y*: 4.73%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.71%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BOXX Alpha Architect 1-3 Month Box ETF	$253.32M	$264.36M	$274.97M
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	$158.92K	$254.95K	$177.53K

TAXM vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	0.14%	3.90%
BOXX Alpha Architect 1-3 Month Box ETF	2.26%	3.45%

Correlation

The correlation between TAXM and BOXX is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.14
Correlation (All Time) Calculated using the full available price history since Mar 13, 2025	-0.11

Return for Risk

TAXM vs. BOXX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TAXM

TAXM Risk / Return Rank: 63
TAXM Sharpe Ratio Rank: 72
TAXM Sortino Ratio Rank: 72
TAXM Omega Ratio Rank: 77
TAXM Calmar Ratio Rank: 48
TAXM Martin Ratio Rank: 47

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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TAXM vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) 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.

	TAXM	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	12.44	-10.78
Sortino ratio: Return per unit of downside risk	2.34	36.42	-34.07
Omega ratio: Gain probability vs. loss probability	1.33	8.74	-7.41
Calmar ratio: Return relative to maximum drawdown	1.71	60.17	-58.46
Martin ratio: Return relative to average drawdown	5.40	505.74	-500.34

TAXM vs. BOXX - Sharpe Ratio Comparison

The current TAXM Sharpe Ratio is 1.66, which is lower than the BOXX Sharpe Ratio of 12.44. The chart below compares the historical Sharpe Ratios of TAXM 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

TAXM vs. BOXX - Drawdown Comparison

The maximum TAXM drawdown since its inception was -3.10%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for TAXM and BOXX.

Drawdown Indicators

	TAXM	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-3.10%	-0.12%	-2.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-0.07%	-2.63%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.12%	—
Current Drawdown Current decline from peak	-1.82%	0.00%	-1.82%
Average Drawdown Average peak-to-trough decline	-0.72%	0.00%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.01%	+0.84%

Volatility

TAXM vs. BOXX - Volatility Comparison

BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) has a higher volatility of 0.99% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.09%. This indicates that TAXM'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

	TAXM	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	0.09%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	2.28%	0.27%	+2.01%
Volatility (1Y) Calculated over the trailing 1-year period	2.79%	0.33%	+2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.49%	0.37%	+3.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.49%	0.37%	+3.12%

TAXM vs. BOXX - Expense Ratio Comparison

TAXM has a 0.35% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

TAXM vs. BOXX - Dividend Comparison

TAXM's dividend yield for the trailing twelve months is around 3.31%, 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%
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	3.01%	2.75%	0.00%

Frequently Asked Questions

Can I hold both TAXM and BOXX in my portfolio?

TAXM and BOXX have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAXM or BOXX?

TAXM has higher volatility (0.99%) compared to BOXX (0.09%). In terms of maximum drawdown, TAXM dropped -3.10% vs BOXX's -0.12%.

Which ETF is better, TAXM or BOXX?

On 1-year performance, TAXM leads with 4.10% vs 4.08% 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, TAXM or BOXX?

Over the 1-year period, TAXM has performed better with a 4.10% return vs 4.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAXM or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.35% for TAXM.

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

TAXM has the higher dividend yield at 3.01%, compared with 0.00% for BOXX.

What is the main difference between TAXM and BOXX?

TAXM is categorized as Municipal Bonds, while BOXX is Ultrashort Bond. They also come from different issuers: BondBloxx and Alpha Architect. Their fees differ too: 0.35% for TAXM and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.44 vs 1.66), 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.