TBIL vs. BOXX

Last updated Jun 23, 2026

TBIL (F/m US Treasury 3 Month Bill ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both Ultrashort Bond funds - TBIL tracks the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index while BOXX tracks the Solactive 1-3 Month US T-Bill Index. Both are passively managed. Over the past 3 years, TBIL returned 4.59%/yr vs 4.71%/yr for BOXX. At a 0.28 correlation, their price movements are largely independent. TBIL charges 0.15%/yr vs 0.19%/yr for BOXX.

Performance

TBIL vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m US Treasury 3 Month Bill ETF (TBIL) 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 TBIL having a 1.67% return and BOXX slightly higher at 1.72%.

TBIL

• 1D: 0.00%
• 1M: 0.26%
• YTD: 1.67%
• 6M: 1.76%
• 1Y: 3.91%
• 3Y*: 4.59%
• 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)

TBIL vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TBIL F/m US Treasury 3 Month Bill ETF	1.67%	4.19%	5.15%	5.12%	0.04%
BOXX Alpha Architect 1-3 Month Box ETF	1.72%	4.37%	5.16%	5.04%	0.07%

Correlation

The correlation between TBIL and BOXX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (All Time) Calculated using the full available price history since Dec 28, 2022	0.28

Return for Risk

TBIL vs. BOXX — Risk / Return Rank

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

TBIL

TBIL Risk / Return Rank: 100
TBIL Sharpe Ratio Rank: 100
TBIL Sortino Ratio Rank: 100
TBIL Omega Ratio Rank: 100
TBIL Calmar Ratio Rank: 100
TBIL Martin Ratio Rank: 100

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.

TBIL vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m US Treasury 3 Month Bill ETF (TBIL) 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.

	TBIL	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	13.76	12.63	+1.12
Sortino ratio: Return per unit of downside risk	58.09	35.92	+22.17
Omega ratio: Gain probability vs. loss probability	17.08	9.07	+8.01
Calmar ratio: Return relative to maximum drawdown	195.79	58.74	+137.05
Martin ratio: Return relative to average drawdown	929.44	507.08	+422.37

TBIL vs. BOXX - Sharpe Ratio Comparison

The current TBIL Sharpe Ratio is 13.76, which is comparable to the BOXX Sharpe Ratio of 12.63. The chart below compares the historical Sharpe Ratios of TBIL 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

TBIL vs. BOXX - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum BOXX drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for TBIL and BOXX.

Drawdown Indicators

	TBIL	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-0.12%	+0.02%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.07%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	-0.12%	+0.10%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.01%	-0.01%

Volatility

TBIL vs. BOXX - Volatility Comparison

The current volatility for F/m US Treasury 3 Month Bill ETF (TBIL) is 0.06%, while Alpha Architect 1-3 Month Box ETF (BOXX) has a volatility of 0.12%. This indicates that TBIL experiences smaller price fluctuations and is considered to be less risky than BOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIL	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.12%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	0.26%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	0.29%	0.32%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	0.37%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	0.37%	-0.05%

TBIL vs. BOXX - Expense Ratio Comparison

TBIL has a 0.15% expense ratio, which is lower than BOXX's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TBIL vs. BOXX - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 3.81%, 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%
TBIL F/m US Treasury 3 Month Bill ETF	3.81%	4.07%	5.02%	5.00%	1.10%

Frequently Asked Questions

Can I hold both TBIL and BOXX in my portfolio?

TBIL and BOXX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBIL or BOXX?

BOXX has higher volatility (0.12%) compared to TBIL (0.06%). In terms of maximum drawdown, TBIL dropped -0.10% vs BOXX's -0.12%.

Which ETF is better, TBIL or BOXX?

On 3-year performance, BOXX leads with 4.71% vs 4.59% for TBIL. On fees, TBIL is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBIL or BOXX?

Over the 3-year period, BOXX has performed better with a 4.71% return vs 4.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBIL or BOXX?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.19% for BOXX.

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

TBIL has the higher dividend yield at 3.81%, compared with 0.00% for BOXX.

What is the main difference between TBIL and BOXX?

TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while BOXX tracks Solactive 1-3 Month US T-Bill Index. They also come from different issuers: F/m Investments and Alpha Architect. Their fees differ too: 0.15% for TBIL and 0.19% for BOXX.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.76 vs 12.63), 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.