TRSY vs. BOXX

Last updated Jun 23, 2026

TRSY (Xtrackers US 0-1 Year Treasury ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - TRSY is a Government Bonds fund tracking the ICE U.S. Treasury Short Bond Index, 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, TRSY returned 3.90% vs 4.02% for BOXX. At a 0.20 correlation, their price movements are largely independent. TRSY charges 0.06%/yr vs 0.19%/yr for BOXX.

Performance

TRSY vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers US 0-1 Year Treasury ETF (TRSY) 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, TRSY achieves a 1.63% return, which is significantly lower than BOXX's 1.72% return.

TRSY

• 1D: 0.03%
• 1M: 0.27%
• YTD: 1.63%
• 6M: 1.75%
• 1Y: 3.90%
• 3Y*: —
• 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)

TRSY vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TRSY Xtrackers US 0-1 Year Treasury ETF	1.63%	4.22%	1.49%
BOXX Alpha Architect 1-3 Month Box ETF	1.72%	4.37%	1.11%

Correlation

The correlation between TRSY and BOXX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 9, 2024	0.20

Return for Risk

TRSY vs. BOXX — Risk / Return Rank

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

TRSY

TRSY Risk / Return Rank: 99
TRSY Sharpe Ratio Rank: 99
TRSY Sortino Ratio Rank: 99
TRSY Omega Ratio Rank: 99
TRSY Calmar Ratio Rank: 99
TRSY 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.

TRSY vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers US 0-1 Year Treasury ETF (TRSY) 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.

	TRSY	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	10.13	12.63	-2.51
Sortino ratio: Return per unit of downside risk	26.09	35.92	-9.84
Omega ratio: Gain probability vs. loss probability	6.18	9.07	-2.89
Calmar ratio: Return relative to maximum drawdown	59.08	58.74	+0.34
Martin ratio: Return relative to average drawdown	356.66	507.08	-150.42

TRSY vs. BOXX - Sharpe Ratio Comparison

The current TRSY Sharpe Ratio is 10.13, which is comparable to the BOXX Sharpe Ratio of 12.63. The chart below compares the historical Sharpe Ratios of TRSY 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

TRSY vs. BOXX - Drawdown Comparison

The maximum TRSY drawdown since its inception was -0.82%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for TRSY and BOXX.

Drawdown Indicators

	TRSY	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-0.82%	-0.12%	-0.70%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-0.07%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.12%	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.00%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.01%	0.00%

Volatility

TRSY vs. BOXX - Volatility Comparison

Xtrackers US 0-1 Year Treasury ETF (TRSY) and Alpha Architect 1-3 Month Box ETF (BOXX) have volatilities of 0.12% and 0.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRSY	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.12%	0.12%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.24%	0.26%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	0.39%	0.32%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.10%	0.37%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.10%	0.37%	+0.73%

TRSY vs. BOXX - Expense Ratio Comparison

TRSY has a 0.06% 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

TRSY vs. BOXX - Dividend Comparison

TRSY's dividend yield for the trailing twelve months is around 3.72%, 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%
TRSY Xtrackers US 0-1 Year Treasury ETF	3.72%	4.00%	0.96%

Frequently Asked Questions

Can I hold both TRSY and BOXX in my portfolio?

TRSY and BOXX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRSY or BOXX?

BOXX has higher volatility (0.12%) compared to TRSY (0.12%). In terms of maximum drawdown, TRSY dropped -0.82% vs BOXX's -0.12%.

Which ETF is better, TRSY or BOXX?

On 1-year performance, BOXX leads with 4.02% vs 3.90% for TRSY. On fees, TRSY is cheaper at 0.06% 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, TRSY or BOXX?

Over the 1-year period, BOXX has performed better with a 4.02% return vs 3.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TRSY or BOXX?

TRSY is cheaper with a 0.06% expense ratio, compared with 0.19% for BOXX.

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

TRSY has the higher dividend yield at 3.72%, compared with 0.00% for BOXX.

What is the main difference between TRSY and BOXX?

TRSY is categorized as Government Bonds, while BOXX is Ultrashort Bond. TRSY tracks ICE U.S. Treasury Short Bond Index, while BOXX tracks Solactive 1-3 Month US T-Bill Index. They also come from different issuers: Xtrackers and Alpha Architect. Their fees differ too: 0.06% for TRSY and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.63 vs 10.13), 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.