TUSB vs. BOXX

Last updated Jun 4, 2026

TUSB (Thrivent Ultra Short Bond ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both Ultrashort Bond funds. TUSB is actively managed, while BOXX is passively managed. Over the past year, TUSB returned 4.62% vs 4.10% for BOXX. At a 0.03 correlation, their price movements are largely independent. TUSB charges 0.20%/yr vs 0.19%/yr for BOXX.

Performance

TUSB vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Ultra Short Bond ETF (TUSB) 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, TUSB achieves a 1.78% return, which is significantly higher than BOXX's 1.58% return.

TUSB

• 1D: -0.10%
• 1M: 0.44%
• YTD: 1.78%
• 6M: 2.09%
• 1Y: 4.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BOXX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.58%
• 6M: 1.97%
• 1Y: 4.10%
• 3Y*: 4.75%
• 5Y*: —
• 10Y*: —

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

TUSB vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025
TUSB Thrivent Ultra Short Bond ETF	1.78%	4.14%
BOXX Alpha Architect 1-3 Month Box ETF	1.58%	3.71%

Correlation

The correlation between TUSB 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 Feb 20, 2025	0.03

Return for Risk

TUSB vs. BOXX — Risk / Return Rank

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

TUSB

TUSB Risk / Return Rank: 98
TUSB Sharpe Ratio Rank: 98
TUSB Sortino Ratio Rank: 98
TUSB Omega Ratio Rank: 98
TUSB Calmar Ratio Rank: 98
TUSB Martin Ratio Rank: 98

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) 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.

TUSB vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Ultra Short Bond ETF (TUSB) 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.

	TUSB	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	5.03	12.84	-7.81
Sortino ratio: Return per unit of downside risk	8.97	38.04	-29.07
Omega ratio: Gain probability vs. loss probability	2.24	9.98	-7.74
Calmar ratio: Return relative to maximum drawdown	18.74	59.77	-41.03
Martin ratio: Return relative to average drawdown	79.65	531.84	-452.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TUSB vs. BOXX - Sharpe Ratio Comparison

The current TUSB Sharpe Ratio is 5.03, which is lower than the BOXX Sharpe Ratio of 12.84. The chart below compares the historical Sharpe Ratios of TUSB 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.

Sharpe Ratios by Period

	TUSB	BOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.03	12.84	-7.81
Sharpe Ratio (All Time) Calculated using the full available price history	3.73	12.91	-9.18

Drawdowns

TUSB vs. BOXX - Drawdown Comparison

The maximum TUSB drawdown since its inception was -0.51%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for TUSB and BOXX.

Drawdown Indicators

	TUSB	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-0.51%	-0.12%	-0.39%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	-0.07%	-0.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.12%	—
Current Drawdown Current decline from peak	-0.13%	0.00%	-0.13%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.00%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.01%	+0.05%

Volatility

TUSB vs. BOXX - Volatility Comparison

Thrivent Ultra Short Bond ETF (TUSB) has a higher volatility of 0.33% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.09%. This indicates that TUSB'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

	TUSB	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	0.09%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	0.66%	0.25%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	0.92%	0.32%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.25%	0.37%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.25%	0.37%	+0.88%

TUSB vs. BOXX - Expense Ratio Comparison

TUSB has a 0.20% expense ratio, which is higher than BOXX's 0.19% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TUSB vs. BOXX - Dividend Comparison

TUSB's dividend yield for the trailing twelve months is around 4.26%, 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%
TUSB Thrivent Ultra Short Bond ETF	4.26%	3.62%	0.00%

Frequently Asked Questions

Can I hold both TUSB and BOXX in my portfolio?

TUSB 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, TUSB or BOXX?

TUSB has higher volatility (0.33%) compared to BOXX (0.09%). In terms of maximum drawdown, TUSB dropped -0.51% vs BOXX's -0.12%.

Which ETF is better, TUSB or BOXX?

On 1-year performance, TUSB leads with 4.62% vs 4.10% 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, TUSB or BOXX?

Over the 1-year period, TUSB has performed better with a 4.62% return vs 4.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TUSB or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.20% for TUSB.

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

TUSB has the higher dividend yield at 4.26%, compared with 0.00% for BOXX.

What is the main difference between TUSB and BOXX?

They also come from different issuers: Thrivent and Alpha Architect. Their fees differ too: 0.20% for TUSB and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.84 vs 5.03), 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.