U03A.L vs. BOXX

Last updated Jun 5, 2026

U03A.L (iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)) and BOXX (Alpha Architect 1-3 Month Box ETF) are both Ultrashort Bond funds - U03A.L tracks the ICE 0-3 Month US Treasury Bill Index while BOXX tracks the Solactive 1-3 Month US T-Bill Index. Both are passively managed. Over the past year, U03A.L returned 4.02% vs 4.09% for BOXX. At a correlation of -0.02, they often move in opposite directions. U03A.L charges 0.07%/yr vs 0.19%/yr for BOXX.

Performance

U03A.L vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) 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, U03A.L achieves a 1.51% return, which is significantly lower than BOXX's 1.59% return.

U03A.L

• 1D: 0.03%
• 1M: 0.29%
• YTD: 1.51%
• 6M: 1.81%
• 1Y: 4.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BOXX

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.59%
• 6M: 1.98%
• 1Y: 4.09%
• 3Y*: 4.75%
• 5Y*: —
• 10Y*: —

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

U03A.L vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
U03A.L iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)	1.51%	4.22%	1.33%
BOXX Alpha Architect 1-3 Month Box ETF	1.59%	4.37%	1.30%

Correlation

The correlation between U03A.L and BOXX is -0.05, 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	-0.05
Correlation (All Time) Calculated using the full available price history since Sep 27, 2024	-0.02

Return for Risk

U03A.L vs. BOXX — Risk / Return Rank

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

U03A.L

U03A.L Risk / Return Rank: 99
U03A.L Sharpe Ratio Rank: 99
U03A.L Sortino Ratio Rank: 99
U03A.L Omega Ratio Rank: 99
U03A.L Calmar Ratio Rank: 99
U03A.L Martin Ratio Rank: 99

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.

U03A.L vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) 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.

	U03A.L	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	8.85	12.81	-3.96
Sortino ratio: Return per unit of downside risk	20.41	37.95	-17.54
Omega ratio: Gain probability vs. loss probability	5.03	9.96	-4.93
Calmar ratio: Return relative to maximum drawdown	41.98	59.63	-17.65
Martin ratio: Return relative to average drawdown	274.18	530.59	-256.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

U03A.L vs. BOXX - Sharpe Ratio Comparison

The current U03A.L Sharpe Ratio is 8.85, which is lower than the BOXX Sharpe Ratio of 12.81. The chart below compares the historical Sharpe Ratios of U03A.L 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

	U03A.L	BOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.85	12.81	-3.96
Sharpe Ratio (All Time) Calculated using the full available price history	4.99	12.91	-7.92

Drawdowns

U03A.L vs. BOXX - Drawdown Comparison

The maximum U03A.L drawdown since its inception was -0.83%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for U03A.L and BOXX.

Drawdown Indicators

	U03A.L	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-0.83%	-0.12%	-0.71%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.07%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.12%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.01%	-0.00%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.01%	0.00%

Volatility

U03A.L vs. BOXX - Volatility Comparison

iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) has a higher volatility of 0.13% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.09%. This indicates that U03A.L'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

	U03A.L	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	0.09%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	0.26%	0.25%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	0.45%	0.32%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.88%	0.37%	+0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.88%	0.37%	+0.51%

U03A.L vs. BOXX - Expense Ratio Comparison

U03A.L has a 0.07% 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

U03A.L vs. BOXX - Dividend Comparison

Neither U03A.L nor BOXX has paid dividends to shareholders.

Position	TTM	2025	2024
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%
U03A.L iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both U03A.L and BOXX in my portfolio?

U03A.L and BOXX have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, U03A.L or BOXX?

On fees, U03A.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, U03A.L or BOXX?

U03A.L is cheaper with a 0.07% expense ratio, compared with 0.19% for BOXX.

What is the main difference between U03A.L and BOXX?

U03A.L tracks ICE 0-3 Month US Treasury Bill Index, while BOXX tracks Solactive 1-3 Month US T-Bill Index. They also come from different issuers: iShares and Alpha Architect. Their fees differ too: 0.07% for U03A.L and 0.19% for BOXX.