VGUS vs. BOXX

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Ultra-Short Treasury ETF (VGUS) and Alpha Architect 1-3 Month Box ETF (BOXX).

VGUS and BOXX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VGUS is a passively managed fund by Vanguard that tracks the performance of the Bloomberg Short Treasury Index. It was launched on Feb 7, 2025. BOXX is a passively managed fund by Alpha Architect that tracks the performance of the Solactive 1-3 Month US T-Bill Index. It was launched on Dec 27, 2022. Both VGUS and BOXX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

VGUS vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Ultra-Short Treasury ETF (VGUS) and Alpha Architect 1-3 Month Box ETF (BOXX). The values are adjusted to include any dividend payments, if applicable.

VGUS vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025
VGUS Vanguard Ultra-Short Treasury ETF	0.81%	3.77%
BOXX Alpha Architect 1-3 Month Box ETF	1.03%	3.80%

Returns By Period

In the year-to-date period, VGUS achieves a 0.81% return, which is significantly lower than BOXX's 1.03% return.

VGUS

• 1D: 0.01%
• 1M: 0.25%
• YTD: 0.81%
• 6M: 1.82%
• 1Y: 4.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BOXX

• 1D: 0.11%
• 1M: 0.40%
• YTD: 1.03%
• 6M: 2.13%
• 1Y: 4.31%
• 3Y*: 4.83%
• 5Y*: —
• 10Y*: —

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

VGUS vs. BOXX - Expense Ratio Comparison

VGUS 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%.

BOXX

Alpha Architect 1-3 Month Box ETF

VGUS

Vanguard Ultra-Short Treasury ETF

Return for Risk

VGUS vs. BOXX — Risk / Return Rank

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

VGUS

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

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.

VGUS vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Ultra-Short Treasury ETF (VGUS) 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.

	VGUS	BOXX	Difference
Sharpe ratio Return per unit of total volatility	11.39	13.56	-2.18
Sortino ratio Return per unit of downside risk	31.34	47.23	-15.89
Omega ratio Gain probability vs. loss probability	8.64	10.69	-2.05
Calmar ratio Return relative to maximum drawdown	55.20	120.87	-65.67
Martin ratio Return relative to average drawdown	367.74	720.99	-353.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGUS vs. BOXX - Sharpe Ratio Comparison

The current VGUS Sharpe Ratio is 11.39, which is comparable to the BOXX Sharpe Ratio of 13.56. The chart below compares the historical Sharpe Ratios of VGUS and BOXX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VGUS	BOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.39	13.56	-2.18
Sharpe Ratio (All Time) Calculated using the full available price history	11.78	13.15	-1.37

Correlation

The correlation between VGUS and BOXX is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VGUS vs. BOXX - Dividend Comparison

VGUS's dividend yield for the trailing twelve months is around 3.66%, while BOXX has not paid dividends to shareholders.

	TTM	2025	2024
VGUS Vanguard Ultra-Short Treasury ETF	3.66%	3.12%	0.00%
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%

Drawdowns

VGUS vs. BOXX - Drawdown Comparison

The maximum VGUS drawdown since its inception was -0.07%, smaller than the maximum BOXX drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for VGUS and BOXX.

Drawdown Indicators

	VGUS	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-0.07%	-0.12%	+0.05%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-0.04%	-0.03%
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	0.01%	0.01%	0.00%

Volatility

VGUS vs. BOXX - Volatility Comparison

The current volatility for Vanguard Ultra-Short Treasury ETF (VGUS) is 0.07%, while Alpha Architect 1-3 Month Box ETF (BOXX) has a volatility of 0.13%. This indicates that VGUS 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

	VGUS	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.13%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	0.16%	0.24%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	0.35%	0.32%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.35%	0.37%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.35%	0.37%	-0.02%