VGUS vs. BOXX

Last updated Jun 3, 2026

VGUS (Vanguard Ultra-Short Treasury ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both Ultrashort Bond funds - VGUS tracks the Bloomberg Short Treasury Index while BOXX tracks the Solactive 1-3 Month US T-Bill Index. Both are passively managed. Over the past year, VGUS returned 3.93% vs 4.09% for BOXX. At a 0.38 correlation, their price movements are largely independent. VGUS charges 0.07%/yr vs 0.19%/yr for BOXX.

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.

Returns By Period

In the year-to-date period, VGUS achieves a 1.43% return, which is significantly lower than BOXX's 1.58% return.

VGUS

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.43%
• 6M: 1.75%
• 1Y: 3.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BOXX

• 1D: 0.01%
• 1M: 0.30%
• YTD: 1.58%
• 6M: 1.98%
• 1Y: 4.09%
• 3Y*: 4.75%
• 5Y*: —
• 10Y*: —

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

VGUS vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025
VGUS Vanguard Ultra-Short Treasury ETF	1.43%	3.77%
BOXX Alpha Architect 1-3 Month Box ETF	1.58%	3.80%

Correlation

The correlation between VGUS and BOXX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	0.38

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: 99
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	11.97	12.79	-0.83
Sortino ratio Return per unit of downside risk	34.67	37.82	-3.15
Omega ratio Gain probability vs. loss probability	10.52	9.78	+0.74
Calmar ratio Return relative to maximum drawdown	54.40	59.53	-5.13
Martin ratio Return relative to average drawdown	412.24	529.34	-117.11
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 11.97, which is comparable to the BOXX Sharpe Ratio of 12.79. The chart below compares the historical Sharpe Ratios of VGUS 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

	VGUS	BOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.97	12.79	-0.83
Sharpe Ratio (All Time) Calculated using the full available price history	11.71	12.92	-1.21

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%	-0.07%	0.00%
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	-0.00%	-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

Vanguard Ultra-Short Treasury ETF (VGUS) has a higher volatility of 0.11% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.09%. This indicates that VGUS'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

	VGUS	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	0.09%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.18%	0.25%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	0.33%	0.32%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.34%	0.37%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.34%	0.37%	-0.03%

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%.

Dividends

VGUS vs. BOXX - Dividend Comparison

VGUS's dividend yield for the trailing twelve months is around 3.61%, 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%
VGUS Vanguard Ultra-Short Treasury ETF	3.61%	3.12%	0.00%

Frequently Asked Questions

Can I hold both VGUS and BOXX in my portfolio?

VGUS and BOXX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGUS or BOXX?

VGUS has higher volatility (0.11%) compared to BOXX (0.09%). In terms of maximum drawdown, VGUS dropped -0.07% vs BOXX's -0.12%.

Which ETF is better, VGUS or BOXX?

On 1-year performance, BOXX leads with 4.09% vs 3.93% for VGUS. On fees, VGUS is cheaper at 0.07% 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, VGUS or BOXX?

Over the 1-year period, BOXX has performed better with a 4.09% return vs 3.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VGUS or BOXX?

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

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

VGUS has the higher dividend yield at 3.61%, compared with 0.00% for BOXX.

What is the main difference between VGUS and BOXX?

VGUS tracks Bloomberg Short Treasury Index, while BOXX tracks Solactive 1-3 Month US T-Bill Index. They also come from different issuers: Vanguard and Alpha Architect. Their fees differ too: 0.07% for VGUS and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.79 vs 11.97), 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.