VRIG vs. BOXX

Last updated Jun 13, 2026

VRIG (Invesco Variable Rate Investment Grade ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both Ultrashort Bond funds. VRIG is actively managed, while BOXX is passively managed. Over the past 3 years, VRIG returned 5.94%/yr vs 4.74%/yr for BOXX. At a 0.11 correlation, their price movements are largely independent. VRIG charges 0.30%/yr vs 0.19%/yr for BOXX.

Performance

VRIG vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Variable Rate Investment Grade ETF (VRIG) 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, VRIG achieves a 1.91% return, which is significantly higher than BOXX's 1.66% return.

VRIG

• 1D: 0.04%
• 1M: 0.31%
• YTD: 1.91%
• 6M: 2.18%
• 1Y: 4.93%
• 3Y*: 5.94%
• 5Y*: 4.44%
• 10Y*: —

BOXX

• 1D: 0.03%
• 1M: 0.29%
• YTD: 1.66%
• 6M: 1.95%
• 1Y: 4.07%
• 3Y*: 4.74%
• 5Y*: —
• 10Y*: —

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

VRIG vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VRIG Invesco Variable Rate Investment Grade ETF	1.91%	5.05%	6.81%	7.37%	0.00%
BOXX Alpha Architect 1-3 Month Box ETF	1.66%	4.37%	5.16%	5.04%	0.07%

Correlation

The correlation between VRIG 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 (3Y) Calculated over the trailing 3-year period	0.15
Correlation (All Time) Calculated using the full available price history since Dec 28, 2022	0.11

VRIG vs. BOXX - Sectors Allocation Comparison

Sectors	VRIG	BOXX
Financial Services	23.3%	12.3%
Consumer Cyclical	3.0%	10.1%
Basic Materials	0.8%	1.9%
Consumer Defensive	0.7%	5.4%
Technology	0.4%	33.1%
Real Estate	0.3%	2.0%
Utilities	0.1%	2.5%
Industrials	0.0%	8.7%
Communication Services	-	10.7%
Energy	-	3.5%
Healthcare	-	9.8%

Return for Risk

VRIG vs. BOXX — Risk / Return Rank

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

VRIG

VRIG Risk / Return Rank: 99
VRIG Sharpe Ratio Rank: 99
VRIG Sortino Ratio Rank: 99
VRIG Omega Ratio Rank: 99
VRIG Calmar Ratio Rank: 100
VRIG Martin Ratio Rank: 99

BOXX

BOXX Risk / Return Rank: 100
BOXX Sharpe Ratio Rank: 100
BOXX Sortino Ratio Rank: 100
BOXX Omega Ratio Rank: 99
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.

VRIG vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Investment Grade ETF (VRIG) 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.

	VRIG	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	10.00	12.70	-2.70
Sortino ratio: Return per unit of downside risk	24.17	37.36	-13.20
Omega ratio: Gain probability vs. loss probability	5.25	9.61	-4.36
Calmar ratio: Return relative to maximum drawdown	61.96	59.46	+2.50
Martin ratio: Return relative to average drawdown	315.58	524.03	-208.45

VRIG vs. BOXX - Sharpe Ratio Comparison

The current VRIG Sharpe Ratio is 10.00, which is comparable to the BOXX Sharpe Ratio of 12.70. The chart below compares the historical Sharpe Ratios of VRIG 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

VRIG vs. BOXX - Drawdown Comparison

The maximum VRIG drawdown since its inception was -13.04%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for VRIG and BOXX.

Drawdown Indicators

	VRIG	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-13.04%	-0.12%	-12.92%
Max Drawdown (1Y) Largest decline over 1 year	-0.08%	-0.07%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-0.78%	-0.12%	-0.66%
Max Drawdown (5Y) Largest decline over 5 years	-2.28%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.27%	-0.00%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.01%	+0.01%

Volatility

VRIG vs. BOXX - Volatility Comparison

Invesco Variable Rate Investment Grade ETF (VRIG) and Alpha Architect 1-3 Month Box ETF (BOXX) have volatilities of 0.10% and 0.10%, 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

	VRIG	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	0.10%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.35%	0.25%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	0.50%	0.32%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.29%	0.37%	+0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.79%	0.37%	+3.42%

VRIG vs. BOXX - Expense Ratio Comparison

VRIG has a 0.30% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

VRIG vs. BOXX - Dividend Comparison

VRIG's dividend yield for the trailing twelve months is around 4.79%, while BOXX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VRIG Invesco Variable Rate Investment Grade ETF	4.79%	4.99%	6.09%	5.97%	2.39%	0.78%	1.57%	3.12%	2.89%	2.31%	0.60%

Frequently Asked Questions

Can I hold both VRIG and BOXX in my portfolio?

VRIG 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, VRIG or BOXX?

BOXX has higher volatility (0.10%) compared to VRIG (0.10%). In terms of maximum drawdown, VRIG dropped -13.04% vs BOXX's -0.12%.

Which ETF is better, VRIG or BOXX?

On 3-year performance, VRIG leads with 5.94% vs 4.74% for BOXX. On fees, BOXX is cheaper at 0.19% 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, VRIG or BOXX?

Over the 3-year period, VRIG has performed better with a 5.94% return vs 4.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VRIG or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.30% for VRIG.

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

VRIG has the higher dividend yield at 4.79%, compared with 0.00% for BOXX.

What is the main difference between VRIG and BOXX?

They also come from different issuers: Invesco and Alpha Architect. Their fees differ too: 0.30% for VRIG and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.70 vs 10.00), 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.