VUSSX vs. BOXX

Last updated Jun 3, 2026

VUSSX (Invesco Quality Income Fund Class R6) and BOXX (Alpha Architect 1-3 Month Box ETF) are both funds - VUSSX is a Mortgage Backed Securities fund actively managed by Invesco, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. VUSSX is actively managed, while BOXX is passively managed. Over the past 3 years, VUSSX returned 4.48%/yr vs 4.75%/yr for BOXX. At a 0.02 correlation, their price movements are largely independent. VUSSX charges 0.53%/yr vs 0.19%/yr for BOXX.

Performance

VUSSX vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Quality Income Fund Class R6 (VUSSX) 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, VUSSX achieves a 0.62% return, which is significantly lower than BOXX's 1.58% return.

VUSSX

• 1D: -0.10%
• 1M: 0.03%
• YTD: 0.62%
• 6M: 0.84%
• 1Y: 6.91%
• 3Y*: 4.48%
• 5Y*: 0.27%
• 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)

VUSSX vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VUSSX Invesco Quality Income Fund Class R6	0.62%	8.61%	1.38%	4.81%	0.32%
BOXX Alpha Architect 1-3 Month Box ETF	1.58%	4.37%	5.16%	5.04%	0.07%

Correlation

The correlation between VUSSX and BOXX is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (All Time) Calculated using the full available price history since Dec 29, 2022	0.02

Return for Risk

VUSSX vs. BOXX — Risk / Return Rank

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

VUSSX

VUSSX Risk / Return Rank: 32
VUSSX Sharpe Ratio Rank: 29
VUSSX Sortino Ratio Rank: 31
VUSSX Omega Ratio Rank: 28
VUSSX Calmar Ratio Rank: 39
VUSSX Martin Ratio Rank: 35

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.

VUSSX vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Quality Income Fund Class R6 (VUSSX) 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.

	VUSSX	BOXX	Difference
Sharpe ratio Return per unit of total volatility	1.53	12.79	-11.26
Sortino ratio Return per unit of downside risk	2.32	37.82	-35.50
Omega ratio Gain probability vs. loss probability	1.28	9.78	-8.51
Calmar ratio Return relative to maximum drawdown	2.36	59.53	-57.17
Martin ratio Return relative to average drawdown	7.82	529.34	-521.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VUSSX vs. BOXX - Sharpe Ratio Comparison

The current VUSSX Sharpe Ratio is 1.53, which is lower than the BOXX Sharpe Ratio of 12.79. The chart below compares the historical Sharpe Ratios of VUSSX 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

	VUSSX	BOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	12.79	-11.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	12.92	-12.62

Drawdowns

VUSSX vs. BOXX - Drawdown Comparison

The maximum VUSSX drawdown since its inception was -18.43%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for VUSSX and BOXX.

Drawdown Indicators

	VUSSX	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-18.43%	-0.12%	-18.31%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-0.07%	-3.14%
Max Drawdown (3Y) Largest decline over 3 years	-7.58%	-0.12%	-7.46%
Max Drawdown (5Y) Largest decline over 5 years	-17.85%	—	—
Current Drawdown Current decline from peak	-1.49%	0.00%	-1.49%
Average Drawdown Average peak-to-trough decline	-4.55%	-0.00%	-4.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.01%	+0.96%

Volatility

VUSSX vs. BOXX - Volatility Comparison

Invesco Quality Income Fund Class R6 (VUSSX) has a higher volatility of 1.60% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.09%. This indicates that VUSSX'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

	VUSSX	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.60%	0.09%	+1.51%
Volatility (6M) Calculated over the trailing 6-month period	3.12%	0.25%	+2.87%
Volatility (1Y) Calculated over the trailing 1-year period	4.34%	0.32%	+4.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.47%	0.37%	+6.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.16%	0.37%	+4.79%

VUSSX vs. BOXX - Expense Ratio Comparison

VUSSX has a 0.53% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

VUSSX vs. BOXX - Dividend Comparison

VUSSX's dividend yield for the trailing twelve months is around 3.83%, while BOXX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VUSSX Invesco Quality Income Fund Class R6	3.83%	3.69%	4.30%	3.20%	3.37%	3.49%	4.00%	4.09%	4.27%	2.78%

Frequently Asked Questions

Can I hold both VUSSX and BOXX in my portfolio?

VUSSX and BOXX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VUSSX or BOXX?

VUSSX has higher volatility (1.60%) compared to BOXX (0.09%). In terms of maximum drawdown, VUSSX dropped -18.43% vs BOXX's -0.12%.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.79 vs 1.53), 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.