ZSB vs. BOXX

Last updated Jun 3, 2026

ZSB (USCF Sustainable Battery Metals Strategy Fund) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - ZSB is a Commodities fund tracking the S&P GSCI Electric Vehicle Meals Index, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. Both are passively managed. Over the past 3 years, ZSB returned 6.63%/yr vs 4.75%/yr for BOXX. At a correlation of -0.07, they often move in opposite directions. ZSB charges 0.59%/yr vs 0.19%/yr for BOXX.

Performance

ZSB vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Sustainable Battery Metals Strategy Fund (ZSB) 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, ZSB achieves a 14.02% return, which is significantly higher than BOXX's 1.58% return.

ZSB

• 1D: 0.48%
• 1M: 2.34%
• YTD: 14.02%
• 6M: 28.85%
• 1Y: 78.36%
• 3Y*: 6.63%
• 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)

ZSB vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZSB USCF Sustainable Battery Metals Strategy Fund	14.02%	64.34%	-19.70%	-31.38%
BOXX Alpha Architect 1-3 Month Box ETF	1.58%	4.37%	5.16%	4.93%

Correlation

The correlation between ZSB and BOXX is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023	-0.07

ZSB vs. BOXX - Sectors Allocation Comparison

Sectors	ZSB	BOXX
Basic Materials	90.9%	1.9%
Industrials	8.3%	8.7%
Technology	0.8%	33.1%
Communication Services	-	10.7%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	5.4%
Energy	-	3.5%
Financial Services	-	12.3%
Healthcare	-	9.8%
Real Estate	-	2.0%
Utilities	-	2.5%

Return for Risk

ZSB vs. BOXX — Risk / Return Rank

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

ZSB

ZSB Risk / Return Rank: 81
ZSB Sharpe Ratio Rank: 88
ZSB Sortino Ratio Rank: 73
ZSB Omega Ratio Rank: 86
ZSB Calmar Ratio Rank: 85
ZSB Martin Ratio Rank: 71

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.

ZSB vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Sustainable Battery Metals Strategy Fund (ZSB) 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.

	ZSB	BOXX	Difference
Sharpe ratio Return per unit of total volatility	2.99	12.79	-9.80
Sortino ratio Return per unit of downside risk	3.38	37.82	-34.44
Omega ratio Gain probability vs. loss probability	1.54	9.78	-8.24
Calmar ratio Return relative to maximum drawdown	4.77	59.53	-54.77
Martin ratio Return relative to average drawdown	13.48	529.34	-515.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZSB vs. BOXX - Sharpe Ratio Comparison

The current ZSB Sharpe Ratio is 2.99, which is lower than the BOXX Sharpe Ratio of 12.79. The chart below compares the historical Sharpe Ratios of ZSB 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

	ZSB	BOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	12.79	-9.80
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	12.92	-12.87

Drawdowns

ZSB vs. BOXX - Drawdown Comparison

The maximum ZSB drawdown since its inception was -49.26%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for ZSB and BOXX.

Drawdown Indicators

	ZSB	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-49.26%	-0.12%	-49.14%
Max Drawdown (1Y) Largest decline over 1 year	-16.75%	-0.07%	-16.68%
Max Drawdown (3Y) Largest decline over 3 years	-43.22%	-0.12%	-43.10%
Current Drawdown Current decline from peak	-3.87%	0.00%	-3.87%
Average Drawdown Average peak-to-trough decline	-30.98%	-0.00%	-30.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.92%	0.01%	+5.91%

Volatility

ZSB vs. BOXX - Volatility Comparison

USCF Sustainable Battery Metals Strategy Fund (ZSB) has a higher volatility of 5.39% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.09%. This indicates that ZSB'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

	ZSB	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	0.09%	+5.30%
Volatility (6M) Calculated over the trailing 6-month period	22.64%	0.25%	+22.39%
Volatility (1Y) Calculated over the trailing 1-year period	26.31%	0.32%	+25.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.60%	0.37%	+19.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.60%	0.37%	+19.23%

ZSB vs. BOXX - Expense Ratio Comparison

ZSB has a 0.59% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

ZSB vs. BOXX - Dividend Comparison

ZSB's dividend yield for the trailing twelve months is around 0.81%, while BOXX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%	0.00%
ZSB USCF Sustainable Battery Metals Strategy Fund	0.81%	0.92%	2.96%	3.59%

Frequently Asked Questions

Can I hold both ZSB and BOXX in my portfolio?

ZSB and BOXX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZSB or BOXX?

ZSB has higher volatility (5.39%) compared to BOXX (0.09%). In terms of maximum drawdown, ZSB dropped -49.26% vs BOXX's -0.12%.

Which ETF is better, ZSB or BOXX?

On 3-year performance, ZSB leads with 6.63% vs 4.75% for BOXX. On fees, BOXX is cheaper at 0.19% per year. On volatility, BOXX has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZSB or BOXX?

Over the 3-year period, ZSB has performed better with a 6.63% return vs 4.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSB or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.59% for ZSB.

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

ZSB has the higher dividend yield at 0.81%, compared with 0.00% for BOXX.

What is the main difference between ZSB and BOXX?

ZSB is categorized as Commodities, while BOXX is Ultrashort Bond. ZSB tracks S&P GSCI Electric Vehicle Meals Index, while BOXX tracks Solactive 1-3 Month US T-Bill Index. They also come from different issuers: USCF and Alpha Architect. Their fees differ too: 0.59% for ZSB and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.79 vs 2.99), 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.