Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
BOXX has outpaced SGOV over the trailing twelve months, posting a 4.02% total return against 3.74%. The lead holds up over 3 years too: BOXX has compounded at 4.63% a year, against 4.54% for SGOV. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 0.4% for BOXX. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Dec 2022” measures every fund from December 28, 2022 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Short T-bill ETFs, from our catalog
SGOV tracks ICE 0-3 Month US Treasury Securities Index and pays monthly at a forward distribution rate of 3.66% with an expense ratio of 0.09%.
BIL, another short Treasury ETF in this catalog, tracks Bloomberg 1-3 Month U.S. Treasury Bill Index at a forward distribution rate of 3.66% (Monthly) with an expense ratio of 0.1353%.
These are interest-like cash rates, not equity dividends. A covered-call or dividend ETF can pay more, and it can also lose principal.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Seeks investment results that, before fees and expenses, equal or exceed the price and yield performance of an investment tracking the 1-3 month sector of the United States Treasury Bill market using exchange-listed box spread options.
Seeks to track an index of U.S. Treasury obligations maturing in three months or less, investing at least 90% of assets in U.S. Treasury securities.
Bottom lineChoose BOXX if you want fixed-income ballast that steadies the portfolio when stocks fall. Choose SGOV if you want higher current income (3.66% while BOXX makes no distribution).
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Alpha Architect operates a focused lineup of 8 ETFs concentrated on equity factor strategies, income generation, and international exposure, with an emphasis on alternative and research-driven approaches to portfolio construction. The firm is known for developing specialized strategies that combine traditional factor investing with tactical overlays, as evidenced by funds like QMOM (quantitative momentum) and IMOM (international momentum), alongside income-focused options. Their fund family spans equity factors, covered call strategies, and international markets, appealing to investors seeking rules-based, non-traditional approaches to dividend and factor-based investing.
See our curated list of related YouTube videos on BOXX.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.
See our curated list of related YouTube videos on SGOV.
BOXX (Alpha Architect BOXX ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both ETFs, but they take different approaches.
SGOV currently shows a 3.66% distribution yield. BOXX has not yet established a full distribution history, so a comparable yield figure is not available.
SGOV is cheaper with an expense ratio of 0.09% compared to 0.19%.
They have different reference exposures: BOXX is linked to U.S. Treasury Bills (1-3 Month) while SGOV is linked to ICE 0-3 Month US Treasury Securities Index, which means their performance drivers differ.
SGOV is the larger fund by assets ($112B), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, BOXX has no reported distribution yield yet, so a cash estimate is not available, while SGOV would produce $30.50 cash per distribution, at current distribution rates.
BOXX yield—
SGOV yield3.66%
Cost & efficiency
Over 10 years on $10,000, BOXX would cost approximately $190 in fees vs $90 for SGOV (simplified, not compounded). The $100.00 difference may be offset by yield or performance.
BOXX ER0.19%
SGOV ER0.09%
Strategy & risk
BOXX tracks U.S. Treasury Bills (1-3 Month) with a bonds approach, while SGOV tracks ICE 0-3 Month US Treasury Securities Index with a bonds approach. Beta is 0.0009 for BOXX and -0.0029 for SGOV — effectively similar market sensitivity.
BOXX beta0.0009
SGOV beta-0.0029
Fund details
BOXX is managed by Alpha Architect (launched 12/27/2022) with $14.7B in assets. SGOV is managed by iShares (launched 05/26/2020) with $112B in assets.
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Frequently asked questions
What is the difference between BOXX and SGOV?
Both target short-dated US Treasury exposure, but they get there differently. SGOV (iShares 0-3 Month Treasury Bond ETF) holds ICE 0-3 Month US Treasury Securities Index and pays the bill interest through monthly — 3.66% as of September 2026. BOXX (Alpha Architect BOXX ETF) uses box spreads on Treasuries so more of the return is meant to show up as price change rather than a large cash distribution. Cost is 0.19% versus 0.09%. Neither is an insured deposit. Tax treatment depends on your account; this is not tax advice.
Which of BOXX or SGOV pays more dividend income?
SGOV currently reports a distribution yield, while BOXX has not yet established a full distribution history. A direct income comparison is not yet meaningful — check back once both funds have published several consecutive distributions.
Can I hold both BOXX and SGOV?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Which has lower fees, BOXX or SGOV?
BOXX has an expense ratio of 0.19% while SGOV charges 0.09%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in BOXX vs SGOV generate?
At current rates, BOXX has not established a distribution history yet, so a cash estimate is not available. The same in SGOV would produce about $30.50 cash per distribution ($366.00 annually).
Which has performed better historically, BOXX or SGOV?
BOXX has outpaced SGOV over the trailing twelve months, posting a 4.02% total return against 3.74%. The lead holds up over 3 years too: BOXX has compounded at 4.63% a year, against 4.54% for SGOV. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 0.4% for BOXX. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
BOXX and SGOV both track the ultrashort U.S. Treasury market—securities maturing in three months or less—but use fundamentally different mechanics. The choice between them hinges on whether you want direct Treasury exposure with taxable yield or a tax-efficient option-based wrapper. Because BOXX generates returns through price appreciation rather than taxable distributions, it defers all gains until you sell. SGOV holds $112B in assets versus BOXX's $14.7B, making SGOV substantially larger.
SGOV: Designed for investors who want direct Treasury bill ownership with monthly cash distributions and the simplicity of a traditional fixed-income ETF; also suited to those in lower tax brackets or seeking to ladder distributions across their portfolio.
Key risks to know
Box spread basis risk (BOXX): The options positions that replicate Treasury bill performance may drift from actual Treasury bill returns due to volatility, assignment timing, or market dislocations. If the box spread fails to perfectly track its underlying, you could experience meaningful slippage relative to the Treasury bill index.
Liquidity and bid-ask risk (BOXX): Box spreads are less liquid than outright Treasury holdings, and lower trading volume in BOXX relative to SGOV may translate to wider spreads at entry or exit, especially in stressed markets.
Interest rate risk: Both funds are highly sensitive to Treasury rate moves, though the impact is tiny given the short maturity. If rates rise sharply, even 1-3 month Treasuries can show brief mark-to-market losses, though duration risk is negligible relative to longer-dated bonds.
Rollover and reinvestment (SGOV): Monthly distributions require reinvestment decision or acceptance of cash drag, and rising or falling rates will affect the yield on reinvested proceeds differently over time. If you prefer the transparency of owning actual Treasuries, monthly income, and a lower expense ratio, SGOV is the simpler, more established choice. Past performance doesn't predict future results, and both funds track an extremely low-volatility asset class where returns depend primarily on prevailing short-term interest rates.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
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The metrics behind this comparison, explained in the Academy.
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