BOXX vs SPY
Alpha Architect 1-3 Month Box ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | BOXX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.19% | 0.09% | |
| AUM | $13.2B | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 10 | 505 | |
| YTD Return | +2.32% | +13.39% | |
| 1Y Return | +4.08% | +22.52% | |
| 3Y Return (annualized) | +4.69% | +21.36% | |
| 5Y Return (annualized) | - | +13.19% | |
| Volatility (annualized) | 0.3% | 15.3% | |
| Max Drawdown | -0.1% | -56.5% | |
| Fund Family | Alpha Architect | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Dec 28, 2022 | Jan 22, 1993 |
BOXX vs SPY Performance
Alpha Architect 1-3 Month Box ETF (BOXX) is a ETF from Alpha Architect and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BOXX returned +4.08% while SPY returned +22.52%. Year to date, BOXX is up 2.32% versus a gain of 13.39% for SPY.
Over three years, BOXX compounded at +4.69% per year against +21.36% for SPY. Across the full 4-year window we track, SPY has the edge at +8.84% annualized vs +4.70%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 0.3% for BOXX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -0.1% for BOXX and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.12. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BOXX charges 0.19% per year while SPY charges 0.09%. On a $10,000 position that is $19 vs $9 annually, a gap of $10 per year that compounds over a long holding period. On income, BOXX currently yields 0.00% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, BOXX or SPY?
BOXX has an expense ratio of 0.19% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $10 per year of difference.
Which performed better, BOXX or SPY?
Over the past year BOXX returned +4.08% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), BOXX annualized +4.70% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, BOXX or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 0.3% for BOXX. Worst drawdown: BOXX -0.1% vs SPY -56.5%.
Should I hold both BOXX and SPY?
BOXX and SPY have a monthly-return correlation of -0.12, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, BOXX or SPY?
BOXX yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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