What is the difference between BOXX and SGOV in terms of fees?

BOXX has an expense ratio of 0.19%, while SGOV's is lower at 0.09%. This 0.10 percentage point difference means SGOV is cheaper to hold annually. Over time, lower fees can slightly boost net returns, assuming all other factors are equal. It is important to understand that expense ratios directly reduce the investment's potential growth, making cost a key factor in long-term accumulation strategies.

What do the fund categories 'Ultrashort Bond' tell investors?

Both BOXX and SGOV are classified as Ultrashort Bond ETFs. This category typically indicates investments with very short maturity dates, usually under three months. Such funds generally aim to provide capital preservation and liquidity rather than high growth. They are often used as places to park cash temporarily, offering exposure to the short end of the yield curve with reduced interest rate risk compared to longer-term bonds.

What types of holdings do these ETFs typically include?

Both funds fall under the Ultrashort Bond category, meaning they typically hold fixed-income securities with very short maturities, such as treasury bills or similar debt instruments. However, specific top holdings for BOXX and SGOV are not available in the provided data. Generally, these holdings aim to provide stability and liquidity, with minimal exposure to long-term interest rate fluctuations, distinguishing them from equity-based or long-duration bond ETFs.

What is the dividend yield difference between the two?

SGOV reports a dividend yield of 3.69%, reflecting regular distributions to shareholders. In contrast, BOXX has a 0.00% dividend yield, meaning it does not currently distribute dividends. Investors should note that BOXX may achieve returns through capital appreciation rather than income. The choice between the two often depends on whether an investor prioritises immediate cash flow from dividends or prefers a strategy that retains earnings within the fund for potential growth.

How do the inception dates impact fund comparison?

SGOV launched earlier, on 26 May 2020, providing a longer track record for potential analysis. BOXX is more recent, established on 28 December 2022. A newer fund may not yet display performance across a full market cycle, while older funds have more historical data. This difference highlights that BOXX is newer to the market, and investors might consider the age of a fund as a factor when assessing operational history and track record, though past performance does not guarantee future results.

What is the total assets size?

SGOV has substantial net assets of $110.9 billion, indicating large-scale operation. BOXX has significantly less at $14.4 billion. While both figures are available, the difference highlights varying market participation levels. The data shows SGOV is much larger in terms of assets under management. These figures represent the total value of the securities owned by the funds and may influence the scale of operations, though they do not directly indicate performance or safety.

How do these funds compare regarding index tracking?

According to the provided data, the specific index tracked by both BOXX and SGOV is not available. Consequently, a direct comparison of their tracking methods or benchmark indices cannot be made based on this information. Investors seeking to understand how closely these funds mirror specific market sectors or bond indices should note that this detail is currently missing, preventing a detailed assessment of their index replication strategies or tracking error potential.

What is the fund issuer information for these two?

The fund issuer for SGOV is clearly identified as iShares, a well-known provider of ETFs. For BOXX, the issuer information is not available in the provided data. This difference means investors can easily identify the management company behind SGOV, but must seek external sources to determine who manages BOXX. Understanding the issuer can provide context on operational stability, though the lack of this detail for BOXX limits a direct comparison of their management backgrounds.

What does the difference in net assets mean?

SGOV has significantly larger net assets of $110.9 billion, compared to BOXX's $14.4 billion. While both are available, the data shows SGOV is much larger in terms of scale. The provided figures indicate SGOV holds more than seven times the assets of BOXX. This substantial difference reflects higher market participation or longer presence, though it does not directly imply better performance or safety.

Which fund has a higher expense ratio, and is it material?

BOXX has the higher expense ratio at 0.19%, compared to SGOV's 0.09%. The 0.10% difference is relatively small in absolute terms. For a $10,000 investment, this would result in a $10 annual cost difference. Over time, compounded effects could accumulate. While this difference is noticeable, its significance depends on the total portfolio size and investment horizon. Other factors, such as yield and structure, should also be weighed.

Why are BOXX's top holdings not disclosed?

The provided data indicates that specific top holdings details for BOXX are not available. This lack of transparency means investors cannot verify the underlying assets directly from this source. Unlike SGOV, where issuer information is clear, BOXX's structure might differ, possibly contributing to this disclosure gap. Investors may need to consult the fund's official prospectus or website for this information, as the current data set does not include specific holdings breakdowns for BOXX.

Is either fund suitable for income-focused investors?

SGOV, with a current dividend yield of 3.69%, is structured to provide income through distributions. In contrast, BOXX reports a 0.00% yield and distributes no dividends. Therefore, SGOV's characteristics align more closely with income-focused objectives, as it explicitly generates periodic cash payments. BOXX's approach may suit those focused on potential capital growth or cash management without immediate distribution needs. The choice depends on whether the investor requires regular income or not.

BOXX vs SGOV

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

This page compares the Alpha Architect 1-3 Month Box ETF (BOXX) and the iShares 0-3 Month Treasury Bond ETF (SGOV). Explore differences in fees, holdings, dividends and how each fund tracks its market. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

BOXX

Metric

SGOV

0.19%

Expense Ratio

0.09%

0.00%

Dividend Yield

3.69%

$14.42B

Net Assets

$110.87B

Holdings

Dec 28, 2022

Inception Date

May 26, 2020

–

Index Tracked

–

Ultrashort Bond

Fund Category

Ultrashort Bond

SGOV costs about $10.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

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Investment Analysis

BOXX

Pros

BOXX features low annual expenses at 0.19 percent.
Net assets have grown substantially to 14.4 billion dollars.
It was launched recently in late December of 2022.

Considerations

BOXX distributes no dividends resulting in a zero yield.
Fund issuer information is not available.
Index tracked and specific top holdings details are not available.

SGOV

Pros

SGOV offers a very low expense ratio of 0.09 percent.
Net assets are substantial at 110.9 billion dollars.
It provides a competitive current dividend yield of 3.69 percent.

Considerations

The specific index tracked is not available.
Top holdings and sector weights are not available.
Fund inception dates back to late May 2020.

About BOXX and SGOV

BOXX (BOXX)

The Alpha Architect 1-3 Month Box ETF is an ultra-short bond fund designed to act as a cash management tool. It employs an options-based strategy, specifically the 'box spread', to replicate the yields of short-term government treasury bills. The fund offers a low expense ratio of 0.19% and maintains a concentrated portfolio of around 10 holdings. Unlike traditional bond funds, it typically does not pay a cash dividend; instead, returns are reflected in the growth of its share price (Net Asset Value). This structure allows investors to gain exposure to short-duration interest rates while potentially preserving capital, though the value of shares can fluctuate with broader market conditions.

SGOV (SGOV)

The iShares 0-3 Month Treasury Bond ETF (SGOV) is an exchange-traded fund designed to provide exposure to U.S. Treasury bills with very short maturities, typically less than three months. This asset class is often viewed as a low-risk option for investors seeking liquidity and capital preservation rather than significant growth. With an expense ratio of just 0.09%, it offers a cost-effective way to hold cash-equivalent securities. The fund currently has substantial net assets of USD 110.87 billion and a dividend yield of 3.69%. As of its inception on 26 May 2020, it has attracted investors looking for a safe haven during periods of market volatility. While it generally carries lower risk than long-term bonds or equities, it is important to remember that capital values can fluctuate. It serves primarily as a defensive tool within a diversified portfolio, allowing investors to earn interest on idle cash with minimal duration risk.

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BOXX vs SGOV

Fund Snapshot