Dividend comparison
BIL vs BOXX: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for State Street SPDR Bloomberg 1-3 Month T-Bill ETF and Alpha Architect 1-3 Month Box ETF, side by side. Updated October 21, 2026.
- Fees. BIL is cheaper at 0.14% a year versus 0.24% for BOXX. On $10,000 that is $10 a year less in fees.
- Performance. Over the last 3 years, BOXX returned 14.5% versus 12.9% for BIL, with dividends reinvested. $10,000 would have grown to $11,446 in BOXX and $11,288 in BIL.
- Risk. Their worst declines over the last 3 years were similar: -0.3% for BIL and -0.1% for BOXX from peak to trough.
- Diversification. BIL holds 34 positions and BOXX holds 18.
- Size. BIL is the larger fund with $51.2 billion in assets, against $14.3 billion for BOXX.
Bottom line: BIL has the edge on these figures, with lower fees and broader diversification. BOXX does not lead on any of the measures compared here.
| Metric | BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF | BOXX Alpha Architect 1-3 Month Box ETF |
|---|---|---|
| Dividend yield (TTM) | 3.66% | — |
| Dividend / share (TTM) | $3.35 | — |
| Payout frequency | Monthly | — |
| Last dividend | $0.2632 on Oct 6, 2026 | $0.2906 on Aug 14, 2024 |
| Ex-dividend date | Oct 1, 2026 | Aug 13, 2024 |
| Dividend growth (CAGR) | 45.1% over 3 yrs | — |
| Price | $91.58 | $118.68 |
| Beta | 0.00 | -0.00 |
| Max drawdown (5Y) | -0.3% | -0.1% |
| Market cap | $51.19B | $14.26B |
| Exchange | AMEX | CBOE |
| Expense ratio | 0.14% | 0.24% |
| Assets under management | $51.17B | $14.30B |
| Number of holdings | 34 | 18 |
BIL
$30.51/mo
$366 /yr at 3.66% yield
BOXX
—/mo
Yield data unavailable
| Year | BIL | BOXX |
|---|---|---|
| 2025 | $3.7727 | — |
| 2024 | $4.5966 | — |
| 2023 | $4.5009 | — |
| 2022 | $1.2361 | — |
There is no growth here by design, and purchasing power erodes whenever the after-tax yield sits below inflation.
What BIL vs BOXX actually do
It tracks a Bloomberg index of 1 to 3 month US Treasury bills and works the same way as its peers: constant rollover, a yield that follows the short end of the curve, and monthly distributions. It launched in 2007, well before the current crop of cash ETFs, and carries a higher expense ratio than the newer entrants. On a product where every fund holds nearly identical government paper, that fee gap comes almost directly out of the yield you receive.
Suits anyone needing a liquid cash holding, particularly where a platform makes it the cheapest or most accessible option. Where an equivalent bill fund charges less, there is little in the portfolio itself to justify the difference.
Capital preservation
| Period | BIL | BOXX |
|---|---|---|
| 1 month | 0.32% | 0.37% |
| 3 months | 0.91% | 1.01% |
| Year to date | 2.89% | 3.11% |
| 1 year | 3.67% | 4.02% |
| 3 years | 12.88% | 14.46% |
| 5 years | 18.87% | — |
- BIL
- BOXX
Both series indexed to 100 on 2022-12-28 using the adjusted closing price series. Past performance does not guarantee future results.
- BIL
- BOXX
Quick verdict
BIL has the edge on these figures, with lower fees and broader diversification. BOXX does not lead on any of the measures compared here. Model the holding inside your real portfolio before deciding.
Frequently asked questions
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.