Dividend comparison

TBIL vs BOXX: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for F/m US Treasury 3 Month Bill Fund and Alpha Architect 1-3 Month Box ETF, side by side. Updated October 21, 2026.

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TBIL vs BOXX: key differences
The short answer, from the latest data on this page.
  • Fees. TBIL is cheaper at 0.15% a year versus 0.24% for BOXX. On $10,000 that is $9 a year less in fees.
  • Performance. Over the last 3 years, BOXX returned 14.5% versus 10.1% for TBIL, with dividends reinvested. $10,000 would have grown to $11,446 in BOXX and $11,014 in TBIL.
  • Risk. Their worst declines over the last 3 years were similar: -0.6% for TBIL and -0.1% for BOXX from peak to trough.
  • Diversification. BOXX holds 18 positions and TBIL holds 5.

Bottom line: TBIL fits better if you care most about lower fees. BOXX fits better if you care most about stronger 3-year returns and broader diversification.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricTBIL
F/m US Treasury 3 Month Bill Fund
BOXX
Alpha Architect 1-3 Month Box ETF
Dividend yield (TTM)3.63%—
Dividend / share (TTM)$1.81—
Payout frequencyMonthly—
Last dividend$0.1566 on Sep 29, 2026$0.2906 on Aug 14, 2024
Ex-dividend dateSep 28, 2026Aug 13, 2024
Dividend growth (CAGR)-9.8% over 2 yrs—
Price$49.95$118.68
Beta-0.00-0.00
Max drawdown (5Y)-0.6%-0.1%
Market cap$7.62B$14.26B
ExchangeNASDAQCBOE
Expense ratio0.15%0.24%
Assets under management$7.62B$14.30B
Number of holdings518
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

TBIL

$30.28/mo

$363 /yr at 3.63% yield

BOXX

—/mo

Yield data unavailable

Dividend history
Total dividends paid per share in each calendar year.
YearTBILBOXX
2025$2.0277—
2024$2.5054—
2023$2.4938—
Strategy: Cash equivalent
Funds holding short-dated US government paper, where the objective is that the principal is there when you need it. Yield follows short-term interest rates with a short lag rather than being locked in, so income falls when the central bank cuts and rises when it hikes. Because the underlying holdings are nearly identical across providers, the expense ratio comes almost directly out of what you receive.

There is no growth here by design, and purchasing power erodes whenever the after-tax yield sits below inflation.

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Dec 28, 2022 would now be worth $11,462 in TBIL and $11,897 in BOXX.
PeriodTBILBOXX
1 month0.00%0.37%
3 months-0.02%1.01%
Year to date0.14%3.11%
1 year0.32%4.02%
3 years10.14%14.46%
5 years——
  • TBIL
  • BOXX
9810912020222023202420252026115119

Both series indexed to 100 on 2022-12-28 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • TBIL
  • BOXX
0%25%50%75%100%Cash & Others100.0%0.0%Technology40.1%Financial Services11.3%Communication Services9.9%Healthcare9.4%Consumer Cyclical8.7%Industrials7.6%Consumer Defensive4.4%Energy3.4%Utilities1.9%Other3.3%

Quick verdict

TBIL fits better if you care most about lower fees. BOXX fits better if you care most about stronger 3-year returns and broader diversification. Model the holding inside your real portfolio before deciding.

Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how TBIL vs BOXX fits with the rest of your holdings. Free to start — no credit card required for the trial.
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Frequently asked questions

Is TBIL or BOXX better for dividend income?
Compare yield, payout sustainability, and how each fund or stock fits your income goals. Use Dividend Wealth to model both holdings inside a real portfolio forecast.
What is the difference between TBIL and BOXX?
F/m US Treasury 3 Month Bill Fund (TBIL) is an ETF listed on NASDAQ. Alpha Architect 1-3 Month Box ETF (BOXX) is an ETF listed on CBOE. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, TBIL or BOXX?
TBIL has the lower expense ratio. TBIL charges 0.15% a year and BOXX charges 0.24%, a difference of $9 a year on a $10,000 investment.
Which has performed better, TBIL or BOXX?
Over the last 3 years, BOXX has the higher total return with dividends reinvested: TBIL returned 10.1% and BOXX returned 14.5%. Past performance does not predict future returns.
Which is riskier, TBIL or BOXX?
Measured by the worst peak-to-trough decline over the last five years, TBIL has been riskier: TBIL fell as much as 0.6% and BOXX as much as 0.1%. Their betas are -0.00 and -0.00.
Can I hold both TBIL and BOXX?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare TBIL vs BOXX with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how TBIL and BOXX fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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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.