Dividend comparison

USFR vs BOXX: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for WisdomTree Floating Rate Treasury Fund and Alpha Architect 1-3 Month Box ETF, side by side. Updated October 21, 2026.

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USFR vs BOXX: key differences

The short answer, from the latest data on this page.

Fees. USFR 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 13.3% for USFR, with dividends reinvested. $10,000 would have grown to $11,446 in BOXX and $11,330 in USFR.
Risk. Their worst declines over the last 3 years were similar: -0.4% for USFR and -0.1% for BOXX from peak to trough.
Diversification. BOXX holds 18 positions and USFR holds 6.

Bottom line: USFR fits better if you care most about lower fees. BOXX fits better if you care most about broader diversification.

Side-by-side snapshot

Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.

Metric	USFR WisdomTree Floating Rate Treasury Fund	BOXX Alpha Architect 1-3 Month Box ETF
Dividend yield (TTM)	3.72%	—
Dividend / share (TTM)	$1.88	—
Payout frequency	Monthly	—
Last dividend	$0.1582 on Sep 29, 2026	$0.2906 on Aug 14, 2024
Ex-dividend date	Sep 25, 2026	Aug 13, 2024
Dividend growth (CAGR)	318.5% over 4 yrs	—
Price	$50.50	$118.68
Beta	-0.02	-0.00
Max drawdown (5Y)	-0.4%	-0.1%
Market cap	$17.79B	$14.26B
Exchange	AMEX	CBOE
Expense ratio	0.15%	0.24%
Assets under management	$21.25B	$14.30B
Number of holdings	6	18

Income on a $10,000 investment

Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

USFR

$31.00/mo

$372 /yr at 3.72% yield

BOXX

—/mo

Yield data unavailable

Dividend history

Total dividends paid per share in each calendar year.

Year	USFR	BOXX
2025	$2.0860	—
2024	$2.5996	—
2023	$2.5718	—
2022	$0.8956	—
2021	$0.0068	—

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.

What USFR vs BOXX actually do

USFR

A WisdomTree fund holding US Treasury floating rate notes rather than fixed-rate bills.

Treasury FRNs are two-year securities whose coupon resets weekly against the 13-week Treasury bill auction, so the fund's income adjusts to rate changes through the coupon itself instead of by rolling into new bills. In practice that makes it respond to a rate move slightly faster than a bill ladder does. The trade-off is a smaller, less liquid corner of the Treasury market and a modest amount of price movement that a portfolio of near-maturity bills does not have.

Suits a cash holder who wants income that resets quickly and is comfortable with a less mainstream instrument. Offers no advantage over a plain bill fund once short rates stop moving, and it is not a place to seek return.

Capital preservation

Performance

Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Dec 28, 2022 would now be worth $11,818 in USFR and $11,897 in BOXX.

Period	USFR	BOXX
1 month	0.34%	0.37%
3 months	1.02%	1.01%
Year to date	3.17%	3.11%
1 year	4.04%	4.02%
3 years	13.30%	14.46%
5 years	20.38%	—

USFR
BOXX

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.

USFR
BOXX

Quick verdict

USFR fits better if you care most about lower fees. BOXX fits better if you care most about 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 USFR 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 USFR 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 USFR and BOXX?

WisdomTree Floating Rate Treasury Fund (USFR) is an ETF listed on AMEX. 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, USFR or BOXX?

USFR has the lower expense ratio. USFR 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, USFR or BOXX?

Over the last 3 years, BOXX has the higher total return with dividends reinvested: USFR returned 13.3% and BOXX returned 14.5%. Past performance does not predict future returns.

Which is riskier, USFR or BOXX?

Measured by the worst peak-to-trough decline over the last five years, USFR has been riskier: USFR fell as much as 0.4% and BOXX as much as 0.1%. Their betas are -0.02 and -0.00.

Can I hold both USFR 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 USFR vs BOXX with my full portfolio?

Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how USFR 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.