BOXX vs USFR: Yield, Cost and Returns Compared
As of Nov 5, 2026, USFR yields more: 3.71% (current yield) against 0.00% for BOXX. USFR is cheaper to own at 0.15% a year vs 0.19%. Over the same 3 years (Dec 2022 to Oct 2026), USFR returned 4.7% a year with distributions reinvested, and BOXX 4.6%. BOXX's income is not paid out at all (it builds up in the price and is taxed when you sell); USFR's is generally exempt from state income tax.
USFRWisdomTree Floating Rate Treasury Fund3.71%current yield| Compared | BOXX | USFR |
|---|---|---|
| YieldCurrent yield | 0.00% | 3.71% |
| Expense ratio | 0.19% | 0.15% |
| Total return, 1 yr | +4.1% | +4.0% |
| Total return, 3 yr (a year) | +4.6% | +4.6% |
| Total return, 5 yr (a year) | — | +4.0% |
| Total return, 10 yr (a year) | — | +2.6% |
| Worst drop since Dec 2022 | 0.0% | 0.0% |
| Share price since Dec 2022 | +19% | +0% |
| Pays | Annual | Monthly |
| Issuer | Alpha Architect | WisdomTree |
| Assets | $14.4B | $21.3B |
| Started | 2022 | 2014 |
| Type | Box-spread ETF | Treasury ETF |
Higher yield
USFR
3.71%
Lower cost
USFR
0.15%
Better total return
USFR
4.7%/yr
Smaller worst drop
BOXX
0.0%
Key facts: BOXX vs USFR
Data as of · Source: SmarterDividends data
- As of Nov 5, 2026, BOXX yields 0.00% (current yield) and USFR yields 3.71% (current yield).
- BOXX's expense ratio is 0.19% and USFR's is 0.15%: $19 vs $15 a year on $10,000.
- From Dec 2022 to Oct 2026, $10,000 in BOXX grew to $11,902 (4.6% a year) and $10,000 in USFR to $11,943 (4.7% a year), distributions reinvested.
- Their worst month-end drops over that time: 0.0% for BOXX and 0.0% for USFR.
- BOXX's income is not paid out at all (it builds up in the price and is taxed when you sell), while USFR's is generally exempt from state income tax.
Cite this page
SmarterDividends, "BOXX vs USFR: Yield, Cost and Returns Compared," updated Nov 5, 2026, https://smarterdividends.com/compare/boxx-vs-usfr
$10,000 in each, Dec 2022 to Oct 2026
Distributions reinvested, month-end values.
BOXX became
$11,902
4.6% a year
USFR became
$11,943
4.7% a year
Year by year
| Year | BOXX | USFR |
|---|---|---|
| 2025 | +4.4% | +4.2% |
| 2024 | +5.2% | +5.5% |
| 2023 | +5.0% | +5.2% |
Total return each calendar year, distributions reinvested.
What each holds and how it's taxed
- BOXX · Box-spread ETF
- Earns a T-bill-like return from options box spreads and pays no distributions: the return shows up in the share price and is taxed when you sell.
- USFR · Treasury ETF
- Holds U.S. Treasury securities, so its income is generally exempt from state and local income tax (federal tax still applies).
General information, not tax advice. Every cash fund by yield →
Top holdings
No overlap in the top ten.
BOXX
- Holdings not reported.
USFR
- DTRXX BNY Dreyfus Treasury Oblgtns Csh Mgt Ins0.0%
BOXX vs USFR: questions
Is BOXX or USFR better?
It depends on the job. USFR pays more today (3.71% vs 0.00%), USFR costs less, and USFR has the better total return over Dec 2022 to Oct 2026, with BOXX holding up better in its worst stretch. For cash you may need soon, yield after tax and how easily you can get the money out matter more than past returns.
Which pays a higher dividend, BOXX or USFR?
USFR, at 3.71% against 0.00% for BOXX as of Nov 5, 2026. On $10,000 that's about $371 vs $0 a year at today's rates.
Which has the better total return?
USFR. From Dec 2022 to Oct 2026, it returned 4.7% a year with distributions reinvested, against 4.6% for BOXX. $10,000 became $11,943 vs $11,902.
Which is cheaper, BOXX or USFR?
USFR, with a 0.15% expense ratio against 0.19%.
How are BOXX and USFR taxed?
BOXX: Earns a T-bill-like return from options box spreads and pays no distributions: the return shows up in the share price and is taxed when you sell. USFR: Holds U.S. Treasury securities, so its income is generally exempt from state and local income tax (federal tax still applies). General information, not tax advice.
Related comparisons
Yields, costs and holdings as each fund reports them (via Yahoo Finance), updated daily; returns from month-end prices with distributions reinvested. USFR leads on 3 of 4 measures above. For information only, not investment advice. Last fund data: Nov 5, 2026.