Research
Box Spread Rates vs. Treasury Yields
The 1-year Haven SPX Box Rate and the 1-year Treasury yield, paired on the same trading day.
Key takeaway
From 2012 through 2025, the 1-year Haven SPX Box Rate averaged 0.28 percentage points above the 1-year Treasury yield. It was higher on 3,424 of 3,491 paired days.
Navy line: 1-year Haven SPX Box Rate. Gray line: 1-year Treasury yield. Each point is the average of days when both were published.
Yearly comparison
| Year | Days | 1-year Haven SPX Box Rate | 1-year Treasury | Haven minus Treasury, pp |
|---|---|---|---|---|
| 2012 | 248 | 0.47% | 0.17% | 0.29 |
| 2013 | 250 | 0.46% | 0.13% | 0.33 |
| 2014 | 250 | 0.45% | 0.12% | 0.33 |
| 2015 | 250 | 0.68% | 0.32% | 0.36 |
| 2016 | 250 | 0.92% | 0.61% | 0.31 |
| 2017 | 250 | 1.57% | 1.20% | 0.37 |
| 2018 | 249 | 2.68% | 2.33% | 0.35 |
| 2019 | 249 | 2.24% | 2.05% | 0.18 |
| 2020 | 250 | 0.70% | 0.37% | 0.33 |
| 2021 | 250 | 0.53% | 0.10% | 0.43 |
| 2022 | 249 | 3.10% | 2.80% | 0.31 |
| 2023 | 248 | 5.15% | 5.08% | 0.07 |
| 2024 | 250 | 4.82% | 4.69% | 0.13 |
| 2025 | 248 | 4.11% | 3.91% | 0.20 |
| 2026 | 191 | 4.24% | 3.85% | 0.39 |
A day is included only when both series were published that day. No missing Haven day is filled in. The cleaned 1-year history covers every year from 2012 through 2026, including 2020. 2026 runs through October 6.
On 3,491 paired days from 2012 through 2025, the 1-year Haven SPX Box Rate averaged 1.99% and the 1-year Treasury yield averaged 1.70%.
The closest year was 2023. Over 248 days the Haven SPX Box Rate averaged 5.15% and the Treasury yield 5.08%, a gap of 0.07 percentage points. In 2020 the gap was 0.33 percentage points across 250 days.
On October 6, 2026 the 1-year Haven SPX Box Rate was 4.88% and the 1-year Treasury yield was 4.46%. The gap that day was 0.42 percentage points.
The Treasury yield is the government borrowing rate. The Haven SPX Box Rate is read from SPX box spreads. The gap is a difference between two published series, not a lending offer.
Sources: Methodology · Daily CSV · JSON · U.S. Treasury par yield curve.
What this means
On most paired days the 1-year Haven SPX Box Rate sat above the 1-year Treasury yield, by 0.28 percentage points on average from 2012 through 2025. The closest full year was 2023, at 0.07 percentage points. The gap is a difference between two published series, not a lending offer.
Haven Funding LLC is owned by Haven Systems LLC. Neither firm is a bank or a registered broker-dealer. Securities and execution services are provided through Interactive Brokers LLC. The Haven SPX Box Rate is a constant-maturity reference rate. It is not a Truth in Lending APR and not a commitment to lend.