BITC vs. MAXI

Last updated Jun 4, 2026

BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) and MAXI (Simplify Bitcoin Strategy PLUS Income ETF) are both Cryptocurrency funds. Both are actively managed. Over the past 3 years, BITC returned 36.02%/yr vs 11.19%/yr for MAXI. A 0.78 correlation means they provide meaningful diversification when combined. BITC charges 0.88%/yr vs 0.97%/yr for MAXI.

Performance

BITC vs. MAXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and Simplify Bitcoin Strategy PLUS Income ETF (MAXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITC achieves a 6.98% return, which is significantly higher than MAXI's -33.46% return.

BITC

• 1D: -0.00%
• 1M: -4.31%
• YTD: 6.98%
• 6M: -1.22%
• 1Y: -15.09%
• 3Y*: 36.02%
• 5Y*: —
• 10Y*: —

MAXI

• 1D: -2.93%
• 1M: -20.54%
• YTD: -33.46%
• 6M: -42.63%
• 1Y: -60.98%
• 3Y*: 11.19%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BITC vs. MAXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	6.98%	-20.46%	97.86%	42.29%
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-33.46%	-28.59%	92.92%	44.51%

Correlation

The correlation between BITC and MAXI is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since Mar 22, 2023	0.78

Over the past year, the correlation between BITC and MAXI has dropped to 0.55 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

Return for Risk

BITC vs. MAXI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BITC

BITC Risk / Return Rank: 4
BITC Sharpe Ratio Rank: 4
BITC Sortino Ratio Rank: 4
BITC Omega Ratio Rank: 3
BITC Calmar Ratio Rank: 4
BITC Martin Ratio Rank: 5

MAXI

MAXI Risk / Return Rank: 1
MAXI Sharpe Ratio Rank: 2
MAXI Sortino Ratio Rank: 1
MAXI Omega Ratio Rank: 2
MAXI Calmar Ratio Rank: 1
MAXI Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BITC vs. MAXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and Simplify Bitcoin Strategy PLUS Income ETF (MAXI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BITC	MAXI	Difference
Sharpe ratio Return per unit of total volatility	-0.59	-0.93	+0.34
Sortino ratio Return per unit of downside risk	-0.71	-1.49	+0.78
Omega ratio Gain probability vs. loss probability	0.90	0.84	+0.06
Calmar ratio Return relative to maximum drawdown	-0.57	-0.92	+0.34
Martin ratio Return relative to average drawdown	-0.82	-1.43	+0.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITC vs. MAXI - Sharpe Ratio Comparison

The current BITC Sharpe Ratio is -0.59, which is higher than the MAXI Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of BITC and MAXI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BITC	MAXI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.59	-0.93	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.31	+0.36

Drawdowns

BITC vs. MAXI - Drawdown Comparison

The maximum BITC drawdown since its inception was -38.51%, smaller than the maximum MAXI drawdown of -66.78%. Use the drawdown chart below to compare losses from any high point for BITC and MAXI.

Drawdown Indicators

	BITC	MAXI	Difference
Max Drawdown Largest peak-to-trough decline	-38.51%	-66.78%	+28.27%
Max Drawdown (1Y) Largest decline over 1 year	-26.51%	-66.78%	+40.27%
Max Drawdown (3Y) Largest decline over 3 years	-38.51%	-66.78%	+28.27%
Current Drawdown Current decline from peak	-26.48%	-66.27%	+39.79%
Average Drawdown Average peak-to-trough decline	-16.37%	-18.74%	+2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.37%	42.76%	-24.39%

Volatility

BITC vs. MAXI - Volatility Comparison

The current volatility for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) is 6.39%, while Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a volatility of 11.92%. This indicates that BITC experiences smaller price fluctuations and is considered to be less risky than MAXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITC	MAXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	11.92%	-5.53%
Volatility (6M) Calculated over the trailing 6-month period	19.98%	45.84%	-25.86%
Volatility (1Y) Calculated over the trailing 1-year period	25.54%	65.83%	-40.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.65%	63.81%	-17.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.65%	63.81%	-17.16%

BITC vs. MAXI - Expense Ratio Comparison

BITC has a 0.88% expense ratio, which is lower than MAXI's 0.97% expense ratio.

Dividends

BITC vs. MAXI - Dividend Comparison

BITC's dividend yield for the trailing twelve months is around 3.14%, less than MAXI's 66.33% yield.

Position	TTM	2025	2024	2023	2022
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.14%	3.36%	42.68%	5.82%	0.00%
MAXI Simplify Bitcoin Strategy PLUS Income ETF	66.33%	49.00%	32.06%	29.63%	4.43%

Frequently Asked Questions

Can I hold both BITC and MAXI in my portfolio?

BITC and MAXI have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITC or MAXI?

MAXI has higher volatility (11.92%) compared to BITC (6.39%). In terms of maximum drawdown, BITC dropped -38.51% vs MAXI's -66.78%.

Which ETF is better, BITC or MAXI?

On 3-year performance, BITC leads with 36.02% vs 11.19% for MAXI. On fees, BITC is cheaper at 0.88% per year. On volatility, BITC has been the lower-risk option at 6.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITC or MAXI?

Over the 3-year period, BITC has performed better with a 36.02% return vs 11.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITC or MAXI?

BITC is cheaper with a 0.88% expense ratio, compared with 0.97% for MAXI.

Which ETF pays a higher dividend yield, BITC or MAXI?

MAXI has the higher dividend yield at 66.33%, compared with 3.14% for BITC.

What is the main difference between BITC and MAXI?

They also come from different issuers: Bitwise and Simplify. Their fees differ too: 0.88% for BITC and 0.97% for MAXI.

Which has better risk-adjusted returns?

BITC currently has the higher Sharpe Ratio (-0.59 vs -0.93), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.