BITO vs. MAXI

Last updated Jun 5, 2026

BITO (ProShares Bitcoin Strategy ETF) and MAXI (Simplify Bitcoin Strategy PLUS Income ETF) are both Cryptocurrency funds. Both are actively managed. Over the past 3 years, BITO returned 26.82%/yr vs 12.72%/yr for MAXI. With a 0.96 correlation, they move nearly in lockstep. BITO charges 0.95%/yr vs 0.97%/yr for MAXI.

Performance

BITO vs. MAXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) 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, BITO achieves a -28.44% return, which is significantly higher than MAXI's -35.14% return.

BITO

• 1D: -2.81%
• 1M: -22.52%
• YTD: -28.44%
• 6M: -32.46%
• 1Y: -41.98%
• 3Y*: 26.82%
• 5Y*: —
• 10Y*: —

MAXI

• 1D: -2.53%
• 1M: -24.95%
• YTD: -35.14%
• 6M: -43.24%
• 1Y: -61.18%
• 3Y*: 12.72%
• 5Y*: —
• 10Y*: —

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

BITO vs. MAXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BITO ProShares Bitcoin Strategy ETF	-28.44%	-11.19%	104.45%	137.33%	-13.01%
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-35.14%	-28.59%	92.92%	144.12%	-13.34%

Correlation

The correlation between BITO and MAXI is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since Oct 3, 2022	0.96

The correlation between BITO and MAXI has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

BITO vs. MAXI - Sectors Allocation Comparison

Sectors	BITO	MAXI
Financial Services	68.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	100.0%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BITO vs. MAXI — Risk / Return Rank

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

BITO

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

MAXI

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

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.

BITO vs. MAXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) 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.

	BITO	MAXI	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	-0.93	-0.03
Sortino ratio: Return per unit of downside risk	-1.39	-1.50	+0.10
Omega ratio: Gain probability vs. loss probability	0.84	0.84	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.91	+0.08
Martin ratio: Return relative to average drawdown	-1.44	-1.42	-0.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITO vs. MAXI - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -0.97, which is comparable to the MAXI Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of BITO 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

	BITO	MAXI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.97	-0.93	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.30	-0.40

Drawdowns

BITO vs. MAXI - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than MAXI's maximum drawdown of -67.12%. Use the drawdown chart below to compare losses from any high point for BITO and MAXI.

Drawdown Indicators

	BITO	MAXI	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-67.12%	-10.74%
Max Drawdown (1Y) Largest decline over 1 year	-50.64%	-67.12%	+16.48%
Max Drawdown (3Y) Largest decline over 3 years	-50.64%	-67.12%	+16.48%
Current Drawdown Current decline from peak	-50.64%	-67.12%	+16.48%
Average Drawdown Average peak-to-trough decline	-36.75%	-18.80%	-17.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.27%	42.96%	-13.69%

Volatility

BITO vs. MAXI - Volatility Comparison

The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 9.03%, while Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a volatility of 11.13%. This indicates that BITO 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

	BITO	MAXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.03%	11.13%	-2.10%
Volatility (6M) Calculated over the trailing 6-month period	33.71%	44.80%	-11.09%
Volatility (1Y) Calculated over the trailing 1-year period	43.61%	65.74%	-22.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.10%	63.80%	-8.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.10%	63.80%	-8.70%

BITO vs. MAXI - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is lower than MAXI's 0.97% expense ratio.

Dividends

BITO vs. MAXI - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 69.59%, more than MAXI's 68.05% yield.

Position	TTM	2025	2024	2023	2022
BITO ProShares Bitcoin Strategy ETF	69.59%	78.29%	61.59%	15.14%	0.00%
MAXI Simplify Bitcoin Strategy PLUS Income ETF	68.05%	49.00%	32.06%	29.63%	4.43%

Frequently Asked Questions

Can I hold both BITO and MAXI in my portfolio?

With a correlation of 0.95, BITO and MAXI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BITO or MAXI?

MAXI has higher volatility (11.13%) compared to BITO (9.03%). In terms of maximum drawdown, BITO dropped -77.86% vs MAXI's -67.12%.

Which ETF is better, BITO or MAXI?

On 3-year performance, BITO leads with 26.82% vs 12.72% for MAXI. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 9.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or MAXI?

Over the 3-year period, BITO has performed better with a 26.82% return vs 12.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or MAXI?

BITO is cheaper with a 0.95% expense ratio, compared with 0.97% for MAXI.

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

BITO has the higher dividend yield at 69.59%, compared with 68.05% for MAXI.

What is the main difference between BITO and MAXI?

They also come from different issuers: ProShares and Simplify. Their fees differ too: 0.95% for BITO and 0.97% for MAXI.

Which has better risk-adjusted returns?

MAXI currently has the higher Sharpe Ratio (-0.93 vs -0.97), 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.