BITO vs. MAXI

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Bitcoin Strategy ETF (BITO) and Simplify Bitcoin Strategy PLUS Income ETF (MAXI).

BITO and MAXI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021. MAXI is an actively managed fund by Simplify. It was launched on Sep 29, 2022.

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.

BITO vs. MAXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BITO ProShares Bitcoin Strategy ETF	-22.79%	-11.19%	104.45%	137.33%	-13.01%
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-32.46%	-28.59%	92.92%	144.12%	-13.34%

Returns By Period

In the year-to-date period, BITO achieves a -22.79% return, which is significantly higher than MAXI's -32.46% return.

BITO

• 1D: 0.60%
• 1M: -1.72%
• YTD: -22.79%
• 6M: -43.10%
• 1Y: -23.27%
• 3Y*: 24.87%
• 5Y*: —
• 10Y*: —

MAXI

• 1D: 0.62%
• 1M: -7.29%
• YTD: -32.46%
• 6M: -61.88%
• 1Y: -39.58%
• 3Y*: 10.37%
• 5Y*: —
• 10Y*: —

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

BITO vs. MAXI - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is lower than MAXI's 11.18% expense ratio.

MAXI

Simplify Bitcoin Strategy PLUS Income ETF

BITO

ProShares Bitcoin Strategy ETF

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: 5
BITO Sharpe Ratio Rank: 4
BITO Sortino Ratio Rank: 4
BITO Omega Ratio Rank: 5
BITO Calmar Ratio Rank: 5
BITO Martin Ratio Rank: 5

MAXI

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

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	-0.52	-0.52	0.00
Sortino ratio Return per unit of downside risk	-0.50	-0.40	-0.10
Omega ratio Gain probability vs. loss probability	0.94	0.95	-0.01
Calmar ratio Return relative to maximum drawdown	-0.42	-0.55	+0.13
Martin ratio Return relative to average drawdown	-0.89	-1.04	+0.16
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 -0.52, which is comparable to the MAXI Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of BITO and MAXI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BITO	MAXI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	-0.52	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.33	-0.41

Correlation

The correlation between BITO and MAXI is 0.96, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BITO vs. MAXI - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 80.47%, more than MAXI's 70.44% yield.

	TTM	2025	2024	2023	2022
BITO ProShares Bitcoin Strategy ETF	80.47%	78.29%	61.59%	15.14%	0.00%
MAXI Simplify Bitcoin Strategy PLUS Income ETF	70.44%	49.00%	32.06%	29.63%	4.43%

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 -66.78%. 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%	-66.78%	-11.08%
Max Drawdown (1Y) Largest decline over 1 year	-50.05%	-66.78%	+16.73%
Current Drawdown Current decline from peak	-46.75%	-65.76%	+19.01%
Average Drawdown Average peak-to-trough decline	-36.57%	-16.70%	-19.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.73%	34.97%	-11.24%

Volatility

BITO vs. MAXI - Volatility Comparison

The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 12.84%, while Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a volatility of 17.90%. 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	12.84%	17.90%	-5.06%
Volatility (6M) Calculated over the trailing 6-month period	36.71%	53.79%	-17.08%
Volatility (1Y) Calculated over the trailing 1-year period	45.32%	76.39%	-31.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.77%	64.47%	-8.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.77%	64.47%	-8.70%