BLOX vs. MAXI

Last updated Jul 15, 2026

BLOX (Nicholas Crypto Income ETF) and MAXI (Simplify Bitcoin Strategy PLUS Income ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BLOX returned -9.66% vs -65.40% for MAXI. A 0.77 correlation means they provide meaningful diversification when combined. BLOX charges 1.03%/yr vs 1.31%/yr for MAXI.

Performance

BLOX vs. MAXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Crypto Income ETF (BLOX) 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, BLOX achieves a -1.51% return, which is significantly higher than MAXI's -32.00% return.

BLOX

• 1D: 0.93%
• 1M: -12.07%
• 6M: -15.20%
• YTD: -1.51%
• 1Y: -9.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MAXI

• 1D: 7.66%
• 1M: 5.21%
• 6M: -38.97%
• YTD: -32.00%
• 1Y: -65.40%
• 3Y*: 8.32%
• 5Y*: —
• 10Y*: —

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

BLOX vs. MAXI - Yearly Performance Comparison

	2026 (YTD)	2025
BLOX Nicholas Crypto Income ETF	-1.51%	8.17%
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-32.00%	-39.64%

Correlation

The correlation between BLOX and MAXI is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Jun 17, 2025	0.77

The correlation between BLOX and MAXI has been stable across timeframes, ranging from 0.77 to 0.77 - a consistent structural relationship.

Return for Risk

BLOX vs. MAXI — Risk / Return Rank

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

BLOX

BLOX Risk / Return Rank: 8
BLOX Sharpe Ratio Rank: 7
BLOX Sortino Ratio Rank: 9
BLOX Omega Ratio Rank: 9
BLOX Calmar Ratio Rank: 7
BLOX Martin Ratio Rank: 7

MAXI

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

BLOX vs. MAXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Crypto Income ETF (BLOX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BLOX	MAXI	Difference
Sharpe ratio: Return per unit of total volatility	-0.18	-1.01	+0.83
Sortino ratio: Return per unit of downside risk	0.12	-1.76	+1.88
Omega ratio: Gain probability vs. loss probability	1.01	0.81	+0.21
Calmar ratio: Return relative to maximum drawdown	-0.21	-0.94	+0.74
Martin ratio: Return relative to average drawdown	-0.40	-1.36	+0.96

BLOX vs. MAXI - Sharpe Ratio Comparison

The current BLOX Sharpe Ratio is -0.18, which is higher than the MAXI Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of BLOX 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.

Drawdowns

BLOX vs. MAXI - Drawdown Comparison

The maximum BLOX drawdown since its inception was -47.09%, smaller than the maximum MAXI drawdown of -69.56%. Use the drawdown chart below to compare losses from any high point for BLOX and MAXI.

Drawdown Indicators

	BLOX	MAXI	Difference
Max Drawdown Largest peak-to-trough decline	-47.09%	-69.56%	+22.47%
Max Drawdown (1Y) Largest decline over 1 year	-47.09%	-69.56%	+22.47%
Max Drawdown (3Y) Largest decline over 3 years	—	-69.56%	—
Current Drawdown Current decline from peak	-31.91%	-65.53%	+33.62%
Average Drawdown Average peak-to-trough decline	-19.17%	-20.11%	+0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.41%	48.07%	-23.66%

Volatility

BLOX vs. MAXI - Volatility Comparison

The current volatility for Nicholas Crypto Income ETF (BLOX) is 12.40%, while Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a volatility of 15.12%. This indicates that BLOX 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

	BLOX	MAXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.40%	15.12%	-2.72%
Volatility (6M) Calculated over the trailing 6-month period	40.81%	45.06%	-4.25%
Volatility (1Y) Calculated over the trailing 1-year period	54.49%	64.93%	-10.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.55%	63.50%	-9.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.55%	63.50%	-9.95%

BLOX vs. MAXI - Expense Ratio Comparison

BLOX has a 1.03% expense ratio, which is lower than MAXI's 1.31% expense ratio.

Dividends

BLOX vs. MAXI - Dividend Comparison

BLOX's dividend yield for the trailing twelve months is around 48.13%, less than MAXI's 62.64% yield.

Position	TTM	2025	2024	2023	2022
BLOX Nicholas Crypto Income ETF	48.13%	22.69%	0.00%	0.00%	0.00%
MAXI Simplify Bitcoin Strategy PLUS Income ETF	62.64%	49.00%	32.06%	29.63%	4.43%

Frequently Asked Questions

Can I hold both BLOX and MAXI in my portfolio?

BLOX and MAXI have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BLOX or MAXI?

MAXI has higher volatility (15.12%) compared to BLOX (12.40%). In terms of maximum drawdown, BLOX dropped -47.09% vs MAXI's -69.56%.

Which ETF is better, BLOX or MAXI?

On 1-year performance, BLOX leads with -9.66% vs -65.40% for MAXI. On fees, BLOX is cheaper at 1.03% per year. On volatility, BLOX has been the lower-risk option at 12.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BLOX or MAXI?

Over the 1-year period, BLOX has performed better with a -9.66% return vs -65.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BLOX or MAXI?

BLOX is cheaper with a 1.03% expense ratio, compared with 1.31% for MAXI.

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

MAXI has the higher dividend yield at 62.64%, compared with 48.13% for BLOX.

What is the main difference between BLOX and MAXI?

They also come from different issuers: Nicholas and Simplify. Their fees differ too: 1.03% for BLOX and 1.31% for MAXI.

Which has better risk-adjusted returns?

BLOX currently has the higher Sharpe Ratio (-0.18 vs -1.01), 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.