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MAXI vs. BITO
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

MAXI vs. BITO

Last updated May 23, 2025

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

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

Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: MAXI or BITO.

Correlation

The correlation between MAXI and BITO is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Performance

MAXI vs. BITO - Performance Comparison

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

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Key characteristics

Sharpe Ratio

MAXI:

0.81

BITO:

0.93

Sortino Ratio

MAXI:

1.50

BITO:

1.54

Omega Ratio

MAXI:

1.19

BITO:

1.18

Calmar Ratio

MAXI:

1.10

BITO:

1.56

Martin Ratio

MAXI:

2.89

BITO:

3.50

Ulcer Index

MAXI:

19.95%

BITO:

13.91%

Daily Std Dev

MAXI:

73.09%

BITO:

53.64%

Max Drawdown

MAXI:

-52.48%

BITO:

-77.86%

Current Drawdown

MAXI:

0.00%

BITO:

0.00%

Returns By Period

In the year-to-date period, MAXI achieves a 32.85% return, which is significantly higher than BITO's 16.35% return.

MAXI

YTD

32.85%

1M

45.98%

6M

21.24%

1Y

58.71%

3Y*

N/A

5Y*

N/A

10Y*

N/A

BITO

YTD

16.35%

1M

20.84%

6M

9.17%

1Y

49.71%

3Y*

48.70%

5Y*

N/A

10Y*

N/A

*Annualized

Compare stocks, funds, or ETFs

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Simplify Bitcoin Strategy PLUS Income ETF

ProShares Bitcoin Strategy ETF

MAXI vs. BITO - Expense Ratio Comparison

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

MAXI
Simplify Bitcoin Strategy PLUS Income ETF
BITO
ProShares Bitcoin Strategy ETF

Risk-Adjusted Performance

MAXI vs. BITO — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MAXI
The Risk-Adjusted Performance Rank of MAXI is 7979
Overall Rank
The Sharpe Ratio Rank of MAXI is 7676
Sharpe Ratio Rank
The Sortino Ratio Rank of MAXI is 8383
Sortino Ratio Rank
The Omega Ratio Rank of MAXI is 7979
Omega Ratio Rank
The Calmar Ratio Rank of MAXI is 8484
Calmar Ratio Rank
The Martin Ratio Rank of MAXI is 7272
Martin Ratio Rank
BITO
The Risk-Adjusted Performance Rank of BITO is 8282
Overall Rank
The Sharpe Ratio Rank of BITO is 8181
Sharpe Ratio Rank
The Sortino Ratio Rank of BITO is 8484
Sortino Ratio Rank
The Omega Ratio Rank of BITO is 7878
Omega Ratio Rank
The Calmar Ratio Rank of BITO is 9090
Calmar Ratio Rank
The Martin Ratio Rank of BITO is 7878
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

MAXI vs. BITO - Risk-Adjusted Performance Comparison

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

The current MAXI Sharpe Ratio is 0.81, which is comparable to the BITO Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of MAXI and BITO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Dividends

MAXI vs. BITO - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 24.89%, less than BITO's 54.14% yield.

TTM202420232022
MAXI
Simplify Bitcoin Strategy PLUS Income ETF		24.89%32.06%29.63%4.05%
BITO
ProShares Bitcoin Strategy ETF		54.14%61.58%15.14%0.00%

Drawdowns

MAXI vs. BITO - Drawdown Comparison

The maximum MAXI drawdown since its inception was -52.48%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for MAXI and BITO. For additional features, visit the drawdowns tool.

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Volatility

MAXI vs. BITO - Volatility Comparison

Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a higher volatility of 15.31% compared to ProShares Bitcoin Strategy ETF (BITO) at 8.35%. This indicates that MAXI's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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