MAXI vs. BITO

Last updated Aug 4, 2026

MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. Both are actively managed. Over the past 3 years, MAXI returned 8.30%/yr vs 22.22%/yr for BITO. Their 0.96 correlation means they have historically moved very closely together. MAXI charges 1.31%/yr vs 0.95%/yr for BITO.

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.

Returns By Period

In the year-to-date period, MAXI achieves a -35.16% return, which is significantly lower than BITO's -28.40% return.

MAXI

• 1D: 2.22%
• 1M: 2.14%
• 6M: -25.78%
• YTD: -35.16%
• 1Y: -62.68%
• 3Y*: 8.30%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.02%

BITO

• 1D: 1.45%
• 1M: 3.64%
• 6M: -19.37%
• YTD: -28.40%
• 1Y: -45.62%
• 3Y*: 22.22%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -4.87%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITO ProShares Bitcoin Strategy ETF	$1.59B	$2.59B	$2.08B
MAXI Simplify Bitcoin Strategy PLUS Income ETF	$88.65K	$95.03K	$231.93K

MAXI vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-35.16%	-28.59%	92.92%	144.12%	-13.34%
BITO ProShares Bitcoin Strategy ETF	-28.40%	-11.19%	104.45%	137.33%	-12.79%

Correlation

The correlation between MAXI and BITO is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.96
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022	0.96

The correlation between MAXI and BITO has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

MAXI vs. BITO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MAXI

MAXI Risk / Return Rank: 2
MAXI Sharpe Ratio Rank: 2
MAXI Sortino Ratio Rank: 1
MAXI Omega Ratio Rank: 2
MAXI Calmar Ratio Rank: 1
MAXI Martin Ratio Rank: 3

BITO

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MAXI vs. BITO - Risk-Adjusted Trends 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.

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.

	MAXI	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	-1.04	+0.07
Sortino ratio: Return per unit of downside risk	-1.61	-1.56	-0.05
Omega ratio: Gain probability vs. loss probability	0.82	0.83	0.00
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.84	-0.06
Martin ratio: Return relative to average drawdown	-1.24	-1.28	+0.04

MAXI vs. BITO - Sharpe Ratio Comparison

The current MAXI Sharpe Ratio is -0.97, which is comparable to the BITO Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of MAXI and BITO, 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

MAXI vs. BITO - Drawdown Comparison

The maximum MAXI drawdown since its inception was -69.56%, 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.

Drawdown Indicators

	MAXI	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-69.56%	-77.86%	+8.30%
Max Drawdown (1Y) Largest decline over 1 year	-69.56%	-54.47%	-15.09%
Max Drawdown (3Y) Largest decline over 3 years	-69.56%	-54.47%	-15.09%
Current Drawdown Current decline from peak	-67.13%	-50.61%	-16.52%
Average Drawdown Average peak-to-trough decline	-20.78%	-37.19%	+16.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.48%	35.62%	+14.86%

Volatility

MAXI vs. BITO - Volatility Comparison

Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a higher volatility of 16.32% compared to ProShares Bitcoin Strategy ETF (BITO) at 8.72%. 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.

Volatility by Period

	MAXI	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.32%	8.72%	+7.60%
Volatility (6M) Calculated over the trailing 6-month period	43.79%	33.49%	+10.30%
Volatility (1Y) Calculated over the trailing 1-year period	65.03%	44.21%	+20.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.26%	54.58%	+8.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.26%	54.58%	+8.68%

MAXI vs. BITO - Expense Ratio Comparison

MAXI has a 1.31% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

MAXI vs. BITO - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 55.04%, more than BITO's 47.03% yield.

Position	TTM	2025	2024	2023	2022
BITO ProShares Bitcoin Strategy ETF	47.03%	78.29%	61.59%	15.14%	0.00%
MAXI Simplify Bitcoin Strategy PLUS Income ETF	55.04%	49.00%	32.06%	29.63%	4.43%

Frequently Asked Questions

Can I hold both MAXI and BITO in my portfolio?

With a correlation of 0.97, MAXI and BITO 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, MAXI or BITO?

MAXI has higher volatility (16.32%) compared to BITO (8.72%). In terms of maximum drawdown, MAXI dropped -69.56% vs BITO's -77.86%.

Which ETF is better, MAXI or BITO?

On 3-year performance, BITO leads with 22.22% vs 8.30% for MAXI. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 8.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAXI or BITO?

Over the 3-year period, BITO has performed better with a 22.22% return vs 8.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAXI or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 1.31% for MAXI.

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

MAXI has the higher dividend yield at 55.04%, compared with 47.03% for BITO.

What is the main difference between MAXI and BITO?

They also come from different issuers: Simplify and ProShares. Their fees differ too: 1.31% for MAXI and 0.95% for BITO.

Which has better risk-adjusted returns?

MAXI currently has the higher Sharpe Ratio (-0.97 vs -1.04), 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.