MAXI vs. BMAX

Last updated Jun 4, 2026

MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and BMAX (REX Bitcoin Corporate Treasury Convertible Bond ETF) are both exchange-traded funds - MAXI is a Cryptocurrency fund actively managed by Simplify, while BMAX is a Convertible Bonds fund actively managed by REX. Both are actively managed. A 0.57 correlation means they provide meaningful diversification when combined. MAXI charges 0.97%/yr vs 1.14%/yr for BMAX.

Performance

MAXI vs. BMAX - Performance Comparison

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

Returns By Period

MAXI

• 1D: -2.93%
• 1M: -20.54%
• YTD: -33.46%
• 6M: -42.63%
• 1Y: -60.98%
• 3Y*: 11.19%
• 5Y*: —
• 10Y*: —

BMAX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAXI vs. BMAX - Yearly Performance Comparison

	2026 (YTD)	2025
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-33.46%	-11.61%
BMAX REX Bitcoin Corporate Treasury Convertible Bond ETF	4.03%	-13.05%

Correlation

The correlation between MAXI and BMAX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Mar 17, 2025	0.57

The correlation between MAXI and BMAX has been stable across timeframes, ranging from 0.49 to 0.57 - a consistent structural relationship.

Return for Risk

MAXI vs. BMAX — Risk / Return Rank

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

MAXI

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

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.

MAXI vs. BMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX). 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.

	MAXI	BMAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	—	—
Sortino ratio: Return per unit of downside risk	-1.49	—	—
Omega ratio: Gain probability vs. loss probability	0.84	—	—
Calmar ratio: Return relative to maximum drawdown	-0.92	—	—
Martin ratio: Return relative to average drawdown	-1.43	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MAXI	BMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.93	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	—	—

Drawdowns

Drawdown Indicators

	MAXI	BMAX	Difference
Max Drawdown Largest peak-to-trough decline	-66.78%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-66.78%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-66.78%	—	—
Current Drawdown Current decline from peak	-66.27%	—	—
Average Drawdown Average peak-to-trough decline	-18.74%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	42.76%	—	—

Volatility

Volatility by Period

	MAXI	BMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	45.84%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	65.83%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.81%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.81%	—	—

MAXI vs. BMAX - Expense Ratio Comparison

MAXI has a 0.97% expense ratio, which is lower than BMAX's 1.14% expense ratio.

Dividends

MAXI vs. BMAX - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 66.33%, while BMAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
BMAX REX Bitcoin Corporate Treasury Convertible Bond ETF	0.00%	0.00%	0.00%	0.00%	0.00%
MAXI Simplify Bitcoin Strategy PLUS Income ETF	66.33%	49.00%	32.06%	29.63%	4.43%

Frequently Asked Questions

Can I hold both MAXI and BMAX in my portfolio?

MAXI and BMAX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MAXI or BMAX?

On fees, MAXI is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MAXI or BMAX?

MAXI is cheaper with a 0.97% expense ratio, compared with 1.14% for BMAX.

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

MAXI has the higher dividend yield at 66.33%, compared with 0.00% for BMAX.

What is the main difference between MAXI and BMAX?

MAXI is categorized as Cryptocurrency, while BMAX is Convertible Bonds. They also come from different issuers: Simplify and REX. Their fees differ too: 0.97% for MAXI and 1.14% for BMAX.