MAXI vs. BNO
MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - MAXI is a Cryptocurrency fund actively managed by Simplify, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. MAXI is actively managed, while BNO is passively managed. Over the past 3 years, MAXI returned 12.72%/yr vs 26.74%/yr for BNO. At a 0.02 correlation, their price movements are largely independent. MAXI charges 0.97%/yr vs 0.90%/yr for BNO.
Performance
MAXI vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, MAXI achieves a -35.14% return, which is significantly lower than BNO's 85.31% return.
MAXI
- 1D
- -2.53%
- 1M
- -24.95%
- YTD
- -35.14%
- 6M
- -43.24%
- 1Y
- -61.18%
- 3Y*
- 12.72%
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
MAXI vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MAXI Simplify Bitcoin Strategy PLUS Income ETF | -35.14% | -28.59% | 92.92% | 144.12% | -13.34% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | 3.51% |
Correlation
The correlation between MAXI and BNO is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2022 | 0.02 |
The correlation between MAXI and BNO shifts across timeframes, from -0.10 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MAXI vs. BNO — Risk / Return Rank
MAXI
BNO
MAXI vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and United States Brent Oil Fund LP (BNO). 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 | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.08 | ||
| Sortino ratioReturn per unit of downside risk | -4.15 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.36 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 4.99 | -5.90 |
| Martin ratioReturn relative to average drawdown | -1.42 | 9.39 | -10.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MAXI | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 2.15 | -3.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.14 | +0.16 |
Drawdowns
MAXI vs. BNO - Drawdown Comparison
The maximum MAXI drawdown since its inception was -67.12%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for MAXI and BNO.
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Drawdown Indicators
| MAXI | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.12% | -87.06% | +19.94% |
Max Drawdown (1Y)Largest decline over 1 year | -67.12% | -17.87% | -49.25% |
Max Drawdown (3Y)Largest decline over 3 years | -67.12% | -23.75% | -43.37% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -67.12% | -12.72% | -54.40% |
Average DrawdownAverage peak-to-trough decline | -18.80% | -40.16% | +21.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.96% | 9.48% | +33.48% |
Volatility
MAXI vs. BNO - Volatility Comparison
The current volatility for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) is 11.13%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that MAXI experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MAXI | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.13% | 14.12% | -2.99% |
Volatility (6M)Calculated over the trailing 6-month period | 44.80% | 36.21% | +8.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.74% | 41.56% | +24.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.80% | 35.40% | +28.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.80% | 36.69% | +27.11% |
MAXI vs. BNO - Expense Ratio Comparison
MAXI has a 0.97% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
MAXI vs. BNO - Dividend Comparison
MAXI's dividend yield for the trailing twelve months is around 68.05%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MAXI Simplify Bitcoin Strategy PLUS Income ETF | 68.05% | 49.00% | 32.06% | 29.63% | 4.43% |
Frequently Asked Questions
MAXI and BNO have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.12%) compared to MAXI (11.13%). In terms of maximum drawdown, MAXI dropped -67.12% vs BNO's -87.06%.
On 3-year performance, BNO leads with 26.74% vs 12.72% for MAXI. On fees, BNO is cheaper at 0.90% per year. On volatility, MAXI has been the lower-risk option at 11.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 26.74% return vs 12.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 0.90% expense ratio, compared with 0.97% for MAXI.
MAXI has the higher dividend yield at 68.05%, compared with 0.00% for BNO.
MAXI is categorized as Cryptocurrency, while BNO is Oil & Gas. They also come from different issuers: Simplify and Concierge Technologies. Their fees differ too: 0.97% for MAXI and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs -0.93), 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.
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