MAXI vs. BTC

Last updated Jun 4, 2026

MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, MAXI returned -60.98% vs -38.61% for BTC. Their correlation of 0.95 suggests significant overlap in exposure. MAXI charges 0.97%/yr vs 0.15%/yr for BTC.

Performance

MAXI vs. BTC - Performance Comparison

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

Returns By Period

In the year-to-date period, MAXI achieves a -33.46% return, which is significantly lower than BTC's -25.36% return.

MAXI

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

BTC

• 1D: -2.73%
• 1M: -18.40%
• YTD: -25.36%
• 6M: -29.74%
• 1Y: -38.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAXI vs. BTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-33.46%	-28.59%	30.47%
BTC Grayscale Bitcoin Mini Trust ETF	-25.36%	-7.50%	44.64%

Correlation

The correlation between MAXI and BTC is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024	0.95

The correlation between MAXI and BTC has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

Return for Risk

MAXI vs. BTC — 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

BTC

BTC Risk / Return Rank: 2
BTC Sharpe Ratio Rank: 2
BTC Sortino Ratio Rank: 2
BTC Omega Ratio Rank: 2
BTC Calmar Ratio Rank: 2
BTC 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.

MAXI vs. BTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Grayscale Bitcoin Mini Trust ETF (BTC). 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	BTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	-0.89	-0.04
Sortino ratio: Return per unit of downside risk	-1.49	-1.22	-0.27
Omega ratio: Gain probability vs. loss probability	0.84	0.86	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.92	-0.78	-0.13
Martin ratio: Return relative to average drawdown	-1.43	-1.36	-0.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAXI vs. BTC - Sharpe Ratio Comparison

The current MAXI Sharpe Ratio is -0.93, which is comparable to the BTC Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of MAXI and BTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MAXI	BTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.93	-0.89	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	-0.00	+0.31

Drawdowns

MAXI vs. BTC - Drawdown Comparison

The maximum MAXI drawdown since its inception was -66.78%, which is greater than BTC's maximum drawdown of -49.34%. Use the drawdown chart below to compare losses from any high point for MAXI and BTC.

Drawdown Indicators

	MAXI	BTC	Difference
Max Drawdown Largest peak-to-trough decline	-66.78%	-49.34%	-17.44%
Max Drawdown (1Y) Largest decline over 1 year	-66.78%	-49.34%	-17.44%
Max Drawdown (3Y) Largest decline over 3 years	-66.78%	—	—
Current Drawdown Current decline from peak	-66.27%	-47.98%	-18.29%
Average Drawdown Average peak-to-trough decline	-18.74%	-16.61%	-2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.76%	28.38%	+14.38%

Volatility

MAXI vs. BTC - Volatility Comparison

Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a higher volatility of 11.92% compared to Grayscale Bitcoin Mini Trust ETF (BTC) at 9.40%. This indicates that MAXI's price experiences larger fluctuations and is considered to be riskier than BTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAXI	BTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.92%	9.40%	+2.52%
Volatility (6M) Calculated over the trailing 6-month period	45.84%	34.45%	+11.39%
Volatility (1Y) Calculated over the trailing 1-year period	65.83%	43.69%	+22.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.81%	48.30%	+15.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.81%	48.30%	+15.51%

MAXI vs. BTC - Expense Ratio Comparison

MAXI has a 0.97% expense ratio, which is higher than BTC's 0.15% expense ratio.

Dividends

MAXI vs. BTC - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022
BTC Grayscale Bitcoin Mini Trust 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 BTC in my portfolio?

With a correlation of 0.95, MAXI and BTC 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 BTC?

MAXI has higher volatility (11.92%) compared to BTC (9.40%). In terms of maximum drawdown, MAXI dropped -66.78% vs BTC's -49.34%.

Which ETF is better, MAXI or BTC?

On 1-year performance, BTC leads with -38.61% vs -60.98% for MAXI. On fees, BTC is cheaper at 0.15% per year. On volatility, BTC has been the lower-risk option at 9.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAXI or BTC?

Over the 1-year period, BTC has performed better with a -38.61% return vs -60.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAXI or BTC?

BTC is cheaper with a 0.15% expense ratio, compared with 0.97% for MAXI.

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

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

What is the main difference between MAXI and BTC?

They also come from different issuers: Simplify and Grayscale. Their fees differ too: 0.97% for MAXI and 0.15% for BTC.

Which has better risk-adjusted returns?

BTC currently has the higher Sharpe Ratio (-0.89 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.