MAXI vs. BTC-USD

Last updated Apr 2, 2026

Compare and contrast key facts about Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Bitcoin (BTC-USD).

MAXI is an actively managed fund by Simplify. It was launched on Sep 29, 2022.

Performance

MAXI vs. BTC-USD - Performance Comparison

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

MAXI vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-32.46%	-28.59%	92.92%	144.12%	-13.34%
BTC-USD Bitcoin	-21.63%	-6.27%	120.76%	155.82%	-14.91%

Returns By Period

In the year-to-date period, MAXI achieves a -32.46% return, which is significantly lower than BTC-USD's -21.63% return.

MAXI

• 1D: 0.62%
• 1M: -7.29%
• YTD: -32.46%
• 6M: -61.88%
• 1Y: -39.58%
• 3Y*: 10.37%
• 5Y*: —
• 10Y*: —

BTC-USD

• 1D: 0.51%
• 1M: -0.38%
• YTD: -21.63%
• 6M: -42.21%
• 1Y: -19.49%
• 3Y*: 34.49%
• 5Y*: 3.06%
• 10Y*: 66.45%

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

Return for Risk

MAXI vs. BTC-USD — Risk / Return Rank

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

MAXI

MAXI Risk / Return Rank: 4
MAXI Sharpe Ratio Rank: 4
MAXI Sortino Ratio Rank: 5
MAXI Omega Ratio Rank: 5
MAXI Calmar Ratio Rank: 4
MAXI Martin Ratio Rank: 4

BTC-USD

BTC-USD Risk / Return Rank: 43
BTC-USD Sharpe Ratio Rank: 61
BTC-USD Sortino Ratio Rank: 55
BTC-USD Omega Ratio Rank: 51
BTC-USD Calmar Ratio Rank: 43
BTC-USD Martin Ratio Rank: 4

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-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Bitcoin (BTC-USD). 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-USD	Difference
Sharpe ratio Return per unit of total volatility	-0.52	-0.44	-0.08
Sortino ratio Return per unit of downside risk	-0.40	-0.38	-0.02
Omega ratio Gain probability vs. loss probability	0.95	0.96	-0.01
Calmar ratio Return relative to maximum drawdown	-0.55	-1.11	+0.56
Martin ratio Return relative to average drawdown	-1.04	-1.99	+0.95
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-USD - Sharpe Ratio Comparison

The current MAXI Sharpe Ratio is -0.52, which is comparable to the BTC-USD Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of MAXI and BTC-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MAXI	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	-0.44	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.05	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.19	-0.86

Correlation

The correlation between MAXI and BTC-USD is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

MAXI vs. BTC-USD - Drawdown Comparison

The maximum MAXI drawdown since its inception was -66.78%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for MAXI and BTC-USD.

Drawdown Indicators

	MAXI	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-66.78%	-85.30%	+18.52%
Max Drawdown (1Y) Largest decline over 1 year	-66.78%	-49.65%	-17.13%
Max Drawdown (5Y) Largest decline over 5 years	—	-76.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-83.80%	—
Current Drawdown Current decline from peak	-65.76%	-45.02%	-20.74%
Average Drawdown Average peak-to-trough decline	-16.70%	-41.99%	+25.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.97%	27.60%	+7.37%

Volatility

MAXI vs. BTC-USD - Volatility Comparison

Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a higher volatility of 17.90% compared to Bitcoin (BTC-USD) at 13.58%. This indicates that MAXI's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAXI	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.90%	13.58%	+4.32%
Volatility (6M) Calculated over the trailing 6-month period	53.79%	35.98%	+17.81%
Volatility (1Y) Calculated over the trailing 1-year period	76.39%	36.76%	+39.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.47%	46.90%	+17.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.47%	56.70%	+7.77%