MAXI vs. CAOS
MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - MAXI is a Cryptocurrency fund actively managed by Simplify, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, MAXI returned 7.00%/yr vs 3.48%/yr for CAOS. Their -0.08 correlation means they have often moved in opposite directions in the past. MAXI charges 1.31%/yr vs 0.63%/yr for CAOS.
Performance
MAXI vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, MAXI achieves a -36.57% return, which is significantly lower than CAOS's 0.76% return.
MAXI
- 1D
- -4.97%
- 1M
- -0.08%
- 6M
- -32.57%
- YTD
- -36.57%
- 1Y
- -63.49%
- 3Y*
- 7.00%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 17.39%
CAOS
- 1D
- -0.06%
- 1M
- -0.01%
- 6M
- 0.16%
- YTD
- 0.76%
- 1Y
- 1.73%
- 3Y*
- 3.48%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.81M | $5.39M | $5.09M | |
| $93.05K | $101.39K | $235.85K |
MAXI vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MAXI Simplify Bitcoin Strategy PLUS Income ETF | -36.57% | -28.59% | 92.92% | 83.25% |
CAOS Alpha Architect Tail Risk ETF | 0.76% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between MAXI and CAOS is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.13 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | -0.08 |
The correlation between MAXI and CAOS shifts across timeframes, from -0.24 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MAXI vs. CAOS — Risk / Return Rank
MAXI
CAOS
MAXI vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Alpha Architect Tail Risk ETF (CAOS). 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 | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.18 | ||
| Sortino ratioReturn per unit of downside risk | -3.59 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.24 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.47 | -3.40 |
| Martin ratioReturn relative to average drawdown | -1.28 | 5.45 | -6.72 |
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Drawdowns
MAXI vs. CAOS - Drawdown Comparison
The maximum MAXI drawdown since its inception was -69.56%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for MAXI and CAOS.
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Drawdown Indicators
| MAXI | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.56% | -3.89% | -65.67% |
Max Drawdown (1Y)Largest decline over 1 year | -69.56% | -0.76% | -68.80% |
Max Drawdown (3Y)Largest decline over 3 years | -69.56% | -3.60% | -65.96% |
Current DrawdownCurrent decline from peak | -67.84% | -1.13% | -66.71% |
Average DrawdownAverage peak-to-trough decline | -20.73% | -0.92% | -19.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.31% | 0.34% | +49.97% |
Volatility
MAXI vs. CAOS - Volatility Comparison
Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a higher volatility of 16.45% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that MAXI's price experiences larger fluctuations and is considered to be riskier than CAOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MAXI | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.45% | 0.51% | +15.94% |
Volatility (6M)Calculated over the trailing 6-month period | 43.72% | 1.07% | +42.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 64.89% | 1.57% | +63.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.28% | 4.18% | +59.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.28% | 4.18% | +59.10% |
MAXI vs. CAOS - Expense Ratio Comparison
MAXI has a 1.31% expense ratio, which is higher than CAOS's 0.63% expense ratio.
Dividends
MAXI vs. CAOS - Dividend Comparison
MAXI's dividend yield for the trailing twelve months is around 56.27%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MAXI Simplify Bitcoin Strategy PLUS Income ETF | 56.27% | 49.00% | 32.06% | 29.63% | 4.43% |
Frequently Asked Questions
MAXI and CAOS have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MAXI has higher volatility (16.45%) compared to CAOS (0.51%). In terms of maximum drawdown, MAXI dropped -69.56% vs CAOS's -3.89%.
On 3-year performance, MAXI leads with 7.00% vs 3.48% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MAXI has performed better with a 7.00% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CAOS is cheaper with a 0.63% expense ratio, compared with 1.31% for MAXI.
MAXI has the higher dividend yield at 56.27%, compared with 0.00% for CAOS.
MAXI is categorized as Cryptocurrency, while CAOS is Options Trading. They also come from different issuers: Simplify and Alpha Architect. Their fees differ too: 1.31% for MAXI and 0.63% for CAOS.
CAOS currently has the higher Sharpe Ratio (1.19 vs -0.99), 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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