MAXI vs. CBOL

Last updated Jun 4, 2026

MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - MAXI is a Cryptocurrency fund actively managed by Simplify, while CBOL is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their correlation of 0.93 suggests significant overlap in exposure. MAXI charges 0.97%/yr vs 0.79%/yr for CBOL.

Performance

MAXI vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL). 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 CBOL's -2.03% return.

MAXI

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

CBOL

• 1D: -0.13%
• 1M: -0.78%
• YTD: -2.03%
• 6M: -2.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAXI vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-33.46%	-38.02%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-2.47%

Correlation

The correlation between MAXI and CBOL is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025	0.93

Return for Risk

MAXI vs. CBOL — 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. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL). 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	CBOL	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	CBOL	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	-1.80	+2.11

Drawdowns

MAXI vs. CBOL - Drawdown Comparison

The maximum MAXI drawdown since its inception was -66.78%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for MAXI and CBOL.

Drawdown Indicators

	MAXI	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-66.78%	-4.91%	-61.87%
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%	-4.64%	-61.63%
Average Drawdown Average peak-to-trough decline	-18.74%	-3.21%	-15.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.76%	—	—

Volatility

Volatility by Period

	MAXI	CBOL	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%	3.88%	+61.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.81%	3.88%	+59.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.81%	3.88%	+59.93%

MAXI vs. CBOL - Expense Ratio Comparison

MAXI has a 0.97% expense ratio, which is higher than CBOL's 0.79% expense ratio.

Dividends

MAXI vs. CBOL - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 66.33%, more than CBOL's 1.83% yield.

Position	TTM	2025	2024	2023	2022
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%	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 CBOL in my portfolio?

With a correlation of 0.93, MAXI and CBOL 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 ETF is better, MAXI or CBOL?

On fees, CBOL is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MAXI or CBOL?

CBOL is cheaper with a 0.79% expense ratio, compared with 0.97% for MAXI.

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

MAXI has the higher dividend yield at 66.33%, compared with 1.83% for CBOL.

What is the main difference between MAXI and CBOL?

MAXI is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Simplify and Calamos. Their fees differ too: 0.97% for MAXI and 0.79% for CBOL.