MAXI vs. CBOO

Last updated Jun 5, 2026

MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both exchange-traded funds - MAXI is a Cryptocurrency fund actively managed by Simplify, while CBOO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. A 0.70 correlation means they provide meaningful diversification when combined. MAXI charges 0.97%/yr vs 0.69%/yr for CBOO.

Performance

MAXI vs. CBOO - Performance Comparison

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

Returns By Period

In the year-to-date period, MAXI achieves a -35.14% return, which is significantly lower than CBOO's -0.04% return.

MAXI

• 1D: -2.53%
• 1M: -24.95%
• YTD: -35.14%
• 6M: -43.24%
• 1Y: -61.18%
• 3Y*: 12.72%
• 5Y*: —
• 10Y*: —

CBOO

• 1D: -0.04%
• 1M: -0.00%
• YTD: -0.04%
• 6M: -0.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAXI vs. CBOO - Yearly Performance Comparison

	2026 (YTD)	2025
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-35.14%	-46.20%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	-0.04%	-1.62%

Correlation

The correlation between MAXI and CBOO is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025	0.70

Return for Risk

MAXI vs. CBOO — Risk / Return Rank

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

MAXI

MAXI Risk / Return Rank: 2
MAXI Sharpe Ratio Rank: 2
MAXI Sortino Ratio Rank: 2
MAXI Omega Ratio Rank: 2
MAXI Calmar Ratio Rank: 1
MAXI 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. CBOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Calamos Bitcoin Structured Alt Protection ETF - October (CBOO). 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	CBOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	—	—
Sortino ratio: Return per unit of downside risk	-1.50	—	—
Omega ratio: Gain probability vs. loss probability	0.84	—	—
Calmar ratio: Return relative to maximum drawdown	-0.91	—	—
Martin ratio: Return relative to average drawdown	-1.42	—	—
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	CBOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.93	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	-1.19	+1.49

Drawdowns

MAXI vs. CBOO - Drawdown Comparison

The maximum MAXI drawdown since its inception was -67.12%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for MAXI and CBOO.

Drawdown Indicators

	MAXI	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-67.12%	-2.34%	-64.78%
Max Drawdown (1Y) Largest decline over 1 year	-67.12%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-67.12%	—	—
Current Drawdown Current decline from peak	-67.12%	-1.72%	-65.40%
Average Drawdown Average peak-to-trough decline	-18.80%	-1.61%	-17.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.96%	—	—

Volatility

Volatility by Period

	MAXI	CBOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.13%	—	—
Volatility (6M) Calculated over the trailing 6-month period	44.80%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	65.74%	2.14%	+63.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.80%	2.14%	+61.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.80%	2.14%	+61.66%

MAXI vs. CBOO - Expense Ratio Comparison

MAXI has a 0.97% expense ratio, which is higher than CBOO's 0.69% expense ratio.

Dividends

MAXI vs. CBOO - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 68.05%, more than CBOO's 0.57% yield.

Position	TTM	2025	2024	2023	2022
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%	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

Can I hold both MAXI and CBOO in my portfolio?

MAXI and CBOO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MAXI or CBOO?

On fees, CBOO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MAXI or CBOO?

CBOO is cheaper with a 0.69% expense ratio, compared with 0.97% for MAXI.

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

MAXI has the higher dividend yield at 68.05%, compared with 0.57% for CBOO.

What is the main difference between MAXI and CBOO?

MAXI is categorized as Cryptocurrency, while CBOO is Defined Outcome. They also come from different issuers: Simplify and Calamos. Their fees differ too: 0.97% for MAXI and 0.69% for CBOO.