MAXI vs. CBTO

Last updated Jun 25, 2026

MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - MAXI is a Cryptocurrency fund actively managed by Simplify, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their correlation of 0.90 suggests significant overlap in exposure. MAXI charges 1.31%/yr vs 0.69%/yr for CBTO.

Performance

MAXI vs. CBTO - 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 80 Series Structured Alt Protection ETF - October (CBTO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAXI achieves a -38.72% return, which is significantly lower than CBTO's -8.46% return.

MAXI

• 1D: -3.44%
• 1M: -21.00%
• YTD: -38.72%
• 6M: -40.27%
• 1Y: -61.42%
• 3Y*: 3.33%
• 5Y*: —
• 10Y*: —

CBTO

• 1D: -0.05%
• 1M: -1.40%
• YTD: -8.46%
• 6M: -8.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAXI vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-38.72%	-48.82%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.46%	-13.82%

Correlation

The correlation between MAXI and CBTO is 0.90, 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 7, 2025	0.90

Return for Risk

MAXI vs. CBTO — 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: 1
MAXI Omega Ratio Rank: 2
MAXI Calmar Ratio Rank: 1
MAXI Martin Ratio Rank: 2

CBTO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. CBTO - 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 80 Series Structured Alt Protection ETF - October (CBTO). 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	CBTO	Difference
Sharpe ratio: Return per unit of total volatility	-0.95	—	—
Sortino ratio: Return per unit of downside risk	-1.53	—	—
Omega ratio: Gain probability vs. loss probability	0.83	—	—
Calmar ratio: Return relative to maximum drawdown	-0.89	—	—
Martin ratio: Return relative to average drawdown	-1.35	—	—

Drawdowns

MAXI vs. CBTO - Drawdown Comparison

The maximum MAXI drawdown since its inception was -68.93%, which is greater than CBTO's maximum drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for MAXI and CBTO.

Drawdown Indicators

	MAXI	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-68.93%	-21.27%	-47.66%
Max Drawdown (1Y) Largest decline over 1 year	-68.93%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-68.93%	—	—
Current Drawdown Current decline from peak	-68.93%	-21.27%	-47.66%
Average Drawdown Average peak-to-trough decline	-19.45%	-15.33%	-4.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.55%	—	—

Volatility

Volatility by Period

	MAXI	CBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	44.09%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	65.22%	12.34%	+52.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.57%	12.34%	+51.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.57%	12.34%	+51.23%

MAXI vs. CBTO - Expense Ratio Comparison

MAXI has a 1.31% expense ratio, which is higher than CBTO's 0.69% expense ratio.

Dividends

MAXI vs. CBTO - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 72.02%, more than CBTO's 0.24% yield.

Position	TTM	2025	2024	2023	2022
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%	0.00%	0.00%	0.00%
MAXI Simplify Bitcoin Strategy PLUS Income ETF	72.02%	49.00%	32.06%	29.63%	4.43%

Frequently Asked Questions

Can I hold both MAXI and CBTO in my portfolio?

With a correlation of 0.90, MAXI and CBTO 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 CBTO?

On fees, CBTO 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 CBTO?

CBTO is cheaper with a 0.69% expense ratio, compared with 1.31% for MAXI.

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

MAXI has the higher dividend yield at 72.02%, compared with 0.24% for CBTO.

What is the main difference between MAXI and CBTO?

MAXI is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: Simplify and Calamos. Their fees differ too: 1.31% for MAXI and 0.69% for CBTO.