MAXI vs. CBTO
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 0.87 means they have usually moved in the same direction. MAXI charges 1.31%/yr vs 0.69%/yr for CBTO.
Performance
MAXI vs. CBTO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MAXI achieves a -34.40% return, which is significantly lower than CBTO's -8.23% return.
MAXI
- 1D
- 1.17%
- 1M
- 3.34%
- 6M
- -22.59%
- YTD
- -34.40%
- 1Y
- -62.54%
- 3Y*
- 8.73%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 18.37%
CBTO
- 1D
- -0.03%
- 1M
- 0.08%
- 6M
- -4.41%
- YTD
- -8.23%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $174.49K | $137.15K | $216.43K | |
| $97.38K | $101.93K | $219.12K |
MAXI vs. CBTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MAXI Simplify Bitcoin Strategy PLUS Income ETF | -34.40% | -48.82% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.23% | -13.82% |
Correlation
The correlation between MAXI and CBTO is 0.87, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | 0.87 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MAXI vs. CBTO — Risk / Return Rank
MAXI
CBTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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 ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.82 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | — | — |
| Martin ratioReturn relative to average drawdown | -1.24 | — | — |
Loading charts...
Drawdowns
MAXI vs. CBTO - Drawdown Comparison
The maximum MAXI drawdown since its inception was -69.56%, 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.
Loading charts...
Drawdown Indicators
| MAXI | CBTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.56% | -21.27% | -48.29% |
Max Drawdown (1Y)Largest decline over 1 year | -69.56% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -69.56% | — | — |
Current DrawdownCurrent decline from peak | -66.74% | -21.08% | -45.66% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -16.11% | -4.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.66% | — | — |
Volatility
MAXI vs. CBTO - Volatility Comparison
Loading charts...
Volatility by Period
| MAXI | CBTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.33% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 43.22% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 64.92% | 11.51% | +53.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.23% | 11.51% | +51.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.23% | 11.51% | +51.72% |
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 54.40%, 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 | 54.40% | 49.00% | 32.06% | 29.63% | 4.43% |
Frequently Asked Questions
MAXI and CBTO have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
CBTO is cheaper with a 0.69% expense ratio, compared with 1.31% for MAXI.
MAXI has the higher dividend yield at 54.40%, compared with 0.24% for 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.
Find the right allocation for MAXI and CBTO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer