MAXI vs. CEPI

Last updated Aug 5, 2026

MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both exchange-traded funds - MAXI is a Cryptocurrency fund actively managed by Simplify, while CEPI is a Derivative Income fund actively managed by REX. Both are actively managed. Over the past year, MAXI returned -62.54% vs 21.57% for CEPI. Their 0.72 correlation means they have sometimes moved together and sometimes differently. MAXI charges 1.31%/yr vs 0.85%/yr for CEPI.

Performance

MAXI vs. CEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and REX Crypto Equity Premium Income ETF (CEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAXI achieves a -34.40% return, which is significantly lower than CEPI's 18.92% 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%

CEPI

• 1D: 1.25%
• 1M: 2.09%
• 6M: 17.67%
• YTD: 18.92%
• 1Y: 21.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.94%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CEPI REX Crypto Equity Premium Income ETF	$1.24M	$1.26M	$1.60M
MAXI Simplify Bitcoin Strategy PLUS Income ETF	$97.38K	$101.93K	$219.12K

MAXI vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-34.40%	-28.59%	-5.75%
CEPI REX Crypto Equity Premium Income ETF	18.92%	10.75%	-7.02%

Correlation

The correlation between MAXI and CEPI is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.72

The correlation between MAXI and CEPI has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.

Return for Risk

MAXI vs. CEPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 3

CEPI

CEPI Risk / Return Rank: 28
CEPI Sharpe Ratio Rank: 28
CEPI Sortino Ratio Rank: 29
CEPI Omega Ratio Rank: 28
CEPI Calmar Ratio Rank: 28
CEPI Martin Ratio Rank: 26

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MAXI vs. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and REX Crypto Equity Premium Income ETF (CEPI). 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	CEPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	0.74	-1.71
Sortino ratio: Return per unit of downside risk	-1.60	1.18	-2.78
Omega ratio: Gain probability vs. loss probability	0.82	1.15	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.90	0.96	-1.87
Martin ratio: Return relative to average drawdown	-1.24	2.24	-3.47

MAXI vs. CEPI - Sharpe Ratio Comparison

The current MAXI Sharpe Ratio is -0.97, which is lower than the CEPI Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of MAXI and CEPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MAXI vs. CEPI - Drawdown Comparison

The maximum MAXI drawdown since its inception was -69.56%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for MAXI and CEPI.

Drawdown Indicators

	MAXI	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-69.56%	-29.48%	-40.08%
Max Drawdown (1Y) Largest decline over 1 year	-69.56%	-22.47%	-47.09%
Max Drawdown (3Y) Largest decline over 3 years	-69.56%	—	—
Current Drawdown Current decline from peak	-66.74%	-4.56%	-62.18%
Average Drawdown Average peak-to-trough decline	-20.83%	-8.22%	-12.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.66%	9.65%	+41.01%

Volatility

MAXI vs. CEPI - Volatility Comparison

Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a higher volatility of 15.33% compared to REX Crypto Equity Premium Income ETF (CEPI) at 11.17%. This indicates that MAXI's price experiences larger fluctuations and is considered to be riskier than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAXI	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.33%	11.17%	+4.16%
Volatility (6M) Calculated over the trailing 6-month period	43.22%	23.73%	+19.49%
Volatility (1Y) Calculated over the trailing 1-year period	64.92%	29.34%	+35.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.23%	31.88%	+31.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.23%	31.88%	+31.35%

MAXI vs. CEPI - Expense Ratio Comparison

MAXI has a 1.31% expense ratio, which is higher than CEPI's 0.85% expense ratio.

Dividends

MAXI vs. CEPI - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 54.40%, more than CEPI's 44.15% yield.

Position	TTM	2025	2024	2023	2022
CEPI REX Crypto Equity Premium Income ETF	44.15%	50.78%	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

Can I hold both MAXI and CEPI in my portfolio?

MAXI and CEPI 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 is riskier, MAXI or CEPI?

MAXI has higher volatility (15.33%) compared to CEPI (11.17%). In terms of maximum drawdown, MAXI dropped -69.56% vs CEPI's -29.48%.

Which ETF is better, MAXI or CEPI?

On 1-year performance, CEPI leads with 21.57% vs -62.54% for MAXI. On fees, CEPI is cheaper at 0.85% per year. On volatility, CEPI has been the lower-risk option at 11.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAXI or CEPI?

Over the 1-year period, CEPI has performed better with a 21.57% return vs -62.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAXI or CEPI?

CEPI is cheaper with a 0.85% expense ratio, compared with 1.31% for MAXI.

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

MAXI has the higher dividend yield at 54.40%, compared with 44.15% for CEPI.

What is the main difference between MAXI and CEPI?

MAXI is categorized as Cryptocurrency, while CEPI is Derivative Income. They also come from different issuers: Simplify and REX. Their fees differ too: 1.31% for MAXI and 0.85% for CEPI.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (0.74 vs -0.97), 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.