MAXI vs. DFEN

Last updated Jun 21, 2026

MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both exchange-traded funds - MAXI is a Cryptocurrency fund actively managed by Simplify, while DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). MAXI is actively managed, while DFEN is passively managed. Over the past 3 years, MAXI returned 10.98%/yr vs 67.96%/yr for DFEN. At a 0.29 correlation, their price movements are largely independent. MAXI charges 1.31%/yr vs 0.96%/yr for DFEN.

Performance

MAXI vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAXI achieves a -35.86% return, which is significantly lower than DFEN's 20.97% return.

MAXI

• 1D: -1.94%
• 1M: -19.20%
• YTD: -35.86%
• 6M: -37.09%
• 1Y: -57.63%
• 3Y*: 10.98%
• 5Y*: —
• 10Y*: —

DFEN

• 1D: -4.32%
• 1M: 17.09%
• YTD: 20.97%
• 6M: 21.25%
• 1Y: 87.39%
• 3Y*: 67.96%
• 5Y*: 33.49%
• 10Y*: —

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

MAXI vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-35.86%	-28.59%	92.92%	144.12%	-13.34%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	20.97%	156.62%	27.07%	24.70%	69.47%

Correlation

The correlation between MAXI and DFEN is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022	0.29

Return for Risk

MAXI vs. DFEN — 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: 2
MAXI Martin Ratio Rank: 2

DFEN

DFEN Risk / Return Rank: 40
DFEN Sharpe Ratio Rank: 41
DFEN Sortino Ratio Rank: 42
DFEN Omega Ratio Rank: 37
DFEN Calmar Ratio Rank: 46
DFEN Martin Ratio Rank: 36

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. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). 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	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	1.40	-2.29
Sortino ratio: Return per unit of downside risk	-1.37	2.04	-3.42
Omega ratio: Gain probability vs. loss probability	0.85	1.24	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.85	2.21	-3.06
Martin ratio: Return relative to average drawdown	-1.30	5.08	-6.37

MAXI vs. DFEN - Sharpe Ratio Comparison

The current MAXI Sharpe Ratio is -0.90, which is lower than the DFEN Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of MAXI and DFEN, 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. DFEN - Drawdown Comparison

The maximum MAXI drawdown since its inception was -68.91%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for MAXI and DFEN.

Drawdown Indicators

	MAXI	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-68.91%	-91.36%	+22.45%
Max Drawdown (1Y) Largest decline over 1 year	-68.91%	-41.75%	-27.16%
Max Drawdown (3Y) Largest decline over 3 years	-68.91%	-43.13%	-25.78%
Max Drawdown (5Y) Largest decline over 5 years	—	-55.30%	—
Current Drawdown Current decline from peak	-67.49%	-20.73%	-46.76%
Average Drawdown Average peak-to-trough decline	-19.30%	-45.15%	+25.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.94%	18.16%	+26.78%

Volatility

MAXI vs. DFEN - Volatility Comparison

The current volatility for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) is 12.91%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 25.14%. This indicates that MAXI experiences smaller price fluctuations and is considered to be less risky than DFEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAXI	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.91%	25.14%	-12.23%
Volatility (6M) Calculated over the trailing 6-month period	44.45%	56.03%	-11.58%
Volatility (1Y) Calculated over the trailing 1-year period	65.18%	66.17%	-0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.64%	60.80%	+2.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.64%	71.64%	-8.00%

MAXI vs. DFEN - Expense Ratio Comparison

MAXI has a 1.31% expense ratio, which is higher than DFEN's 0.96% expense ratio.

Dividends

MAXI vs. DFEN - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 68.81%, more than DFEN's 7.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.38%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
MAXI Simplify Bitcoin Strategy PLUS Income ETF	68.81%	49.00%	32.06%	29.63%	4.43%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MAXI and DFEN in my portfolio?

MAXI and DFEN have a correlation of 0.38, 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 DFEN?

DFEN has higher volatility (25.14%) compared to MAXI (12.91%). In terms of maximum drawdown, MAXI dropped -68.91% vs DFEN's -91.36%.

Which ETF is better, MAXI or DFEN?

On 3-year performance, DFEN leads with 67.96% vs 10.98% for MAXI. On fees, DFEN is cheaper at 0.96% per year. On volatility, MAXI has been the lower-risk option at 12.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAXI or DFEN?

Over the 3-year period, DFEN has performed better with a 67.96% return vs 10.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAXI or DFEN?

DFEN is cheaper with a 0.96% expense ratio, compared with 1.31% for MAXI.

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

MAXI has the higher dividend yield at 68.81%, compared with 7.38% for DFEN.

What is the main difference between MAXI and DFEN?

MAXI is categorized as Cryptocurrency, while DFEN is Leveraged Equities. They also come from different issuers: Simplify and Direxion. Their fees differ too: 1.31% for MAXI and 0.96% for DFEN.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (1.40 vs -0.90), 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.