MAXI vs. ETHD

Last updated Jun 25, 2026

MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, MAXI returned -61.42% vs -37.69% for ETHD. At a correlation of -0.81, they often move in opposite directions. MAXI charges 1.31%/yr vs 1.01%/yr for ETHD.

Performance

MAXI vs. ETHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and ProShares UltraShort Ether ETF (ETHD). 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 ETHD's 92.11% return.

MAXI

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

ETHD

• 1D: 9.58%
• 1M: 51.29%
• YTD: 92.11%
• 6M: 87.75%
• 1Y: -37.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAXI vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-38.72%	-28.59%	18.03%
ETHD ProShares UltraShort Ether ETF	92.11%	-72.49%	-38.58%

Correlation

The correlation between MAXI and ETHD is -0.85, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.85
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024	-0.81

The correlation between MAXI and ETHD has been stable across timeframes, ranging from -0.85 to -0.81 - a consistent structural relationship.

Return for Risk

MAXI vs. ETHD — 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

ETHD

ETHD Risk / Return Rank: 8
ETHD Sharpe Ratio Rank: 7
ETHD Sortino Ratio Rank: 12
ETHD Omega Ratio Rank: 12
ETHD Calmar Ratio Rank: 5
ETHD Martin Ratio Rank: 6

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. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and ProShares UltraShort Ether ETF (ETHD). 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	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	-0.95	-0.28	-0.67
Sortino ratio: Return per unit of downside risk	-1.53	0.49	-2.03
Omega ratio: Gain probability vs. loss probability	0.83	1.06	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.46	-0.43
Martin ratio: Return relative to average drawdown	-1.35	-0.59	-0.76

MAXI vs. ETHD - Sharpe Ratio Comparison

The current MAXI Sharpe Ratio is -0.95, which is lower than the ETHD Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of MAXI and ETHD, 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. ETHD - Drawdown Comparison

The maximum MAXI drawdown since its inception was -68.93%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for MAXI and ETHD.

Drawdown Indicators

	MAXI	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-68.93%	-95.59%	+26.66%
Max Drawdown (1Y) Largest decline over 1 year	-68.93%	-82.01%	+13.08%
Max Drawdown (3Y) Largest decline over 3 years	-68.93%	—	—
Current Drawdown Current decline from peak	-68.93%	-84.99%	+16.06%
Average Drawdown Average peak-to-trough decline	-19.45%	-66.44%	+46.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.55%	63.98%	-18.43%

Volatility

MAXI vs. ETHD - Volatility Comparison

The current volatility for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) is 13.02%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 39.71%. This indicates that MAXI experiences smaller price fluctuations and is considered to be less risky than ETHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAXI	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.02%	39.71%	-26.69%
Volatility (6M) Calculated over the trailing 6-month period	44.09%	92.53%	-48.44%
Volatility (1Y) Calculated over the trailing 1-year period	65.22%	137.63%	-72.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.57%	142.55%	-78.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.57%	142.55%	-78.98%

MAXI vs. ETHD - Expense Ratio Comparison

MAXI has a 1.31% expense ratio, which is higher than ETHD's 1.01% expense ratio.

Dividends

MAXI vs. ETHD - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 72.02%, more than ETHD's 9.11% yield.

Position	TTM	2025	2024	2023	2022
ETHD ProShares UltraShort Ether ETF	9.11%	156.62%	19.15%	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 ETHD in my portfolio?

MAXI and ETHD have a correlation of -0.85, 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 ETHD?

ETHD has higher volatility (39.71%) compared to MAXI (13.02%). In terms of maximum drawdown, MAXI dropped -68.93% vs ETHD's -95.59%.

Which ETF is better, MAXI or ETHD?

On 1-year performance, ETHD leads with -37.69% vs -61.42% for MAXI. On fees, ETHD is cheaper at 1.01% per year. On volatility, MAXI has been the lower-risk option at 13.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAXI or ETHD?

Over the 1-year period, ETHD has performed better with a -37.69% return vs -61.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAXI or ETHD?

ETHD is cheaper with a 1.01% expense ratio, compared with 1.31% for MAXI.

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

MAXI has the higher dividend yield at 72.02%, compared with 9.11% for ETHD.

What is the main difference between MAXI and ETHD?

They also come from different issuers: Simplify and ProShares. Their fees differ too: 1.31% for MAXI and 1.01% for ETHD.

Which has better risk-adjusted returns?

ETHD currently has the higher Sharpe Ratio (-0.28 vs -0.95), 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.