MAXI vs. ETHD

Last updated Apr 2, 2026

Compare and contrast key facts about Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and ProShares UltraShort Ether ETF (ETHD).

MAXI and ETHD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MAXI is an actively managed fund by Simplify. It was launched on Sep 29, 2022. ETHD is an actively managed fund by ProShares. It was launched on Jun 7, 2024.

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.

MAXI vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-32.46%	-28.59%	20.85%
ETHD ProShares UltraShort Ether ETF	24.55%	-72.49%	-42.57%

Returns By Period

In the year-to-date period, MAXI achieves a -32.46% return, which is significantly lower than ETHD's 24.55% return.

MAXI

• 1D: 0.62%
• 1M: -7.29%
• YTD: -32.46%
• 6M: -61.88%
• 1Y: -39.58%
• 3Y*: 10.37%
• 5Y*: —
• 10Y*: —

ETHD

• 1D: -3.95%
• 1M: -18.40%
• YTD: 24.55%
• 6M: 83.22%
• 1Y: -84.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAXI vs. ETHD - Expense Ratio Comparison

MAXI has a 11.18% expense ratio, which is higher than ETHD's 1.01% expense ratio.

MAXI

Simplify Bitcoin Strategy PLUS Income ETF

ETHD

ProShares UltraShort Ether ETF

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: 4
MAXI Sharpe Ratio Rank: 4
MAXI Sortino Ratio Rank: 5
MAXI Omega Ratio Rank: 5
MAXI Calmar Ratio Rank: 4
MAXI Martin Ratio Rank: 4

ETHD

ETHD Risk / Return Rank: 3
ETHD Sharpe Ratio Rank: 3
ETHD Sortino Ratio Rank: 4
ETHD Omega Ratio Rank: 4
ETHD Calmar Ratio Rank: 1
ETHD Martin Ratio Rank: 4

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.

	MAXI	ETHD	Difference
Sharpe ratio Return per unit of total volatility	-0.52	-0.56	+0.04
Sortino ratio Return per unit of downside risk	-0.40	-0.61	+0.21
Omega ratio Gain probability vs. loss probability	0.95	0.93	+0.03
Calmar ratio Return relative to maximum drawdown	-0.55	-0.90	+0.35
Martin ratio Return relative to average drawdown	-1.04	-1.01	-0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAXI vs. ETHD - Sharpe Ratio Comparison

The current MAXI Sharpe Ratio is -0.52, which is comparable to the ETHD Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of MAXI and ETHD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MAXI	ETHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	-0.56	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	-0.41	+0.74

Correlation

The correlation between MAXI and ETHD is -0.80. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

MAXI vs. ETHD - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 70.44%, less than ETHD's 85.90% yield.

	TTM	2025	2024	2023	2022
MAXI Simplify Bitcoin Strategy PLUS Income ETF	70.44%	49.00%	32.06%	29.63%	4.43%
ETHD ProShares UltraShort Ether ETF	85.90%	156.62%	19.15%	0.00%	0.00%

Drawdowns

MAXI vs. ETHD - Drawdown Comparison

The maximum MAXI drawdown since its inception was -66.78%, 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	-66.78%	-95.59%	+28.81%
Max Drawdown (1Y) Largest decline over 1 year	-66.78%	-95.50%	+28.72%
Current Drawdown Current decline from peak	-65.76%	-90.27%	+24.51%
Average Drawdown Average peak-to-trough decline	-16.70%	-63.63%	+46.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.97%	84.73%	-49.76%

Volatility

MAXI vs. ETHD - Volatility Comparison

The current volatility for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) is 17.90%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 40.47%. 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	17.90%	40.47%	-22.57%
Volatility (6M) Calculated over the trailing 6-month period	53.79%	106.90%	-53.11%
Volatility (1Y) Calculated over the trailing 1-year period	76.39%	150.88%	-74.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.47%	146.74%	-82.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.47%	146.74%	-82.27%