MAXI vs. GBTC

Last updated Jun 26, 2026

MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds. MAXI is actively managed, while GBTC is passively managed. Over the past 3 years, MAXI returned 3.86%/yr vs 36.17%/yr for GBTC. Their correlation of 0.91 suggests significant overlap in exposure. MAXI charges 1.31%/yr vs 1.50%/yr for GBTC.

Performance

MAXI vs. GBTC - Performance Comparison

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

Returns By Period

In the year-to-date period, MAXI achieves a -39.38% return, which is significantly lower than GBTC's -32.86% return.

MAXI

• 1D: -1.09%
• 1M: -21.90%
• YTD: -39.38%
• 6M: -40.92%
• 1Y: -62.78%
• 3Y*: 3.86%
• 5Y*: —
• 10Y*: —

GBTC

• 1D: -1.10%
• 1M: -22.12%
• YTD: -32.86%
• 6M: -32.70%
• 1Y: -45.93%
• 3Y*: 36.17%
• 5Y*: 10.64%
• 10Y*: 44.37%

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

MAXI vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-39.38%	-28.59%	92.92%	144.12%	-13.34%
GBTC Grayscale Bitcoin Trust ETF	-32.86%	-7.65%	113.81%	317.61%	-26.83%

Correlation

The correlation between MAXI and GBTC is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022	0.91

The correlation between MAXI and GBTC has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

MAXI vs. GBTC — 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

GBTC

GBTC Risk / Return Rank: 1
GBTC Sharpe Ratio Rank: 1
GBTC Sortino Ratio Rank: 1
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 1

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. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Grayscale Bitcoin Trust ETF (GBTC). 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	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	-1.04	+0.07
Sortino ratio: Return per unit of downside risk	-1.61	-1.57	-0.04
Omega ratio: Gain probability vs. loss probability	0.82	0.83	0.00
Calmar ratio: Return relative to maximum drawdown	-0.91	-0.86	-0.05
Martin ratio: Return relative to average drawdown	-1.37	-1.48	+0.10

MAXI vs. GBTC - Sharpe Ratio Comparison

The current MAXI Sharpe Ratio is -0.97, which is comparable to the GBTC Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of MAXI and GBTC, 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. GBTC - Drawdown Comparison

The maximum MAXI drawdown since its inception was -69.27%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for MAXI and GBTC.

Drawdown Indicators

	MAXI	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-69.27%	-89.91%	+20.64%
Max Drawdown (1Y) Largest decline over 1 year	-69.27%	-53.37%	-15.90%
Max Drawdown (3Y) Largest decline over 3 years	-69.27%	-53.37%	-15.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-85.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-69.27%	-53.37%	-15.90%
Average Drawdown Average peak-to-trough decline	-19.51%	-43.45%	+23.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.76%	31.15%	+14.61%

Volatility

MAXI vs. GBTC - Volatility Comparison

Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Grayscale Bitcoin Trust ETF (GBTC) have volatilities of 12.96% and 13.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAXI	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.96%	13.27%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	44.07%	34.52%	+9.55%
Volatility (1Y) Calculated over the trailing 1-year period	65.11%	44.31%	+20.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.54%	62.02%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.54%	81.44%	-17.90%

MAXI vs. GBTC - Expense Ratio Comparison

MAXI has a 1.31% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

MAXI vs. GBTC - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 70.27%, while GBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%
MAXI Simplify Bitcoin Strategy PLUS Income ETF	70.27%	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 GBTC in my portfolio?

With a correlation of 0.95, MAXI and GBTC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MAXI or GBTC?

GBTC has higher volatility (13.27%) compared to MAXI (12.96%). In terms of maximum drawdown, MAXI dropped -69.27% vs GBTC's -89.91%.

Which ETF is better, MAXI or GBTC?

On 3-year performance, GBTC leads with 36.17% vs 3.86% for MAXI. On fees, MAXI is cheaper at 1.31% per year. On volatility, MAXI has been the lower-risk option at 12.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAXI or GBTC?

Over the 3-year period, GBTC has performed better with a 36.17% return vs 3.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAXI or GBTC?

MAXI is cheaper with a 1.31% expense ratio, compared with 1.50% for GBTC.

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

MAXI has the higher dividend yield at 70.27%, compared with 0.00% for GBTC.

What is the main difference between MAXI and GBTC?

They also come from different issuers: Simplify and Grayscale. Their fees differ too: 1.31% for MAXI and 1.50% for GBTC.

Which has better risk-adjusted returns?

MAXI currently has the higher Sharpe Ratio (-0.97 vs -1.04), 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.