MAXI vs. GBTC
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 12.72%/yr vs 53.36%/yr for GBTC. Their correlation of 0.91 suggests significant overlap in exposure. MAXI charges 0.97%/yr vs 1.50%/yr for GBTC.
Performance
MAXI vs. GBTC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MAXI achieves a -35.14% return, which is significantly lower than GBTC's -27.82% return.
MAXI
- 1D
- -2.53%
- 1M
- -24.95%
- YTD
- -35.14%
- 6M
- -43.24%
- 1Y
- -61.18%
- 3Y*
- 12.72%
- 5Y*
- —
- 10Y*
- —
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
MAXI vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MAXI Simplify Bitcoin Strategy PLUS Income ETF | -35.14% | -28.59% | 92.92% | 144.12% | -13.34% |
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -27.34% |
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 | 0.93 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MAXI vs. GBTC — Risk / Return Rank
MAXI
GBTC
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.
| MAXI | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.85 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.81 | -0.10 |
| Martin ratioReturn relative to average drawdown | -1.42 | -1.40 | -0.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| MAXI | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | -0.93 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.16 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.60 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.65 | -0.35 |
Drawdowns
MAXI vs. GBTC - Drawdown Comparison
The maximum MAXI drawdown since its inception was -67.12%, 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.
Loading charts...
Drawdown Indicators
| MAXI | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.12% | -89.91% | +22.79% |
Max Drawdown (1Y)Largest decline over 1 year | -67.12% | -49.87% | -17.25% |
Max Drawdown (3Y)Largest decline over 3 years | -67.12% | -49.87% | -17.25% |
Max Drawdown (5Y)Largest decline over 5 years | — | -85.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -67.12% | -49.87% | -17.25% |
Average DrawdownAverage peak-to-trough decline | -18.80% | -43.43% | +24.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.96% | 28.81% | +14.15% |
Volatility
MAXI vs. GBTC - Volatility Comparison
Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a higher volatility of 11.13% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.07%. This indicates that MAXI's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MAXI | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.13% | 9.07% | +2.06% |
Volatility (6M)Calculated over the trailing 6-month period | 44.80% | 33.86% | +10.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.74% | 43.69% | +22.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.80% | 62.44% | +1.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.80% | 82.20% | -18.40% |
MAXI vs. GBTC - Expense Ratio Comparison
MAXI has a 0.97% 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 68.05%, 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 | 68.05% | 49.00% | 32.06% | 29.63% | 4.43% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
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.
MAXI has higher volatility (11.13%) compared to GBTC (9.07%). In terms of maximum drawdown, MAXI dropped -67.12% vs GBTC's -89.91%.
On 3-year performance, GBTC leads with 53.36% vs 12.72% for MAXI. On fees, MAXI is cheaper at 0.97% per year. On volatility, GBTC has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GBTC has performed better with a 53.36% return vs 12.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MAXI is cheaper with a 0.97% expense ratio, compared with 1.50% for GBTC.
MAXI has the higher dividend yield at 68.05%, compared with 0.00% for GBTC.
They also come from different issuers: Simplify and Grayscale. Their fees differ too: 0.97% for MAXI and 1.50% for GBTC.
GBTC currently has the higher Sharpe Ratio (-0.93 vs -0.93), 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.
Find the right allocation for MAXI and GBTC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer