MAXI vs. HEQT

Last updated Jun 5, 2026

MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - MAXI is a Cryptocurrency fund actively managed by Simplify, while HEQT is a Options Trading fund actively managed by Simplify. Both are actively managed. Over the past 3 years, MAXI returned 12.72%/yr vs 13.47%/yr for HEQT. At a 0.38 correlation, their price movements are largely independent. MAXI charges 0.97%/yr vs 0.53%/yr for HEQT.

Performance

MAXI vs. HEQT - Performance Comparison

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

Returns By Period

In the year-to-date period, MAXI achieves a -35.14% return, which is significantly lower than HEQT's 4.92% return.

MAXI

• 1D: -2.53%
• 1M: -24.95%
• YTD: -35.14%
• 6M: -43.24%
• 1Y: -61.18%
• 3Y*: 12.72%
• 5Y*: —
• 10Y*: —

HEQT

• 1D: -0.03%
• 1M: 1.33%
• YTD: 4.92%
• 6M: 5.48%
• 1Y: 14.78%
• 3Y*: 13.47%
• 5Y*: —
• 10Y*: —

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

MAXI vs. HEQT - 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%
HEQT Simplify Hedged Equity ETF	4.92%	10.08%	18.30%	16.61%	2.59%

Correlation

The correlation between MAXI and HEQT is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (All Time) Calculated using the full available price history since Oct 3, 2022	0.38

The correlation between MAXI and HEQT shifts across timeframes, from 0.38 (3 years) to 0.53 (1 year), reflecting how their relationship changes across market environments.

MAXI vs. HEQT - Sectors Allocation Comparison

Sectors	MAXI	HEQT
Consumer Cyclical	100.0%	10.1%
Basic Materials	-	1.8%
Communication Services	-	10.9%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Financial Services	-	11.9%
Healthcare	-	8.4%
Industrials	-	8.1%
Real Estate	-	1.9%
Technology	-	36.2%
Utilities	-	2.3%

Return for Risk

MAXI vs. HEQT — 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: 1
MAXI Martin Ratio Rank: 2

HEQT

HEQT Risk / Return Rank: 72
HEQT Sharpe Ratio Rank: 72
HEQT Sortino Ratio Rank: 75
HEQT Omega Ratio Rank: 82
HEQT Calmar Ratio Rank: 60
HEQT Martin Ratio Rank: 72

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. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Simplify Hedged Equity ETF (HEQT). 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	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	2.33	-3.26
Sortino ratio: Return per unit of downside risk	-1.50	3.31	-4.81
Omega ratio: Gain probability vs. loss probability	0.84	1.49	-0.65
Calmar ratio: Return relative to maximum drawdown	-0.91	2.92	-3.83
Martin ratio: Return relative to average drawdown	-1.42	13.35	-14.77
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. HEQT - Sharpe Ratio Comparison

The current MAXI Sharpe Ratio is -0.93, which is lower than the HEQT Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of MAXI and HEQT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MAXI	HEQT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.93	2.33	-3.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	1.08	-0.79

Drawdowns

MAXI vs. HEQT - Drawdown Comparison

The maximum MAXI drawdown since its inception was -67.12%, which is greater than HEQT's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for MAXI and HEQT.

Drawdown Indicators

	MAXI	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-67.12%	-11.51%	-55.61%
Max Drawdown (1Y) Largest decline over 1 year	-67.12%	-5.09%	-62.03%
Max Drawdown (3Y) Largest decline over 3 years	-67.12%	-10.57%	-56.55%
Current Drawdown Current decline from peak	-67.12%	-0.09%	-67.03%
Average Drawdown Average peak-to-trough decline	-18.80%	-2.79%	-16.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.96%	1.11%	+41.85%

Volatility

MAXI vs. HEQT - Volatility Comparison

Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a higher volatility of 11.13% compared to Simplify Hedged Equity ETF (HEQT) at 0.73%. This indicates that MAXI's price experiences larger fluctuations and is considered to be riskier than HEQT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAXI	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.13%	0.73%	+10.40%
Volatility (6M) Calculated over the trailing 6-month period	44.80%	5.27%	+39.53%
Volatility (1Y) Calculated over the trailing 1-year period	65.74%	6.38%	+59.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.80%	8.47%	+55.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.80%	8.47%	+55.33%

MAXI vs. HEQT - Expense Ratio Comparison

MAXI has a 0.97% expense ratio, which is higher than HEQT's 0.53% expense ratio.

Dividends

MAXI vs. HEQT - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 68.05%, more than HEQT's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021
HEQT Simplify Hedged Equity ETF	1.19%	1.19%	1.29%	4.10%	3.94%	0.27%
MAXI Simplify Bitcoin Strategy PLUS Income ETF	68.05%	49.00%	32.06%	29.63%	4.43%	0.00%

Frequently Asked Questions

Can I hold both MAXI and HEQT in my portfolio?

MAXI and HEQT have a correlation of 0.53, 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 HEQT?

MAXI has higher volatility (11.13%) compared to HEQT (0.73%). In terms of maximum drawdown, MAXI dropped -67.12% vs HEQT's -11.51%.

Which ETF is better, MAXI or HEQT?

On 3-year performance, HEQT leads with 13.47% vs 12.72% for MAXI. On fees, HEQT is cheaper at 0.53% per year. On volatility, HEQT has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAXI or HEQT?

Over the 3-year period, HEQT has performed better with a 13.47% return vs 12.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAXI or HEQT?

HEQT is cheaper with a 0.53% expense ratio, compared with 0.97% for MAXI.

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

MAXI has the higher dividend yield at 68.05%, compared with 1.19% for HEQT.

What is the main difference between MAXI and HEQT?

MAXI is categorized as Cryptocurrency, while HEQT is Options Trading. Their fees differ too: 0.97% for MAXI and 0.53% for HEQT.

Which has better risk-adjusted returns?

HEQT currently has the higher Sharpe Ratio (2.33 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.