MAXI vs. MSBT

Last updated Jun 25, 2026

MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. MAXI is actively managed, while MSBT is passively managed. Their correlation of 0.90 suggests significant overlap in exposure. MAXI charges 1.31%/yr vs 0.14%/yr for MSBT.

Performance

MAXI vs. MSBT - Performance Comparison

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

Returns By Period

MAXI

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

MSBT

• 1D: -3.97%
• 1M: -21.03%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAXI vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-9.52%
MSBT Morgan Stanley Bitcoin Trust	-17.50%

Correlation

The correlation between MAXI and MSBT is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.90

Return for Risk

MAXI vs. MSBT — 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

MSBT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Morgan Stanley Bitcoin Trust (MSBT). 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	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.95	—	—
Sortino ratio: Return per unit of downside risk	-1.53	—	—
Omega ratio: Gain probability vs. loss probability	0.83	—	—
Calmar ratio: Return relative to maximum drawdown	-0.89	—	—
Martin ratio: Return relative to average drawdown	-1.35	—	—

Drawdowns

MAXI vs. MSBT - Drawdown Comparison

The maximum MAXI drawdown since its inception was -68.93%, which is greater than MSBT's maximum drawdown of -27.01%. Use the drawdown chart below to compare losses from any high point for MAXI and MSBT.

Drawdown Indicators

	MAXI	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-68.93%	-27.01%	-41.92%
Max Drawdown (1Y) Largest decline over 1 year	-68.93%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-68.93%	—	—
Current Drawdown Current decline from peak	-68.93%	-27.01%	-41.92%
Average Drawdown Average peak-to-trough decline	-19.45%	-8.82%	-10.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.55%	—	—

Volatility

Volatility by Period

	MAXI	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	44.09%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	65.22%	37.57%	+27.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.57%	37.57%	+26.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.57%	37.57%	+26.00%

MAXI vs. MSBT - Expense Ratio Comparison

MAXI has a 1.31% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

MAXI vs. MSBT - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 72.02%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
MAXI Simplify Bitcoin Strategy PLUS Income ETF	72.02%	49.00%	32.06%	29.63%	4.43%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MAXI and MSBT in my portfolio?

With a correlation of 0.90, MAXI and MSBT 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 ETF is better, MAXI or MSBT?

On fees, MSBT is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MAXI or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 1.31% for MAXI.

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

MAXI has the higher dividend yield at 72.02%, compared with 0.00% for MSBT.

What is the main difference between MAXI and MSBT?

They also come from different issuers: Simplify and Morgan Stanley. Their fees differ too: 1.31% for MAXI and 0.14% for MSBT.