MAXI vs. MSTI

Last updated Apr 2, 2026

Compare and contrast key facts about Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Madison Short-Term Strategic Income ETF (MSTI).

MAXI and MSTI 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. MSTI is an actively managed fund by Madison. It was launched on Sep 5, 2023.

Performance

MAXI vs. MSTI - Performance Comparison

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

MAXI vs. MSTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-32.46%	-28.59%	92.92%	60.97%
MSTI Madison Short-Term Strategic Income ETF	0.25%	6.33%	4.84%	4.14%

Returns By Period

In the year-to-date period, MAXI achieves a -32.46% return, which is significantly lower than MSTI's 0.25% return.

MAXI

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

MSTI

• 1D: 0.01%
• 1M: -0.50%
• YTD: 0.25%
• 6M: 1.35%
• 1Y: 4.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAXI vs. MSTI - Expense Ratio Comparison

MAXI has a 11.18% expense ratio, which is higher than MSTI's 0.40% expense ratio.

MAXI

Simplify Bitcoin Strategy PLUS Income ETF

MSTI

Madison Short-Term Strategic Income ETF

Return for Risk

MAXI vs. MSTI — 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

MSTI

MSTI Risk / Return Rank: 88
MSTI Sharpe Ratio Rank: 83
MSTI Sortino Ratio Rank: 87
MSTI Omega Ratio Rank: 83
MSTI Calmar Ratio Rank: 92
MSTI Martin Ratio Rank: 92

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. MSTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Madison Short-Term Strategic Income ETF (MSTI). 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	MSTI	Difference
Sharpe ratio Return per unit of total volatility	-0.52	1.69	-2.21
Sortino ratio Return per unit of downside risk	-0.40	2.50	-2.90
Omega ratio Gain probability vs. loss probability	0.95	1.34	-0.38
Calmar ratio Return relative to maximum drawdown	-0.55	3.62	-4.16
Martin ratio Return relative to average drawdown	-1.04	14.13	-15.17
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. MSTI - Sharpe Ratio Comparison

The current MAXI Sharpe Ratio is -0.52, which is lower than the MSTI Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of MAXI and MSTI, 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	MSTI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	1.69	-2.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	2.24	-1.91

Correlation

The correlation between MAXI and MSTI is 0.11, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MAXI vs. MSTI - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 70.44%, more than MSTI's 5.32% yield.

	TTM	2025	2024	2023	2022
MAXI Simplify Bitcoin Strategy PLUS Income ETF	70.44%	49.00%	32.06%	29.63%	4.43%
MSTI Madison Short-Term Strategic Income ETF	5.32%	5.40%	5.48%	1.55%	0.00%

Drawdowns

MAXI vs. MSTI - Drawdown Comparison

The maximum MAXI drawdown since its inception was -66.78%, which is greater than MSTI's maximum drawdown of -1.48%. Use the drawdown chart below to compare losses from any high point for MAXI and MSTI.

Drawdown Indicators

	MAXI	MSTI	Difference
Max Drawdown Largest peak-to-trough decline	-66.78%	-1.48%	-65.30%
Max Drawdown (1Y) Largest decline over 1 year	-66.78%	-1.32%	-65.46%
Current Drawdown Current decline from peak	-65.76%	-0.68%	-65.08%
Average Drawdown Average peak-to-trough decline	-16.70%	-0.29%	-16.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.97%	0.34%	+34.63%

Volatility

MAXI vs. MSTI - Volatility Comparison

Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a higher volatility of 17.90% compared to Madison Short-Term Strategic Income ETF (MSTI) at 0.92%. This indicates that MAXI's price experiences larger fluctuations and is considered to be riskier than MSTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAXI	MSTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.90%	0.92%	+16.98%
Volatility (6M) Calculated over the trailing 6-month period	53.79%	1.75%	+52.04%
Volatility (1Y) Calculated over the trailing 1-year period	76.39%	2.76%	+73.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.47%	2.73%	+61.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.47%	2.73%	+61.74%