MAXI vs. MSTI

Last updated Jul 16, 2026

MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and MSTI (Madison Short-Term Strategic Income ETF) are both exchange-traded funds - MAXI is a Cryptocurrency fund actively managed by Simplify, while MSTI is a Short-Term Bond fund actively managed by Madison. Both are actively managed. Over the past year, MAXI returned -62.64% vs 3.76% for MSTI. At a 0.13 correlation, their price movements are largely independent. MAXI charges 1.31%/yr vs 0.40%/yr for MSTI.

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.

Returns By Period

In the year-to-date period, MAXI achieves a -31.58% return, which is significantly lower than MSTI's 0.87% return.

MAXI

• 1D: 0.61%
• 1M: 1.35%
• 6M: -41.43%
• YTD: -31.58%
• 1Y: -62.64%
• 3Y*: 8.54%
• 5Y*: —
• 10Y*: —

MSTI

• 1D: 0.17%
• 1M: 0.02%
• 6M: 0.63%
• YTD: 0.87%
• 1Y: 3.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAXI vs. MSTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-31.58%	-28.59%	92.92%	60.86%
MSTI Madison Short-Term Strategic Income ETF	0.87%	6.33%	4.84%	4.13%

Correlation

The correlation between MAXI and MSTI is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Sep 6, 2023	0.13

The correlation between MAXI and MSTI shifts across timeframes, from 0.13 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

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: 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: 3

MSTI

MSTI Risk / Return Rank: 65
MSTI Sharpe Ratio Rank: 57
MSTI Sortino Ratio Rank: 60
MSTI Omega Ratio Rank: 63
MSTI Calmar Ratio Rank: 71
MSTI Martin Ratio Rank: 78

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.

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	MSTI	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	1.56	-2.53
Sortino ratio: Return per unit of downside risk	-1.62	2.31	-3.93
Omega ratio: Gain probability vs. loss probability	0.82	1.31	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.90	2.87	-3.77
Martin ratio: Return relative to average drawdown	-1.30	11.68	-12.98

MAXI vs. MSTI - Sharpe Ratio Comparison

The current MAXI Sharpe Ratio is -0.97, which is lower than the MSTI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of MAXI and MSTI, 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. MSTI - Drawdown Comparison

The maximum MAXI drawdown since its inception was -69.56%, 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	-69.56%	-1.48%	-68.08%
Max Drawdown (1Y) Largest decline over 1 year	-69.56%	-1.32%	-68.24%
Max Drawdown (3Y) Largest decline over 3 years	-69.56%	—	—
Current Drawdown Current decline from peak	-65.32%	-0.17%	-65.15%
Average Drawdown Average peak-to-trough decline	-20.16%	-0.28%	-19.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.22%	0.32%	+47.90%

Volatility

MAXI vs. MSTI - Volatility Comparison

Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a higher volatility of 15.12% compared to Madison Short-Term Strategic Income ETF (MSTI) at 0.51%. 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	15.12%	0.51%	+14.61%
Volatility (6M) Calculated over the trailing 6-month period	44.98%	1.59%	+43.39%
Volatility (1Y) Calculated over the trailing 1-year period	64.88%	2.43%	+62.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.47%	2.68%	+60.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.47%	2.68%	+60.79%

MAXI vs. MSTI - Expense Ratio Comparison

MAXI has a 1.31% expense ratio, which is higher than MSTI's 0.40% expense ratio.

Dividends

MAXI vs. MSTI - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 62.26%, more than MSTI's 5.34% yield.

Position	TTM	2025	2024	2023	2022
MAXI Simplify Bitcoin Strategy PLUS Income ETF	62.26%	49.00%	32.06%	29.63%	4.43%
MSTI Madison Short-Term Strategic Income ETF	5.34%	5.40%	5.48%	1.55%	0.00%

Frequently Asked Questions

Can I hold both MAXI and MSTI in my portfolio?

MAXI and MSTI have a correlation of 0.24, 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 MSTI?

MAXI has higher volatility (15.12%) compared to MSTI (0.51%). In terms of maximum drawdown, MAXI dropped -69.56% vs MSTI's -1.48%.

Which ETF is better, MAXI or MSTI?

On 1-year performance, MSTI leads with 3.76% vs -62.64% for MAXI. On fees, MSTI is cheaper at 0.40% per year. On volatility, MSTI has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAXI or MSTI?

Over the 1-year period, MSTI has performed better with a 3.76% return vs -62.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAXI or MSTI?

MSTI is cheaper with a 0.40% expense ratio, compared with 1.31% for MAXI.

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

MAXI has the higher dividend yield at 62.26%, compared with 5.34% for MSTI.

What is the main difference between MAXI and MSTI?

MAXI is categorized as Cryptocurrency, while MSTI is Short-Term Bond. They also come from different issuers: Simplify and Madison. Their fees differ too: 1.31% for MAXI and 0.40% for MSTI.

Which has better risk-adjusted returns?

MSTI currently has the higher Sharpe Ratio (1.56 vs -0.97), 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.