MAXI vs. MSTR

Last updated Apr 1, 2026

Compare and contrast key facts about Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and MicroStrategy Incorporated (MSTR).

MAXI is an actively managed fund by Simplify. It was launched on Sep 29, 2022.

Performance

MAXI vs. MSTR - Performance Comparison

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

MAXI vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-32.88%	-28.59%	92.92%	144.12%	-13.34%
MSTR MicroStrategy Incorporated	-17.87%	-47.53%	358.54%	346.15%	-33.30%

Returns By Period

In the year-to-date period, MAXI achieves a -32.88% return, which is significantly lower than MSTR's -17.87% return.

MAXI

• 1D: 2.02%
• 1M: -1.03%
• YTD: -32.88%
• 6M: -60.48%
• 1Y: -36.89%
• 3Y*: 10.15%
• 5Y*: —
• 10Y*: —

MSTR

• 1D: 2.77%
• 1M: -3.63%
• YTD: -17.87%
• 6M: -61.27%
• 1Y: -56.71%
• 3Y*: 62.23%
• 5Y*: 12.15%
• 10Y*: 21.18%

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

Return for Risk

MAXI vs. MSTR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MAXI

MAXI Risk / Return Rank: 5
MAXI Sharpe Ratio Rank: 4
MAXI Sortino Ratio Rank: 6
MAXI Omega Ratio Rank: 6
MAXI Calmar Ratio Rank: 3
MAXI Martin Ratio Rank: 4

MSTR

MSTR Risk / Return Rank: 13
MSTR Sharpe Ratio Rank: 10
MSTR Sortino Ratio Rank: 10
MSTR Omega Ratio Rank: 12
MSTR Calmar Ratio Rank: 16
MSTR Martin Ratio Rank: 17

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. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and MicroStrategy Incorporated (MSTR). 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	MSTR	Difference
Sharpe ratio Return per unit of total volatility	-0.48	-0.77	+0.28
Sortino ratio Return per unit of downside risk	-0.32	-1.12	+0.80
Omega ratio Gain probability vs. loss probability	0.96	0.87	+0.09
Calmar ratio Return relative to maximum drawdown	-0.57	-0.74	+0.17
Martin ratio Return relative to average drawdown	-1.09	-1.29	+0.20
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. MSTR - Sharpe Ratio Comparison

The current MAXI Sharpe Ratio is -0.48, which is higher than the MSTR Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of MAXI and MSTR, 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	MSTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	-0.77	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.13	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.12	+0.21

Correlation

The correlation between MAXI and MSTR is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MAXI vs. MSTR - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 70.88%, while MSTR has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022
MAXI Simplify Bitcoin Strategy PLUS Income ETF	70.88%	49.00%	32.06%	29.63%	4.43%
MSTR MicroStrategy Incorporated	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

MAXI vs. MSTR - Drawdown Comparison

The maximum MAXI drawdown since its inception was -66.78%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for MAXI and MSTR.

Drawdown Indicators

	MAXI	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-66.78%	-99.86%	+33.08%
Max Drawdown (1Y) Largest decline over 1 year	-66.78%	-76.53%	+9.75%
Max Drawdown (5Y) Largest decline over 5 years	—	-84.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.27%	—
Current Drawdown Current decline from peak	-65.97%	-73.66%	+7.69%
Average Drawdown Average peak-to-trough decline	-16.64%	-86.60%	+69.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.72%	43.98%	-9.26%

Volatility

MAXI vs. MSTR - Volatility Comparison

Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and MicroStrategy Incorporated (MSTR) have volatilities of 18.04% and 18.69%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAXI	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.04%	18.69%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	53.79%	55.56%	-1.77%
Volatility (1Y) Calculated over the trailing 1-year period	76.40%	74.10%	+2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.51%	91.30%	-26.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.51%	73.16%	-8.65%