MAXI vs. MTBA

Last updated Jun 4, 2026

MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and MTBA (Simplify MBS ETF) are both exchange-traded funds - MAXI is a Cryptocurrency fund actively managed by Simplify, while MTBA is a Mortgage Backed Securities fund actively managed by Simplify. Both are actively managed. Over the past year, MAXI returned -60.98% vs 5.18% for MTBA. At a 0.05 correlation, their price movements are largely independent. MAXI charges 0.97%/yr vs 0.15%/yr for MTBA.

Performance

MAXI vs. MTBA - Performance Comparison

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

Returns By Period

In the year-to-date period, MAXI achieves a -33.46% return, which is significantly lower than MTBA's -0.23% return.

MAXI

• 1D: -2.93%
• 1M: -20.54%
• YTD: -33.46%
• 6M: -42.63%
• 1Y: -60.98%
• 3Y*: 11.19%
• 5Y*: —
• 10Y*: —

MTBA

• 1D: -0.12%
• 1M: 0.21%
• YTD: -0.23%
• 6M: 0.18%
• 1Y: 5.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAXI vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-33.46%	-28.59%	92.92%	15.76%
MTBA Simplify MBS ETF	-0.23%	7.74%	1.99%	3.64%

Correlation

The correlation between MAXI and MTBA is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Nov 8, 2023	0.05

MAXI vs. MTBA - Sectors Allocation Comparison

Sectors	MAXI	MTBA
Consumer Cyclical	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	47.2%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

MAXI vs. MTBA — Risk / Return Rank

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

MAXI

MAXI Risk / Return Rank: 1
MAXI Sharpe Ratio Rank: 2
MAXI Sortino Ratio Rank: 1
MAXI Omega Ratio Rank: 2
MAXI Calmar Ratio Rank: 1
MAXI Martin Ratio Rank: 1

MTBA

MTBA Risk / Return Rank: 45
MTBA Sharpe Ratio Rank: 48
MTBA Sortino Ratio Rank: 48
MTBA Omega Ratio Rank: 51
MTBA Calmar Ratio Rank: 37
MTBA Martin Ratio Rank: 39

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. MTBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Simplify MBS ETF (MTBA). 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	MTBA	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	1.68	-2.61
Sortino ratio: Return per unit of downside risk	-1.49	2.38	-3.87
Omega ratio: Gain probability vs. loss probability	0.84	1.32	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.92	1.84	-2.76
Martin ratio: Return relative to average drawdown	-1.43	6.28	-7.70
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. MTBA - Sharpe Ratio Comparison

The current MAXI Sharpe Ratio is -0.93, which is lower than the MTBA Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of MAXI and MTBA, 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	MTBA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.93	1.68	-2.61
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	1.30	-0.99

Drawdowns

MAXI vs. MTBA - Drawdown Comparison

The maximum MAXI drawdown since its inception was -66.78%, which is greater than MTBA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for MAXI and MTBA.

Drawdown Indicators

	MAXI	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	-66.78%	-3.48%	-63.30%
Max Drawdown (1Y) Largest decline over 1 year	-66.78%	-2.82%	-63.96%
Max Drawdown (3Y) Largest decline over 3 years	-66.78%	—	—
Current Drawdown Current decline from peak	-66.27%	-1.60%	-64.67%
Average Drawdown Average peak-to-trough decline	-18.74%	-0.79%	-17.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.76%	0.83%	+41.93%

Volatility

MAXI vs. MTBA - Volatility Comparison

Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a higher volatility of 11.92% compared to Simplify MBS ETF (MTBA) at 1.33%. This indicates that MAXI's price experiences larger fluctuations and is considered to be riskier than MTBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAXI	MTBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.92%	1.33%	+10.59%
Volatility (6M) Calculated over the trailing 6-month period	45.84%	2.47%	+43.37%
Volatility (1Y) Calculated over the trailing 1-year period	65.83%	3.10%	+62.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.81%	3.95%	+59.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.81%	3.95%	+59.86%

MAXI vs. MTBA - Expense Ratio Comparison

MAXI has a 0.97% expense ratio, which is higher than MTBA's 0.15% expense ratio.

Dividends

MAXI vs. MTBA - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 66.33%, more than MTBA's 6.09% yield.

Position	TTM	2025	2024	2023	2022
MAXI Simplify Bitcoin Strategy PLUS Income ETF	66.33%	49.00%	32.06%	29.63%	4.43%
MTBA Simplify MBS ETF	6.09%	5.98%	6.03%	0.48%	0.00%

Frequently Asked Questions

Can I hold both MAXI and MTBA in my portfolio?

MAXI and MTBA have a correlation of 0.15, 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 MTBA?

MAXI has higher volatility (11.92%) compared to MTBA (1.33%). In terms of maximum drawdown, MAXI dropped -66.78% vs MTBA's -3.48%.

Which ETF is better, MAXI or MTBA?

On 1-year performance, MTBA leads with 5.18% vs -60.98% for MAXI. On fees, MTBA is cheaper at 0.15% per year. On volatility, MTBA has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAXI or MTBA?

Over the 1-year period, MTBA has performed better with a 5.18% return vs -60.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAXI or MTBA?

MTBA is cheaper with a 0.15% expense ratio, compared with 0.97% for MAXI.

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

MAXI has the higher dividend yield at 66.33%, compared with 6.09% for MTBA.

What is the main difference between MAXI and MTBA?

MAXI is categorized as Cryptocurrency, while MTBA is Mortgage Backed Securities. Their fees differ too: 0.97% for MAXI and 0.15% for MTBA.

Which has better risk-adjusted returns?

MTBA currently has the higher Sharpe Ratio (1.68 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.