MAXI vs. PFFA
MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and PFFA (Virtus InfraCap U.S. Preferred Stock ETF) are both exchange-traded funds - MAXI is a Cryptocurrency fund actively managed by Simplify, while PFFA is a Preferred Stock/Convertible Bonds fund actively managed by Virtus Investment Partners. Both are actively managed. Over the past 3 years, MAXI returned 10.98%/yr vs 14.42%/yr for PFFA. At a 0.28 correlation, their price movements are largely independent. MAXI charges 1.31%/yr vs 1.47%/yr for PFFA.
Performance
MAXI vs. PFFA - Performance Comparison
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Returns By Period
In the year-to-date period, MAXI achieves a -35.86% return, which is significantly lower than PFFA's 3.08% return.
MAXI
- 1D
- -1.94%
- 1M
- -19.20%
- YTD
- -35.86%
- 6M
- -37.09%
- 1Y
- -57.63%
- 3Y*
- 10.98%
- 5Y*
- —
- 10Y*
- —
PFFA
- 1D
- 0.19%
- 1M
- 0.57%
- YTD
- 3.08%
- 6M
- 2.32%
- 1Y
- 12.37%
- 3Y*
- 14.42%
- 5Y*
- 6.42%
- 10Y*
- —
MAXI vs. PFFA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MAXI Simplify Bitcoin Strategy PLUS Income ETF | -35.86% | -28.59% | 92.92% | 144.12% | -13.34% |
PFFA Virtus InfraCap U.S. Preferred Stock ETF | 3.08% | 8.22% | 16.11% | 26.45% | -2.12% |
Correlation
The correlation between MAXI and PFFA is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | 0.28 |
The correlation between MAXI and PFFA shifts across timeframes, from 0.28 (all time) to 0.43 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MAXI vs. PFFA — Risk / Return Rank
MAXI
PFFA
MAXI vs. PFFA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). 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 | PFFA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.67 | ||
| Sortino ratioReturn per unit of downside risk | -3.90 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.33 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | 1.95 | -2.80 |
| Martin ratioReturn relative to average drawdown | -1.30 | 6.47 | -7.77 |
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Drawdowns
MAXI vs. PFFA - Drawdown Comparison
The maximum MAXI drawdown since its inception was -68.91%, roughly equal to the maximum PFFA drawdown of -70.52%. Use the drawdown chart below to compare losses from any high point for MAXI and PFFA.
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Drawdown Indicators
| MAXI | PFFA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.91% | -70.52% | +1.61% |
Max Drawdown (1Y)Largest decline over 1 year | -68.91% | -6.49% | -62.42% |
Max Drawdown (3Y)Largest decline over 3 years | -68.91% | -12.15% | -56.76% |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.70% | — |
Current DrawdownCurrent decline from peak | -67.49% | -1.50% | -65.99% |
Average DrawdownAverage peak-to-trough decline | -19.30% | -6.62% | -12.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.94% | 1.95% | +42.99% |
Volatility
MAXI vs. PFFA - Volatility Comparison
Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a higher volatility of 12.91% compared to Virtus InfraCap U.S. Preferred Stock ETF (PFFA) at 2.17%. This indicates that MAXI's price experiences larger fluctuations and is considered to be riskier than PFFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MAXI | PFFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.91% | 2.17% | +10.74% |
Volatility (6M)Calculated over the trailing 6-month period | 44.45% | 5.89% | +38.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.18% | 7.13% | +58.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.64% | 11.53% | +52.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.64% | 31.76% | +31.88% |
MAXI vs. PFFA - Expense Ratio Comparison
MAXI has a 1.31% expense ratio, which is lower than PFFA's 1.47% expense ratio.
Dividends
MAXI vs. PFFA - Dividend Comparison
MAXI's dividend yield for the trailing twelve months is around 68.81%, more than PFFA's 9.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MAXI Simplify Bitcoin Strategy PLUS Income ETF | 68.81% | 49.00% | 32.06% | 29.63% | 4.43% | 0.00% | 0.00% | 0.00% | 0.00% |
PFFA Virtus InfraCap U.S. Preferred Stock ETF | 8.82% | 9.47% | 9.18% | 9.56% | 10.75% | 7.64% | 8.54% | 10.02% | 5.15% |
Frequently Asked Questions
MAXI and PFFA have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MAXI has higher volatility (12.91%) compared to PFFA (2.17%). In terms of maximum drawdown, MAXI dropped -68.91% vs PFFA's -70.52%.
On 3-year performance, PFFA leads with 14.42% vs 10.98% for MAXI. On fees, MAXI is cheaper at 1.31% per year. On volatility, PFFA has been the lower-risk option at 2.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PFFA has performed better with a 14.42% return vs 10.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MAXI is cheaper with a 1.31% expense ratio, compared with 1.47% for PFFA.
MAXI has the higher dividend yield at 68.81%, compared with 8.82% for PFFA.
MAXI is categorized as Cryptocurrency, while PFFA is Preferred Stock/Convertible Bonds. They also come from different issuers: Simplify and Virtus Investment Partners. Their fees differ too: 1.31% for MAXI and 1.47% for PFFA.
PFFA currently has the higher Sharpe Ratio (1.77 vs -0.90), 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.
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