MAXI vs. PFIX
MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - MAXI is a Cryptocurrency fund actively managed by Simplify, while PFIX is a Inverse Bonds fund actively managed by Simplify. Both are actively managed. Over the past 3 years, MAXI returned 8.73%/yr vs 13.48%/yr for PFIX. Their -0.01 correlation means they have often moved in opposite directions in the past. MAXI charges 1.31%/yr vs 0.50%/yr for PFIX.
Performance
MAXI vs. PFIX - Performance Comparison
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Returns By Period
In the year-to-date period, MAXI achieves a -34.40% return, which is significantly lower than PFIX's 8.92% return.
MAXI
- 1D
- 1.17%
- 1M
- 3.34%
- 6M
- -22.59%
- YTD
- -34.40%
- 1Y
- -62.54%
- 3Y*
- 8.73%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 18.37%
PFIX
- 1D
- -2.02%
- 1M
- 15.87%
- 6M
- 8.98%
- YTD
- 8.92%
- 1Y
- 5.09%
- 3Y*
- 13.48%
- 5Y*
- 23.05%
- 10Y*
- —
- ALL TIME*
- 16.90%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $97.38K | $101.93K | $219.12K | |
| $9.69M | $6.45M | $16.89M |
MAXI vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MAXI Simplify Bitcoin Strategy PLUS Income ETF | -34.40% | -28.59% | 92.92% | 144.12% | -13.34% |
PFIX Simplify Interest Rate Hedge ETF | 8.92% | 0.42% | 35.94% | 5.67% | 7.69% |
Correlation
The correlation between MAXI and PFIX is -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.13 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | -0.02 |
The correlation between MAXI and PFIX shifts across timeframes, from -0.13 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MAXI vs. PFIX — Risk / Return Rank
MAXI
PFIX
MAXI vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and Simplify Interest Rate Hedge ETF (PFIX). 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 | PFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -2.09 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.05 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 0.22 | -1.12 |
| Martin ratioReturn relative to average drawdown | -1.24 | 0.33 | -1.57 |
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Drawdowns
MAXI vs. PFIX - Drawdown Comparison
The maximum MAXI drawdown since its inception was -69.56%, which is greater than PFIX's maximum drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for MAXI and PFIX.
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Drawdown Indicators
| MAXI | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.56% | -36.17% | -33.39% |
Max Drawdown (1Y)Largest decline over 1 year | -69.56% | -23.71% | -45.85% |
Max Drawdown (3Y)Largest decline over 3 years | -69.56% | -36.17% | -33.39% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.17% | — |
Current DrawdownCurrent decline from peak | -66.74% | -10.19% | -56.55% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -17.18% | -3.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.66% | 15.41% | +35.25% |
Volatility
MAXI vs. PFIX - Volatility Comparison
Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a higher volatility of 15.33% compared to Simplify Interest Rate Hedge ETF (PFIX) at 8.25%. This indicates that MAXI's price experiences larger fluctuations and is considered to be riskier than PFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MAXI | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.33% | 8.25% | +7.08% |
Volatility (6M)Calculated over the trailing 6-month period | 43.22% | 21.94% | +21.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 64.92% | 28.96% | +35.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.23% | 38.63% | +24.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.23% | 38.11% | +25.12% |
MAXI vs. PFIX - Expense Ratio Comparison
MAXI has a 1.31% expense ratio, which is higher than PFIX's 0.50% expense ratio.
Dividends
MAXI vs. PFIX - Dividend Comparison
MAXI's dividend yield for the trailing twelve months is around 54.40%, more than PFIX's 7.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
MAXI Simplify Bitcoin Strategy PLUS Income ETF | 54.40% | 49.00% | 32.06% | 29.63% | 4.43% | 0.00% |
PFIX Simplify Interest Rate Hedge ETF | 7.94% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% |
Frequently Asked Questions
MAXI and PFIX have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MAXI has higher volatility (15.33%) compared to PFIX (8.25%). In terms of maximum drawdown, MAXI dropped -69.56% vs PFIX's -36.17%.
On 3-year performance, PFIX leads with 13.48% vs 8.73% for MAXI. On fees, PFIX is cheaper at 0.50% per year. On volatility, PFIX has been the lower-risk option at 8.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PFIX has performed better with a 13.48% return vs 8.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFIX is cheaper with a 0.50% expense ratio, compared with 1.31% for MAXI.
MAXI has the higher dividend yield at 54.40%, compared with 7.94% for PFIX.
MAXI is categorized as Cryptocurrency, while PFIX is Inverse Bonds. Their fees differ too: 1.31% for MAXI and 0.50% for PFIX.
PFIX currently has the higher Sharpe Ratio (0.18 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.
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