MAXI vs. UGA
MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - MAXI is a Cryptocurrency fund actively managed by Simplify, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. MAXI is actively managed, while UGA is passively managed. Over the past 3 years, MAXI returned 12.72%/yr vs 20.80%/yr for UGA. At a 0.03 correlation, their price movements are largely independent. MAXI charges 0.97%/yr vs 0.75%/yr for UGA.
Performance
MAXI vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, MAXI achieves a -35.14% return, which is significantly lower than UGA's 70.69% return.
MAXI
- 1D
- -2.53%
- 1M
- -24.95%
- YTD
- -35.14%
- 6M
- -43.24%
- 1Y
- -61.18%
- 3Y*
- 12.72%
- 5Y*
- —
- 10Y*
- —
UGA
- 1D
- -2.73%
- 1M
- -12.25%
- YTD
- 70.69%
- 6M
- 59.72%
- 1Y
- 79.48%
- 3Y*
- 20.80%
- 5Y*
- 24.41%
- 10Y*
- 14.27%
MAXI vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MAXI Simplify Bitcoin Strategy PLUS Income ETF | -35.14% | -28.59% | 92.92% | 144.12% | -13.34% |
UGA United States Gasoline Fund LP | 70.69% | -2.00% | 3.77% | 1.27% | 13.63% |
Correlation
The correlation between MAXI and UGA is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2022 | 0.03 |
The correlation between MAXI and UGA shifts across timeframes, from -0.11 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MAXI vs. UGA — Risk / Return Rank
MAXI
UGA
MAXI vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.20 | ||
| Sortino ratioReturn per unit of downside risk | -4.21 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.37 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 5.37 | -6.28 |
| Martin ratioReturn relative to average drawdown | -1.42 | 12.86 | -14.29 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MAXI | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 2.27 | -3.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.71 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.12 | +0.18 |
Drawdowns
MAXI vs. UGA - Drawdown Comparison
The maximum MAXI drawdown since its inception was -67.12%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for MAXI and UGA.
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Drawdown Indicators
| MAXI | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.12% | -86.59% | +19.47% |
Max Drawdown (1Y)Largest decline over 1 year | -67.12% | -14.88% | -52.24% |
Max Drawdown (3Y)Largest decline over 3 years | -67.12% | -26.68% | -40.44% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -67.12% | -14.75% | -52.37% |
Average DrawdownAverage peak-to-trough decline | -18.80% | -36.76% | +17.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.96% | 6.20% | +36.76% |
Volatility
MAXI vs. UGA - Volatility Comparison
Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and United States Gasoline Fund LP (UGA) have volatilities of 11.13% and 11.64%, 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.
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Volatility by Period
| MAXI | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.13% | 11.64% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 44.80% | 30.48% | +14.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.74% | 35.27% | +30.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.80% | 34.40% | +29.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.80% | 37.27% | +26.53% |
MAXI vs. UGA - Expense Ratio Comparison
MAXI has a 0.97% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
MAXI vs. UGA - Dividend Comparison
MAXI's dividend yield for the trailing twelve months is around 68.05%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
MAXI Simplify Bitcoin Strategy PLUS Income ETF | 68.05% | 49.00% | 32.06% | 29.63% | 4.43% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MAXI and UGA have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.64%) compared to MAXI (11.13%). In terms of maximum drawdown, MAXI dropped -67.12% vs UGA's -86.59%.
On 3-year performance, UGA leads with 20.80% vs 12.72% for MAXI. On fees, UGA is cheaper at 0.75% per year. On volatility, MAXI has been the lower-risk option at 11.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UGA has performed better with a 20.80% return vs 12.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.97% for MAXI.
MAXI has the higher dividend yield at 68.05%, compared with 0.00% for UGA.
MAXI is categorized as Cryptocurrency, while UGA is Oil & Gas. They also come from different issuers: Simplify and Concierge Technologies. Their fees differ too: 0.97% for MAXI and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.27 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.
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