MAXI vs. WNTR

Last updated Aug 2, 2026

MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - MAXI is a Cryptocurrency fund actively managed by Simplify, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, MAXI returned -63.49% vs 107.38% for WNTR. Their -0.77 correlation means they have often moved in opposite directions in the past. MAXI charges 1.31%/yr vs 1.00%/yr for WNTR.

Performance

MAXI vs. WNTR - Performance Comparison

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

Returns By Period

In the year-to-date period, MAXI achieves a -36.57% return, which is significantly lower than WNTR's 10.75% return.

MAXI

• 1D: -4.97%
• 1M: -0.08%
• 6M: -32.57%
• YTD: -36.57%
• 1Y: -63.49%
• 3Y*: 7.00%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.39%

WNTR

• 1D: 3.26%
• 1M: 8.13%
• 6M: 14.92%
• YTD: 10.75%
• 1Y: 107.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MAXI Simplify Bitcoin Strategy PLUS Income ETF	$93.05K	$101.39K	$235.85K
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M

MAXI vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-36.57%	-13.97%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

The correlation between MAXI and WNTR is -0.78, 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.	-0.78
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.77

The correlation between MAXI and WNTR has been stable across timeframes, ranging from -0.78 to -0.77 - a consistent structural relationship.

Return for Risk

MAXI vs. WNTR — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 1
MAXI Calmar Ratio Rank: 1
MAXI Martin Ratio Rank: 2

WNTR

WNTR Risk / Return Rank: 75
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 74
WNTR Omega Ratio Rank: 77
WNTR Calmar Ratio Rank: 77
WNTR Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MAXI vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bitcoin Strategy PLUS Income ETF (MAXI) and YieldMax MSTR Short Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	2.12	-3.11
Sortino ratio: Return per unit of downside risk	-1.70	2.37	-4.07
Omega ratio: Gain probability vs. loss probability	0.82	1.32	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.93	2.71	-3.64
Martin ratio: Return relative to average drawdown	-1.28	6.87	-8.14

MAXI vs. WNTR - Sharpe Ratio Comparison

The current MAXI Sharpe Ratio is -0.99, which is lower than the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of MAXI and WNTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MAXI vs. WNTR - Drawdown Comparison

The maximum MAXI drawdown since its inception was -69.56%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for MAXI and WNTR.

Drawdown Indicators

	MAXI	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-69.56%	-42.65%	-26.91%
Max Drawdown (1Y) Largest decline over 1 year	-69.56%	-42.65%	-26.91%
Max Drawdown (3Y) Largest decline over 3 years	-69.56%	—	—
Current Drawdown Current decline from peak	-67.84%	-9.64%	-58.20%
Average Drawdown Average peak-to-trough decline	-20.73%	-20.18%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.31%	16.81%	+33.50%

Volatility

MAXI vs. WNTR - Volatility Comparison

Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a higher volatility of 16.45% compared to YieldMax MSTR Short Option Income Strategy ETF (WNTR) at 14.85%. This indicates that MAXI's price experiences larger fluctuations and is considered to be riskier than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAXI	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.45%	14.85%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	43.72%	47.43%	-3.71%
Volatility (1Y) Calculated over the trailing 1-year period	64.89%	54.68%	+10.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.28%	53.42%	+9.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.28%	53.42%	+9.86%

MAXI vs. WNTR - Expense Ratio Comparison

MAXI has a 1.31% expense ratio, which is higher than WNTR's 1.00% expense ratio.

Dividends

MAXI vs. WNTR - Dividend Comparison

MAXI's dividend yield for the trailing twelve months is around 56.27%, less than WNTR's 107.02% yield.

Position	TTM	2025	2024	2023	2022
MAXI Simplify Bitcoin Strategy PLUS Income ETF	56.27%	49.00%	32.06%	29.63%	4.43%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	58.56%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MAXI and WNTR in my portfolio?

MAXI and WNTR have a correlation of -0.78, 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 WNTR?

MAXI has higher volatility (16.45%) compared to WNTR (14.85%). In terms of maximum drawdown, MAXI dropped -69.56% vs WNTR's -42.65%.

Which ETF is better, MAXI or WNTR?

On 1-year performance, WNTR leads with 107.38% vs -63.49% for MAXI. On fees, WNTR is cheaper at 1.00% per year. On volatility, WNTR has been the lower-risk option at 14.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAXI or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% return vs -63.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAXI or WNTR?

WNTR is cheaper with a 1.00% expense ratio, compared with 1.31% for MAXI.

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

WNTR has the higher dividend yield at 107.02%, compared with 56.27% for MAXI.

What is the main difference between MAXI and WNTR?

MAXI is categorized as Cryptocurrency, while WNTR is Derivative Income. They also come from different issuers: Simplify and YieldMax. Their fees differ too: 1.31% for MAXI and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.12 vs -0.99), 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.