SPBC vs. MAXI

Last updated Jun 4, 2026

SPBC (Simplify US Equity PLUS GBTC ETF) and MAXI (Simplify Bitcoin Strategy PLUS Income ETF) are both exchange-traded funds - SPBC is a Diversified Portfolio fund actively managed by Simplify, while MAXI is a Cryptocurrency fund actively managed by Simplify. Both are actively managed. Over the past 3 years, SPBC returned 28.29%/yr vs 11.19%/yr for MAXI. A 0.66 correlation means they provide meaningful diversification when combined. SPBC charges 0.50%/yr vs 0.97%/yr for MAXI.

Performance

SPBC vs. MAXI - Performance Comparison

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

Returns By Period

In the year-to-date period, SPBC achieves a 7.71% return, which is significantly higher than MAXI's -33.46% return.

SPBC

• 1D: -0.90%
• 1M: 3.04%
• YTD: 7.71%
• 6M: 7.18%
• 1Y: 21.45%
• 3Y*: 28.29%
• 5Y*: 15.96%
• 10Y*: —

MAXI

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

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

SPBC vs. MAXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPBC Simplify US Equity PLUS GBTC ETF	7.71%	16.83%	37.32%	48.04%	4.99%
MAXI Simplify Bitcoin Strategy PLUS Income ETF	-33.46%	-28.59%	92.92%	144.12%	-13.34%

Correlation

The correlation between SPBC and MAXI is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Oct 3, 2022	0.66

The correlation between SPBC and MAXI shifts across timeframes, from 0.66 (all time) to 0.77 (1 year), reflecting how their relationship changes across market environments.

SPBC vs. MAXI - Sectors Allocation Comparison

Sectors	SPBC	MAXI
Technology	35.6%	-
Financial Services	11.8%	-
Communication Services	11.2%	-
Consumer Cyclical	10.1%	100.0%
Healthcare	8.5%	-
Industrials	8.3%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.4%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

SPBC vs. MAXI — Risk / Return Rank

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

SPBC

SPBC Risk / Return Rank: 40
SPBC Sharpe Ratio Rank: 42
SPBC Sortino Ratio Rank: 40
SPBC Omega Ratio Rank: 40
SPBC Calmar Ratio Rank: 35
SPBC Martin Ratio Rank: 40

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

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.

SPBC vs. MAXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS GBTC ETF (SPBC) and Simplify Bitcoin Strategy PLUS Income ETF (MAXI). 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.

	SPBC	MAXI	Difference
Sharpe ratio: Return per unit of total volatility	1.49	-0.93	+2.42
Sortino ratio: Return per unit of downside risk	2.08	-1.49	+3.57
Omega ratio: Gain probability vs. loss probability	1.26	0.84	+0.43
Calmar ratio: Return relative to maximum drawdown	1.76	-0.92	+2.68
Martin ratio: Return relative to average drawdown	6.38	-1.43	+7.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPBC vs. MAXI - Sharpe Ratio Comparison

The current SPBC Sharpe Ratio is 1.49, which is higher than the MAXI Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of SPBC and MAXI, 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

	SPBC	MAXI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	-0.93	+2.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.31	+0.48

Drawdowns

SPBC vs. MAXI - Drawdown Comparison

The maximum SPBC drawdown since its inception was -33.99%, smaller than the maximum MAXI drawdown of -66.78%. Use the drawdown chart below to compare losses from any high point for SPBC and MAXI.

Drawdown Indicators

	SPBC	MAXI	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-66.78%	+32.79%
Max Drawdown (1Y) Largest decline over 1 year	-12.24%	-66.78%	+54.54%
Max Drawdown (3Y) Largest decline over 3 years	-21.00%	-66.78%	+45.78%
Max Drawdown (5Y) Largest decline over 5 years	-33.99%	—	—
Current Drawdown Current decline from peak	-1.28%	-66.27%	+64.99%
Average Drawdown Average peak-to-trough decline	-8.64%	-18.74%	+10.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	42.76%	-39.39%

Volatility

SPBC vs. MAXI - Volatility Comparison

The current volatility for Simplify US Equity PLUS GBTC ETF (SPBC) is 3.38%, while Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a volatility of 11.92%. This indicates that SPBC experiences smaller price fluctuations and is considered to be less risky than MAXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPBC	MAXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	11.92%	-8.54%
Volatility (6M) Calculated over the trailing 6-month period	10.92%	45.84%	-34.92%
Volatility (1Y) Calculated over the trailing 1-year period	14.49%	65.83%	-51.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.43%	63.81%	-43.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.39%	63.81%	-43.42%

SPBC vs. MAXI - Expense Ratio Comparison

SPBC has a 0.50% expense ratio, which is lower than MAXI's 0.97% expense ratio.

Dividends

SPBC vs. MAXI - Dividend Comparison

SPBC's dividend yield for the trailing twelve months is around 0.83%, less than MAXI's 66.33% yield.

Position	TTM	2025	2024	2023	2022	2021
MAXI Simplify Bitcoin Strategy PLUS Income ETF	66.33%	49.00%	32.06%	29.63%	4.43%	0.00%
SPBC Simplify US Equity PLUS GBTC ETF	0.83%	0.85%	0.98%	3.79%	0.60%	1.41%

Frequently Asked Questions

Can I hold both SPBC and MAXI in my portfolio?

SPBC and MAXI have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPBC or MAXI?

MAXI has higher volatility (11.92%) compared to SPBC (3.38%). In terms of maximum drawdown, SPBC dropped -33.99% vs MAXI's -66.78%.

Which ETF is better, SPBC or MAXI?

On 3-year performance, SPBC leads with 28.29% vs 11.19% for MAXI. On fees, SPBC is cheaper at 0.50% per year. On volatility, SPBC has been the lower-risk option at 3.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPBC or MAXI?

Over the 3-year period, SPBC has performed better with a 28.29% return vs 11.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBC or MAXI?

SPBC is cheaper with a 0.50% expense ratio, compared with 0.97% for MAXI.

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

MAXI has the higher dividend yield at 66.33%, compared with 0.83% for SPBC.

What is the main difference between SPBC and MAXI?

SPBC is categorized as Diversified Portfolio, while MAXI is Cryptocurrency. Their fees differ too: 0.50% for SPBC and 0.97% for MAXI.

Which has better risk-adjusted returns?

SPBC currently has the higher Sharpe Ratio (1.49 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.