SPBC vs. MAXI
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 26.39%/yr vs 8.73%/yr for MAXI. Their 0.66 correlation means they have sometimes moved together and sometimes differently. SPBC charges 0.50%/yr vs 1.31%/yr for MAXI.
Performance
SPBC vs. MAXI - Performance Comparison
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Returns By Period
In the year-to-date period, SPBC achieves a 10.32% return, which is significantly higher than MAXI's -34.40% return.
SPBC
- 1D
- 1.87%
- 1M
- 3.91%
- 6M
- 10.70%
- YTD
- 10.32%
- 1Y
- 16.61%
- 3Y*
- 26.39%
- 5Y*
- 15.23%
- 10Y*
- —
- ALL TIME*
- 15.86%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $97.38K | $101.93K | $219.12K | |
| $833.15K | $513.20K | $324.41K |
SPBC vs. MAXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPBC Simplify US Equity PLUS GBTC ETF | 10.32% | 16.83% | 37.32% | 48.04% | 2.90% |
MAXI Simplify Bitcoin Strategy PLUS Income ETF | -34.40% | -28.59% | 92.92% | 144.12% | -13.34% |
Correlation
The correlation between SPBC and MAXI is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | 0.66 |
The correlation between SPBC and MAXI has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.
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Return for Risk
SPBC vs. MAXI — Risk / Return Rank
SPBC
MAXI
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.
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.
| SPBC | MAXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.06 | ||
| Sortino ratioReturn per unit of downside risk | +3.18 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.82 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | -0.90 | +2.26 |
| Martin ratioReturn relative to average drawdown | 4.69 | -1.24 | +5.92 |
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Drawdowns
SPBC vs. MAXI - Drawdown Comparison
The maximum SPBC drawdown since its inception was -33.99%, smaller than the maximum MAXI drawdown of -69.56%. Use the drawdown chart below to compare losses from any high point for SPBC and MAXI.
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Drawdown Indicators
| SPBC | MAXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.99% | -69.56% | +35.57% |
Max Drawdown (1Y)Largest decline over 1 year | -12.24% | -69.56% | +57.32% |
Max Drawdown (3Y)Largest decline over 3 years | -21.00% | -69.56% | +48.56% |
Max Drawdown (5Y)Largest decline over 5 years | -33.99% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -66.74% | +66.74% |
Average DrawdownAverage peak-to-trough decline | -8.44% | -20.83% | +12.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.55% | 50.66% | -47.11% |
Volatility
SPBC vs. MAXI - Volatility Comparison
The current volatility for Simplify US Equity PLUS GBTC ETF (SPBC) is 4.56%, while Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a volatility of 15.33%. 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.
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Volatility by Period
| SPBC | MAXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.56% | 15.33% | -10.77% |
Volatility (6M)Calculated over the trailing 6-month period | 12.08% | 43.22% | -31.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.35% | 64.92% | -49.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.51% | 63.23% | -42.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.28% | 63.23% | -42.95% |
SPBC vs. MAXI - Expense Ratio Comparison
SPBC has a 0.50% expense ratio, which is lower than MAXI's 1.31% expense ratio.
Dividends
SPBC vs. MAXI - Dividend Comparison
SPBC's dividend yield for the trailing twelve months is around 0.81%, less than MAXI's 54.40% 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% |
SPBC Simplify US Equity PLUS GBTC ETF | 0.81% | 0.85% | 0.98% | 3.79% | 0.60% | 1.41% |
Frequently Asked Questions
SPBC and MAXI have a correlation of 0.74, 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 SPBC (4.56%). In terms of maximum drawdown, SPBC dropped -33.99% vs MAXI's -69.56%.
On 3-year performance, SPBC leads with 26.39% vs 8.73% for MAXI. On fees, SPBC is cheaper at 0.50% per year. On volatility, SPBC has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPBC has performed better with a 26.39% return vs 8.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPBC 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 0.81% for SPBC.
SPBC is categorized as Diversified Portfolio, while MAXI is Cryptocurrency. Their fees differ too: 0.50% for SPBC and 1.31% for MAXI.
SPBC currently has the higher Sharpe Ratio (1.09 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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