SPY vs. MAXI
SPY (State Street SPDR S&P 500 ETF) and MAXI (Simplify Bitcoin Strategy PLUS Income ETF) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while MAXI is a Cryptocurrency fund actively managed by Simplify. SPY is passively managed, while MAXI is actively managed. Over the past 3 years, SPY returned 20.86%/yr vs 12.05%/yr for MAXI. At a 0.43 correlation, their price movements are largely independent. SPY charges 0.09%/yr vs 0.97%/yr for MAXI.
Performance
SPY vs. MAXI - Performance Comparison
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Returns By Period
In the year-to-date period, SPY achieves a 9.07% return, which is significantly higher than MAXI's -35.37% return.
SPY
- 1D
- 0.54%
- 1M
- -0.86%
- YTD
- 9.07%
- 6M
- 9.42%
- 1Y
- 25.67%
- 3Y*
- 20.86%
- 5Y*
- 13.36%
- 10Y*
- 15.42%
MAXI
- 1D
- -0.01%
- 1M
- -24.38%
- YTD
- -35.37%
- 6M
- -40.13%
- 1Y
- -60.40%
- 3Y*
- 12.05%
- 5Y*
- —
- 10Y*
- —
SPY vs. MAXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 9.07% | 17.72% | 24.89% | 26.18% | 5.90% |
MAXI Simplify Bitcoin Strategy PLUS Income ETF | -35.37% | -28.59% | 92.92% | 144.12% | -13.34% |
Correlation
The correlation between SPY and MAXI is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | 0.43 |
The correlation between SPY and MAXI shifts across timeframes, from 0.43 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPY vs. MAXI — Risk / Return Rank
SPY
MAXI
SPY vs. MAXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) 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.
| SPY | MAXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.94 | ||
| Sortino ratioReturn per unit of downside risk | +4.24 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 0.83 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | -0.90 | +3.65 |
| Martin ratioReturn relative to average drawdown | 12.39 | -1.40 | +13.79 |
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Drawdowns
SPY vs. MAXI - Drawdown Comparison
The maximum SPY drawdown since its inception was -55.19%, smaller than the maximum MAXI drawdown of -68.91%. Use the drawdown chart below to compare losses from any high point for SPY and MAXI.
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Drawdown Indicators
| SPY | MAXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.19% | -68.91% | +13.72% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -68.91% | +60.03% |
Max Drawdown (3Y)Largest decline over 3 years | -18.76% | -68.91% | +50.15% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | — | — |
Current DrawdownCurrent decline from peak | -2.35% | -67.24% | +64.89% |
Average DrawdownAverage peak-to-trough decline | -9.04% | -19.09% | +10.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 44.17% | -42.20% |
Volatility
SPY vs. MAXI - Volatility Comparison
The current volatility for State Street SPDR S&P 500 ETF (SPY) is 4.34%, while Simplify Bitcoin Strategy PLUS Income ETF (MAXI) has a volatility of 13.26%. This indicates that SPY 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
| SPY | MAXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.34% | 13.26% | -8.92% |
Volatility (6M)Calculated over the trailing 6-month period | 9.58% | 45.02% | -35.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.29% | 65.30% | -53.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.12% | 63.71% | -46.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.96% | 63.71% | -45.75% |
SPY vs. MAXI - Expense Ratio Comparison
SPY has a 0.09% expense ratio, which is lower than MAXI's 0.97% expense ratio.
Dividends
SPY vs. MAXI - Dividend Comparison
SPY's dividend yield for the trailing twelve months is around 1.00%, less than MAXI's 68.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MAXI Simplify Bitcoin Strategy PLUS Income ETF | 68.29% | 49.00% | 32.06% | 29.63% | 4.43% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
SPY and MAXI have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MAXI has higher volatility (13.26%) compared to SPY (4.34%). In terms of maximum drawdown, SPY dropped -55.19% vs MAXI's -68.91%.
On 3-year performance, SPY leads with 20.86% vs 12.05% for MAXI. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPY has performed better with a 20.86% return vs 12.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.97% for MAXI.
MAXI has the higher dividend yield at 68.29%, compared with 1.00% for SPY.
SPY is categorized as S&P 500, while MAXI is Cryptocurrency. They also come from different issuers: State Street and Simplify. Their fees differ too: 0.09% for SPY and 0.97% for MAXI.
SPY currently has the higher Sharpe Ratio (1.98 vs -0.95), 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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