HBTE.NEO vs. MSTR
HBTE.NEO (Harvest Bitcoin Leaders Enhanced Income ETF) is Leveraged Cryptocurrency fund actively managed by Harvest, while MSTR (Strategy Inc) is a stock. Over the past year, HBTE.NEO returned 68.12% vs -64.57% for MSTR. A 0.66 correlation means they provide meaningful diversification when combined.
Performance
HBTE.NEO vs. MSTR - Performance Comparison
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Different Trading Currencies
HBTE.NEO is traded in CAD, while MSTR is traded in USD. To make them comparable, the MSTR values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, HBTE.NEO achieves a 29.23% return, which is significantly higher than MSTR's -9.67% return.
HBTE.NEO
- 1D
- -0.99%
- 1M
- 11.29%
- YTD
- 29.23%
- 6M
- 10.47%
- 1Y
- 68.12%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTR
- 1D
- 0.00%
- 1M
- -24.79%
- YTD
- -9.67%
- 6M
- -28.34%
- 1Y
- -64.57%
- 3Y*
- 66.84%
- 5Y*
- 26.34%
- 10Y*
- 22.68%
HBTE.NEO vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HBTE.NEO Harvest Bitcoin Leaders Enhanced Income ETF | 29.23% | 60.52% |
MSTR Strategy Inc | -15.66% | -60.24% |
Correlation
The correlation between HBTE.NEO and MSTR is 0.67, 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 | 0.67 |
Correlation (All Time) Calculated using the full available price history since May 1, 2025 | 0.66 |
The correlation between HBTE.NEO and MSTR has been stable across timeframes, ranging from 0.66 to 0.67 - a consistent structural relationship.
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Return for Risk
HBTE.NEO vs. MSTR — Risk / Return Rank
HBTE.NEO
MSTR
HBTE.NEO vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harvest Bitcoin Leaders Enhanced Income ETF (HBTE.NEO) and Strategy Inc (MSTR). 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.
| HBTE.NEO | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.96 | ||
| Sortino ratioReturn per unit of downside risk | +3.31 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.82 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | -0.85 | +2.07 |
| Martin ratioReturn relative to average drawdown | 2.40 | -1.26 | +3.66 |
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
| HBTE.NEO | MSTR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.03 | -0.94 | +1.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.30 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.31 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.43 | 0.38 | +1.06 |
Drawdowns
HBTE.NEO vs. MSTR - Drawdown Comparison
The maximum HBTE.NEO drawdown since its inception was -55.75%, smaller than the maximum MSTR drawdown of -88.54%. Use the drawdown chart below to compare losses from any high point for HBTE.NEO and MSTR.
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Drawdown Indicators
| HBTE.NEO | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.75% | -88.54% | +32.79% |
Max Drawdown (1Y)Largest decline over 1 year | -55.75% | -76.48% | +20.73% |
Max Drawdown (3Y)Largest decline over 3 years | — | -77.85% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -82.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -88.54% | — |
Current DrawdownCurrent decline from peak | -23.92% | -71.56% | +47.64% |
Average DrawdownAverage peak-to-trough decline | -21.02% | -32.30% | +11.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.52% | 51.25% | -22.73% |
Volatility
HBTE.NEO vs. MSTR - Volatility Comparison
The current volatility for Harvest Bitcoin Leaders Enhanced Income ETF (HBTE.NEO) is 15.68%, while Strategy Inc (MSTR) has a volatility of 18.48%. This indicates that HBTE.NEO experiences smaller price fluctuations and is considered to be less risky than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HBTE.NEO | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.68% | 18.48% | -2.80% |
Volatility (6M)Calculated over the trailing 6-month period | 50.18% | 55.68% | -5.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.86% | 69.26% | -2.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 66.79% | 89.13% | -22.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.79% | 72.45% | -5.66% |
Dividends
HBTE.NEO vs. MSTR - Dividend Comparison
HBTE.NEO's dividend yield for the trailing twelve months is around 25.89%, while MSTR has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
HBTE.NEO Harvest Bitcoin Leaders Enhanced Income ETF | 25.89% | 18.40% |
MSTR Strategy Inc | 0.00% | 0.00% |
Frequently Asked Questions
HBTE.NEO and MSTR have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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