MSHE.TO vs. MSFT

Last updated Jun 4, 2026

MSHE.TO (Harvest Microsoft Enhanced High Income Shares ETF - Class A Units) is Derivative Income fund actively managed by Harvest, while MSFT (Microsoft Corporation) is a stock. Over the past year, MSHE.TO returned -8.22% vs -5.76% for MSFT. Their correlation of 0.94 suggests significant overlap in exposure.

Performance

MSHE.TO vs. MSFT - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Microsoft Enhanced High Income Shares ETF - Class A Units (MSHE.TO) and Microsoft Corporation (MSFT). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MSHE.TO is traded in CAD, while MSFT is traded in USD. To make them comparable, the MSFT values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MSHE.TO achieves a -13.46% return, which is significantly lower than MSFT's -10.11% return.

MSHE.TO

• 1D: -2.54%
• 1M: 6.93%
• YTD: -13.46%
• 6M: -13.17%
• 1Y: -8.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSFT

• 1D: -2.77%
• 1M: 5.61%
• YTD: -10.11%
• 6M: -10.50%
• 1Y: -5.76%
• 3Y*: 10.53%
• 5Y*: 15.37%
• 10Y*: 25.93%

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

MSHE.TO vs. MSFT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSHE.TO Harvest Microsoft Enhanced High Income Shares ETF - Class A Units	-13.46%	8.80%	5.80%
MSFT Microsoft Corporation	-10.11%	10.28%	5.34%

Correlation

The correlation between MSHE.TO and MSFT is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024	0.94

The correlation between MSHE.TO and MSFT has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

Return for Risk

MSHE.TO vs. MSFT — Risk / Return Rank

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

MSHE.TO

MSHE.TO Risk / Return Rank: 6
MSHE.TO Sharpe Ratio Rank: 6
MSHE.TO Sortino Ratio Rank: 6
MSHE.TO Omega Ratio Rank: 6
MSHE.TO Calmar Ratio Rank: 7
MSHE.TO Martin Ratio Rank: 7

MSFT

MSFT Risk / Return Rank: 29
MSFT Sharpe Ratio Rank: 29
MSFT Sortino Ratio Rank: 25
MSFT Omega Ratio Rank: 25
MSFT Calmar Ratio Rank: 33
MSFT Martin Ratio Rank: 33

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.

MSHE.TO vs. MSFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Microsoft Enhanced High Income Shares ETF - Class A Units (MSHE.TO) and Microsoft Corporation (MSFT). 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.

	MSHE.TO	MSFT	Difference
Sharpe ratio Return per unit of total volatility	-0.30	-0.23	-0.07
Sortino ratio Return per unit of downside risk	-0.23	-0.15	-0.09
Omega ratio Gain probability vs. loss probability	0.97	0.98	-0.01
Calmar ratio Return relative to maximum drawdown	-0.22	-0.17	-0.05
Martin ratio Return relative to average drawdown	-0.45	-0.35	-0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSHE.TO vs. MSFT - Sharpe Ratio Comparison

The current MSHE.TO Sharpe Ratio is -0.30, which is lower than the MSFT Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of MSHE.TO and MSFT, 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

	MSHE.TO	MSFT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.30	-0.23	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.91	-0.92

Drawdowns

MSHE.TO vs. MSFT - Drawdown Comparison

The maximum MSHE.TO drawdown since its inception was -37.62%, which is greater than MSFT's maximum drawdown of -34.17%. Use the drawdown chart below to compare losses from any high point for MSHE.TO and MSFT.

Drawdown Indicators

	MSHE.TO	MSFT	Difference
Max Drawdown Largest peak-to-trough decline	-37.62%	-34.17%	-3.45%
Max Drawdown (1Y) Largest decline over 1 year	-37.62%	-34.17%	-3.45%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.17%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.17%	—
Current Drawdown Current decline from peak	-23.77%	-20.95%	-2.82%
Average Drawdown Average peak-to-trough decline	-11.19%	-7.53%	-3.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.36%	16.69%	+1.67%

Volatility

MSHE.TO vs. MSFT - Volatility Comparison

Harvest Microsoft Enhanced High Income Shares ETF - Class A Units (MSHE.TO) has a higher volatility of 11.24% compared to Microsoft Corporation (MSFT) at 9.61%. This indicates that MSHE.TO's price experiences larger fluctuations and is considered to be riskier than MSFT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSHE.TO	MSFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.24%	9.61%	+1.63%
Volatility (6M) Calculated over the trailing 6-month period	24.57%	22.18%	+2.39%
Volatility (1Y) Calculated over the trailing 1-year period	27.13%	24.90%	+2.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.27%	25.46%	+2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.27%	25.95%	+2.32%

Dividends

MSHE.TO vs. MSFT - Dividend Comparison

MSHE.TO's dividend yield for the trailing twelve months is around 21.77%, more than MSFT's 0.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSFT Microsoft Corporation	0.83%	0.70%	0.73%	0.74%	1.06%	0.68%	0.94%	1.20%	1.69%	1.86%	2.37%	2.33%
MSHE.TO Harvest Microsoft Enhanced High Income Shares ETF - Class A Units	21.77%	17.17%	5.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSHE.TO and MSFT in my portfolio?

With a correlation of 0.94, MSHE.TO and MSFT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.