MSTE.TO vs. BITO

Last updated Apr 2, 2026

Compare and contrast key facts about Harvest MicroStrategy Enhanced High Income Shares ETF (MSTE.TO) and ProShares Bitcoin Strategy ETF (BITO).

MSTE.TO and BITO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MSTE.TO is an actively managed fund by Harvest. It was launched on Mar 5, 2025. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.

Performance

MSTE.TO vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest MicroStrategy Enhanced High Income Shares ETF (MSTE.TO) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

MSTE.TO vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025
MSTE.TO Harvest MicroStrategy Enhanced High Income Shares ETF	-16.99%	-55.56%
BITO ProShares Bitcoin Strategy ETF	-21.81%	-11.13%

Different Trading Currencies

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

Returns By Period

In the year-to-date period, MSTE.TO achieves a -16.99% return, which is significantly higher than BITO's -21.81% return.

MSTE.TO

• 1D: -1.59%
• 1M: -8.15%
• YTD: -16.99%
• 6M: -67.61%
• 1Y: -63.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: 0.46%
• 1M: -0.12%
• YTD: -21.81%
• 6M: -43.26%
• 1Y: -25.46%
• 3Y*: 26.03%
• 5Y*: —
• 10Y*: —

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

MSTE.TO vs. BITO - Expense Ratio Comparison

MSTE.TO has a 0.40% expense ratio, which is lower than BITO's 0.95% expense ratio.

BITO

ProShares Bitcoin Strategy ETF

MSTE.TO

Harvest MicroStrategy Enhanced High Income Shares ETF

Return for Risk

MSTE.TO vs. BITO — Risk / Return Rank

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

MSTE.TO

MSTE.TO Risk / Return Rank: 1
MSTE.TO Sharpe Ratio Rank: 1
MSTE.TO Sortino Ratio Rank: 1
MSTE.TO Omega Ratio Rank: 1
MSTE.TO Calmar Ratio Rank: 1
MSTE.TO Martin Ratio Rank: 2

BITO

BITO Risk / Return Rank: 5
BITO Sharpe Ratio Rank: 4
BITO Sortino Ratio Rank: 4
BITO Omega Ratio Rank: 5
BITO Calmar Ratio Rank: 5
BITO Martin Ratio Rank: 5

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.

MSTE.TO vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest MicroStrategy Enhanced High Income Shares ETF (MSTE.TO) and ProShares Bitcoin Strategy ETF (BITO). 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.

	MSTE.TO	BITO	Difference
Sharpe ratio Return per unit of total volatility	-0.79	-0.57	-0.21
Sortino ratio Return per unit of downside risk	-1.24	-0.60	-0.64
Omega ratio Gain probability vs. loss probability	0.86	0.93	-0.07
Calmar ratio Return relative to maximum drawdown	-0.77	-0.47	-0.30
Martin ratio Return relative to average drawdown	-1.34	-0.98	-0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTE.TO vs. BITO - Sharpe Ratio Comparison

The current MSTE.TO Sharpe Ratio is -0.79, which is lower than the BITO Sharpe Ratio of -0.57. The chart below compares the historical Sharpe Ratios of MSTE.TO and BITO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MSTE.TO	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.79	-0.57	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	-0.71	-0.03	-0.68

Correlation

The correlation between MSTE.TO and BITO is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MSTE.TO vs. BITO - Dividend Comparison

MSTE.TO's dividend yield for the trailing twelve months is around 165.16%, more than BITO's 80.47% yield.

	TTM	2025	2024	2023
MSTE.TO Harvest MicroStrategy Enhanced High Income Shares ETF	165.16%	121.40%	0.00%	0.00%
BITO ProShares Bitcoin Strategy ETF	80.47%	78.29%	61.59%	15.14%

Drawdowns

MSTE.TO vs. BITO - Drawdown Comparison

The maximum MSTE.TO drawdown since its inception was -80.35%, which is greater than BITO's maximum drawdown of -76.05%. Use the drawdown chart below to compare losses from any high point for MSTE.TO and BITO.

Drawdown Indicators

	MSTE.TO	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-80.35%	-77.86%	-2.49%
Max Drawdown (1Y) Largest decline over 1 year	-80.35%	-50.05%	-30.30%
Current Drawdown Current decline from peak	-75.21%	-46.75%	-28.46%
Average Drawdown Average peak-to-trough decline	-35.03%	-36.57%	+1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.92%	23.73%	+22.19%

Volatility

MSTE.TO vs. BITO - Volatility Comparison

Harvest MicroStrategy Enhanced High Income Shares ETF (MSTE.TO) has a higher volatility of 18.71% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.74%. This indicates that MSTE.TO's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTE.TO	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.71%	12.74%	+5.97%
Volatility (6M) Calculated over the trailing 6-month period	63.62%	36.30%	+27.32%
Volatility (1Y) Calculated over the trailing 1-year period	81.64%	44.76%	+36.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	85.48%	53.89%	+31.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	85.48%	53.89%	+31.59%