MSTE.TO vs. BTC-USD
MSTE.TO (Harvest MicroStrategy Enhanced High Income Shares ETF) is Derivative Income fund actively managed by Harvest, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past year, MSTE.TO returned -70.30% vs -37.89% for BTC-USD. A 0.58 correlation means they provide meaningful diversification when combined.
Performance
MSTE.TO vs. BTC-USD - Performance Comparison
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Different Trading Currencies
MSTE.TO is traded in CAD, while BTC-USD is traded in USD. To make them comparable, the BTC-USD 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 -18.72% return, which is significantly higher than BTC-USD's -25.88% return.
MSTE.TO
- 1D
- 2.01%
- 1M
- -33.05%
- YTD
- -18.72%
- 6M
- -35.79%
- 1Y
- -70.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- 0.00%
- 1M
- -19.24%
- YTD
- -25.88%
- 6M
- -30.77%
- 1Y
- -37.89%
- 3Y*
- 37.00%
- 5Y*
- 14.88%
- 10Y*
- 61.18%
MSTE.TO vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MSTE.TO Harvest MicroStrategy Enhanced High Income Shares ETF | -18.72% | -55.56% |
BTC-USD Bitcoin | -26.61% | -7.55% |
Correlation
The correlation between MSTE.TO and BTC-USD is 0.62, 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 | 0.62 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025 | 0.58 |
The correlation between MSTE.TO and BTC-USD has been stable across timeframes, ranging from 0.58 to 0.62 - a consistent structural relationship.
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Return for Risk
MSTE.TO vs. BTC-USD — Risk / Return Rank
MSTE.TO
BTC-USD
MSTE.TO vs. BTC-USD - 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 Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.87 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.75 | -0.13 |
| Martin ratioReturn relative to average drawdown | -1.30 | -1.31 | +0.01 |
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
| MSTE.TO | BTC-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.91 | -0.89 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.28 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.92 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.66 | 1.19 | -1.85 |
Drawdowns
MSTE.TO vs. BTC-USD - Drawdown Comparison
The maximum MSTE.TO drawdown since its inception was -80.35%, roughly equal to the maximum BTC-USD drawdown of -83.55%. Use the drawdown chart below to compare losses from any high point for MSTE.TO and BTC-USD.
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Drawdown Indicators
| MSTE.TO | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.35% | -83.55% | +3.20% |
Max Drawdown (1Y)Largest decline over 1 year | -80.35% | -50.49% | -29.86% |
Max Drawdown (3Y)Largest decline over 3 years | — | -50.49% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -74.78% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -82.53% | — |
Current DrawdownCurrent decline from peak | -75.73% | -48.82% | -26.91% |
Average DrawdownAverage peak-to-trough decline | -39.74% | -39.96% | +0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 53.99% | 34.53% | +19.46% |
Volatility
MSTE.TO vs. BTC-USD - Volatility Comparison
Harvest MicroStrategy Enhanced High Income Shares ETF (MSTE.TO) has a higher volatility of 23.42% compared to Bitcoin (BTC-USD) at 10.12%. This indicates that MSTE.TO's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSTE.TO | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.42% | 10.12% | +13.30% |
Volatility (6M)Calculated over the trailing 6-month period | 62.85% | 34.57% | +28.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 77.17% | 35.26% | +41.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 84.20% | 43.64% | +40.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 84.20% | 55.23% | +28.97% |
Frequently Asked Questions
MSTE.TO and BTC-USD have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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