MSTE.TO vs. JEPQ.TO

Last updated Jun 5, 2026

MSTE.TO (Harvest MicroStrategy Enhanced High Income Shares ETF) and JEPQ.TO (JPMorgan Nasdaq Equity Premium Income Active ETF) are both exchange-traded funds - MSTE.TO is a Derivative Income fund actively managed by Harvest, while JEPQ.TO is a Nasdaq-100 fund actively managed by JPMorgan. Both are actively managed. Over the past year, MSTE.TO returned -70.30% vs 31.50% for JEPQ.TO. At a 0.41 correlation, their price movements are largely independent. MSTE.TO charges 0.40%/yr vs 0.35%/yr for JEPQ.TO.

Performance

MSTE.TO vs. JEPQ.TO - 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 JPMorgan Nasdaq Equity Premium Income Active ETF (JEPQ.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTE.TO achieves a -18.72% return, which is significantly lower than JEPQ.TO's 11.05% return.

MSTE.TO

• 1D: 2.01%
• 1M: -33.05%
• YTD: -18.72%
• 6M: -35.79%
• 1Y: -70.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JEPQ.TO

• 1D: -0.03%
• 1M: 5.77%
• YTD: 11.05%
• 6M: 9.44%
• 1Y: 31.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTE.TO vs. JEPQ.TO - Yearly Performance Comparison

	2026 (YTD)	2025
MSTE.TO Harvest MicroStrategy Enhanced High Income Shares ETF	-18.72%	-55.56%
JEPQ.TO JPMorgan Nasdaq Equity Premium Income Active ETF	11.05%	11.79%

Correlation

The correlation between MSTE.TO and JEPQ.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.41

Return for Risk

MSTE.TO vs. JEPQ.TO — 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: 2
MSTE.TO Sharpe Ratio Rank: 2
MSTE.TO Sortino Ratio Rank: 1
MSTE.TO Omega Ratio Rank: 1
MSTE.TO Calmar Ratio Rank: 1
MSTE.TO Martin Ratio Rank: 3

JEPQ.TO

JEPQ.TO Risk / Return Rank: 80
JEPQ.TO Sharpe Ratio Rank: 79
JEPQ.TO Sortino Ratio Rank: 76
JEPQ.TO Omega Ratio Rank: 82
JEPQ.TO Calmar Ratio Rank: 80
JEPQ.TO Martin Ratio Rank: 82

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. JEPQ.TO - 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 JPMorgan Nasdaq Equity Premium Income Active ETF (JEPQ.TO). 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	JEPQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	2.52	-3.43
Sortino ratio: Return per unit of downside risk	-1.68	3.37	-5.05
Omega ratio: Gain probability vs. loss probability	0.82	1.48	-0.67
Calmar ratio: Return relative to maximum drawdown	-0.88	4.09	-4.97
Martin ratio: Return relative to average drawdown	-1.30	16.35	-17.65
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. JEPQ.TO - Sharpe Ratio Comparison

The current MSTE.TO Sharpe Ratio is -0.91, which is lower than the JEPQ.TO Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of MSTE.TO and JEPQ.TO, 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

	MSTE.TO	JEPQ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.91	2.52	-3.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.66	1.34	-2.00

Drawdowns

MSTE.TO vs. JEPQ.TO - Drawdown Comparison

The maximum MSTE.TO drawdown since its inception was -80.35%, which is greater than JEPQ.TO's maximum drawdown of -20.05%. Use the drawdown chart below to compare losses from any high point for MSTE.TO and JEPQ.TO.

Drawdown Indicators

	MSTE.TO	JEPQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-80.35%	-20.05%	-60.30%
Max Drawdown (1Y) Largest decline over 1 year	-80.35%	-7.74%	-72.61%
Current Drawdown Current decline from peak	-75.73%	-0.43%	-75.30%
Average Drawdown Average peak-to-trough decline	-39.74%	-3.35%	-36.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.99%	1.93%	+52.06%

Volatility

MSTE.TO vs. JEPQ.TO - Volatility Comparison

Harvest MicroStrategy Enhanced High Income Shares ETF (MSTE.TO) has a higher volatility of 23.42% compared to JPMorgan Nasdaq Equity Premium Income Active ETF (JEPQ.TO) at 4.05%. This indicates that MSTE.TO's price experiences larger fluctuations and is considered to be riskier than JEPQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTE.TO	JEPQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.42%	4.05%	+19.37%
Volatility (6M) Calculated over the trailing 6-month period	62.85%	9.87%	+52.98%
Volatility (1Y) Calculated over the trailing 1-year period	77.17%	12.58%	+64.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.20%	17.32%	+66.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	84.20%	17.32%	+66.88%

MSTE.TO vs. JEPQ.TO - Expense Ratio Comparison

MSTE.TO has a 0.40% expense ratio, which is higher than JEPQ.TO's 0.35% expense ratio.

Dividends

MSTE.TO vs. JEPQ.TO - Dividend Comparison

MSTE.TO's dividend yield for the trailing twelve months is around 146.69%, more than JEPQ.TO's 10.00% yield.

Position	TTM	2025	2024
JEPQ.TO JPMorgan Nasdaq Equity Premium Income Active ETF	10.00%	10.34%	5.50%
MSTE.TO Harvest MicroStrategy Enhanced High Income Shares ETF	146.69%	121.40%	0.00%

Frequently Asked Questions

Can I hold both MSTE.TO and JEPQ.TO in my portfolio?

MSTE.TO and JEPQ.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSTE.TO or JEPQ.TO?

On fees, JEPQ.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSTE.TO or JEPQ.TO?

JEPQ.TO is cheaper with a 0.35% expense ratio, compared with 0.40% for MSTE.TO.

What is the main difference between MSTE.TO and JEPQ.TO?

MSTE.TO is categorized as Derivative Income, while JEPQ.TO is Nasdaq-100. They also come from different issuers: Harvest and JPMorgan. Their fees differ too: 0.40% for MSTE.TO and 0.35% for JEPQ.TO.