MSTE.TO vs. MSTR

Last updated Jun 4, 2026

MSTE.TO (Harvest MicroStrategy Enhanced High Income Shares ETF) is Derivative Income fund actively managed by Harvest, while MSTR (Strategy Inc) is a stock. Over the past year, MSTE.TO returned -71.76% vs -64.57% for MSTR. Their correlation of 0.94 suggests significant overlap in exposure.

Performance

MSTE.TO vs. MSTR - 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 Strategy Inc (MSTR). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MSTE.TO 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, MSTE.TO achieves a -20.32% return, which is significantly lower than MSTR's -9.67% return.

MSTE.TO

• 1D: -8.67%
• 1M: -33.14%
• YTD: -20.32%
• 6M: -37.71%
• 1Y: -71.76%
• 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%

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

MSTE.TO vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025
MSTE.TO Harvest MicroStrategy Enhanced High Income Shares ETF	-20.32%	-55.56%
MSTR Strategy Inc	-15.66%	-52.86%

Correlation

The correlation between MSTE.TO and MSTR 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 Mar 6, 2025	0.94

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

Return for Risk

MSTE.TO vs. MSTR — 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: 2
MSTE.TO Sortino Ratio Rank: 1
MSTE.TO Omega Ratio Rank: 1
MSTE.TO Calmar Ratio Rank: 1
MSTE.TO Martin Ratio Rank: 2

MSTR

MSTR Risk / Return Rank: 6
MSTR Sharpe Ratio Rank: 5
MSTR Sortino Ratio Rank: 3
MSTR Omega Ratio Rank: 6
MSTR Calmar Ratio Rank: 7
MSTR Martin Ratio Rank: 10

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. MSTR - 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 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.

	MSTE.TO	MSTR	Difference
Sharpe ratio Return per unit of total volatility	-0.93	-0.94	0.00
Sortino ratio Return per unit of downside risk	-1.77	-1.64	-0.13
Omega ratio Gain probability vs. loss probability	0.81	0.82	-0.02
Calmar ratio Return relative to maximum drawdown	-0.89	-0.85	-0.05
Martin ratio Return relative to average drawdown	-1.33	-1.26	-0.07
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. MSTR - Sharpe Ratio Comparison

The current MSTE.TO Sharpe Ratio is -0.93, which is comparable to the MSTR Sharpe Ratio of -0.94. The chart below compares the historical Sharpe Ratios of MSTE.TO and MSTR, 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	MSTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.93	-0.94	0.00
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	-0.67	0.38	-1.05

Drawdowns

MSTE.TO vs. MSTR - Drawdown Comparison

The maximum MSTE.TO drawdown since its inception was -80.35%, smaller than the maximum MSTR drawdown of -88.54%. Use the drawdown chart below to compare losses from any high point for MSTE.TO and MSTR.

Drawdown Indicators

	MSTE.TO	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-80.35%	-88.54%	+8.19%
Max Drawdown (1Y) Largest decline over 1 year	-80.35%	-76.48%	-3.87%
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 Drawdown Current decline from peak	-76.21%	-71.56%	-4.65%
Average Drawdown Average peak-to-trough decline	-39.63%	-32.30%	-7.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.78%	51.25%	+2.53%

Volatility

MSTE.TO vs. MSTR - Volatility Comparison

Harvest MicroStrategy Enhanced High Income Shares ETF (MSTE.TO) has a higher volatility of 23.39% compared to Strategy Inc (MSTR) at 18.48%. This indicates that MSTE.TO's price experiences larger fluctuations and is considered to be riskier than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTE.TO	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.39%	18.48%	+4.91%
Volatility (6M) Calculated over the trailing 6-month period	63.14%	55.68%	+7.46%
Volatility (1Y) Calculated over the trailing 1-year period	77.31%	69.26%	+8.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.31%	89.13%	-4.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	84.31%	72.45%	+11.86%

Dividends

MSTE.TO vs. MSTR - Dividend Comparison

MSTE.TO's dividend yield for the trailing twelve months is around 149.64%, while MSTR has not paid dividends to shareholders.

Position	TTM	2025
MSTE.TO Harvest MicroStrategy Enhanced High Income Shares ETF	149.64%	121.40%
MSTR Strategy Inc	0.00%	0.00%

Frequently Asked Questions

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

With a correlation of 0.94, MSTE.TO and MSTR 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.