MSTE.TO vs. TBIL.TO
MSTE.TO (Harvest MicroStrategy Enhanced High Income Shares ETF) and TBIL.TO (Harvest Canadian T-Bill ETF) are both exchange-traded funds - MSTE.TO is a Derivative Income fund actively managed by Harvest, while TBIL.TO is a Money Market fund actively managed by Harvest. Both are actively managed. Over the past year, MSTE.TO returned -71.76% vs 2.28% for TBIL.TO. At a 0.10 correlation, their price movements are largely independent. MSTE.TO charges 0.40%/yr vs 0.00%/yr for TBIL.TO.
Performance
MSTE.TO vs. TBIL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, MSTE.TO achieves a -20.32% return, which is significantly lower than TBIL.TO's 0.83% return.
MSTE.TO
- 1D
- -8.67%
- 1M
- -33.14%
- YTD
- -20.32%
- 6M
- -37.71%
- 1Y
- -71.76%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TBIL.TO
- 1D
- 0.00%
- 1M
- 0.16%
- YTD
- 0.83%
- 6M
- 1.04%
- 1Y
- 2.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTE.TO vs. TBIL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MSTE.TO Harvest MicroStrategy Enhanced High Income Shares ETF | -20.32% | -55.56% |
TBIL.TO Harvest Canadian T-Bill ETF | 0.83% | 2.08% |
Correlation
The correlation between MSTE.TO and TBIL.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025 | 0.10 |
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Return for Risk
MSTE.TO vs. TBIL.TO — Risk / Return Rank
MSTE.TO
TBIL.TO
MSTE.TO vs. TBIL.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 Harvest Canadian T-Bill ETF (TBIL.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 | TBIL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.94 | ||
| Sortino ratioReturn per unit of downside risk | -21.03 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 4.08 | -3.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 57.46 | -58.36 |
| Martin ratioReturn relative to average drawdown | -1.33 | 258.77 | -260.11 |
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 | TBIL.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 8.01 | -8.94 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 5.26 | -5.93 |
Drawdowns
MSTE.TO vs. TBIL.TO - Drawdown Comparison
The maximum MSTE.TO drawdown since its inception was -80.35%, which is greater than TBIL.TO's maximum drawdown of -0.38%. Use the drawdown chart below to compare losses from any high point for MSTE.TO and TBIL.TO.
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Drawdown Indicators
| MSTE.TO | TBIL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.35% | -0.38% | -79.97% |
Max Drawdown (1Y)Largest decline over 1 year | -80.35% | -0.04% | -80.31% |
Current DrawdownCurrent decline from peak | -76.21% | 0.00% | -76.21% |
Average DrawdownAverage peak-to-trough decline | -39.63% | -0.00% | -39.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 53.78% | 0.01% | +53.77% |
Volatility
MSTE.TO vs. TBIL.TO - Volatility Comparison
Harvest MicroStrategy Enhanced High Income Shares ETF (MSTE.TO) has a higher volatility of 23.39% compared to Harvest Canadian T-Bill ETF (TBIL.TO) at 0.04%. This indicates that MSTE.TO's price experiences larger fluctuations and is considered to be riskier than TBIL.TO 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 | TBIL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.39% | 0.04% | +23.35% |
Volatility (6M)Calculated over the trailing 6-month period | 63.14% | 0.18% | +62.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 77.31% | 0.29% | +77.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 84.31% | 1.08% | +83.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 84.31% | 1.08% | +83.23% |
MSTE.TO vs. TBIL.TO - Expense Ratio Comparison
MSTE.TO has a 0.40% expense ratio, which is higher than TBIL.TO's 0.00% expense ratio.
Dividends
MSTE.TO vs. TBIL.TO - Dividend Comparison
MSTE.TO's dividend yield for the trailing twelve months is around 149.64%, more than TBIL.TO's 2.27% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
MSTE.TO Harvest MicroStrategy Enhanced High Income Shares ETF | 149.64% | 121.40% | 0.00% |
TBIL.TO Harvest Canadian T-Bill ETF | 2.27% | 2.57% | 8.81% |
Frequently Asked Questions
MSTE.TO and TBIL.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TBIL.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TBIL.TO is cheaper with a 0.00% expense ratio, compared with 0.40% for MSTE.TO.
MSTE.TO is categorized as Derivative Income, while TBIL.TO is Money Market. Their fees differ too: 0.40% for MSTE.TO and 0.00% for TBIL.TO.
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