MSTY.TO vs. BITI

Last updated Jun 4, 2026

MSTY.TO (Harvest MicroStrategy High Income Shares ETF) and BITI (ProShares Shrt Bitcoin ETF) are both exchange-traded funds - MSTY.TO is a Derivative Income fund actively managed by Harvest, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-100%). MSTY.TO is actively managed, while BITI is passively managed. Over the past year, MSTY.TO returned -61.47% vs 47.67% for BITI. At a correlation of -0.76, they often move in opposite directions. MSTY.TO charges 0.40%/yr vs 1.03%/yr for BITI.

Performance

MSTY.TO vs. BITI - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

In the year-to-date period, MSTY.TO achieves a -14.48% return, which is significantly lower than BITI's 25.64% return.

MSTY.TO

• 1D: -7.01%
• 1M: -27.56%
• YTD: -14.48%
• 6M: -29.84%
• 1Y: -61.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 3.11%
• 1M: 24.44%
• YTD: 25.64%
• 6M: 30.99%
• 1Y: 47.67%
• 3Y*: -33.33%
• 5Y*: —
• 10Y*: —

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

MSTY.TO vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
MSTY.TO Harvest MicroStrategy High Income Shares ETF	-14.48%	-53.11%
BITI ProShares Shrt Bitcoin ETF	25.64%	1.34%

Correlation

The correlation between MSTY.TO and BITI is -0.81, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.81
Correlation (All Time) Calculated using the full available price history since Jan 17, 2025	-0.76

The correlation between MSTY.TO and BITI has been stable across timeframes, ranging from -0.81 to -0.76 - a consistent structural relationship.

Return for Risk

MSTY.TO vs. BITI — Risk / Return Rank

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

MSTY.TO

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

BITI

BITI Risk / Return Rank: 30
BITI Sharpe Ratio Rank: 29
BITI Sortino Ratio Rank: 30
BITI Omega Ratio Rank: 28
BITI Calmar Ratio Rank: 36
BITI Martin Ratio Rank: 27

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.

MSTY.TO vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest MicroStrategy High Income Shares ETF (MSTY.TO) and ProShares Shrt Bitcoin ETF (BITI). 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.

	MSTY.TO	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	1.07	-2.07
Sortino ratio: Return per unit of downside risk	-1.77	1.65	-3.41
Omega ratio: Gain probability vs. loss probability	0.81	1.19	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.86	1.88	-2.74
Martin ratio: Return relative to average drawdown	-1.35	4.08	-5.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTY.TO vs. BITI - Sharpe Ratio Comparison

The current MSTY.TO Sharpe Ratio is -1.00, which is lower than the BITI Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of MSTY.TO and BITI, 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

	MSTY.TO	BITI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.00	1.07	-2.07
Sharpe Ratio (All Time) Calculated using the full available price history	-0.70	-0.68	-0.02

Drawdowns

MSTY.TO vs. BITI - Drawdown Comparison

The maximum MSTY.TO drawdown since its inception was -71.75%, smaller than the maximum BITI drawdown of -91.92%. Use the drawdown chart below to compare losses from any high point for MSTY.TO and BITI.

Drawdown Indicators

	MSTY.TO	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-71.75%	-91.92%	+20.17%
Max Drawdown (1Y) Largest decline over 1 year	-71.35%	-25.53%	-45.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.20%	—
Current Drawdown Current decline from peak	-66.60%	-86.08%	+19.48%
Average Drawdown Average peak-to-trough decline	-36.11%	-67.58%	+31.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.51%	11.72%	+33.79%

Volatility

MSTY.TO vs. BITI - Volatility Comparison

Harvest MicroStrategy High Income Shares ETF (MSTY.TO) has a higher volatility of 18.94% compared to ProShares Shrt Bitcoin ETF (BITI) at 9.71%. This indicates that MSTY.TO's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTY.TO	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.94%	9.71%	+9.23%
Volatility (6M) Calculated over the trailing 6-month period	50.48%	34.70%	+15.78%
Volatility (1Y) Calculated over the trailing 1-year period	61.72%	44.72%	+17.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.37%	53.61%	+15.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.37%	53.61%	+15.76%

MSTY.TO vs. BITI - Expense Ratio Comparison

MSTY.TO has a 0.40% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

MSTY.TO vs. BITI - Dividend Comparison

MSTY.TO's dividend yield for the trailing twelve months is around 88.70%, more than BITI's 9.52% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	9.52%	1.60%	3.91%	3.33%	0.06%
MSTY.TO Harvest MicroStrategy High Income Shares ETF	88.70%	86.73%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTY.TO and BITI in my portfolio?

MSTY.TO and BITI have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSTY.TO or BITI?

On fees, MSTY.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSTY.TO or BITI?

MSTY.TO is cheaper with a 0.40% expense ratio, compared with 1.03% for BITI.

What is the main difference between MSTY.TO and BITI?

MSTY.TO is categorized as Derivative Income, while BITI is Cryptocurrency. They also come from different issuers: Harvest and ProShares. Their fees differ too: 0.40% for MSTY.TO and 1.03% for BITI.