BITX vs. SATO
BITX (2x Bitcoin Strategy ETF) and SATO (Invesco Alerian Galaxy Crypto Economy ETF) are both Cryptocurrency funds - BITX tracks the S&P CME Bitcoin Futures Daily Roll Index (200%) while SATO tracks the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index. Both are passively managed. Over the past 3 years, BITX returned 6.79%/yr vs 26.10%/yr for SATO. Their 0.76 correlation means they have sometimes moved together and sometimes differently. BITX charges 2.38%/yr vs 0.60%/yr for SATO.
Performance
BITX vs. SATO - Performance Comparison
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Returns By Period
In the year-to-date period, BITX achieves a -56.44% return, which is significantly lower than SATO's -11.16% return.
BITX
- 1D
- 2.83%
- 1M
- 6.13%
- 6M
- -43.47%
- YTD
- -56.44%
- 1Y
- -77.31%
- 3Y*
- 6.79%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 0.89%
SATO
- 1D
- 2.56%
- 1M
- -1.98%
- 6M
- -10.46%
- YTD
- -11.16%
- 1Y
- -16.31%
- 3Y*
- 26.10%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -3.39%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $88.24M | $96.85M | $117.71M | |
| $33.69K | $33.79K | $69.80K |
BITX vs. SATO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | -56.44% | -38.71% | 163.41% | 46.18% |
SATO Invesco Alerian Galaxy Crypto Economy ETF | -11.16% | 2.26% | 55.25% | 74.63% |
Correlation
The correlation between BITX and SATO is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023 | 0.76 |
The correlation between BITX and SATO has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.
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Return for Risk
BITX vs. SATO — Risk / Return Rank
BITX
SATO
BITX vs. SATO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) and Invesco Alerian Galaxy Crypto Economy ETF (SATO). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BITX | SATO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.99 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.31 | -0.62 |
| Martin ratioReturn relative to average drawdown | -1.30 | -0.48 | -0.81 |
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Drawdowns
BITX vs. SATO - Drawdown Comparison
The maximum BITX drawdown since its inception was -83.45%, smaller than the maximum SATO drawdown of -88.00%. Use the drawdown chart below to compare losses from any high point for BITX and SATO.
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Drawdown Indicators
| BITX | SATO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.45% | -88.00% | +4.55% |
Max Drawdown (1Y)Largest decline over 1 year | -83.45% | -53.49% | -29.96% |
Max Drawdown (3Y)Largest decline over 3 years | -83.45% | -53.49% | -29.96% |
Current DrawdownCurrent decline from peak | -80.75% | -45.56% | -35.19% |
Average DrawdownAverage peak-to-trough decline | -34.25% | -50.68% | +16.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.65% | 33.74% | +25.91% |
Volatility
BITX vs. SATO - Volatility Comparison
2x Bitcoin Strategy ETF (BITX) has a higher volatility of 17.57% compared to Invesco Alerian Galaxy Crypto Economy ETF (SATO) at 16.68%. This indicates that BITX's price experiences larger fluctuations and is considered to be riskier than SATO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITX | SATO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.57% | 16.68% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 67.80% | 39.37% | +28.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 88.21% | 53.18% | +35.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 97.14% | 62.96% | +34.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 97.14% | 62.96% | +34.18% |
BITX vs. SATO - Expense Ratio Comparison
BITX has a 2.38% expense ratio, which is higher than SATO's 0.60% expense ratio.
Dividends
BITX vs. SATO - Dividend Comparison
BITX's dividend yield for the trailing twelve months is around 27.12%, more than SATO's 7.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | 27.12% | 21.69% | 10.70% | 0.00% | 0.00% | 0.00% |
SATO Invesco Alerian Galaxy Crypto Economy ETF | 7.55% | 9.50% | 15.03% | 2.21% | 8.97% | 0.73% |
Frequently Asked Questions
BITX and SATO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITX has higher volatility (17.57%) compared to SATO (16.68%). In terms of maximum drawdown, BITX dropped -83.45% vs SATO's -88.00%.
On 3-year performance, SATO leads with 26.10% vs 6.79% for BITX. On fees, SATO is cheaper at 0.60% per year. On volatility, SATO has been the lower-risk option at 16.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SATO has performed better with a 26.10% return vs 6.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SATO is cheaper with a 0.60% expense ratio, compared with 2.38% for BITX.
BITX has the higher dividend yield at 27.12%, compared with 7.55% for SATO.
BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%), while SATO tracks Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index. They also come from different issuers: Volatility Shares and Invesco. Their fees differ too: 2.38% for BITX and 0.60% for SATO.
SATO currently has the higher Sharpe Ratio (-0.31 vs -0.88), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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