SATO vs. BITI
SATO (Invesco Alerian Galaxy Crypto Economy ETF) and BITI (ProShares Short Bitcoin ETF) are both Cryptocurrency funds - SATO tracks the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index while BITI tracks the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, SATO returned 21.83%/yr vs -31.77%/yr for BITI. Their -0.77 correlation means they have often moved in opposite directions in the past. SATO charges 0.60%/yr vs 1.03%/yr for BITI.
Performance
SATO vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, SATO achieves a -13.37% return, which is significantly lower than BITI's 27.11% return.
SATO
- 1D
- -3.22%
- 1M
- -4.42%
- 6M
- -16.14%
- YTD
- -13.37%
- 1Y
- -18.39%
- 3Y*
- 21.83%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -3.90%
BITI
- 1D
- 3.01%
- 1M
- -2.58%
- 6M
- 22.77%
- YTD
- 27.11%
- 1Y
- 58.64%
- 3Y*
- -31.77%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.10M | $26.49M | $38.71M | |
| $33.71K | $38.05K | $74.17K |
SATO vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SATO Invesco Alerian Galaxy Crypto Economy ETF | -13.37% | 2.26% | 55.25% | 266.77% | -40.84% |
BITI ProShares Short Bitcoin ETF | 27.11% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between SATO and BITI is -0.79, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| 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 21, 2022 | -0.77 |
The correlation between SATO and BITI has been stable across timeframes, ranging from -0.79 to -0.77 - a consistent structural relationship.
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Return for Risk
SATO vs. BITI — Risk / Return Rank
SATO
BITI
SATO vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Alerian Galaxy Crypto Economy ETF (SATO) and ProShares Short 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.
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.
| SATO | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.87 | ||
| Sortino ratioReturn per unit of downside risk | -2.32 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.24 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | 2.53 | -2.96 |
| Martin ratioReturn relative to average drawdown | -0.67 | 6.17 | -6.85 |
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Drawdowns
SATO vs. BITI - Drawdown Comparison
The maximum SATO drawdown since its inception was -88.00%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for SATO and BITI.
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Drawdown Indicators
| SATO | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.00% | -92.16% | +4.16% |
Max Drawdown (1Y)Largest decline over 1 year | -53.49% | -25.28% | -28.21% |
Max Drawdown (3Y)Largest decline over 3 years | -53.49% | -84.63% | +31.14% |
Current DrawdownCurrent decline from peak | -46.92% | -86.12% | +39.20% |
Average DrawdownAverage peak-to-trough decline | -50.68% | -68.59% | +17.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.62% | 10.35% | +23.27% |
Volatility
SATO vs. BITI - Volatility Comparison
Invesco Alerian Galaxy Crypto Economy ETF (SATO) has a higher volatility of 16.55% compared to ProShares Short Bitcoin ETF (BITI) at 9.13%. This indicates that SATO'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.
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Volatility by Period
| SATO | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.55% | 9.13% | +7.42% |
Volatility (6M)Calculated over the trailing 6-month period | 39.43% | 33.31% | +6.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.26% | 44.23% | +9.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.98% | 52.03% | +10.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.98% | 52.03% | +10.95% |
SATO vs. BITI - Expense Ratio Comparison
SATO has a 0.60% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
SATO vs. BITI - Dividend Comparison
SATO's dividend yield for the trailing twelve months is around 7.74%, less than BITI's 15.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.17% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% |
SATO Invesco Alerian Galaxy Crypto Economy ETF | 7.74% | 9.50% | 15.03% | 2.21% | 8.97% | 0.73% |
Frequently Asked Questions
SATO and BITI 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.
SATO has higher volatility (16.55%) compared to BITI (9.13%). In terms of maximum drawdown, SATO dropped -88.00% vs BITI's -92.16%.
On 3-year performance, SATO leads with 21.83% vs -31.77% for BITI. On fees, SATO is cheaper at 0.60% per year. On volatility, BITI has been the lower-risk option at 9.13%. 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 21.83% return vs -31.77%. 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 1.03% for BITI.
BITI has the higher dividend yield at 15.17%, compared with 7.74% for SATO.
SATO tracks Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.60% for SATO and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.45 vs -0.42), 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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