SATO vs. CBOL

Last updated Jun 3, 2026

SATO (Invesco Alerian Galaxy Crypto Economy ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - SATO is a Cryptocurrency fund tracking the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index, while CBOL is a Defined Outcome fund actively managed by Calamos. SATO is passively managed, while CBOL is actively managed. Their correlation of 0.82 suggests significant overlap in exposure. SATO charges 0.60%/yr vs 0.79%/yr for CBOL.

Performance

SATO vs. CBOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Alerian Galaxy Crypto Economy ETF (SATO) and Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SATO achieves a 6.41% return, which is significantly higher than CBOL's -1.90% return.

SATO

• 1D: -2.72%
• 1M: 5.43%
• YTD: 6.41%
• 6M: -5.78%
• 1Y: 16.97%
• 3Y*: 46.97%
• 5Y*: —
• 10Y*: —

CBOL

• 1D: -0.26%
• 1M: -0.55%
• YTD: -1.90%
• 6M: -2.27%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SATO vs. CBOL - Yearly Performance Comparison

	2026 (YTD)	2025
SATO Invesco Alerian Galaxy Crypto Economy ETF	6.41%	-37.58%
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-1.90%	-2.47%

Correlation

The correlation between SATO and CBOL is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025	0.82

Return for Risk

SATO vs. CBOL — Risk / Return Rank

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

SATO

SATO Risk / Return Rank: 14
SATO Sharpe Ratio Rank: 14
SATO Sortino Ratio Rank: 17
SATO Omega Ratio Rank: 16
SATO Calmar Ratio Rank: 13
SATO Martin Ratio Rank: 11

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.

SATO vs. CBOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Alerian Galaxy Crypto Economy ETF (SATO) and Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL). 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.

	SATO	CBOL	Difference
Sharpe ratio Return per unit of total volatility	0.33	—	—
Sortino ratio Return per unit of downside risk	0.83	—	—
Omega ratio Gain probability vs. loss probability	1.09	—	—
Calmar ratio Return relative to maximum drawdown	0.35	—	—
Martin ratio Return relative to average drawdown	0.65	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SATO	CBOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.33	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	-1.76	+1.76

Drawdowns

SATO vs. CBOL - Drawdown Comparison

The maximum SATO drawdown since its inception was -88.00%, which is greater than CBOL's maximum drawdown of -4.91%. Use the drawdown chart below to compare losses from any high point for SATO and CBOL.

Drawdown Indicators

	SATO	CBOL	Difference
Max Drawdown Largest peak-to-trough decline	-88.00%	-4.91%	-83.09%
Max Drawdown (1Y) Largest decline over 1 year	-53.49%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-53.49%	—	—
Current Drawdown Current decline from peak	-34.80%	-4.52%	-30.28%
Average Drawdown Average peak-to-trough decline	-51.02%	-3.20%	-47.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.07%	—	—

Volatility

Volatility by Period

	SATO	CBOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.41%	—	—
Volatility (6M) Calculated over the trailing 6-month period	38.64%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	51.47%	3.89%	+47.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.29%	3.89%	+59.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.29%	3.89%	+59.40%

SATO vs. CBOL - Expense Ratio Comparison

SATO has a 0.60% expense ratio, which is lower than CBOL's 0.79% expense ratio.

Dividends

SATO vs. CBOL - Dividend Comparison

SATO's dividend yield for the trailing twelve months is around 7.41%, more than CBOL's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.82%	1.79%	0.00%	0.00%	0.00%	0.00%
SATO Invesco Alerian Galaxy Crypto Economy ETF	7.41%	9.50%	15.03%	2.21%	8.97%	0.73%

Frequently Asked Questions

Can I hold both SATO and CBOL in my portfolio?

SATO and CBOL have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SATO or CBOL?

On fees, SATO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SATO or CBOL?

SATO is cheaper with a 0.60% expense ratio, compared with 0.79% for CBOL.

Which ETF pays a higher dividend yield, SATO or CBOL?

SATO has the higher dividend yield at 7.41%, compared with 1.82% for CBOL.

What is the main difference between SATO and CBOL?

SATO is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Invesco and Calamos. Their fees differ too: 0.60% for SATO and 0.79% for CBOL.