SATO vs. MSBT

Last updated Jun 3, 2026

SATO (Invesco Alerian Galaxy Crypto Economy ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - SATO tracks the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. A 0.78 correlation means they provide meaningful diversification when combined. SATO charges 0.60%/yr vs 0.14%/yr for MSBT.

Performance

SATO vs. MSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Alerian Galaxy Crypto Economy ETF (SATO) and Morgan Stanley Bitcoin Trust (MSBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SATO

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

MSBT

• 1D: -6.05%
• 1M: -14.36%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SATO vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
SATO Invesco Alerian Galaxy Crypto Economy ETF	25.03%
MSBT Morgan Stanley Bitcoin Trust	-5.86%

Correlation

The correlation between SATO and MSBT is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	0.78

Return for Risk

SATO vs. MSBT — 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. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Alerian Galaxy Crypto Economy ETF (SATO) and Morgan Stanley Bitcoin Trust (MSBT). 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	MSBT	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	MSBT	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	-1.02	+1.03

Drawdowns

SATO vs. MSBT - Drawdown Comparison

The maximum SATO drawdown since its inception was -88.00%, which is greater than MSBT's maximum drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for SATO and MSBT.

Drawdown Indicators

	SATO	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-88.00%	-18.03%	-69.97%
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%	-18.03%	-16.77%
Average Drawdown Average peak-to-trough decline	-51.02%	-3.48%	-47.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.07%	—	—

Volatility

Volatility by Period

	SATO	MSBT	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%	32.70%	+18.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.29%	32.70%	+30.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.29%	32.70%	+30.59%

SATO vs. MSBT - Expense Ratio Comparison

SATO has a 0.60% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

SATO vs. MSBT - Dividend Comparison

SATO's dividend yield for the trailing twelve months is around 7.41%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	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 MSBT in my portfolio?

SATO and MSBT have a correlation of 0.78, 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 MSBT?

On fees, MSBT is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SATO or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.60% for SATO.

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

SATO has the higher dividend yield at 7.41%, compared with 0.00% for MSBT.

What is the main difference between SATO and MSBT?

SATO tracks Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index, while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: Invesco and Morgan Stanley. Their fees differ too: 0.60% for SATO and 0.14% for MSBT.