SATO vs. PPA
SATO (Invesco Alerian Galaxy Crypto Economy ETF) and PPA (Invesco Aerospace & Defense 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 PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 3 years, SATO returned 20.64%/yr vs 27.34%/yr for PPA. At a 0.45 correlation, their price movements are largely independent. SATO charges 0.60%/yr vs 0.58%/yr for PPA.
Performance
SATO vs. PPA - Performance Comparison
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Returns By Period
In the year-to-date period, SATO achieves a -11.75% return, which is significantly lower than PPA's 9.54% return.
SATO
- 1D
- -3.36%
- 1M
- -10.88%
- 6M
- -23.63%
- YTD
- -11.75%
- 1Y
- -22.30%
- 3Y*
- 20.64%
- 5Y*
- —
- 10Y*
- —
PPA
- 1D
- -1.67%
- 1M
- -1.50%
- 6M
- -1.73%
- YTD
- 9.54%
- 1Y
- 20.51%
- 3Y*
- 27.34%
- 5Y*
- 18.99%
- 10Y*
- 17.16%
SATO vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SATO Invesco Alerian Galaxy Crypto Economy ETF | -11.75% | 2.26% | 55.25% | 266.77% | -80.20% | -17.33% |
PPA Invesco Aerospace & Defense ETF | 9.54% | 37.15% | 25.28% | 18.41% | 9.52% | -1.14% |
Correlation
The correlation between SATO and PPA is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 2021 | 0.45 |
The correlation between SATO and PPA has been stable across timeframes, ranging from 0.44 to 0.51 - a consistent structural relationship.
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Return for Risk
SATO vs. PPA — Risk / Return Rank
SATO
PPA
SATO vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Alerian Galaxy Crypto Economy ETF (SATO) and Invesco Aerospace & Defense ETF (PPA). 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 | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -1.90 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.18 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | 1.50 | -1.92 |
| Martin ratioReturn relative to average drawdown | -0.70 | 4.03 | -4.73 |
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Drawdowns
SATO vs. PPA - Drawdown Comparison
The maximum SATO drawdown since its inception was -88.00%, which is greater than PPA's maximum drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for SATO and PPA.
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Drawdown Indicators
| SATO | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.00% | -57.37% | -30.63% |
Max Drawdown (1Y)Largest decline over 1 year | -53.49% | -13.71% | -39.78% |
Max Drawdown (3Y)Largest decline over 3 years | -53.49% | -15.24% | -38.25% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.37% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.92% | — |
Current DrawdownCurrent decline from peak | -45.92% | -7.55% | -38.37% |
Average DrawdownAverage peak-to-trough decline | -50.75% | -9.17% | -41.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.01% | 5.10% | +26.91% |
Volatility
SATO vs. PPA - Volatility Comparison
Invesco Alerian Galaxy Crypto Economy ETF (SATO) has a higher volatility of 12.67% compared to Invesco Aerospace & Defense ETF (PPA) at 7.49%. This indicates that SATO's price experiences larger fluctuations and is considered to be riskier than PPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SATO | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.67% | 7.49% | +5.18% |
Volatility (6M)Calculated over the trailing 6-month period | 38.10% | 16.72% | +21.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.01% | 20.48% | +31.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.99% | 18.75% | +44.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.99% | 20.74% | +42.25% |
SATO vs. PPA - Expense Ratio Comparison
SATO has a 0.60% expense ratio, which is higher than PPA's 0.58% expense ratio.
Dividends
SATO vs. PPA - Dividend Comparison
SATO's dividend yield for the trailing twelve months is around 7.60%, more than PPA's 0.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PPA Invesco Aerospace & Defense ETF | 0.37% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
SATO Invesco Alerian Galaxy Crypto Economy ETF | 7.60% | 9.50% | 15.03% | 2.21% | 8.97% | 0.73% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SATO and PPA have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SATO has higher volatility (12.67%) compared to PPA (7.49%). In terms of maximum drawdown, SATO dropped -88.00% vs PPA's -57.37%.
On 3-year performance, PPA leads with 27.34% vs 20.64% for SATO. On fees, PPA is cheaper at 0.58% per year. On volatility, PPA has been the lower-risk option at 7.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PPA has performed better with a 27.34% return vs 20.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PPA is cheaper with a 0.58% expense ratio, compared with 0.60% for SATO.
SATO has the higher dividend yield at 7.60%, compared with 0.37% for PPA.
SATO is categorized as Cryptocurrency, while PPA is Aerospace & Defense. SATO tracks Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index, while PPA tracks SPADE Defense Index. Their fees differ too: 0.60% for SATO and 0.58% for PPA.
PPA currently has the higher Sharpe Ratio (1.01 vs -0.43), 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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