SATO vs. ZCSH

Last updated Jul 14, 2026

SATO (Invesco Alerian Galaxy Crypto Economy ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - SATO tracks the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past 3 years, SATO returned 20.64%/yr vs 140.70%/yr for ZCSH. At a 0.43 correlation, their price movements are largely independent. SATO charges 0.60%/yr vs 2.50%/yr for ZCSH.

Performance

SATO vs. ZCSH - Performance Comparison

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

Returns By Period

In the year-to-date period, SATO achieves a -11.75% return, which is significantly lower than ZCSH's 12.21% return.

SATO

• 1D: -3.36%
• 1M: -10.88%
• 6M: -23.63%
• YTD: -11.75%
• 1Y: -22.30%
• 3Y*: 20.64%
• 5Y*: —
• 10Y*: —

ZCSH

• 1D: -9.09%
• 1M: 26.27%
• 6M: 25.52%
• YTD: 12.21%
• 1Y: 818.75%
• 3Y*: 140.70%
• 5Y*: —
• 10Y*: —

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

SATO vs. ZCSH - 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%	-21.25%
ZCSH Grayscale Zcash Trust (ZEC)	12.21%	446.78%	96.92%	65.91%	-86.30%	-48.60%

Correlation

The correlation between SATO and ZCSH is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (All Time) Calculated using the full available price history since Oct 18, 2021	0.43

Return for Risk

SATO vs. ZCSH — Risk / Return Rank

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

SATO

SATO Risk / Return Rank: 6
SATO Sharpe Ratio Rank: 5
SATO Sortino Ratio Rank: 6
SATO Omega Ratio Rank: 6
SATO Calmar Ratio Rank: 6
SATO Martin Ratio Rank: 6

ZCSH

ZCSH Risk / Return Rank: 95
ZCSH Sharpe Ratio Rank: 98
ZCSH Sortino Ratio Rank: 93
ZCSH Omega Ratio Rank: 89
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 94

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. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Alerian Galaxy Crypto Economy ETF (SATO) and Grayscale Zcash Trust (ZEC) (ZCSH). 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	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	4.73	-5.17
Sortino ratio: Return per unit of downside risk	-0.32	3.71	-4.03
Omega ratio: Gain probability vs. loss probability	0.96	1.44	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.42	11.88	-12.30
Martin ratio: Return relative to average drawdown	-0.70	21.76	-22.46

SATO vs. ZCSH - Sharpe Ratio Comparison

The current SATO Sharpe Ratio is -0.43, which is lower than the ZCSH Sharpe Ratio of 4.73. The chart below compares the historical Sharpe Ratios of SATO and ZCSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SATO vs. ZCSH - Drawdown Comparison

The maximum SATO drawdown since its inception was -88.00%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for SATO and ZCSH.

Drawdown Indicators

	SATO	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-88.00%	-93.73%	+5.73%
Max Drawdown (1Y) Largest decline over 1 year	-53.49%	-69.62%	+16.13%
Max Drawdown (3Y) Largest decline over 3 years	-53.49%	-71.90%	+18.41%
Current Drawdown Current decline from peak	-45.92%	-33.07%	-12.85%
Average Drawdown Average peak-to-trough decline	-50.75%	-73.65%	+22.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.01%	37.92%	-5.91%

Volatility

SATO vs. ZCSH - Volatility Comparison

The current volatility for Invesco Alerian Galaxy Crypto Economy ETF (SATO) is 12.67%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 38.59%. This indicates that SATO experiences smaller price fluctuations and is considered to be less risky than ZCSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SATO	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.67%	38.59%	-25.92%
Volatility (6M) Calculated over the trailing 6-month period	38.10%	106.76%	-68.66%
Volatility (1Y) Calculated over the trailing 1-year period	52.01%	175.00%	-122.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.99%	138.07%	-75.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.99%	138.07%	-75.08%

SATO vs. ZCSH - Expense Ratio Comparison

SATO has a 0.60% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

SATO vs. ZCSH - Dividend Comparison

SATO's dividend yield for the trailing twelve months is around 7.60%, while ZCSH has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
SATO Invesco Alerian Galaxy Crypto Economy ETF	7.60%	9.50%	15.03%	2.21%	8.97%	0.73%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SATO and ZCSH in my portfolio?

SATO and ZCSH have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SATO or ZCSH?

ZCSH has higher volatility (38.59%) compared to SATO (12.67%). In terms of maximum drawdown, SATO dropped -88.00% vs ZCSH's -93.73%.

Which ETF is better, SATO or ZCSH?

On 3-year performance, ZCSH leads with 140.70% vs 20.64% for SATO. On fees, SATO is cheaper at 0.60% per year. On volatility, SATO has been the lower-risk option at 12.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SATO or ZCSH?

Over the 3-year period, ZCSH has performed better with a 140.70% return vs 20.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SATO or ZCSH?

SATO is cheaper with a 0.60% expense ratio, compared with 2.50% for ZCSH.

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

SATO has the higher dividend yield at 7.60%, compared with 0.00% for ZCSH.

What is the main difference between SATO and ZCSH?

SATO tracks Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index, while ZCSH tracks Zcash (ZEC). They also come from different issuers: Invesco and Grayscale. Their fees differ too: 0.60% for SATO and 2.50% for ZCSH.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (4.73 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.