Bitcoin And Gold Hit Historic Low Rankings In 2026

Bitcoin and gold occupy the last two spots in a ranking of 21 major asset categories since the start of 2026. This unprecedented situation in the studied series does not mean they are the worst investments in all markets, but reveals their common vulnerability to high rates.

Bitcoin and gold end last among 21 assets

As of October 23, gold showed a 7.5% decrease since the beginning of the year, compared to a 7.3% drop for bitcoin. These performances place the two assets behind stocks, bonds, and even money market investments in the table compiled by Charlie Bilello, chief strategist at Creative Planning.

The expression “worst assets of 2026” must however be nuanced. The ranking covers 21 major investment categories chosen by the strategist. It does not cover all individual stocks, all cryptocurrencies, nor commodities taken separately.

The key figures put this underperformance into context :

• Gold loses 7.5% since January 1 ;
• Bitcoin declines by 7.3% over the same period ;
• Commodities rise by 52.5% ;
• Large US stocks gain 12.3% ;
• Short-term US Treasury bonds yield 2.9% ;
• Only 57% of the tracked categories show positive performance.

Charlie Bilello stated :

This is a situation we have never seen before during a calendar year.

Its history begins in 2011, the year from which bitcoin data became sufficiently exploitable for this comparison. The statement therefore concerns this precise period and not the entire history of financial markets.

The ranking is also provisional. It is set as of October 23, while more than two months still separate the markets from the end of the year. A significant change in bitcoin or gold could therefore change the last places before December 31.

High rates bring together two very different assets

Bitcoin and gold are based on radically different mechanisms. The first is a highly volatile digital asset, traded continuously and still largely influenced by tech values. The second is a physical metal held for centuries by individuals, central banks, and institutions.

Nevertheless, they share one weakness: neither pays interest. When bond yields rise, investors can obtain regular income by holding Treasury bills or money market products. The opportunity cost associated with BTC and gold then becomes higher.

This pressure has increased with the return of inflation fears. Brent oil exceeded 116 dollars per barrel on October 23, driven by tensions in the Middle East and risks weighing on supply. More expensive energy can fuel consumer prices and encourage the Federal Reserve to maintain a restrictive policy.

Gold did not even benefit from the recent fall in tech stocks, although it is generally sought after during periods of uncertainty. According to ING analysts, investors appear more concerned about the rise in oil and its consequences on inflation.

The metal however slightly rebounded on October 26, around 4009 dollars an ounce, after a weekly loss of 4%. The drop in oil alleviated some concerns, but the Fed meeting on October 27 and 28 remains decisive.

A bad year does not erase past performances

The decline of 2026 comes after two very favorable years for the two assets. Bitcoin had risen 121% in 2024, while gold had gained 63.7% in 2025, its best annual performance in Bilello’s table.

Part of the current decline thus corresponds to a correction after these strong rises. Gold exceeded 5400 dollars an ounce at the start of 2026 before falling below 4000 dollars on October 23. It has lost more than 20% since that peak, but remains well above levels observed before its surge in 2025.

Bitcoin trades, for its part, around 80000 dollars. It remains about 35% below its record above 126000 dollars reached in October 2025. Its annual decline appears limited compared to its fall since this peak, as the token had already given up part of its gains before the start of 2026.

Over a longer period, the results change completely. Since 2011, bitcoin shows an estimated annualized return of 120.6% in Bilello’s ranking, compared to 6.3% for gold. These historical averages however guarantee no future performance and mask sometimes very deep declines.

The 2026 result mainly shows that bitcoin and gold do not protect against all risks. They can suffer simultaneously when inflation pushes rates higher and favors income-generating assets. Their behavior therefore depends less on their label of “store of value” than on the exact nature of the economic shock.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.