Bitcoin and gold have occupied the last two places in a ranking of 21 major asset categories since the start of 2026. This unprecedented situation in the series studied does not mean that they are the worst investments of all markets, but reveals their common vulnerability to high rates.
In brief
- Bitcoin and gold occupy the last two places in a ranking of 21 asset categories in 2026.
- Gold is down 7.5% since January, compared to a 7.3% decline for Bitcoin.
- High rates and inflationary fears penalize these two assets which do not earn any interest.
- The rise in oil prices reinforces concerns about inflation and the decisions of the Federal Reserve.
- Despite their decline in 2026, Bitcoin and gold maintain strong performance over the long term.
Bitcoin and gold finish last among 21 assets
As of October 23, gold was down 7.5% year to date, compared to a 7.3% decline for bitcoin. These performances place the two assets behind stocks, bonds and even money market investments in the table established 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, nor all cryptos, nor commodities taken separately.
THE main figures allow us to place this poor performance in context:
- Gold has lost 7.5% since January 1;
- Bitcoin fell 7.3% over the same period;
- Raw materials increased by 52.5%;
- Large US stocks gain 12.3%;
- Short-term U.S. Treasuries yield 2.9%;
- Only 57% of the categories tracked show positive performance.
Charlie Bilello declared :
This is a situation that we have never seen before in a calendar year.
Its history begins in 2011, the year from which bitcoin has sufficiently usable data for this comparison. The statement therefore relates to this specific period, and not to the entire history of financial markets.
The ranking also remains provisional. It is stopped on October 23, while more than two months still separate the markets from the end of the year. A significant variation in bitcoin or gold could therefore change the last places before December 31.
High rates bring two different assets together
Bitcoin and gold operate radically differently. The first is a highly volatile digital asset, traded constantly and still largely influenced by technology stocks. The second is a physical metal held for centuries by individuals, central banks and institutions.
However, they share a weakness: neither pays interest. When bond yields rise, investors can get 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 inflationary fears. Brent oil rose above $116 per barrel on October 23, driven by Middle East tensions and supply risks. More expensive energy can fuel consumer prices and prompt the Federal Reserve to maintain restrictive policy.
Gold has not even benefited from the recent decline in technology stocks, although it is generally sought after during periods of uncertainty. According to ING analysts, investors seem more concerned about the rise in oil prices and its consequences for inflation.
The metal however, rebounded slightly on October 26around $4,009 per ounce, after a weekly loss of 4%. The drop in oil prices has alleviated some of the concerns, but the Fed meeting on October 27 and 28 remains decisive.
A bad year does not erase past performances
The decline in 2026 comes after two very favorable years for both assets. Bitcoin had gained 121% in 2024, while gold had gained 63.7% in 2025, its best annual performance in Bilello’s chart.
Part of the current decline therefore corresponds to a correction after these strong increases. Gold rose above $5,400 an ounce in early 2026 before falling back below $4,000 on October 23. It has lost more than 20% since this peak, but remains well above its levels observed before its 2025 surge.
Bitcoin is moving, for its part, around 80,000 dollars. It remains around 35% below its record above $126,000 reached in October 2025. Its annual decline appears limited compared to its decline since this peak, because the token had already given up part of its gains before the start of 2026.
Over a longer period of time, the results change completely. Since 2011, bitcoin has posted an estimated annualized return of 120.6% in Bilello’s ranking, compared to 6.3% for gold. However, these historical averages do not guarantee any future performance and mask sometimes very deep declines.
The 2026 result shows above all that bitcoin and gold do not protect against all risks. They can suffer simultaneously when inflation pushes rates up and favors interest-bearing assets. Their behavior therefore depends less on their label of “store of value” than the exact nature of the economic shock.
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