Bitcoin (BTC) and gold are the two worst-performing major assets of 2026, down 7.3% and 7.5%, according to Creative Planning strategist Charlie Bilello. He says no calendar year in his records has put the pair last together.
Investors buy both as protection against inflation and market stress. Yet this year, a basket of commodities gained 52.5%, US large-cap stocks rose 12.3%, and short-term Treasury bills returned 2.9%.
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How Far Bitcoin and Gold Have Fallen in 2026
Bilellos table ranks 21 asset classes every year since 2011, using data through October 23. Only 57% of them are positive in 2026.
Golds slide follows a 63.7% gain in 2025, its best year in the table. Spot gold climbed above $5,400 an ounce in early 2026. On Friday, it closed at $3,995.81, after gold fell below $4,000 for the first time since July.
Bitcoin, meanwhile, is heading for a second losing year after a 6.3% drop in 2025. It trades at $80,472, according to BeInCryptos Bitcoin price data. That is about 35% below its peak above $126,000 last October.
Bitcoin and gold rank last among 21 major asset classes in 2026 through October 23. Source: Charlie Bilello/X
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Why Oil Prices and the Fed Are Hurting Both
Neither gold nor Bitcoin pays interest. When interest rates rise, holding them means giving up income that bonds or cash would earn.
Brent crude, the global oil benchmark, touched $116 a barrel on Friday as US-Iran tensions escalated. Costlier oil feeds inflation, which can push the Federal Reserve (Fed) to raise rates.
The Fed announces its next decision on Wednesday. However, traders already price a 68% chance of a December hike, CME FedWatch data shows, ahead of a busy Fed week.
ING analysts said gold failed to benefit from a tech stock selloff this week. Instead, they said the market
“…appears more focused on higher oil prices and what it could mean for inflation.”
Over the long run, Bilellos figures tell a different story. Since 2011, Bitcoin has returned 120.6% a year on average, the highest in his table, while gold has returned 6.3%.
Bitcoin (-7.3%) and Gold (-7.5%) are the two worst performing major assets so far in 2026. This is something we haven't seen before in any calendar year.
With two months left, the year-end ranking can still change.