Bitcoin and Gold Are 2026's Worst-Performing Major Assets, a First

According to Charlie Bilello, a strategist at Creative Planning, bitcoin (BTC) and gold are the worst-performing major assets of 2026, with losses of 7.3% and 7.5%. He noted that in no calendar year on record have the two finished at the bottom together.

Both assets are typically purchased as hedges against inflation and volatility. In 2026, however, a commodities basket has climbed 52.5%, US large-cap equities are up 12.3%, and short-term Treasury bills have delivered 2.9%.

How Far Bitcoin and Gold Have Fallen in 2026

Bilello's ranking covers 21 asset classes annually since 2011, based on data through October 23. Just 57% of those assets are in positive territory this year.

Gold's decline comes after a 63.7% surge in 2025, its strongest yearly showing in the dataset. Spot gold topped $5,400 an ounce earlier in 2026, but by Friday it had settled at $3,995.81, having slipped under $4,000 for the first time since July.

Bitcoin, by contrast, is on track for a second consecutive losing year after falling 6.3% in 2025. BeInCrypto price data puts it at $80,472, roughly 35% beneath the $126,000 peak reached last October.

Why Oil Prices and the Fed Are Hurting Both

Gold and bitcoin generate no interest. As rates rise, investors who hold them forgo the yield available from bonds or cash.

Brent crude reached $116 a barrel on Friday amid escalating US-Iran tensions. More expensive oil adds to inflation, potentially prompting the Federal Reserve (Fed) to increase rates.

The Fed's next announcement lands on Wednesday. Still, CME FedWatch data indicates that traders now see a 68% probability of a December rate hike, arriving before a busy Fed week.

ING analysts observed that gold did not gain from this week's technology selloff. Rather, they said the market

“…appears more focused on higher oil prices and what it could mean for inflation.”

Long-term data from Bilello paints another picture. Since 2011, bitcoin has averaged a 120.6% annual return, the best in his ranking, compared with gold's 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.

— Charlie Bilello (@charliebilello) October 25, 2026

With two months remaining, the final ranking for the year is still up for grabs.