Bitcoin and gold have recorded the weakest returns among major asset classes in 2026, a tally showed. The two assets, often cited as alternative investments and stores of value amid market uncertainty, have both posted negative returns, putting their role as defensive assets to the test.

U.Today, a blockchain media outlet, reported on Oct. 25 that gold and bitcoin are down 7.5 percent and 7.3 percent, respectively, since the start of the year.

The tally is based on a comparison of performance across major assets by Charlie Bilello (찰리 빌렐로), chief market strategist at Creative Planning. The returns of the two assets lagged stocks and bonds, as well as cash.

Bitcoin still dominates in long-term performance. Based on major assets tracked by Bilello, bitcoin has posted an annualised return of about 120.6 percent since 2011. Gold's annualised return over the same period was 6.3 percent. The results are weak on a recent one-year basis, but the gap remains wide on a long-term cumulative basis.

Year-by-year moves also diverged sharply. Bitcoin rose 121 percent in 2024, the highest return among major asset classes, and gold gained 63.7 percent in 2025 to rank first. The two assets that were near the top the previous year have both slipped to the bottom in 2026.

The figures are unusual in that bitcoin and gold both weakened in the same year. The two assets, each the top-performing asset on an annual basis over the past 2 years, have fallen into the bottom tier in 2026, showing that leadership across assets is shifting quickly.

The annual rankings have not been окончательно set. With about 2 months left until the end of 2026, the return rankings could change again. The market is watching whether bitcoin and gold rebound by year-end and regain their standing as defensive assets.