Bitcoin vs Gold
Head-to-head comparison since August 2010. Cumulative returns, volatility, drawdowns, Sharpe ratio, and correlation — updated weekly.
Growth of $100 Invested
Indexed to 100 at August 2010 (log scale)
Drawdown From All-Time High
Peak-to-trough decline over the selected period
Annual Returns
Calendar year performance, side by side
Full Comparison
| Metric | Bitcoin | Gold |
|---|---|---|
| Total Return | +92961314.3% | +230.7% |
| CAGR | 137.1% | 7.8% |
| Annualized Volatility | 110.2% | 16.1% |
| Sharpe Ratio | 1.21 | 0.24 |
| Max Drawdown | -91.8% | -43.6% |
| Current Drawdown | -47.3% | -21.8% |
| Best Calendar Year | +4294.9% | +71.2% |
| Worst Calendar Year | -71.8% | -26.2% |
| Correlation (Weekly) | -0.03 | -0.03 |
Key Takeaway
Over this period, Bitcoin delivered a CAGR of 137.1% vs gold's 7.8% — but with 6.8x the volatility and a max drawdown of -91.8% vs -43.6%.
The weekly correlation between Bitcoin and gold is just -0.03, making them complementary diversifiers. A portfolio holding both captures Bitcoin's growth potential while gold provides stability during digital asset drawdowns.
Want to see how adding Bitcoin affects your portfolio's risk-adjusted returns? Try the Bitcoin Allocation Calculator.
Methodology
Bitcoin prices: Blockchain.info (Aug 2010 – Sep 2014) and Yahoo Finance BTC-USD (Sep 2014 – present), downsampled to weekly.
Gold prices: Yahoo Finance GC=F (gold futures), weekly closing prices from January 2010.
Volatility: Annualized standard deviation of weekly log returns (×√52).
Sharpe ratio: (CAGR − 4% risk-free rate) ÷ annualized volatility.
Correlation: Pearson correlation of weekly arithmetic returns over the selected period.
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