Bitcoin and Gold Are the Worst Major Assets of 2026, a Historic First
As seen on the 24/7 Wall St. homepage on October 31, 2026.
The two assets investors buy as insurance are both sitting at the bottom of the 2026 leaderboard, a first for any calendar year, which undercuts the case for hedging with either one right now.
Bitcoin (-11.7%) and Gold (-10.2%) are the two worst performing major assets so far in 2026. This is something we haven't seen before in any calendar year. https://t.co/u0f8Q2k9BB
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Bitcoin and Gold sit at the very bottom of the major asset class leaderboard through the end of October 2026, with Bitcoin down 11.7%. According to Charlie Bilello, that ranking has never happened before in any single calendar year.
Both assets carry a similar investor pitch: when everything else falls apart, these hold or rise. That thesis has not played out in 2026, and the simultaneous drawdown in both removes what many portfolios count on as a dual layer of protection.
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Investors could previously point to at least one of these assets holding up in a bad stretch for the other. That diversification argument is much harder to make when both are leading the losses at the same time.
With two months still left in the year, the damage to the hedging narrative is already done. Any investor relying on Bitcoin or Gold to cushion a rough 2026 has had to absorb losses on those positions at the same time as the rest of the portfolio.