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Key Takeaways
- Bitcoin returned 20,224% over the decade – roughly 73x more than U.S. stocks – but came with a -76% maximum drawdown
- Risk-adjusted metrics (Sharpe 1.04, Sortino 2.24) confirm the return was not purely accidental volatility
- Gold quietly beat stocks on a risk-adjusted basis, with a Calmar ratio of 4.56 vs. 2.43 for equities
- Long-term Treasury bonds lost money in nominal terms and likely more after inflation
With a total return of 20,224% and a compound annual growth rate of 70%, it outpaced the next closest competitor – U.S. stocks at 278% – by a factor that defies the usual language used to describe outperformance. The data covers 12 asset classes ranging from investment-grade bonds to commodities, and across nearly every metric that matters to serious portfolio managers, Bitcoin either leads or forces a reconsideration of long-held assumptions.
What the Metrics Actually Mean
Before drawing conclusions, it helps to understand what the table is measuring – because raw return numbers, while striking, tell only part of the story.
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English (US)