{"id":234338,"date":"2025-11-13T10:00:00","date_gmt":"2025-11-13T15:00:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=234338"},"modified":"2025-11-13T11:25:08","modified_gmt":"2025-11-13T16:25:08","slug":"better-together-bitcoin-and-gold","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/better-together-bitcoin-and-gold\/","title":{"rendered":"Better together: bitcoin and gold"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-key-takeaways\">Key Takeaways<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.wisdomtree.eu\/en-gb\/blog\/2025-11-12\/better-together-bitcoin-and-gold#bitcoin-vs-gold\">Since the end of 2013, bitcoin has delivered higher risk-adjusted returns than gold, with a Sharpe ratio of 0.7 versus gold\u2019s 0.6 and a Sortino ratio of 1.0 versus gold\u2019s 0.3, despite its higher volatility.<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.wisdomtree.eu\/en-gb\/blog\/2025-11-12\/better-together-bitcoin-and-gold#correlation\">Bitcoin and gold exhibit a low long-term correlation of 6%, offering powerful diversification when combined as a macro risk barbell across inflation, fiat debasement and geopolitical shocks.<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.wisdomtree.eu\/en-gb\/blog\/2025-11-12\/better-together-bitcoin-and-gold#evolution\">Rather than replacing gold, bitcoin extends the safe-haven toolkit, combining gold\u2019s resilience with bitcoin\u2019s asymmetric upside potential in a digitally disrupted world.<\/a><\/li>\n<\/ul>\n\n\n\n<p>For centuries, gold has stood as the ultimate safe-haven asset. Today, bitcoin is emerging as its digital challenger. Over the past decade, bitcoin has not only delivered stronger absolute performance but also surpassed gold on risk-adjusted terms, even after accounting for its volatility. Investors are rethinking the hierarchy of store-of-value assets and increasingly seeing bitcoin and gold as complements, not substitutes.<\/p>\n\n\n\n<p id=\"bitcoin-vs-gold\">&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-gold-vs-bitcoin-stability-meets-disruption\"><strong>Gold vs bitcoin: stability meets disruption<\/strong><\/h2>\n\n\n\n<p>Gold\u2019s traditional strengths remain intact:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Finite supply and scarcity: mined with difficulty, trusted for millennia.<\/li>\n\n\n\n<li>Universal acceptance: recognised globally as money and collateral.<\/li>\n\n\n\n<li>Crisis hedge: historically showing negative correlation to risk assets during stress events.<\/li>\n<\/ul>\n\n\n\n<p>Since 2013, gold has delivered annualised returns of 10.4% with 14.5% volatility, producing a Sharpe ratio of 0.6<sup>1<\/sup>. Gold remains steady and defensive, but its upside is constrained.<\/p>\n\n\n\n<p>Bitcoin, by contrast, tells a different story. From 2013, it has produced annualised returns of 50.5% with 67.0% volatility, resulting in a Sharpe ratio of 0.7, which is slightly better than gold despite its extreme swings<sup>2<\/sup>. On the Sortino ratio, which captures downside risk, the gap widens further: 1.0 vs 0.3<sup>3<\/sup>.<\/p>\n\n\n\n<p>In plain terms: bitcoin has historically rewarded investors for the risk they have taken, while gold looks defensive, but less efficient on risk-adjusted metrics.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-figure-1-sharpe-and-sortino-ratios-of-bitcoin-and-gold-since-the-end-of-2013\"><strong>Figure 1: Sharpe and Sortino ratios of bitcoin and gold since the end of 2013<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"765\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/sharpe-and-sortino-ratios-1100x765.png\" alt=\"\" class=\"wp-image-234339 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/sharpe-and-sortino-ratios-1100x765.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/sharpe-and-sortino-ratios-700x487.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/sharpe-and-sortino-ratios-300x209.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/sharpe-and-sortino-ratios-768x534.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/sharpe-and-sortino-ratios-1536x1068.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/sharpe-and-sortino-ratios-2048x1423.png 2048w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/765;\" \/><\/figure>\n\n\n\n<p>Source: Optuma, WisdomTree. From 31 December 2013 to 05 November 2025. In US dollars. Based on daily returns.&nbsp;<strong>You cannot invest directly in an index. Historical performance is not an indication of future performance and any investment may go down in value.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-bitcoin-volatility-risk-or-opportunity\"><strong>Bitcoin volatility: risk or opportunity?<\/strong><\/h2>\n\n\n\n<p>Critics argue that bitcoin\u2019s volatility disqualifies it as a safe haven; however, volatility is not the same as risk. Since the end of 2013, bitcoin\u2019s 90-day annualised volatility has compressed from over 150% to just under 40%<sup>4<\/sup>, now closer to commodities. Meanwhile, daily spot volumes rival those of major S&amp;P 500 stocks, while futures and options markets provide institutional-grade hedging tools.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-figure-2-bitcoin-s-90-day-annualised-volatility\"><strong>Figure 2: Bitcoin\u2019s 90-day annualised volatility<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"786\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/bitcoins-annualised-volatility-1100x786.png\" alt=\"\" class=\"wp-image-234340 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/bitcoins-annualised-volatility-1100x786.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/bitcoins-annualised-volatility-700x500.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/bitcoins-annualised-volatility-300x214.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/bitcoins-annualised-volatility-768x549.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/bitcoins-annualised-volatility-1536x1097.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/bitcoins-annualised-volatility-2048x1463.png 2048w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/786;\" \/><\/figure>\n\n\n\n<p>Source: Artemis Terminal, WisdomTree. 03 November 2025.&nbsp;<strong>Historical performance is not an indication of future performance and any investment may go down in value.<\/strong><\/p>\n\n\n\n<p>Volatility remains a tax, but a declining one. For professional investors, liquidity depth and derivatives availability mean volatility can increasingly be reframed as manageable risk rather than disqualifying noise.<\/p>\n\n\n\n<p id=\"correlation\">&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-macro-backdrop-gold-and-bitcoin-as-complements\"><strong>Macro backdrop: gold and bitcoin as complements<\/strong><\/h2>\n\n\n\n<p>The macroeconomic case supports a \u201cbitcoin and gold\u201d rather than \u201ceither-or\u201d framework:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gold thrives on inflation, geopolitical stress, and negative real yields.<\/li>\n\n\n\n<li>Bitcoin offers decentralisation, a capped supply of 21 million units, and digital portability \u2013 effectively \u201cgold with wings.\u201d<\/li>\n<\/ul>\n\n\n\n<p>Correlation between gold and bitcoin remains structurally low at 6%<sup>5<\/sup>. This creates diversification benefits: gold hedges inflation and systemic crises, while bitcoin hedges fiat debasement and technological disruption. Together, they form a barbell across macro risks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-portfolio-implications-turning-evidence-into-allocation\"><strong>Portfolio implications: turning evidence into allocation<\/strong><\/h2>\n\n\n\n<p>Bitcoin\u2019s Sharpe and Sortino ratios suggest that even modest allocations can improve portfolio efficiency. A 1% bitcoin sleeve in a 60\/40 global portfolio lifts Sharpe ratio by 0.06, while drawdowns only increase slightly from -24% to -25%<sup>6<\/sup>.<\/p>\n\n\n\n<p>Strategic role in portfolios:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Complementary roles: gold anchors stability and bitcoin amplifies upside.<\/li>\n\n\n\n<li>Diversification: combined, they provide defensive-plus-asymmetric opportunities.<\/li>\n\n\n\n<li>Macro hedges: gold protects against inflation and rates, while bitcoin adds convex exposure against fiat erosion and digital disruption.<\/li>\n<\/ul>\n\n\n\n<p id=\"evolution\">&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-conclusion-evolution-not-replacement\"><strong>Conclusion: evolution, not replacement<\/strong><\/h2>\n\n\n\n<p>On risk-adjusted returns, bitcoin has outshone gold. But this is not a replacement story. Gold is not obsolete. It has gained a digital counterpart. Together, they broaden the safe-haven spectrum:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gold = resilience.<\/li>\n\n\n\n<li>Bitcoin = convex upside.<\/li>\n<\/ul>\n\n\n\n<p>Investors must weigh these benefits against bitcoin\u2019s continued regulatory and market risks. Still, the evidence suggests a modernised hedge mix of gold and bitcoin deserves serious consideration in forward-looking portfolios.<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted November 12, 2025 &#8211; <a href=\"https:\/\/www.wisdomtree.eu\/en-gb\/blog\/2025-11-12\/better-together-bitcoin-and-gold\">Better together: bitcoin and gold<\/a><\/p>\n\n\n\n<p><sup>1<\/sup>Source: Optuma, WisdomTree. 05 November 2025.<br><sup>2<\/sup>Source: Optuma, WisdomTree. 05 November 2025.<br><sup>3<\/sup>Source: Optuma, WisdomTree. 05 November 2025.<br><sup>4<\/sup>Source: Artemis Terminal, WisdomTree. 03 November 2025.<br><sup>5<\/sup>Source: Bloomberg, WisdomTree. From 31 December 2013 to 31 October 2025. In US dollars. Based on weekly returns.&nbsp;<strong>You cannot invest directly in an index. Historical performance is not an indication of future performance and any investment may go down in value.<\/strong><br><sup>6<\/sup>Source: Bloomberg, WisdomTree. From 31 December 2013 to 31 October 2025. In US dollars. Based on daily returns. The 60\/40 Global Portfolio is composed of 60% MSCI AC World and 40% Bloomberg Multiverse.&nbsp;<strong>You cannot invest directly in an index. Historical performance is not an indication of future performance and any investment may go down in value.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since the end of 2013, bitcoin has delivered higher risk-adjusted returns than gold, with a Sharpe ratio of 0.7 versus gold\u2019s 0.6 and a Sortino ratio of 1.0 versus gold\u2019s 0.3, despite its higher volatility.<\/p>\n","protected":false},"author":1704,"featured_media":181542,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[5,18,6,8,9,26,3],"tags":[],"contributors-categories":[13714],"class_list":{"0":"post-234338","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-europe-middle-east-africa","8":"category-macro","9":"category-north-america","10":"category-region","11":"category-securities","12":"category-text-articles","13":"category-traders-insight","14":"contributors-categories-wisdomtree-europe"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ 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