Bitcoin and gold are the two worst performers among 21 major asset classes tracked by Creative Planning strategist Charlie Bilello in 2026 through October 23. Bitcoin is down 7.3% and gold is down 7.5%, and it's the first calendar year in Bilello's records going back to 2011 that the pair have finished at the bottom together.
The wider table is uneven. A basket of commodities gained 52.5%, US large-cap stocks rose 12.3% and short-term Treasury bills returned 2.9%. Only 57% of the 21 classes are positive on the year.
Gold gives back a record run
Gold's drop lands after a 63.7% gain in 2025, its best year in Bilello's table. Spot gold pushed above $5,400 an ounce in early 2026 before turning lower, and closed at $3,995.81 on Friday after slipping below $4,000 for the first time since July.
The metal didn't get the usual safe-haven bid during this week's tech stock selloff. ING analysts said gold failed to benefit from the equity weakness, with the market more focused on higher oil prices and what they mean for inflation.
Brent crude touched $116 a barrel on Friday as US-Iran tensions escalated. Higher energy prices feed inflation worries, and that has traders pricing a 68% chance of a December rate hike ahead of the Federal Reserve's decision on Wednesday, according to CME FedWatch data.
Bitcoin's second losing year
Bitcoin is heading for a second straight losing year after a 6.3% slide in 2025. It trades at $80,472, about 35% below its peak above $126,000 in October 2025.
Both assets share the same headwind: neither pays interest. When rates are expected to rise, the opportunity cost of holding a metal bar or a token grows relative to bonds or cash. That's a simple mechanical drag, and it's showing up in the rankings.
The longer-run record cuts the other way. Since 2011, Bitcoin has averaged a 120.6% annual return, the highest in Bilello's table, while gold has averaged 6.3% a year. One bad stretch doesn't erase that, but it does put both in the same corner of the year's scoreboard.
Two months left to move
The year isn't closed. With two months left in 2026, the year-end ranking of asset classes can still change, and a single sharp move in either direction would reshuffle the bottom of Bilello's table.
The Fed's Wednesday decision is the next concrete checkpoint. If the December hike traders are pricing becomes more likely, gold and Bitcoin face the same rate math into year-end. If it fades, the pair get a reprieve — and a shot at climbing out of last place before the calendar flips.
