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Bitcoin vs. Gold: Which Hard Asset Adds More Value to a 60/40 Portfolio?

How Much Does It Matter Which Hard Asset You Pick?

Ecoinometrics

May 5

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Hard assets like Bitcoin and gold have done particularly well over the past 12–18 months, despite the absence of a major monetary debasement distorting the market.

But Bitcoin and gold aren’t interchangeable assets. The narrative of Bitcoin as digital gold has some limitations. The biggest is that, in practice, Bitcoin tends to be positively correlated with the U.S. stock market, unlike gold, which is largely uncorrelated.

So when it comes to adding one of these hard assets to your traditional stock-and-bond portfolio, what makes more sense: gold or Bitcoin?

Let’s try to answer that by looking at what happened over the past 12 months, and what may lie ahead in the coming months.

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Bitcoin vs. Gold: Which Hard Asset Adds More Value to a 60/40 Portfolio?

The Takeaway

Over the past 12 months, both Bitcoin and gold have improved portfolio performance when added to a traditional 60/40 mix. While Bitcoin delivered higher total returns, gold offered stronger downside protection and better risk-adjusted returns during periods of stress.

The choice between them depends on your macro outlook:...