Gold vs Bitcoin: performance comparison
Over the 12 months to Oct 5, 2026, gold returned +5.4% and Bitcoin -31.8%. This page puts the two side by side on the same dates — current prices, performance charts rebased to 100, returns from one month to five years, volatility, the deepest falls and how closely the two move together — recalculated daily from closing prices.
Performance, rebased to 100
Both lines start at 100 on the first shared date: a value of 150 means +50% since then.
- Gold+5.4%
- Bitcoin-31.8%
- Gold+136.6%
- Bitcoin+54.2%
Returns
| Period | Gold | Bitcoin | Better |
|---|---|---|---|
| 1 month | -6.4% | +7.4% | Bitcoin |
| 3 months | +0.5% | +34.2% | Bitcoin |
| 6 months | -10.6% | +21.9% | Bitcoin |
| Year to date | -3.5% | -3.0% | Bitcoin |
| 1 year | +5.4% | -31.8% | Gold |
| 3 years | +125.4% | +206.0% | Bitcoin |
| 5 years | +136.6% | +54.2% | Gold |
Price returns between closing prices on the same dates for both assets; dividends and interest are not included. All prices are in US dollars. Data to Oct 5, 2026.
Risk
| Measure | Gold | Bitcoin |
|---|---|---|
| Volatility, 1 year (annualized) | 29.2% | 42.1% |
| Volatility, 5 years (annualized, weekly) | 17.3% | 56.8% |
| Deepest fall, 5 years | -23.4%Feb 2026 – Jul 2026 | -74.2%Nov 2021 – Dec 2022 |
| Correlation, 1 year (daily returns) | 0.26 | |
| Correlation, 5 years (weekly returns) | 0.12 | |
Volatility is the annualized standard deviation of returns — higher means bigger swings. The deepest fall is the largest drop from a previous high. Correlation runs from −1 (opposite moves) through 0 (unrelated) to +1 (in lockstep).
What the numbers say
Over five years (Oct 2021 to Oct 2026), gold returned +136.6% and Bitcoin +54.2%. Gold came out ahead over both one and five years.
Annualized volatility over the past year: Gold 29.2%, Bitcoin 42.1% — Bitcoin was about 1.4× as volatile. Deepest fall over the period: Gold -23.4% (Feb 2026 – Jul 2026), Bitcoin -74.2% (Nov 2021 – Dec 2022).
The correlation of their daily returns over the past year was 0.26. That is a weak positive link. Over five years of weekly returns it was 0.12.
Past performance does not predict future returns.
Key differences
- Track record: gold has been a store of value for thousands of years and sits in central-bank reserves; Bitcoin has existed only since 2009.
- Supply: mining adds roughly 1–2% a year to the stock of gold above ground; Bitcoin's supply is fixed by its code at 21 million coins, with issuance halving about every four years.
- Trading and custody: gold trades on exchanges and over the counter during the week and can be held physically; Bitcoin trades around the clock, every day, and is held in digital wallets, where a lost private key means lost coins.
- Risk: Bitcoin's price swings have historically been several times larger than gold's — the risk table above shows the current figures.
The two assets
Gold
Gold is priced worldwide in US dollars per troy ounce (here: COMEX front-month futures). It pays no income, so its return comes only from price changes, which tend to respond to real interest rates, the US dollar, central-bank buying and demand for a safe haven in times of stress.
Gold chart and analysis →Bitcoin
Bitcoin is the first and largest cryptocurrency, running since 2009, with supply capped at 21 million coins and new issuance halving roughly every four years. Its price is driven by investor demand and market liquidity — including flows into spot ETFs — and by regulation.
Bitcoin chart and analysis →Frequently asked questions
Which performed better over the past year, gold or Bitcoin?
Gold. In the 12 months to Oct 5, 2026, gold returned +5.4% and Bitcoin -31.8%, a difference of 37.1 percentage points. Past performance does not predict future returns.
Which performed better over the past five years, gold or Bitcoin?
Gold. From Oct 2021 to Oct 2026, gold returned +136.6% and Bitcoin +54.2%. Past performance does not predict future returns.
Which is more volatile, gold or Bitcoin?
Bitcoin — about 1.4 times as volatile as gold. Annualized volatility over the past year: Gold 29.2%, Bitcoin 42.1%. Deepest fall over five years: Gold -23.4%, Bitcoin -74.2%.
Do gold and Bitcoin move together?
A weak positive link. The correlation of their daily returns over the past year was 0.26, on a scale from −1 (opposite moves) to +1 (moving in lockstep). Over five years of weekly returns it was 0.12.
How we calculate
Both series are aligned on the trading days (or weeks) they share, so every return covers the same dates for both assets. Periods up to one year use daily closes; three and five years use weekly closes. Volatility is the annualized standard deviation of log returns, the deepest fall is measured on weekly closes, and correlation is the Pearson coefficient of returns over identical intervals. Data: Yahoo Finance and OKX, refreshed daily. All prices are in US dollars.