Prominent analyst PlanB has presented data advocating for a combined Bitcoin and gold investment strategy to optimize risk-adjusted returns. According to his analysis, the risk/return profile of Bitcoin (BTC) and gold, as measured by the Calmar ratio, is nearly identical. A portfolio consisting of 20% Bitcoin and 80% gold has demonstrated less risk and double the return compared to a gold-only portfolio.
PlanB shared these findings on social media, stating, "Gold and bitcoin are in the same team... Best investment is a combi of gold AND bitcoin. E.g. 80% gold + 20% bitcoin has LESS risk and 2x MORE return than gold." The data shows that from 2017 to early 2025, gold provided a geometric profit of 16% with a 22% drawdown, while Bitcoin delivered a 61% profit but with an 84% drawdown. The combined 20/80 portfolio yielded a nearly 30% geometric profit with only an 18% drawdown and a Calmar ratio of 172%.
This analysis emerges against a backdrop where Bitcoin's price has recently underperformed gold in early 2026. After trading near $120,000 in late 2025, Bitcoin is now ranging between $88,000 and $95,000, while gold holds strong near $4,700-$4,800. The shift is attributed to five key factors: gold's established role as a safe-haven during policy uncertainty; sustained central bank gold buying (over 1,000 tonnes in 2025); policy changes reducing speculative crypto inflows; Bitcoin's higher volatility compared to gold's price stability; and insufficient global liquidity growth, which currently favors defensive assets.
