Fidelity said Bitcoin and gold delivered the weakest returns among major asset classes in early 2026

Fidelity Investments’ Global Macro Director, Jurrien Timmer, has released an updated version of the company’s widely followed performance table, which outlines investment returns over specific periods. The new table highlights a pronounced divergence among asset classes in the first half of 2026.

Striking divergence in asset returns

According to the rankings, which track monthly data through June 2026, emerging markets, small-cap stocks, and Japanese equities led the tables. By contrast, Bitcoin, gold, and long-term bonds occupied the lowest positions, showing a stark underperformance relative to other asset groups during the same period.

Fidelity Investments is one of the world’s largest asset management firms, operating globally across equities, bonds, and alternative investments. Jurrien Timmer is recognized for his insights into macro trends and market developments within the firm.

Bitcoin, gold, and bonds clustered at the bottom

In the rightmost column of the table, which displays data up to June 2026, the orange boxes representing Bitcoin are concentrated near the bottom. This visual underscores that the leading cryptocurrency trailed most major assets in returns during the first half of the year.

Notably, both long-term US Treasury bonds and spot gold also appeared in the same lower segment, even though these assets typically react to different market dynamics. Their simultaneous weak performance drew attention from market observers.

Long-term bonds are debt instruments with extended maturities and are more sensitive to interest rate expectations than short-term bonds. As a result, changes in interest rate outlooks tend to impact their performance more significantly.

An unusual market landscape emerges

The data reveals an atypical scenario where Bitcoin, often considered a high-risk digital asset, appeared in the same underperforming group as gold, traditionally viewed as a safe haven. This concurrent decline suggests that, in the first half of 2026, investors faced pricing behavior that departed from classic risk-versus-protection distinctions.

Statistics also indicate a widening gap between robust equity markets and defensive assets. Investment preferences during the first half of 2026 thus reflected patterns outside traditional norms for both risk-seeking and defensive strategies.

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