Crypto has produced some of the highest investment returns of the past decade. It has also produced some of the largest losses.
Bitcoin posted several calendar years with gains above 100%. Ethereum rose more than fivefold in two different years. Solana gained almost 900% in 2023, and XRP rose more than 250% in 2024.
The losses were just as large. Bitcoin lost more than 60% in both 2018 and 2022. Ethereum fell more than 80% in 2018, and Solana dropped more than 90% in 2022.
Traditional assets looked very different. The S&P 500’s worst calendar year from 2018 to 2025 was a loss of about 18% in 2022. Gold finished that year almost flat, while U.S. bonds fell about 13%.
This report compares Bitcoin, Ethereum, Solana and XRP with the S&P 500, the Nasdaq-100, gold and U.S. bonds. It uses calendar-year returns wherever the data allows a fair comparison.
Crypto vs Traditional Assets: Annual Returns at a Glance
The table below shows the gap between crypto returns and returns in conventional markets. Each figure is a calendar-year return.
| Year | Bitcoin | Ethereum | Solana | XRP | S&P 500 | Nasdaq-100 | Gold | U.S. Bonds* |
|---|---|---|---|---|---|---|---|---|
| 2018 | -72.1% | -81.5% | n/a | -81.6% | -4.4% | +0.0% | -1.6% | -0.1% |
| 2019 | +97.8% | +0.0% | n/a | -43.6% | +31.5% | +39.5% | +18.3% | +8.7% |
| 2020 | +270.3% | +423.5% | n/a | +4.3% | +18.4% | +48.9% | +24.8% | +7.4% |
| 2021 | +72.7% | +436.3% | n/a | +306.6% | +28.7% | +27.5% | -3.7% | -1.7% |
| 2022 | -62.0% | -65.5% | -93.8% | -56.7% | -18.1% | -32.4% | -0.4% | -13.1% |
| 2023 | +146.8% | +85.9% | +888.5% | +76.8% | +26.3% | +55.1% | +12.8% | +5.6% |
| 2024 | +135.0% | +55.2% | +97.8% | +259.0% | +25.0% | +25.9% | +27.0% | +1.4% |
| 2025 | -17.2% | -21.5% | -41.9% | -22.0% | +17.9% | +21.0% | +64% to +67% | +7.2% |
*U.S. bonds are represented by the iShares Core U.S. Aggregate Bond ETF and the Bloomberg U.S. Aggregate Bond benchmark. Crypto figures come from Curvo historical datasets. Exact returns can differ slightly between providers because of closing times, exchange prices and methods.
The main point is easy to see. Crypto magnifies both gains and losses.
Traditional markets rarely return several hundred percent in a year. They also rarely lose 60% to 90% in a single year.
Bitcoin Returns by Year
Bitcoin has delivered the strongest long-term performance among the major liquid assets in this report. Its returns have become less extreme as the market has grown.
Bitcoin fell about 72% in 2018 as the 2017 bubble unwound. It rebounded almost 98% in 2019 and gained roughly 270% in 2020. Institutional interest grew that year, and global monetary conditions were very loose.
Bitcoin added another 73% in 2021. Then came another crypto winter.
In 2022, tighter monetary policy coincided with failures across the industry. Terra/Luna, Three Arrows Capital, Celsius and eventually FTX all collapsed. Bitcoin lost about 62% that year.
That year showed how closely crypto can be tied to wider market stress. Stocks and bonds also fell, but by much smaller amounts.
The reversal was sharp. Bitcoin returned about 147% in 2023 and 135% in 2024 in the Curvo series. U.S. spot Bitcoin ETFs launched in 2024, and the fourth halving took place.
Different datasets give slightly different yearly figures. Crypto trades 24 hours a day, so there is no single official closing price.
Bitcoin weakened in 2025. It reached a record above $126,000 in October 2025, according to CoinGlass, then reversed and ended the year down about 17%.
Even as a trillion-dollar institutional asset, Bitcoin has not acted like a low-volatility store of value. It remains a high-beta investment that can produce very large gains and very large drawdowns.
Ethereum Returns by Year
Ethereum’s yearly returns have been even more volatile than Bitcoin’s. ETH fell about 81.5% in 2018 and was nearly flat in 2019.
It then surged in the 2020 and 2021 bull market. ETH gained about 423% in 2020 and about 436% in 2021.
A $10,000 ETH holding at the start of 2020 would have grown to well above $250,000 by the end of 2021, before trading costs or taxes. No major stock, bond or commodity index came close over the same period.
The volatility had a cost. ETH fell about 65.5% in 2022. It recovered about 86% in 2023 and 55% in 2024, then fell about 21.5% in 2025.
Curvo compared the two assets from August 2017 to July 2026. Bitcoin grew about 34% a year over that span, against about 20% for Ethereum.
Ethereum’s annualized standard deviation was about 95%, compared with 73% for Bitcoin. Ethereum has sometimes offered more upside than Bitcoin, but investors have paid for it with higher volatility.
Solana Shows the Extremes of Crypto Investing
Solana shows the extremes of crypto as clearly as any asset. SOL was one of the biggest losers of the 2022 bear market, with a calendar-year decline of about 93.8%.
A $10,000 investment hit by a 93.8% loss would shrink to about $620. Getting back to even takes a huge gain.
Solana delivered one. SOL rose about 889% in 2023 and another 98% in 2024. In 2025 it lost about 42% in the Curvo series.
The math of losses is uneven. A 50% loss needs a 100% gain to recover. A 90% loss needs a 900% gain.
So Solana’s near-900% return in 2023 was large, but much of it was a recovery from the year before. Curvo puts Solana’s standard deviation at more than 110% between late 2021 and 2026. That is about twice Bitcoin’s already high level over the same period.
XRP Returns by Year
XRP shows how one coin can differ sharply from Bitcoin. It fell about 82% in 2018 and another 44% in 2019.
Returns were small in 2020, at about 4%. Then XRP gained more than 300% in 2021 and lost about 57% in 2022.
It rose about 77% in 2023. In 2024 it jumped about 259%. In 2025 it fell about 22% in the Curvo series.
These numbers show why talking about “crypto returns” as one group can mislead. Bitcoin, Ethereum, Solana and XRP often move in the same direction. Their yearly returns can still differ by hundreds of percentage points.
Investors who held only one coin could have had a very different result from those who held another. Choosing the coin mattered as much as choosing to hold crypto at all.
Crypto vs the S&P 500
The contrast with U.S. stocks is large. From 2018 to 2025, the S&P 500 returned -4.4%, 31.5%, 18.4%, 28.7%, -18.1%, 26.3%, 25.0% and 17.9%. These are total returns, so they include dividends.
The S&P 500 had two negative years in the eight-year span. Bitcoin had three. But Bitcoin’s positive years were far larger.
In 2020, Bitcoin gained about 270% and the S&P 500 gained about 18%. In 2023, Bitcoin rose about 147% and the S&P 500 rose about 26%.
Stocks gave much lower upside in single years. They also gave steadier compounding.
An investor in stocks rarely faced the kind of drawdown that would test their patience. That steadiness is a large part of why stocks remain the base of many portfolios.
Bitcoin vs the Nasdaq-100
The Nasdaq-100 is a closer comparison because tech stocks are also growth assets. It returned about 0% in 2018, then 39.5%, 48.9% and 27.5% from 2019 to 2021.
After a 32.4% loss in 2022, it gained 55.1% in 2023, 25.9% in 2024 and 21.0% in 2025.
Nasdaq reports that from the end of 2007 to the end of 2025, the Nasdaq-100 returned 1,342% in total. The S&P 500 returned 560%. Annualized, that is about 16% for the Nasdaq-100 and 11% for the S&P 500.
Even those gains look modest next to crypto bull markets. Ethereum’s 423% gain in 2020 was more than eight times the Nasdaq-100’s 48.9%. Solana’s 889% gain in 2023 was about 16 times the index’s 55%.
The losses were smaller too. The Nasdaq-100’s 32% drop in 2022 was about half of the Bitcoin and Ethereum losses. It was about one-third of Solana’s.
Tech stocks carry real risk, as 2022 showed. Crypto simply carried far more of it.
Crypto vs Gold
Gold has almost the opposite profile. Yearly returns from 2018 to 2025 were about -1.6%, 18.3%, 24.8%, -3.7%, -0.4%, 12.8%, 27.0% and roughly 65%.
The World Gold Council puts the 2025 gain at about 67% using the LBMA benchmark. Small differences between price datasets explain the gap.
The council described 2025 as a record year by multi-decade standards. Gold set 53 new PM benchmark highs during the year.
Over long periods, gold has returned much less than the top crypto assets, with far less volatility. The World Gold Council estimates gold has returned about 9% a year since 1971. That is close to long-run stock returns and above bonds over the same time.
The two assets also behave differently. Crypto tends to do best when liquidity, risk appetite and speculative demand are strong. Gold can do well during financial stress, geopolitical tension and falling confidence in currencies or government debt.
That is why investors often use them for different goals, even though both are sometimes called alternatives to traditional money.
Crypto vs Bonds
Bonds offer an even bigger contrast. The iShares Core U.S. Aggregate Bond ETF is used here as a proxy for investment-grade U.S. bonds. Its yearly returns from 2018 to 2025 were -0.05%, 8.68%, 7.43%, -1.67%, -13.06%, 5.58%, 1.37% and 7.19%.
BlackRock reports that the Bloomberg U.S. Aggregate Bond Index returned about 7.3% in 2025. Its ten-year annualized return was about 2.0% through December 2025.
The unusual year was 2022. Fast interest rate increases by the Federal Reserve pushed bonds and stocks down together. The bond ETF lost about 13%, a large drop by bond standards.
Even so, crypto losses were far larger. The table below shows how each asset did that year.
| Asset | 2022 return |
|---|---|
| U.S. Bonds | -13% |
| S&P 500 | -18% |
| Nasdaq-100 | -32% |
| XRP | -57% |
| Bitcoin | -62% |
| Ethereum | -66% |
| Solana | -94% |
Crypto sat at the far end of the risk spectrum.
What $10,000 Could Have Done
Percent returns mean more when they are turned into dollars. Take $10,000 invested before a strong calendar year.
| Scenario | Gain or loss | Ending value |
|---|---|---|
| S&P 500 gain | +25% | $12,500 |
| Bitcoin gain | +100% | $20,000 |
| Ethereum gain | +400% | $50,000 |
| Solana gain | +889% | almost $99,000 |
| Large decline | -94% | about $600 |
The reverse also applies. A 94% decline cuts $10,000 to about $600.
This is why top return alone is a weak way to compare investments. The path matters as much as the result.
Real investors also face trading costs and taxes, which lower these results.
Compounding Changes the Picture
Looking across several years gives a more balanced view than picking single bull markets. The figures below compound the yearly returns from 2018 through 2025.
| Asset | Cumulative return |
|---|---|
| Bitcoin | about +540% |
| Nasdaq-100 | about +320% |
| Ethereum | about +300% |
| Gold | about +225% |
| S&P 500 | about +190% |
| U.S. aggregate bonds | about +14% |
These numbers are illustrations. Real returns vary by data source, closing method, fees and investment vehicle.
Bitcoin still ranks first over the full period, despite two large bear markets. Ethereum ended slightly behind the Nasdaq-100 even after its huge 2020 and 2021 gains.
The gap between crypto and traditional assets is much smaller than the best single years suggest. The data also shows why avoiding huge losses matters. After a 90% decline, even a very large gain is mostly a recovery.
Crypto’s Four-Year Cycle
Bitcoin’s returns are often linked to its four-year halving cycle. A halving cuts the block reward paid to miners, and it happens about every four years.
Past halvings lined up with big market cycles. The 2016 halving was followed by the 2017 bull market. The 2020 halving was followed by the 2020 to 2021 bull market. The 2024 halving came with another major Bitcoin expansion.
But halving cycles are not a guaranteed rule. Bitcoin is now shaped by factors that barely existed in earlier cycles. These include:
- Spot Bitcoin ETFs
- Institutional asset managers
- Corporate Bitcoin treasuries
- Options and futures markets
- Global monetary policy
- Regulation
- Stablecoin liquidity
- Institutional arbitrage
CoinGlass said that by 2025 Bitcoin increasingly acted like a high-beta, liquidity-sensitive risk asset. It no longer moved apart from traditional financial conditions.
Investors who rely only on the four-year pattern may miss other forces that now move the market.
The Importance of Volatility
Return numbers alone can mislead. Volatility shows how bumpy the ride was.
Curvo estimates annualized volatility of about 73% for Bitcoin and 95% for Ethereum through 2026. Over a shorter period, Solana’s volatility was above 110%.
Nasdaq reports volatility of about 22.9% for the Nasdaq-100 and 20.1% for the S&P 500 between the end of 2007 and 2025. The periods differ by asset, so the comparison is a guide and not an exact match.
Crypto investors have faced several times the annual volatility of stock investors. That helps explain how crypto can deliver far larger returns without being the right fit for every portfolio.
High volatility also affects behavior. Large swings can push investors to sell near a low or buy near a high, which can make real results worse than the headline return.
| Asset | Annualized volatility |
|---|---|
| Solana | above 110% |
| Ethereum | about 95% |
| Bitcoin | about 73% |
| Nasdaq-100 | about 22.9% |
| S&P 500 | about 20.1% |
2026 Returns So Far
This year shows again how fast leadership can change. Bitcoin began 2026 after its record above $126,000 in October 2025, but it struggled afterward. By October 11, 2026, it was down about 4% to 5% for the year, trading in the low $80,000 range.
The S&P 500 had a total return of about 13.8% through October 2, including dividends.
Gold started 2026 strongly and briefly traded above $5,400 to $5,500 an ounce. It then reversed sharply. By September 30, gold was down about 4.4% for the year in U.S. dollars, according to the World Gold Council.
U.S. bonds also struggled as yields rose. Recent data for the iShares Core U.S. Aggregate Bond ETF showed a negative year-to-date return.
Last year’s top asset is rarely guaranteed to lead the next year. Gold was a record performer in 2025 but was negative by late 2026. Bitcoin delivered huge returns in 2023 and 2024 and then weakened. U.S. stocks kept posting steadier gains.
Which Asset Has Produced the Best Returns?
The answer depends on the period measured. For maximum upside, crypto leads. No traditional asset in this comparison matches Ethereum’s 436% in 2021, XRP’s 307% in 2021, Solana’s 889% in 2023 or Bitcoin’s several triple-digit years.
For consistency, stocks look stronger. The S&P 500 had positive total returns in six of the eight years from 2018 to 2025. It never came close to an 80% to 90% yearly collapse.
Gold returned less than the best crypto assets over the long run. It offered diversification and posted a record 2025.
Bonds returned the least, but they play a different role. Their job is income, capital preservation and diversification, not maximum growth.
Time period matters a great deal. An investor who looked only at 2020 and 2021 would see crypto far ahead of everything else. An investor who looked only at 2022 would see the opposite.
The Bottom Line
Historical crypto returns are extraordinary. Bitcoin, Ethereum and leading altcoins have produced calendar-year gains that traditional markets almost never match.
But those returns cannot be separated from risk. Bitcoin has repeatedly lost more than 60% in bear markets. Ethereum has fallen more than 80%, and Solana lost more than 90% in a single year.
Stocks sit in the middle. The S&P 500 and Nasdaq-100 have built wealth over the long term with much lower volatility and shallower drawdowns.
Gold has offered lower but more defensive returns. Bonds have offered income and stability.
The main lesson is not that crypto performs better. It is that different assets earn their returns in different ways.
Crypto has offered the most upside and the most downside. Stocks have delivered steadier compounding. Gold has provided diversification and crisis protection, and bonds have provided stability and income.
For investors, the real question is not which asset had the best year. It is how much volatility and drawdown they can accept in pursuit of higher long-term returns.
Past returns do not predict future results. Each asset’s yearly figures depend on the start date, the end date and the data source.
Sources
- Curvo: Bitcoin vs Ethereum historical performance. Annual BTC and ETH returns, cumulative performance, volatility and Sharpe-ratio comparisons through 2026.
- Curvo: Bitcoin vs Solana. Historical annual returns and volatility for Bitcoin and Solana.
- Curvo: XRP historical performance comparison. Annual XRP returns and long-term risk statistics.
- Slickcharts: S&P 500 total returns by year. Historical annual total returns including dividends.
- Nasdaq Global Indexes: Nasdaq-100 vs S&P 500 performance research. Annual returns and long-run comparison with the S&P 500.
- Nasdaq: 2025 Nasdaq-100 reconstitution and performance highlights. The index’s 21% total return in 2025 and longer-term performance statistics.
- World Gold Council: Gold returns. Historical and current gold-return comparison tool.
- World Gold Council: Gold market commentary, December 2025. Gold’s record 2025 performance and year-end price.
- World Gold Council: Gold as a strategic asset 2026. Long-term gold returns and comparisons with equities, bonds and commodities.
- World Gold Council: Gold market commentary, September 2026. Current gold prices and 2026 year-to-date return through September.
- iShares: U.S. Aggregate Bond Index Fund prospectus. Calendar-year bond returns and Bloomberg U.S. Aggregate Bond Index performance.
- iShares: Core U.S. Aggregate Bond ETF. Historical calendar-year returns for the AGG bond-market proxy.
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