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BTC Urien Timmer, global macro director at Fidelity Investments, released an updated version of the company\'s much-watched results sheet, which outlines investment returns over a specific period of time. The new table highlights the significant divergence of trends among major asset classes in the first half of 2026.
Asset returns appear surprisingly divided
According to this ranking, which tracks monthly data as of June 2026, emerging markets, small-cap stocks and Japanese stocks lead the list. In contrast, bitcoin, gold and long-term bonds were at the bottom, significantly lagging behind other asset classes during the same period. Fidelity Investments is one of the world\'s largest asset managers, with businesses covering global stocks, bonds and alternative investments. Yurion Timmer is known for his insights into macro trends and market developments.
The updated Fidelity results sheet shows that the investment landscape shifted sharply in early 2026, with Bitcoin lagging behind most liquid asset classes.
Bitcoin, gold and bonds are clustered at the bottom
In the far right column of the table (showing data as of June 2026), the orange boxes representing Bitcoin are clustered near the bottom. This visual presentation highlights that the leading cryptocurrency\'s returns fell behind most major assets in the first half of the year. Notably, long-term U.S. Treasuries and spot gold also appear in the same lower region, although these assets typically respond to different market dynamics. Their simultaneous weak performance has attracted the attention of market observers.
Long-term bonds are debt instruments with longer maturities and are more sensitive to interest rate expectations than short-term bonds. As a result, changes in the interest rate outlook tend to have a greater impact on performance.
Unusual market patterns emerge
Data reveals an atypical scenario: Bitcoin, often considered a high-risk digital asset, appears in the same underperforming group as gold, traditionally considered a safe-haven asset. This synchronized decline suggests that in the first half of 2026, the price behavior faced by investors deviated from the classic logic of distinguishing risk and hedging. Boxes representing Bitcoin are clustered at the bottom of the June 2026 column, highlighting the digital asset\'s significantly lagging performance compared to almost all liquid asset classes.
Statistics also show that the gap between a strong stock market and defensive assets is widening. Therefore, investment preferences in the first half of 2026 reflect a pattern in which both risk appetite and defense strategies deviate from traditional models.
