Saxo report on cross asset returns over last 15 years shows Bitcoin has led in 11 out of 15
UAE regulated Saxo, a financial investment services firm in their recent blog posted discussed the investment landscape in 2025 where the biggest winner was Gold, which grew in value by 65% followed by EM (Emerging Market) Equities 31% +31% and Developed Markets ex-US +28% beat the S&P 500 +16%, but what was really interesting was Bitcoin’s performance and though many see it as negative in 2025, losing 6% of its value, the historical roadmap shows that it has been leading in the past 15 years.
As per Cross Asset Returns Over the Last 15 Years graph that Saxo showed, Bitcoin did very well in 11 out of the 15 years. It rose by 1317% in 2011, it topped the best performing investments in 2012 growing by %218 again in 2013 by %5428. It also took number one position in 2015, 2016, 2017, and then again in 2019, 2020, 2021, 2023, and 2024.
The only time it has lost was in 2014 were it fell by %58, and in 2018 where it went down by %74, and in 2022 by %64. Although 2025 also witnessed a loss for Bitcoin, this time it was only %6 the least it has ever lost in its history.
So in the last 15 years, Bitcoin has led in 11 of those years, there is not one asset class that has done that in the same time frame. In the three instances where Bitcoin has lost its number one position, it has lost it to the USD dollar which took top position in 2014, and 2018. In 2022, Bloomberg Energy Index took first place and now for the first time Gold has taken first place in 2025.
Bitcoin did better than the US Dollar which lost %9 percent of its value in 2025. In 2024 when Bitcoin had a %120 gain, the USD dollar only had a %10 gain, while in 2023 when Bitcoin grew by %147 the US Dollar lost %2 percent of its value.
There are even times where the US dollars lost %10 of its value as it did in 2017, and still it bounced back again to top position in 2018.
As per Saxo, in 2025, different parts of portfolios did well and others didn’t and that is why investors diversify. According to Saxo blog for example, long term investors have learned from 2025, that last year’s winner is not next year’s plan. As noted by Saxo, ” The takeaway is not a debate about which asset is “better.” It is a reminder that markets rotate, and the trades that become most popular can also become the most vulnerable when conditions change.”
Another important note made by Saxo, is that the US dollar fell -9% in 2025. To them that matters because currency moves can lift or drag returns, even when the underlying assets perform as expected.
Finally one of their most interesting points in the blog was this, ” Gold winning doesn’t mean it will keep winning. Non-US outperformance doesn’t mean the US is “finished.” Bitcoin cooling doesn’t mean crypto is irrelevant. It simply means markets rotate, narratives fade, and discipline tends to beat prediction over time.”
For crypto enthusiasts, 2025 was the year crypto was accepted across the globe. It was the year of institutional adoption, U.S. crypto regulations, banks offering crypto, and Bitcoin ETFs bringing in the biggest profits for BlackRock.
What is for sure is that Bitcoin has been part of the investment portfolio for the past 15 years and will continue to be so.
