Warm Welcome, Tagus Community, March 13, 2026
Risk-Adjusted Returns Favour Bitcoin Amid Conflict: Since Feb. 28, 2026, following the outbreak of the US-Iran conflict, Bitcoin and gold have both outperformed traditional risk assets, albeit in different ways. More broadly, over the past month, Bitcoin has gained 4.3%, compared with gold’s 1%, while the S&P 500 has fallen 4.3% and the Nasdaq has declined 3.1%. The annualised Sharpe ratios highlight the risk-adjusted picture even more clearly with Bitcoin at 1.66, gold at 0.91, Nasdaq at -1.04, and S&P500 at -3.03, indicating that over this period, Bitcoin delivered superior risk-adjusted performance. However, this snapshot covers only 30 days, so the Sharpe ratios may be influenced by short-term volatility and are not fully robust, as risk-adjusted metrics are typically calculated using around one year of returns. This short-term strength appears more nuanced when viewed against Bitcoin’s Sharpe ratio trend over the past year, as indicated below.
