A study by Taurex covering the period from 2020 to August 2026 has ranked Google as the best-performing asset, with a gain of nearly 291%. Over the same stretch, Bitcoin lost roughly 30% of its value. Gold, along with Apple, Microsoft and defence contractor BAE Systems, each returned more than 100%.
Gold’s performance in context
Gold’s gain of more than 100% over the six‑and‑a‑half‑year period places it among the top‑tier assets in the study. The precious metal has historically acted as a store of value during periods of economic uncertainty and rising inflation. Between 2020 and 2026, central banks in several countries maintained accommodative monetary policies for extended periods, while geopolitical shocks and supply‑chain disruptions pushed up consumer prices. These conditions typically support gold demand from both institutional and retail investors.
By contrast, Bitcoin’s 30% decline reflects the cryptocurrency’s higher volatility and sensitivity to shifts in risk appetite. After reaching record highs in 2021, Bitcoin suffered sharp corrections as regulators tightened oversight and interest rates rose, reducing the appeal of speculative assets.
Defence stocks lead the pack
Defence stocks featured prominently among the top performers in the Taurex study. BAE Systems, a UK‑based defence contractor, posted gains exceeding 100%. The sector as a whole benefited from higher military spending by governments worldwide, driven by geopolitical tensions and a broad increase in global security expenditure. Conflicts in Europe and the Middle East, along with rising competition between major powers, have prompted many nations to boost their defence budgets.
Other technology giants also performed strongly. Apple and Microsoft each delivered returns above 100%, reflecting sustained demand for their products and services, as well as their dominant positions in cloud computing and consumer electronics.
Key takeaways
- Google was the best‑performing asset in the Taurex study, gaining nearly 291% from 2020 to August 2026.
- Gold, Apple, Microsoft and BAE Systems each returned more than 100% over the same period.
- Bitcoin fell 30%, highlighting the divergence between traditional safe‑haven assets and cryptocurrencies.
- Defence stocks outperformed due to higher military spending and geopolitical tensions.
Common questions
Why did gold perform better than Bitcoin during this period?
Gold is widely regarded as a safe‑haven asset that tends to hold its value when inflation rises or economic uncertainty increases. Bitcoin, while sometimes described as digital gold, has a shorter track record and is more sensitive to changes in interest rates and regulatory developments. The period from 2020 to 2026 included several rate‑hiking cycles that reduced appetite for speculative assets like cryptocurrencies.
What drove the strong performance of defence stocks?
Higher military spending by governments, rising geopolitical tensions and increased global security expenditure were the main drivers. Conflicts in Europe and the Middle East, along with strategic competition between major powers, led many nations to expand their defence budgets.
How does gold compare with other assets in the study?
Gold’s gain of more than 100% placed it behind Google (291%) but ahead of Bitcoin (‑30%). It performed in line with Apple, Microsoft and BAE Systems, all of which also delivered returns above 100%.
The Taurex study underscores how different asset classes have fared in a period marked by inflation, geopolitical upheaval and rapid technological change. For investors tracking gold, the live gold price remains a key reference point against which to measure the metal’s relative performance.