Markets and purchasing power

Asset Class Returns vs Inflation

Compare total returns for major stock, bond, real estate, precious-metal, cash, and commodity proxies through the latest available 2026 market data. Switch between All Time, 10Y, 5Y, 1Y, and YTD views, toggle Bitcoin onto the same scale, or download the selected chart as a PNG.

Asset class performance

Asset Class Returns vs Inflation

16.0-year annualized total return (Aug 18, 2010 to Aug 10, 2026)

M2 growth: 6.4%CPI inflation: 2.7%Dark bars exceed M2 growth for the selected period

US M2 money stock growth

The growth rate of the Federal Reserve's seasonally adjusted M2 money stock over the selected period.

6.4%

Inspect M2SL on FRED

US consumer price inflation

The growth rate of the seasonally adjusted US Consumer Price Index for All Urban Consumers over the selected period.

2.7%

Inspect CPIAUCSL on FRED

What the comparison shows

Long-term returns are not distributed evenly

In the all-time calculation, 9 of the 19 traditional asset proxies exceed US M2 growth. M2 grew at about 6.4% per year while consumer prices rose about 2.7% per year over their available all-time periods.

A return above CPI indicates that an asset proxy increased faster than this broad measure of consumer prices. A return above M2 indicates that it increased faster than the US money stock. Neither comparison guarantees higher future returns or captures an individual investor's taxes and costs.

Bitcoin is excluded from the default chart only to preserve a readable scale. Use the Bitcoin control to compare its selected period return with traditional markets.

Methodology

How each lookback period is calculated

Each traditional category uses a consistent exchange-traded fund proxy. The calculation uses adjusted close values so cash distributions and splits are reflected. All Time, 10Y, 5Y, and 1Y display compound annual growth rates. YTD displays the cumulative return since the prior calendar year ended.

All Time begins Aug. 18, 2010, the first positive price in the Blockchain.com BTC/USD history. The endpoint is the latest available 2026 market value, so this is a live partial-period update rather than a claim about a completed 2026 calendar year.

ETF proxies are useful for consistent total-return histories, but they are not the asset classes themselves. Fund expenses, tracking differences, and benchmark changes can create small differences from institutional index return series.

Data sources: adjusted-close market history from Yahoo Finance, M2 and CPI series from FRED, and BTC/USD history from Blockchain.com.

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Asset class return questions

What does annualized return mean?

Annualized return, or compound annual growth rate, converts the full gain over the measurement period into the constant yearly rate that would produce the same ending value.

Does this asset class returns chart include dividends?

Yes. The ETF comparisons use adjusted close data, which accounts for distributions and splits. The figures are nominal total returns before taxes, fees, and investor-specific trading costs.

When does the all-time asset return comparison begin?

All Time begins Aug. 18, 2010, the first positive BTC/USD observation in the Blockchain.com market-price series. Every traditional ETF proxy in the chart has data for that shared start date.

Are year-to-date returns annualized?

No. All Time, 10Y, 5Y, and 1Y display compound annual growth rates. YTD displays the ordinary cumulative return since the final market close of the prior calendar year.

Why is Bitcoin optional in the chart?

Bitcoin's much higher annualized return expands the vertical scale and makes traditional asset differences harder to read. The Bitcoin control adds it to the same scale when a direct comparison is useful.