21shares: The annualized volatility of Bitcoin has fallen below that of Tesla, with a correlation to gold of only 4%

21shares released a digital asset allocation analysis report, analyzing the allocation value of Bitcoin, Ethereum, and Solana in traditional investment portfolios. Data shows that from October 2023 to September 2026, the three-year correlation of Bitcoin with U.S. stocks, real estate, and gold is 38%, 11%, and 4% respectively, lower than the correlations among various traditional assets, reflecting a certain value of portfolio diversification.

In addition, Bitcoin's volatility has decreased, with an annualized volatility of 44% for the 12 months prior to September 30, 2026, lower than Tesla's 46% and Palantir's 59%. In terms of portfolio allocation, 21shares conducted backtesting on data from October 2023 to September 2026 and found that allocating 2% to 5% of digital assets in a traditional 60/40 stock-bond portfolio helps improve risk-adjusted returns. Bitcoin, Ethereum, and Solana play different roles in the portfolio, focusing respectively on alternative asset allocation, technology growth assets, and high-risk growth allocations.