Bitcoin vs NASDAQ (QQQ)
MONTHLY EOD · 2016-01 → 2026-06
QQQ is the cleanest proxy for the long-duration risk-on trade. Bitcoin is often treated as a leveraged version of the same exposure — the comparison tests how true that is.
| METRIC | BITCOIN | NASDAQ 100 (QQQ) |
|---|---|---|
| Total return | 14497.3% | 664.8% |
| Multiple | 145.97x | 7.65x |
| CAGR | 61.4% | 21.6% |
| Max drawdown | -77.8% | -32.6% |
| Annualized volatility | 78.1% | 18.5% |
| Sharpe ratio(rf 4%) | 0.56 | 0.84 |
The NASDAQ 100 has been one of the best-performing major indices of the last decade, with double-digit CAGR and drawdowns that have stayed within historically normal ranges.
Bitcoin shows higher beta to QQQ in risk-on regimes and partial decoupling in risk-off ones. Correlation is unstable, which complicates the 'just Nasdaq with leverage' framing.
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Bitcoin price source: internal monthly close series. Comparison asset: Tiingo daily EOD adjusted close, sampled at month end.