According to Charlie Bilello, 2025 total returns showed Gold GLD up 64% leading major assets, while Bitcoin BTC fell 6% and volatility note VXX fell 42% (source: Charlie Bilello on X, Dec 31, 2025, https://twitter.com/charliebilello/status/2006475332296351930). According to Charlie Bilello, developed ex-US equities VEA gained 35% and emerging markets IEMG rose 33%, outpacing the S&P 500 SPY at 18% and the Nasdaq 100 QQQ at 21% by 17 and 15 percentage points versus SPY, respectively (source: Charlie Bilello on X, Dec 31, 2025, https://twitter.com/charliebilello/status/2006475332296351930). According to Charlie Bilello, small caps IWM returned 13%, commodities DBC 8%, US bonds AGG 7%, cash BIL 4%, and REITs VNQ 3% in 2025 (source: Charlie Bilello on X, Dec 31, 2025, https://twitter.com/charliebilello/status/2006475332296351930). According to Charlie Bilello, GLD outperformed BTC by 70 percentage points and outperformed SPY by 46 percentage points in 2025 based on reported returns (source: Charlie Bilello on X, Dec 31, 2025, https://twitter.com/charliebilello/status/2006475332296351930). According to Charlie Bilello, QQQ outperformed SPY by 3 percentage points, while VXX declined 42% for the year, reflecting a large loss in long-volatility products (source: Charlie Bilello on X, Dec 31, 2025, https://twitter.com/charliebilello/status/2006475332296351930). According to Charlie Bilello, by year-end 2025 the cross-asset leaderboard ranked GLD first and BTC negative, with ex-US equities leading US large caps on total return (source: Charlie Bilello on X, Dec 31, 2025, https://twitter.com/charliebilello/status/2006475332296351930).