# Main findings

The three-year ranking was unambiguous: NVIDIA returned 1,160.03%, Bitcoin 452.22%, gold 140.44%, and SPY 85.45%.

NVIDIA's terminal advantage over SPY was 1,074.58 percentage points. Its advantage over gold was 1,019.59 points and over Bitcoin was 707.81 points.

Bitcoin beat SPY by 366.77 percentage points and gold by 311.78 points. Gold beat SPY by 54.99 points.

The return gap came with materially different risk. Annualized calendar-day volatility was 50.02% for NVIDIA and 46.40% for Bitcoin, versus 16.56% for gold and 15.30% for SPY. Maximum drawdowns were -36.89%, -31.94%, -11.30%, and -18.76%, respectively.

These numbers describe one unusually strong historical window, especially for NVIDIA. They do not estimate how large the next three-year gap will be.
