Bonds vs Gold vs Managed Futures: A 100-Year Perspective

Rethinking traditional asset allocation

Nicolas Rabener
10 min read
12 Oct 2026

SUMMARY

  • Managed Futures were better diversifiers than bonds or gold over the last century
  • Bonds and gold had more severe drawdowns, especially in real returns
  • Traditional asset allocation is ill-suited for a world with record debt levels

INTRODUCTION

If you could pick only bonds or gold as a portfolio diversifier, which would you choose?

Keep reading with Institutional

Includes the full research library of 400+ articles, plus Returns Analyzer and Risk Analytics for return and risk contribution analysis.