Bitcoin delivered an 87-fold return over the decade from the end of June 2016 to the end of June 2026, turning $10,000 into about $870,000 and leaving an equivalent investment in SPY, the S&P 500-tracking ETF, worth roughly $828,000 less. Over a similar period, Morningstar data reported by The Wall Street Journal showed only 13% of actively managed U.S. large-cap equity funds beat comparable passive benchmarks through June 30, though that success rate improved to 27% over the latest 12 months. Wells Fargo said capturing Bitcoin's gains would have required enduring major drawdowns, including an 83% drop from the 2017 peak and a 77% decline from the 2021 peak.