Volatility targeting

From the trading desk to the portfolio committee, investors face a familiar question: how should alternative stores of value fit into a diversified portfolio? This research explores that question through a systematic dual-momentum framework comparing Bitcoin and physical gold in a rules-based tactical allocation model. Rather than debating ideology, we focus on practical portfolio construction and risk-adjusted returns. The goal is to examine whether “digital gold” can complement its physical counterpart within a disciplined investment process, and whether the distinct behavior of these assets can be used to build a more effective systematic strategy.