A report by cryptocurrency dealer SFOX shows that as of the end of 2019, Bitcoin's investor returns were 93.8%, with annual returns higher than the S & P 500 and gold. The report states that BTC has proven to be largely unrelated to the S & P 500 index and gold, with 30-day average correlation values of 0.037 and 0.149 in the past six months, respectively. But the report said: "It is worth noting that this is only a small data set, and the implied volatility of BTC options has reached about 70%, so it is unclear whether these data will continue with the New Year trend. Coupled with volatility, Bitcoin's 2019 average return on unit volatility per unit of assets is 1.74 compared to the S & P 500's 2.54. Therefore, when the returns on these assets are adjusted based on the level of risk, the S & P 500 will outperform Bitcoin in 2019. However, the report states that despite the volatility experienced by Bitcoin and other cryptocurrencies during the year, their 30-day historical volatility levels at the end of the year were relatively low.