Most reviews of the best-performing market sectors focus on capital appreciation. If we look at the first four months of 2021 through that lens, we’d have to say that Bitcoin—if you consider the cryptocurrency a sector—handily beat out all competitors. Now, we all know how volatile Bitcoin’s been, so it shouldn’t be surprising that it would have trouble topping the list on a risk-adjusted basis. And indeed that’s true. Measured by its Sharpe ratio, Bitcoin comes in fourth. So, what sector was on top? Real estate.