The traditional 60/40 portfolio has been under attack for years, and the recent hot trades in precious metals and cryptocurrencies are leading it to lose a little more of its prominence. Multiple strategists and investors are pivoting toward a 60/20/20 market portfolio: with the 60% in stocks unchanged, but fixed income losing half of its former hold over investor money, and 20% carved out for alternatives like gold and bitcoin .

Stocks and bonds are moving in the same direction too often, they say, while inflation, geopolitical risk, and government spending and high debt loads mean bonds no longer offer the protection they once did. "We are seeing greater adoption of non-equity, non fixed-income products," Todd Rosenbluth, head of research at VettaFi, told CNBC.

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