It has outperformed hedge funds, real estate, commodities and fine art. : According to the firm, fine wine was less volatile and offered better risk-adjusted returns in 2018, compared to the performance of most alternatives. Its attractiveness also lies in the asset’s tangible nature and in not being correlated to the core financial markets, Cult Wines said. Between 2015 and 2018, a portfolio holding fine wine as an alternative asset delivered a higher risk-adjusted return of 8.63% than portfolios that did not include it, the firm’s research showed.