Risk adjusted returns is defined as the ROI / Risk. Where risk is calculated as the changeability (volatility) of ROI. This is officially known as the Sharpe Ratio.
In this chart I`ve used a 4 year HODL period to run the Sharpe Ratio calculation, this seems a sensible choice as it is sufficient time to cover a full bear to bull cycle.
Data for macro markets is from the US Federal Reserve. Bitcoin price data is from Blockchain.com