Markets
Nifty Commodities
Nifty Commodities is an NSE theme index of 30 stocks. Since 2004 it has compounded 12.1% a year with dividends reinvested; over the past year it rose 0.6%. Its deepest fall was 67%, from Jan 2008 to Oct 2008, and it took 9.0 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Commodities. Data to 14 Oct 2026.
- Trend
- Downtrend since Aug 2026
- Momentum
- 125th of 133 markets, by rank
- Below its high
- 13.6% total return
- P/E
- 14.4 33rd percentile
- 1 year
- +0.6% total return
- 5 years
- 9.6% a year
- 10 years
- 13.0% a year
- Since 2004
- 12.1% a year
- Volatility
- 16.4% past year; usual 20%
NSE launched Nifty Commodities in Sept 2011. Figures before that use NSE's back-calculated history: today's rules applied to the past, chosen with that past in view. Charts mark the launch.
Returns
Total return counts dividends reinvested; price return does not. Since 2004, dividends added about 1.9 percentage points a year. Returns over more than a year are a year, compounded.
Nifty Commodities: growth of 100
Weekly, from Jan 2004, log scale: equal slopes are equal rates of growth. Drag the range below the chart to start anywhere; both lines restart at 100.
How to read it. The gap between the two lines is what dividends were worth. It widens slowly and never closes.
Loading chart…
To 14 Oct 2026. Before any fund cost or tax.
| Period | Total return | Price return | Dividends added | More |
|---|---|---|---|---|
| 1 month | −5.9% | −5.9% | 0.0 pts | |
| 3 months | −8.3% | −8.6% | +0.3 pts | |
| 6 months | −6.8% | −7.4% | +0.6 pts | |
| This year | −4.4% | −5.3% | +0.9 pts | |
| 1 year | +0.6% | −0.4% | +1.1 pts | |
| 3 years, a year | +12.8% | +11.7% | +1.1 pts | |
| 5 years, a year | +9.6% | +8.2% | +1.3 pts | |
| 10 years, a year | +13.0% | +11.1% | +1.9 pts | |
| 15 years, a year | +11.1% | +9.2% | +1.9 pts | |
| 20 years, a year | +10.7% | +8.8% | +1.8 pts | |
| Since Jan 2004, a year | +12.1% | +10.1% | +1.9 pts |
Year by year
16 of the 21 full calendar years since 2005 ended higher. 19 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty Commodities: each calendar year
The worst fall is the largest drop from a peak within the year, with the previous year-end as the first peak (the convention of J.P. Morgan's Guide to the Markets). Total return, %.
| Year | Total return | Price return | Dividends | Worst fall in the year | More |
|---|---|---|---|---|---|
| 2026 so far | −4.4% | −5.3% | +0.9 pts | −15.2% | |
| 2025 | +18.4% | +17.2% | +1.3 pts | −8.1% | |
| 2024 | +6.1% | +5.3% | +0.9 pts | −17.6% | |
| 2023 | +30.7% | +29.8% | +0.8 pts | −11.2% | |
| 2022 | +8.7% | +6.5% | +2.2 pts | −24.4% | |
| 2021 | +49.8% | +46.8% | +3.0 pts | −13.3% | |
| 2020 | +12.7% | +10.7% | +1.9 pts | −40.5% | |
| 2019 | +2.1% | 0.0% | +2.0 pts | −20.0% | |
| 2018 | −13.6% | −16.1% | +2.5 pts | −20.3% | |
| 2017 | +38.3% | +34.8% | +3.6 pts | −7.5% | |
| 2016 | +27.4% | +24.7% | +2.6 pts | −13.5% | |
| 2015 | −7.5% | −9.5% | +2.1 pts | −21.2% | |
| 2014 | +18.6% | +16.7% | +1.9 pts | −19.9% | |
| 2013 | −6.7% | −8.6% | +2.0 pts | −27.4% | |
| 2012 | +20.9% | +19.3% | +1.6 pts | −19.8% | |
| 2011 | −33.4% | −34.1% | +0.7 pts | −34.8% | |
| 2010 | +3.2% | +2.0% | +1.2 pts | −17.9% | |
| 2009 | +110.7% | +108.3% | +2.4 pts | −16.8% | |
| 2008 | −56.9% | −57.4% | +0.5 pts | −67.3% | |
| 2007 | +112.3% | +108.8% | +3.5 pts | −15.3% | |
| 2006 | +33.3% | +30.7% | +2.6 pts | −35.9% | |
| 2005 | +23.3% | +20.3% | +3.1 pts | −14.8% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 67%, took 10 months to reach bottom and 8.2 years more to climb back. Today it is 13.6% below its high.
Nifty Commodities: how far below its previous high
Weekly, the week's lowest close against the highest close before it, total return, %.
How to read it. Zero is a new high. The depth of each dip is what a holder sat through; its width is how long getting back took.
Loading chart…
Total return, closing prices. A fall ends when the index closes at or above the high it fell from. Calendar time.
| Fall | From the high of | To the low of | Falling for | Recovering for | Back at the high | High to high |
|---|---|---|---|---|---|---|
| −67.2% | 4 Jan 2008 | 27 Oct 2008 | 10 months | 8.2 years | 12 Jan 2017 | 9.0 years |
| −47.3% | 9 Jan 2018 | 23 Mar 2020 | 2.2 years | 10 months | 7 Jan 2021 | 3.0 years |
| −36.1% | 8 Jan 2004 | 17 May 2004 | 4 months | 7 months | 24 Dec 2004 | 12 months |
| −35.9% | 10 May 2006 | 14 Jun 2006 | 35 days | 10 months | 25 Apr 2007 | 12 months |
| −24.4% | 11 Apr 2022 | 22 Jun 2022 | 2 months | 13 months | 31 Jul 2023 | 16 months |
| −22.4% | 27 Sept 2024 | 13 Jan 2025 | 4 months | 12 months | 2 Jan 2026 | 15 months |
| −15.2% | 27 May 2026 | 8 Oct 2026 | 4 months | +2% off the low | not yet | 6 days since the low |
| −14.8% | 4 Oct 2005 | 28 Oct 2005 | 24 days | 45 days | 12 Dec 2005 | 2 months |
| −13.3% | 18 Oct 2021 | 20 Dec 2021 | 2 months | 3 months | 4 Apr 2022 | 6 months |
| −12.1% | 8 Mar 2005 | 29 Apr 2005 | 52 days | 3 months | 2 Aug 2005 | 5 months |
What holding it was like
From every day in its history, what holding Nifty Commodities for a fixed span would have returned a year. Over five years the middle outcome was 11.6% a year; the worst −5.8% and the best 34.3%; 13% of five-year spans lost money.
Total return a year, %, over every span of that length starting on any session. Spans overlap, so 'separate spans' is how many non-overlapping ones the history holds: the longer the span, the fewer truly independent readings behind each figure.
| Held for | Worst | 1 in 10 worse than | Middle | 1 in 10 better than | Best | Spans that lost | Separate spans |
|---|---|---|---|---|---|---|---|
| 1 year | −60.5% | −15.8% | +11.6% | +55.4% | +139.0% | 32% | 22.8 |
| 3 years | −13.4% | −4.2% | +14.8% | +28.3% | +55.7% | 16% | 7.6 |
| 5 years | −5.8% | −0.8% | +11.6% | +24.8% | +34.3% | 13% | 4.6 |
| 7 years | −3.4% | +3.4% | +10.3% | +17.1% | +24.5% | 1% | 3.3 |
| 10 years | −1.6% | +3.5% | +10.8% | +15.8% | +18.9% | 1% | 2.3 |
Rolling returns, a year
Weekly: the return a year over the 3 and 5 years to each date, total return, %.
How to read it. Each point is what someone who bought 3 or 5 years earlier had earned a year by then. The lows mark the worst times to have bought.
Loading chart…
₹10,000 on the first session of every month into the index itself, from January of each year to 14 Oct 2026. Before any fund cost or tax; an index fund would have returned a little less. Of SIPs that ran five years or more, the weakest started in 2021 (+11.1% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,21,490 | 1.01× | +0.7% | |
| 2024 | 34 | ₹3,40,000 | ₹3,46,926 | 1.02× | +1.4% | |
| 2023 | 46 | ₹4,60,000 | ₹5,31,970 | 1.16× | +7.7% | |
| 2022 | 58 | ₹5,80,000 | ₹7,29,297 | 1.26× | +9.6% | |
| 2021 | 70 | ₹7,00,000 | ₹9,66,762 | 1.38× | +11.1% | |
| 2020 | 82 | ₹8,20,000 | ₹13,62,536 | 1.66× | +14.8% | |
| 2019 | 94 | ₹9,40,000 | ₹17,13,449 | 1.82× | +15.1% | |
| 2018 | 106 | ₹10,60,000 | ₹20,43,692 | 1.93× | +14.5% | |
| 2017 | 118 | ₹11,80,000 | ₹23,95,170 | 2.03× | +13.9% | |
| 2016 | 130 | ₹13,00,000 | ₹28,77,729 | 2.21× | +14.1% | |
| 2015 | 142 | ₹14,20,000 | ₹33,90,942 | 2.39× | +14.0% | |
| 2014 | 154 | ₹15,40,000 | ₹39,10,597 | 2.54× | +13.7% | |
| 2013 | 166 | ₹16,60,000 | ₹45,30,305 | 2.73× | +13.6% | |
| 2012 | 178 | ₹17,80,000 | ₹51,15,045 | 2.87× | +13.2% | |
| 2011 | 190 | ₹19,00,000 | ₹56,38,563 | 2.97× | +12.7% | |
| 2010 | 202 | ₹20,20,000 | ₹61,09,414 | 3.02× | +12.1% | |
| 2009 | 214 | ₹21,40,000 | ₹67,98,414 | 3.18× | +11.8% | |
| 2008 | 226 | ₹22,60,000 | ₹74,54,339 | 3.30× | +11.5% | |
| 2007 | 238 | ₹23,80,000 | ₹81,91,469 | 3.44× | +11.3% | |
| 2006 | 250 | ₹25,00,000 | ₹91,94,376 | 3.68× | +11.2% | |
| 2005 | 262 | ₹26,20,000 | ₹1,06,04,070 | 4.05× | +11.4% | |
| 2004 | 274 | ₹27,40,000 | ₹1,23,93,638 | 4.52× | +11.7% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 16.4%, against a usual 20.0% for this index. 59% of months ended higher, and 280 days moved 3% or more either way.
Nifty Commodities: volatility over the past year
Weekly: standard deviation of daily total returns over the past 252 sessions, annualised, %.
How to read it. Spikes come with sell-offs; calm stretches come with rising markets. High readings rarely last.
Loading chart…
| Worst days | Return |
|---|---|
| 21 Jan 2008 | −13.5% |
| 17 May 2004 | −12.9% |
| 23 Mar 2020 | −11.8% |
| 24 Oct 2008 | −11.6% |
| 14 May 2004 | −11.2% |
| Best days | Return |
|---|---|
| 18 May 2009 | +16.7% |
| 23 Jan 2008 | +9.2% |
| 25 Jan 2008 | +8.7% |
| 10 Nov 2008 | +7.8% |
| 14 Feb 2008 | +7.7% |
| Worst months | Return |
|---|---|
| Oct 2008 | −32.4% |
| May 2004 | −24.9% |
| Jan 2008 | −23.7% |
| Mar 2020 | −23.3% |
| Jun 2008 | −17.0% |
| Best months | Return |
|---|---|
| May 2009 | +41.7% |
| Oct 2007 | +24.5% |
| Sept 2007 | +20.1% |
| May 2014 | +20.0% |
| Jan 2012 | +17.2% |
Valuation
NSE's own price-to-earnings, price-to-book and dividend yield, at each month-end since Aug 2026. Today's P/E of 14.4 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 1.86, is in the middle of its range over the full history.
Price to earnings
Month-ends, as NSE publishes them.
How to read it. Higher is dearer. Before March 2021 NSE used standalone earnings, so readings on either side of the line are not strictly comparable.
Price to earnings. Line chart, Aug 2026 to Oct 2026. Price to earnings: latest 14.4×, range 14.4× to 15.0×.
Price to book
Month-ends, as NSE publishes them.
How to read it. Higher is dearer. Book value has no accounting break, so the whole history compares.
Price to book. Line chart, Aug 2026 to Oct 2026. Price to book: latest 1.86×, range 1.86× to 1.96×.
Today is 14 Oct 2026; the history is month-ends. A percentile is the share of month-ends at or below today's reading: 90 means dearer than nine months in ten (for dividend yield, the reverse).
| Today | Percentile, full history | Last 10 years | Since March 2021 | Median | Low | High | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 14.41 | 33 | – | – | 14.89 | 14.41 | 15.02 |
| Price to book | 1.86 | 33 | – | – | 1.92 | 1.86 | 1.96 |
| Dividend yield, % | 2.12 | 100 | – | – | 1.51 | 1.37 | 2.12 |
What it holds
30 stocks as NSE lists them today. The ten largest make up 62.1% of the index. It is weighted by periodic capped free float mcap and rebalanced twice a yearly.
Sector weights
NSE's factsheet, 30 Sept 2026. % of the index.
How to read it. Sectors as NSE classifies them. A sector index of one industry has no split to show.
Sector weights. Bar chart of 6 items. Weight, %: highest Metals & Mining at 28.6%, lowest Capital Goods at 1.9%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Reliance Industries Ltd. | 9.91% |
| 2 | NTPC Ltd. | 7.39% |
| 3 | Tata Steel Ltd. | 7.37% |
| 4 | Hindalco Industries Ltd. | 6.57% |
| 5 | UltraTech Cement Ltd. | 6.25% |
| 6 | JSW Steel Ltd. | 5.82% |
| 7 | Grasim Industries Ltd. | 5.57% |
| 8 | Coal India Ltd. | 4.91% |
| 9 | Oil & Natural Gas Corporation Ltd. | 4.23% |
| 10 | Adani Power Ltd. | 4.09% |
NSE's constituent list for Nifty Commodities, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| APL Apollo Tubes Ltd. | Capital Goods | APLAPOLLO | |
| Adani Energy Solutions Ltd. | Power | ADANIENSOL | |
| Adani Green Energy Ltd. | Power | ADANIGREEN | |
| Adani Power Ltd. | Power | ADANIPOWER | |
| Ambuja Cements Ltd. | Construction Materials | AMBUJACEM | |
| Bharat Petroleum Corporation Ltd. | Oil Gas & Consumable Fuels | BPCL | |
| Coal India Ltd. | Oil Gas & Consumable Fuels | COALINDIA | |
| Grasim Industries Ltd. | Construction Materials | GRASIM | |
| Hindalco Industries Ltd. | Metals & Mining | HINDALCO | |
| Hindustan Petroleum Corporation Ltd. | Oil Gas & Consumable Fuels | HINDPETRO | |
| Indian Oil Corporation Ltd. | Oil Gas & Consumable Fuels | IOC | |
| JSW Energy Ltd. | Power | JSWENERGY | |
| JSW Steel Ltd. | Metals & Mining | JSWSTEEL | |
| Jindal Steel Ltd. | Metals & Mining | JINDALSTEL | |
| NHPC Ltd. | Power | NHPC | |
| NMDC Ltd. | Metals & Mining | NMDC | |
| NTPC Ltd. | Power | NTPC | |
| Oil & Natural Gas Corporation Ltd. | Oil Gas & Consumable Fuels | ONGC | |
| Oil India Ltd. | Oil Gas & Consumable Fuels | OIL | |
| Pidilite Industries Ltd. | Chemicals | PIDILITIND | |
| Reliance Industries Ltd. | Oil Gas & Consumable Fuels | RELIANCE | |
| SRF Ltd. | Chemicals | SRF | |
| Shree Cement Ltd. | Construction Materials | SHREECEM | |
| Tata Power Co. Ltd. | Power | TATAPOWER | |
| Tata Steel Ltd. | Metals & Mining | TATASTEEL | |
| Torrent Power Ltd. | Power | TORNTPOWER | |
| UPL Ltd. | Chemicals | UPL | |
| UltraTech Cement Ltd. | Construction Materials | ULTRACEMCO | |
| Vedanta Aluminium Metal Ltd. | Metals & Mining | VAML | |
| Vedanta Ltd. | Metals & Mining | VEDL |
Against the Nifty 500
How Nifty Commodities has done against the broad market it is part of. Over 23 years it trailed the Nifty 500 by 1.4 percentage points a year, and was ahead in 8 of 21 calendar years.
Relative strength
Weekly: Nifty Commodities's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty Commodities is outrunning the Nifty 500. Falling: it is lagging. The level means nothing; the direction is the reading.
Loading chart…
Three-year lead or lag
Weekly: Nifty Commodities's return a year over the past three years minus the Nifty 500's, percentage points.
How to read it. Above zero, someone who bought three years earlier was ahead of the broad index; below, behind.
Loading chart…
Monthly total returns. Up capture: how much of the Nifty 500's gain in its rising months this index caught (100 is all of it); down capture: the same for falling months. Beta above 1 means bigger swings than the Nifty 500.
| Ahead by, a year | Up capture | Down capture | Beta | Correlation | Tracking error | |
|---|---|---|---|---|---|---|
| Full history, from Feb 2004 | −1.4 pts | 105 | 113 | 1.12 | 0.93 | 9.8% |
| Last 5 years, from Oct 2021 | +2.6 pts | 107 | 96 | 1.07 | 0.86 | 9.3% |
Models and ETFs
No Tipsheet model uses Nifty Commodities. 1 ETFs track it. Its trend and momentum have a page of their own.
From the ETF desk. Tracking difference: what a holder buying and selling on the exchange got, minus the index's total return, over the past year. Tracking error: how much that gap wobbled week to week.
| ETF | NSE symbol | Expense ratio | Assets | Tracking difference, 1 year | Tracking error, 1 year | Daily traded value (median) | More |
|---|---|---|---|---|---|---|---|
| ICICI Prudential Nifty Commodities ETF | COMMOIETF | 0.26% | ₹128 cr | −0.47 pts | 2.48% | ₹0.5 cr |
Data and sources
Nifty Commodities is computed and published by NSE Indices. History here starts 1 Jan 2004; NSE launched the index on 7 Sept 2011, from a base date of January 01, 2004. All returns are on NSE's total-return index unless marked as price return.
Historical index data. NSE publishes daily index values, total-return values and P/E, P/B and dividend yield for every index on niftyindices.com: historical data. Pick Nifty Commodities there to download its full series.
- Nifty Commodities on niftyindices.com: description and methodology
- NSE's monthly factsheet (PDF)
- Current constituents (CSV)
- The weekly series on this page (JSON): growth of 100, drawdown, volatility and rolling returns
Index values themselves are NSE's and are not republished here; the charts show growth of 100 and other figures computed from them.
The workings
The question
Data
Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.