Markets
Nifty Dividend Opportunities 50
Nifty Dividend Opportunities 50 is an NSE strategy and factor index of 50 stocks. Since 2007 it has compounded 12.1% a year with dividends reinvested; over the past year it fell 7.7%. Its deepest fall was 59%, from Jan 2008 to Oct 2008, and it took 2.3 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Dividend Opportunities 50. Data to 26 Oct 2026.
- Trend
- Downtrend since Mar 2026
- Momentum
- 56th of 139 markets, by rank
- Below its high
- 17.1% total return
- P/E
- 12.5 67th percentile
- 1 year
- −7.7% total return
- 5 years
- 10.4% a year
- 10 years
- 12.7% a year
- Since 2007
- 12.1% a year
- Volatility
- 13.9% past year; usual 15%
NSE launched Nifty Dividend Opportunities 50 in Mar 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 2007, dividends added about 2.7 percentage points a year. Returns over more than a year are a year, compounded.
Nifty Dividend Opportunities 50: growth of 100
Weekly, from Oct 2007, 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.
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To 26 Oct 2026. Before any fund cost or tax.
| Period | Total return | Price return | Dividends added | More |
|---|---|---|---|---|
| 1 month | −1.0% | −1.2% | +0.1 pts | |
| 3 months | −4.1% | −4.5% | +0.4 pts | |
| 6 months | −7.4% | −8.3% | +0.9 pts | |
| This year | −11.9% | −13.3% | +1.4 pts | |
| 1 year | −7.7% | −9.5% | +1.8 pts | |
| 3 years, a year | +9.8% | +7.6% | +2.2 pts | |
| 5 years, a year | +10.4% | +8.1% | +2.3 pts | |
| 10 years, a year | +12.7% | +9.9% | +2.8 pts | |
| 15 years, a year | +12.1% | +9.4% | +2.8 pts | |
| Since Oct 2007, a year | +12.1% | +9.4% | +2.7 pts |
Year by year
14 of the 18 full calendar years since 2008 ended higher. 14 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty Dividend Opportunities 50: 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 | −11.9% | −13.3% | +1.4 pts | −16.8% | |
| 2025 | +4.1% | +1.7% | +2.4 pts | −13.6% | |
| 2024 | +19.0% | +16.7% | +2.3 pts | −10.6% | |
| 2023 | +44.3% | +42.1% | +2.1 pts | −5.0% | |
| 2022 | +4.8% | +1.9% | +2.9 pts | −16.0% | |
| 2021 | +34.0% | +30.1% | +3.9 pts | −9.5% | |
| 2020 | +15.7% | +12.6% | +3.1 pts | −32.8% | |
| 2019 | +0.8% | −2.0% | +2.8 pts | −10.9% | |
| 2018 | +1.3% | −1.8% | +3.1 pts | −13.1% | |
| 2017 | +28.9% | +25.3% | +3.6 pts | −4.2% | |
| 2016 | +12.7% | +9.9% | +2.8 pts | −14.1% | |
| 2015 | −9.0% | −11.3% | +2.3 pts | −17.4% | |
| 2014 | +36.7% | +33.6% | +3.1 pts | −7.9% | |
| 2013 | −4.7% | −7.2% | +2.5 pts | −22.2% | |
| 2012 | +34.0% | +30.5% | +3.4 pts | −11.6% | |
| 2011 | −12.7% | −14.4% | +1.7 pts | −14.4% | |
| 2010 | +34.1% | +31.3% | +2.8 pts | −10.9% | |
| 2009 | +94.3% | +89.2% | +5.1 pts | −19.5% | |
| 2008 | −49.0% | −50.1% | +1.1 pts | −58.8% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 59%, took 10 months to reach bottom and 17 months more to climb back. Today it is 17.1% below its high.
Nifty Dividend Opportunities 50: 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.
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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 |
|---|---|---|---|---|---|---|
| −58.8% | 3 Jan 2008 | 27 Oct 2008 | 10 months | 17 months | 6 Apr 2010 | 2.3 years |
| −35.6% | 31 Aug 2018 | 23 Mar 2020 | 19 months | 8 months | 24 Nov 2020 | 2.2 years |
| −23.9% | 4 Dec 2014 | 29 Feb 2016 | 15 months | 5 months | 8 Aug 2016 | 20 months |
| −22.2% | 4 Jan 2013 | 28 Aug 2013 | 8 months | 7 months | 9 Apr 2014 | 15 months |
| −20.5% | 27 Sept 2024 | 8 Oct 2026 | 2.0 years | +4% off the low | not yet | 18 days since the low |
| −19.2% | 9 Nov 2010 | 10 Feb 2011 | 3 months | 19 months | 18 Sept 2012 | 22 months |
| −16.5% | 18 Oct 2021 | 20 Jun 2022 | 8 months | 5 months | 24 Nov 2022 | 13 months |
What holding it was like
From every day in its history, what holding Nifty Dividend Opportunities 50 for a fixed span would have returned a year. Over five years the middle outcome was 13.0% a year; the worst −0.5% and the best 30.9%; 0% 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 | −50.5% | −9.0% | +11.4% | +50.4% | +130.9% | 26% | 19.1 |
| 3 years | −6.8% | +5.3% | +14.5% | +26.1% | +46.1% | 2% | 6.4 |
| 5 years | −0.5% | +7.0% | +13.0% | +22.7% | +30.9% | 0% | 3.8 |
| 7 years | +4.3% | +9.8% | +12.9% | +17.2% | +23.4% | 0% | 2.7 |
| 10 years | +6.5% | +10.0% | +13.2% | +16.2% | +20.5% | 0% | 1.9 |
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.
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₹10,000 on the first session of every month into the index itself, from January of each year to 26 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 (+9.2% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,08,218 | 0.95× | −5.7% | |
| 2024 | 34 | ₹3,40,000 | ₹3,20,980 | 0.94× | −4.0% | |
| 2023 | 46 | ₹4,60,000 | ₹4,90,139 | 1.07× | +3.3% | |
| 2022 | 58 | ₹5,80,000 | ₹6,88,771 | 1.19× | +7.1% | |
| 2021 | 70 | ₹7,00,000 | ₹9,17,085 | 1.31× | +9.2% | |
| 2020 | 82 | ₹8,20,000 | ₹12,50,043 | 1.52× | +12.2% | |
| 2019 | 94 | ₹9,40,000 | ₹15,54,385 | 1.65× | +12.6% | |
| 2018 | 106 | ₹10,60,000 | ₹18,62,102 | 1.76× | +12.4% | |
| 2017 | 118 | ₹11,80,000 | ₹22,13,665 | 1.88× | +12.3% | |
| 2016 | 130 | ₹13,00,000 | ₹26,54,185 | 2.04× | +12.6% | |
| 2015 | 142 | ₹14,20,000 | ₹30,92,600 | 2.18× | +12.5% | |
| 2014 | 154 | ₹15,40,000 | ₹35,81,414 | 2.33× | +12.4% | |
| 2013 | 166 | ₹16,60,000 | ₹41,58,858 | 2.51× | +12.4% | |
| 2012 | 178 | ₹17,80,000 | ₹47,86,347 | 2.69× | +12.4% | |
| 2011 | 190 | ₹19,00,000 | ₹54,53,842 | 2.87× | +12.3% | |
| 2010 | 202 | ₹20,20,000 | ₹62,00,019 | 3.07× | +12.2% | |
| 2009 | 214 | ₹21,40,000 | ₹74,79,041 | 3.49× | +12.7% | |
| 2008 | 226 | ₹22,60,000 | ₹86,74,496 | 3.84× | +12.8% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 13.9%, against a usual 15.1% for this index. 58% of months ended higher, and 119 days moved 3% or more either way.
Nifty Dividend Opportunities 50: 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.
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| Worst days | Return |
|---|---|
| 23 Mar 2020 | −9.7% |
| 24 Oct 2008 | −9.5% |
| 21 Jan 2008 | −9.2% |
| 12 Mar 2020 | −8.6% |
| 4 Jun 2024 | −7.8% |
| Best days | Return |
|---|---|
| 18 May 2009 | +11.8% |
| 20 Mar 2020 | +7.8% |
| 25 Jan 2008 | +6.9% |
| 7 Apr 2020 | +6.3% |
| 23 Jan 2008 | +6.1% |
| Worst months | Return |
|---|---|
| Oct 2008 | −26.3% |
| Jun 2008 | −20.2% |
| Jan 2008 | −16.6% |
| Mar 2020 | −15.5% |
| Mar 2008 | −12.1% |
| Best months | Return |
|---|---|
| May 2009 | +30.3% |
| May 2014 | +15.3% |
| Dec 2007 | +14.8% |
| Apr 2009 | +12.3% |
| Mar 2014 | +12.3% |
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 12.5 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 2.28, 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 12.5×, range 12.4× to 13.3×.
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 2.28×, range 2.25× to 2.42×.
Today is 26 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 | 12.45 | 67 | – | – | 12.45 | 12.41 | 13.31 |
| Price to book | 2.28 | 67 | – | – | 2.28 | 2.25 | 2.42 |
| Dividend yield, % | 3.54 | 100 | – | – | 2.37 | 2.19 | 3.54 |
What it holds
50 stocks as NSE lists them today. The ten largest make up 55.3% of the index. It is weighted by periodic capped free float mcap and rebalanced annually.
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 10 items. Weight, %: highest Financial Services at 24.9%, lowest Textiles at 0.6%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | State Bank of India | 10.00% |
| 2 | Infosys Ltd. | 9.51% |
| 3 | ITC Ltd. | 6.86% |
| 4 | Tata Consultancy Services Ltd. | 5.67% |
| 5 | Hindustan Unilever Ltd. | 4.52% |
| 6 | NTPC Ltd. | 4.15% |
| 7 | Tata Steel Ltd. | 4.14% |
| 8 | Shriram Finance Ltd. | 3.73% |
| 9 | HCL Technologies Ltd. | 3.51% |
| 10 | Bajaj Auto Ltd. | 3.21% |
NSE's constituent list for Nifty Dividend Opportunities 50, as seen on 21 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Angel One Ltd. | Financial Services | ANGELONE | |
| Ashok Leyland Ltd. | Capital Goods | ASHOKLEY | |
| Bajaj Auto Ltd. | Automobile and Auto Components | BAJAJ-AUTO | |
| Bank of Baroda | Financial Services | BANKBARODA | |
| Bank of India | Financial Services | BANKINDIA | |
| Bank of Maharashtra | Financial Services | MAHABANK | |
| Bharat Petroleum Corporation Ltd. | Oil Gas & Consumable Fuels | BPCL | |
| Britannia Industries Ltd. | Fast Moving Consumer Goods | BRITANNIA | |
| Canara Bank | Financial Services | CANBK | |
| Coal India Ltd. | Oil Gas & Consumable Fuels | COALINDIA | |
| Colgate Palmolive (India) Ltd. | Fast Moving Consumer Goods | COLPAL | |
| Cummins India Ltd. | Capital Goods | CUMMINSIND | |
| GAIL (India) Ltd. | Oil Gas & Consumable Fuels | GAIL | |
| Godrej Consumer Products Ltd. | Fast Moving Consumer Goods | GODREJCP | |
| HCL Technologies Ltd. | Information Technology | HCLTECH | |
| HDFC Asset Management Company Ltd. | Financial Services | HDFCAMC | |
| Hero MotoCorp Ltd. | Automobile and Auto Components | HEROMOTOCO | |
| Hindustan Petroleum Corporation Ltd. | Oil Gas & Consumable Fuels | HINDPETRO | |
| Hindustan Unilever Ltd. | Fast Moving Consumer Goods | HINDUNILVR | |
| Hindustan Zinc Ltd. | Metals & Mining | HINDZINC | |
| Housing & Urban Development Corporation Ltd. | Financial Services | HUDCO | |
| ITC Ltd. | Fast Moving Consumer Goods | ITC | |
| Indian Bank | Financial Services | INDIANB | |
| Indian Oil Corporation Ltd. | Oil Gas & Consumable Fuels | IOC | |
| Indian Railway Finance Corporation Ltd. | Financial Services | IRFC | |
| Infosys Ltd. | Information Technology | INFY | |
| Mahindra & Mahindra Financial Services Ltd. | Financial Services | M&MFIN | |
| MphasiS Ltd. | Information Technology | MPHASIS | |
| NHPC Ltd. | Power | NHPC | |
| NMDC Ltd. | Metals & Mining | NMDC | |
| NTPC Ltd. | Power | NTPC | |
| National Aluminium Co. Ltd. | Metals & Mining | NATIONALUM | |
| Oil & Natural Gas Corporation Ltd. | Oil Gas & Consumable Fuels | ONGC | |
| Oil India Ltd. | Oil Gas & Consumable Fuels | OIL | |
| Oracle Financial Services Software Ltd. | Information Technology | OFSS | |
| Page Industries Ltd. | Textiles | PAGEIND | |
| Power Finance Corporation Ltd. | Financial Services | PFC | |
| Power Grid Corporation of India Ltd. | Power | POWERGRID | |
| Punjab National Bank | Financial Services | PNB | |
| REC Ltd. | Financial Services | RECLTD | |
| Redington Ltd. | Services | REDINGTON | |
| Shriram Finance Ltd. | Financial Services | SHRIRAMFIN | |
| State Bank of India | Financial Services | SBIN | |
| Steel Authority of India Ltd. | Metals & Mining | SAIL | |
| Tata Consultancy Services Ltd. | Information Technology | TCS | |
| Tata Steel Ltd. | Metals & Mining | TATASTEEL | |
| Tech Mahindra Ltd. | Information Technology | TECHM | |
| Union Bank of India | Financial Services | UNIONBANK | |
| Vedanta Ltd. | Metals & Mining | VEDL | |
| Wipro Ltd. | Information Technology | WIPRO |
Against the Nifty 500
How Nifty Dividend Opportunities 50 has done against the broad market it is part of. Over 19 years it beat the Nifty 500 by 2.1 percentage points a year, and was ahead in 11 of 18 calendar years.
Relative strength
Weekly: Nifty Dividend Opportunities 50's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty Dividend Opportunities 50 is outrunning the Nifty 500. Falling: it is lagging. The level means nothing; the direction is the reading.
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Three-year lead or lag
Weekly: Nifty Dividend Opportunities 50'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.
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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 Nov 2007 | +2.1 pts | 94 | 83 | 0.89 | 0.94 | 7.4% |
| Last 5 years, from Oct 2021 | +1.1 pts | 95 | 86 | 0.93 | 0.90 | 6.7% |
Models and ETFs
No Tipsheet model uses Nifty Dividend Opportunities 50. 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 |
|---|---|---|---|---|---|---|---|
| Nippon India ETF Nifty Dividend Opportunities 50 | DIVOPPBEES | 0.31% | ₹70.5 cr | −0.43 pts | 2.71% | ₹0.3 cr |
Data and sources
Nifty Dividend Opportunities 50 is computed and published by NSE Indices. History here starts 1 Oct 2007; NSE launched the index on 22 Mar 2011, from a base date of October 01, 2007. 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 Dividend Opportunities 50 there to download its full series.
- Nifty Dividend Opportunities 50 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.