Markets
Nifty High Beta 50
Nifty High Beta 50 is an NSE strategy and factor index of 50 stocks. Since 2003 it has compounded 7.7% a year with dividends reinvested; over the past year it rose 9.8%. Its deepest fall was 79%, from Jan 2008 to Mar 2020, and it took 15.9 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty High Beta 50. Data to 14 Oct 2026.
- Trend
- Downtrend since Oct 2026
- Momentum
- 58th of 133 markets, by rank
- Below its high
- 9.2% total return
- P/E
- 22.8 67th percentile
- 1 year
- +9.8% total return
- 5 years
- 13.6% a year
- 10 years
- 10.7% a year
- Since 2003
- 7.7% a year
- Volatility
- 22.2% past year; usual 28%
NSE launched Nifty High Beta 50 in Nov 2012. 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 2003, dividends added about 1.2 percentage points a year. Returns over more than a year are a year, compounded.
Nifty High Beta 50: growth of 100
Weekly, from Dec 2003, 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 14 Oct 2026. Before any fund cost or tax.
| Period | Total return | Price return | Dividends added | More |
|---|---|---|---|---|
| 1 month | −4.9% | −4.9% | 0.0 pts | |
| 3 months | −5.8% | −6.0% | +0.3 pts | |
| 6 months | +9.4% | +9.0% | +0.4 pts | |
| This year | +6.0% | +5.2% | +0.8 pts | |
| 1 year | +9.8% | +8.8% | +1.0 pts | |
| 3 years, a year | +13.6% | +12.7% | +0.9 pts | |
| 5 years, a year | +13.6% | +12.6% | +1.0 pts | |
| 10 years, a year | +10.7% | +9.7% | +1.0 pts | |
| 15 years, a year | +7.8% | +6.6% | +1.1 pts | |
| 20 years, a year | +5.3% | +4.2% | +1.1 pts | |
| Since Dec 2003, a year | +7.7% | +6.5% | +1.2 pts |
Year by year
14 of the 22 full calendar years since 2004 ended higher. 21 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty High Beta 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 | +6.0% | +5.2% | +0.8 pts | −17.8% | |
| 2025 | +12.5% | +11.5% | +1.0 pts | −17.0% | |
| 2024 | +5.1% | +4.3% | +0.8 pts | −20.4% | |
| 2023 | +49.9% | +49.0% | +0.9 pts | −14.2% | |
| 2022 | +11.9% | +10.4% | +1.5 pts | −26.3% | |
| 2021 | +36.9% | +35.5% | +1.4 pts | −15.1% | |
| 2020 | +10.0% | +9.1% | +0.9 pts | −50.7% | |
| 2019 | −17.8% | −18.5% | +0.8 pts | −33.2% | |
| 2018 | −27.7% | −28.4% | +0.7 pts | −39.7% | |
| 2017 | +61.0% | +59.5% | +1.5 pts | −9.7% | |
| 2016 | −1.7% | −2.7% | +1.0 pts | −28.7% | |
| 2015 | −16.6% | −17.9% | +1.2 pts | −33.6% | |
| 2014 | +41.8% | +39.8% | +2.0 pts | −25.3% | |
| 2013 | −18.9% | −20.3% | +1.4 pts | −47.1% | |
| 2012 | +46.1% | +44.5% | +1.6 pts | −29.9% | |
| 2011 | −52.8% | −53.3% | +0.5 pts | −53.9% | |
| 2010 | −3.5% | −4.2% | +0.7 pts | −23.0% | |
| 2009 | +133.6% | +131.4% | +2.2 pts | −35.1% | |
| 2008 | −68.5% | −68.9% | +0.4 pts | −76.4% | |
| 2007 | +86.7% | +85.0% | +1.7 pts | −21.2% | |
| 2006 | +28.7% | +26.8% | +1.9 pts | −40.5% | |
| 2005 | +26.7% | +24.5% | +2.2 pts | −20.7% | |
| 2004 | +26.5% | +24.2% | +2.3 pts | −37.7% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 79%, took 12.2 years to reach bottom and 3.7 years more to climb back. Today it is 9.2% below its high.
Nifty High Beta 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 |
|---|---|---|---|---|---|---|
| −78.7% | 4 Jan 2008 | 23 Mar 2020 | 12.2 years | 3.7 years | 6 Dec 2023 | 15.9 years |
| −40.5% | 10 May 2006 | 14 Jun 2006 | 35 days | 7 months | 2 Jan 2007 | 8 months |
| −37.6% | 8 Jan 2004 | 17 May 2004 | 4 months | 5 months | 9 Oct 2004 | 9 months |
| −30.9% | 31 Jul 2024 | 28 Feb 2025 | 7 months | 15 months | 27 May 2026 | 22 months |
| −21.1% | 7 Feb 2007 | 7 Mar 2007 | 28 days | 2 months | 17 May 2007 | 3 months |
| −20.7% | 19 Sept 2005 | 28 Oct 2005 | 39 days | 2 months | 4 Jan 2006 | 4 months |
| −15.0% | 16 Jul 2007 | 21 Aug 2007 | 36 days | 23 days | 13 Sept 2007 | 59 days |
| −13.3% | 3 Jun 2024 | 4 Jun 2024 | 1 days | 29 days | 3 Jul 2024 | 30 days |
| −12.9% | 4 Jan 2005 | 12 Jan 2005 | 8 days | 51 days | 4 Mar 2005 | 59 days |
| −12.9% | 8 Mar 2005 | 2 May 2005 | 55 days | 2 months | 8 Jul 2005 | 4 months |
What holding it was like
From every day in its history, what holding Nifty High Beta 50 for a fixed span would have returned a year. Over five years the middle outcome was 5.0% a year; the worst −15.6% and the best 37.9%; 34% 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 | −72.2% | −28.6% | +9.0% | +71.3% | +208.3% | 41% | 22.8 |
| 3 years | −27.1% | −14.8% | +7.3% | +31.2% | +50.6% | 30% | 7.6 |
| 5 years | −15.6% | −8.0% | +5.0% | +22.1% | +37.9% | 34% | 4.6 |
| 7 years | −9.1% | −4.4% | +2.5% | +13.1% | +22.3% | 33% | 3.3 |
| 10 years | −10.6% | −4.3% | +4.1% | +11.3% | +14.4% | 27% | 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.
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₹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 2005 (+8.0% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,45,187 | 1.11× | +12.4% | |
| 2024 | 34 | ₹3,40,000 | ₹3,75,514 | 1.10× | +7.2% | |
| 2023 | 46 | ₹4,60,000 | ₹5,83,962 | 1.27× | +12.8% | |
| 2022 | 58 | ₹5,80,000 | ₹8,34,857 | 1.44× | +15.4% | |
| 2021 | 70 | ₹7,00,000 | ₹11,12,004 | 1.59× | +16.0% | |
| 2020 | 82 | ₹8,20,000 | ₹16,06,702 | 1.96× | +19.6% | |
| 2019 | 94 | ₹9,40,000 | ₹19,70,671 | 2.10× | +18.6% | |
| 2018 | 106 | ₹10,60,000 | ₹22,48,239 | 2.12× | +16.6% | |
| 2017 | 118 | ₹11,80,000 | ₹25,30,761 | 2.14× | +15.0% | |
| 2016 | 130 | ₹13,00,000 | ₹29,03,424 | 2.23× | +14.2% | |
| 2015 | 142 | ₹14,20,000 | ₹32,38,737 | 2.28× | +13.3% | |
| 2014 | 154 | ₹15,40,000 | ₹35,93,844 | 2.33× | +12.5% | |
| 2013 | 166 | ₹16,60,000 | ₹40,45,688 | 2.44× | +12.1% | |
| 2012 | 178 | ₹17,80,000 | ₹44,33,596 | 2.49× | +11.5% | |
| 2011 | 190 | ₹19,00,000 | ₹47,49,303 | 2.50× | +10.8% | |
| 2010 | 202 | ₹20,20,000 | ₹49,87,967 | 2.47× | +10.0% | |
| 2009 | 214 | ₹21,40,000 | ₹53,67,675 | 2.51× | +9.5% | |
| 2008 | 226 | ₹22,60,000 | ₹56,96,700 | 2.52× | +9.1% | |
| 2007 | 238 | ₹23,80,000 | ₹59,72,722 | 2.51× | +8.5% | |
| 2006 | 250 | ₹25,00,000 | ₹63,42,258 | 2.54× | +8.2% | |
| 2005 | 262 | ₹26,20,000 | ₹68,18,595 | 2.60× | +8.0% | |
| 2004 | 274 | ₹27,40,000 | ₹75,55,681 | 2.76× | +8.1% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 22.2%, against a usual 27.9% for this index. 56% of months ended higher, and 620 days moved 3% or more either way.
Nifty High Beta 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 |
|---|---|
| 21 Jan 2008 | −14.5% |
| 24 Oct 2008 | −13.6% |
| 23 Mar 2020 | −13.5% |
| 17 May 2004 | −13.4% |
| 7 Jan 2009 | −13.4% |
| Best days | Return |
|---|---|
| 18 May 2009 | +20.1% |
| 23 Jan 2008 | +10.9% |
| 18 May 2004 | +10.4% |
| 23 Jul 2008 | +9.7% |
| 13 Oct 2008 | +9.5% |
| Worst months | Return |
|---|---|
| Mar 2020 | −36.6% |
| Oct 2008 | −36.4% |
| Jun 2008 | −27.0% |
| Sept 2018 | −23.8% |
| Jan 2008 | −23.3% |
| Best months | Return |
|---|---|
| May 2009 | +64.8% |
| Jan 2012 | +34.9% |
| Apr 2009 | +32.4% |
| May 2014 | +30.8% |
| Nov 2020 | +25.0% |
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 22.8 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 3.04, 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 22.8×, range 21.5× to 22.9×.
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 3.04×, range 3.04× to 3.38×.
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 | 22.76 | 67 | – | – | 22.76 | 21.49 | 22.92 |
| Price to book | 3.04 | 33 | – | – | 3.07 | 3.04 | 3.38 |
| Dividend yield, % | 1.12 | 100 | – | – | 0.77 | 0.75 | 1.12 |
What it holds
50 stocks as NSE lists them today. The ten largest make up 23.0% of the index. It is weighted by beta based weighting and rebalanced quarterly.
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 12 items. Weight, %: highest Financial Services at 42.0%, lowest Telecommunication at 1.5%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Shriram Finance Ltd. | 2.47% |
| 2 | InterGlobe Aviation Ltd. | 2.43% |
| 3 | Ashok Leyland Ltd. | 2.38% |
| 4 | Godrej Properties Ltd. | 2.36% |
| 5 | Lodha Developers Ltd. | 2.32% |
| 6 | Adani Green Energy Ltd. | 2.24% |
| 7 | Angel One Ltd. | 2.22% |
| 8 | DLF Ltd. | 2.19% |
| 9 | Prestige Estates Projects Ltd. | 2.17% |
| 10 | Central Depository Services (India) Ltd. | 2.17% |
NSE's constituent list for Nifty High Beta 50, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Adani Energy Solutions Ltd. | Power | ADANIENSOL | |
| Adani Enterprises Ltd. | Metals & Mining | ADANIENT | |
| Adani Green Energy Ltd. | Power | ADANIGREEN | |
| Adani Ports and Special Economic Zone Ltd. | Services | ADANIPORTS | |
| Aditya Birla Capital Ltd. | Financial Services | ABCAPITAL | |
| Amber Enterprises India Ltd. | Consumer Durables | AMBER | |
| Ambuja Cements Ltd. | Construction Materials | AMBUJACEM | |
| Angel One Ltd. | Financial Services | ANGELONE | |
| Apar Industries Ltd. | Capital Goods | APARINDS | |
| Ashok Leyland Ltd. | Capital Goods | ASHOKLEY | |
| BSE Ltd. | Financial Services | BSE | |
| Bajaj Finance Ltd. | Financial Services | BAJFINANCE | |
| Bandhan Bank Ltd. | Financial Services | BANDHANBNK | |
| Bank of India | Financial Services | BANKINDIA | |
| Bank of Maharashtra | Financial Services | MAHABANK | |
| Bharat Heavy Electricals Ltd. | Capital Goods | BHEL | |
| Central Depository Services (India) Ltd. | Financial Services | CDSL | |
| Cholamandalam Investment and Finance Company Ltd. | Financial Services | CHOLAFIN | |
| DLF Ltd. | Realty | DLF | |
| Dixon Technologies (India) Ltd. | Consumer Durables | DIXON | |
| GMR Airports Ltd. | Services | GMRAIRPORT | |
| Godrej Properties Ltd. | Realty | GODREJPROP | |
| HDFC Asset Management Company Ltd. | Financial Services | HDFCAMC | |
| Hindustan Copper Ltd. | Metals & Mining | HINDCOPPER | |
| Hindustan Petroleum Corporation Ltd. | Oil Gas & Consumable Fuels | HINDPETRO | |
| IIFL Finance Ltd. | Financial Services | IIFL | |
| Indian Railway Finance Corporation Ltd. | Financial Services | IRFC | |
| InterGlobe Aviation Ltd. | Services | INDIGO | |
| Jio Financial Services Ltd. | Financial Services | JIOFIN | |
| Kalyan Jewellers India Ltd. | Consumer Durables | KALYANKJIL | |
| Kaynes Technology India Ltd. | Capital Goods | KAYNES | |
| L&T Finance Ltd. | Financial Services | LTF | |
| Larsen & Toubro Ltd. | Construction | LT | |
| Lodha Developers Ltd. | Realty | LODHA | |
| MTAR Technologies Ltd. | Capital Goods | MTARTECH | |
| Mahindra & Mahindra Financial Services Ltd. | Financial Services | M&MFIN | |
| Mahindra & Mahindra Ltd. | Automobile and Auto Components | M&M | |
| Mazagoan Dock Shipbuilders Ltd. | Capital Goods | MAZDOCK | |
| Nippon Life India Asset Management Ltd. | Financial Services | NAM-INDIA | |
| One 97 Communications Ltd. | Financial Services | PAYTM | |
| PNB Housing Finance Ltd. | Financial Services | PNBHOUSING | |
| Prestige Estates Projects Ltd. | Realty | PRESTIGE | |
| REC Ltd. | Financial Services | RECLTD | |
| Rail Vikas Nigam Ltd. | Construction | RVNL | |
| Redington Ltd. | Services | REDINGTON | |
| Samvardhana Motherson International Ltd. | Automobile and Auto Components | MOTHERSON | |
| Shriram Finance Ltd. | Financial Services | SHRIRAMFIN | |
| Tata Motors Passenger Vehicles Ltd. | Automobile and Auto Components | TMPV | |
| Union Bank of India | Financial Services | UNIONBANK | |
| Vodafone Idea Ltd. | Telecommunication | IDEA |
Against the Nifty 500
How Nifty High Beta 50 has done against the broad market it is part of. Over 23 years it trailed the Nifty 500 by 6.2 percentage points a year, and was ahead in 10 of 22 calendar years.
Relative strength
Weekly: Nifty High Beta 50's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty High Beta 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 High Beta 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 Jan 2004 | −6.2 pts | 134 | 176 | 1.57 | 0.92 | 18.9% |
| Last 5 years, from Oct 2021 | +6.5 pts | 150 | 138 | 1.50 | 0.92 | 11.8% |
Models and ETFs
No Tipsheet model uses Nifty High Beta 50. No ETF listed on NSE tracks it. Its trend and momentum have a page of their own.
Data and sources
Nifty High Beta 50 is computed and published by NSE Indices. History here starts 31 Dec 2003; NSE launched the index on 19 Nov 2012, from a base date of December 31, 2003. 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 High Beta 50 there to download its full series.
- Nifty High Beta 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.