Markets
Nifty Top 20 Equal Weight
Nifty Top 20 Equal Weight is an NSE strategy and factor index of 20 stocks. Since 2006 it has compounded 12.4% a year with dividends reinvested; over the past year it fell 9.1%. Its deepest fall was 57%, from Jan 2008 to Mar 2009, and it took 2.5 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Top 20 Equal Weight. Data to 14 Oct 2026.
- Trend
- Downtrend since Jan 2026
- Momentum
- 76th of 133 markets, by rank
- Below its high
- 13.3% total return
- P/E
- 19.4 67th percentile
- 1 year
- −9.1% total return
- 5 years
- 7.2% a year
- 10 years
- 12.2% a year
- Since 2006
- 12.4% a year
- Volatility
- 14.1% past year; usual 16%
NSE launched Nifty Top 20 Equal Weight in Oct 2024. 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 2006, dividends added about 1.5 percentage points a year. Returns over more than a year are a year, compounded.
Nifty Top 20 Equal Weight: growth of 100
Weekly, from Mar 2006, 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 | −2.5% | −2.5% | 0.0 pts | |
| 3 months | −3.4% | −3.7% | +0.3 pts | |
| 6 months | −3.0% | −3.8% | +0.8 pts | |
| This year | −12.8% | −13.7% | +0.9 pts | |
| 1 year | −9.1% | −10.2% | +1.1 pts | |
| 3 years, a year | +5.5% | +4.2% | +1.3 pts | |
| 5 years, a year | +7.2% | +5.9% | +1.3 pts | |
| 10 years, a year | +12.2% | +10.9% | +1.3 pts | |
| 15 years, a year | +12.3% | +10.8% | +1.5 pts | |
| 20 years, a year | +11.9% | +10.4% | +1.5 pts | |
| Since Mar 2006, a year | +12.4% | +10.8% | +1.5 pts |
Year by year
16 of the 19 full calendar years since 2007 ended higher. 13 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty Top 20 Equal Weight: 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 | −12.8% | −13.7% | +0.9 pts | −15.9% | |
| 2025 | +11.9% | +10.4% | +1.5 pts | −8.9% | |
| 2024 | +12.0% | +10.7% | +1.3 pts | −11.0% | |
| 2023 | +22.4% | +21.1% | +1.3 pts | −6.7% | |
| 2022 | +12.0% | +10.7% | +1.3 pts | −14.4% | |
| 2021 | +21.5% | +20.2% | +1.3 pts | −9.9% | |
| 2020 | +18.5% | +17.5% | +1.0 pts | −38.5% | |
| 2019 | +13.8% | +12.5% | +1.3 pts | −9.9% | |
| 2018 | +3.2% | +2.2% | +1.0 pts | −15.8% | |
| 2017 | +29.9% | +28.0% | +1.8 pts | −5.0% | |
| 2016 | +4.1% | +2.4% | +1.8 pts | −13.3% | |
| 2015 | −4.7% | −6.5% | +1.7 pts | −17.1% | |
| 2014 | +36.0% | +34.0% | +2.1 pts | −6.6% | |
| 2013 | +9.4% | +7.5% | +1.9 pts | −15.0% | |
| 2012 | +30.5% | +28.1% | +2.4 pts | −15.9% | |
| 2011 | −24.4% | −25.4% | +1.0 pts | −26.1% | |
| 2010 | +19.6% | +17.9% | +1.7 pts | −10.6% | |
| 2009 | +85.3% | +82.6% | +2.7 pts | −22.0% | |
| 2008 | −47.3% | −48.0% | +0.7 pts | −55.5% | |
| 2007 | +56.5% | +54.2% | +2.3 pts | −15.1% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 57%, took 14 months to reach bottom and 16 months more to climb back. Today it is 13.3% below its high.
Nifty Top 20 Equal Weight: 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 |
|---|---|---|---|---|---|---|
| −56.8% | 9 Jan 2008 | 9 Mar 2009 | 14 months | 16 months | 13 Jul 2010 | 2.5 years |
| −38.5% | 17 Jan 2020 | 23 Mar 2020 | 2 months | 8 months | 9 Nov 2020 | 10 months |
| −29.4% | 10 May 2006 | 14 Jun 2006 | 35 days | 4 months | 13 Oct 2006 | 5 months |
| −26.4% | 9 Nov 2010 | 20 Dec 2011 | 13 months | 13 months | 14 Jan 2013 | 2.2 years |
| −23.6% | 27 Jan 2015 | 11 Feb 2016 | 13 months | 13 months | 14 Mar 2017 | 2.1 years |
| −16.0% | 5 Dec 2025 | 30 Mar 2026 | 4 months | +3% off the low | not yet | 7 months since the low |
| −15.8% | 31 Aug 2018 | 26 Oct 2018 | 56 days | 7 months | 3 Jun 2019 | 9 months |
| −15.2% | 27 Sept 2024 | 4 Mar 2025 | 5 months | 8 months | 23 Oct 2025 | 13 months |
| −15.1% | 8 Feb 2007 | 5 Mar 2007 | 25 days | 52 days | 26 Apr 2007 | 3 months |
| −15.0% | 17 May 2013 | 21 Aug 2013 | 3 months | 58 days | 18 Oct 2013 | 5 months |
What holding it was like
From every day in its history, what holding Nifty Top 20 Equal Weight for a fixed span would have returned a year. Over five years the middle outcome was 13.3% a year; the worst −1.8% and the best 29.0%; 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 | −52.3% | −8.4% | +13.0% | +44.8% | +114.4% | 20% | 20.6 |
| 3 years | −4.8% | +5.3% | +13.5% | +20.6% | +35.0% | 1% | 6.9 |
| 5 years | −1.8% | +6.9% | +13.3% | +18.2% | +29.0% | 0% | 4.1 |
| 7 years | +5.6% | +9.7% | +12.4% | +16.0% | +20.4% | 0% | 2.9 |
| 10 years | +5.3% | +9.4% | +12.9% | +15.1% | +18.2% | 0% | 2.1 |
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 2021 (+6.8% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,08,729 | 0.95× | −5.7% | |
| 2024 | 34 | ₹3,40,000 | ₹3,29,090 | 0.97× | −2.3% | |
| 2023 | 46 | ₹4,60,000 | ₹4,81,868 | 1.05× | +2.4% | |
| 2022 | 58 | ₹5,80,000 | ₹6,55,935 | 1.13× | +5.1% | |
| 2021 | 70 | ₹7,00,000 | ₹8,53,473 | 1.22× | +6.8% | |
| 2020 | 82 | ₹8,20,000 | ₹11,48,926 | 1.40× | +9.9% | |
| 2019 | 94 | ₹9,40,000 | ₹14,28,173 | 1.52× | +10.6% | |
| 2018 | 106 | ₹10,60,000 | ₹17,23,760 | 1.63× | +10.8% | |
| 2017 | 118 | ₹11,80,000 | ₹20,69,957 | 1.75× | +11.1% | |
| 2016 | 130 | ₹13,00,000 | ₹24,73,329 | 1.90× | +11.5% | |
| 2015 | 142 | ₹14,20,000 | ₹28,62,968 | 2.02× | +11.3% | |
| 2014 | 154 | ₹15,40,000 | ₹33,22,823 | 2.16× | +11.4% | |
| 2013 | 166 | ₹16,60,000 | ₹39,00,742 | 2.35× | +11.6% | |
| 2012 | 178 | ₹17,80,000 | ₹45,53,920 | 2.56× | +11.8% | |
| 2011 | 190 | ₹19,00,000 | ₹51,95,527 | 2.73× | +11.8% | |
| 2010 | 202 | ₹20,20,000 | ₹58,61,220 | 2.90× | +11.6% | |
| 2009 | 214 | ₹21,40,000 | ₹68,34,977 | 3.19× | +11.9% | |
| 2008 | 226 | ₹22,60,000 | ₹77,52,483 | 3.43× | +11.9% | |
| 2007 | 238 | ₹23,80,000 | ₹86,75,396 | 3.65× | +11.7% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 14.1%, against a usual 16.4% for this index. 58% of months ended higher, and 209 days moved 3% or more either way.
Nifty Top 20 Equal Weight: 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 | −13.4% |
| 24 Oct 2008 | −11.0% |
| 12 Mar 2020 | −8.1% |
| 16 Mar 2020 | −7.9% |
| 21 Jan 2008 | −7.3% |
| Best days | Return |
|---|---|
| 18 May 2009 | +18.4% |
| 7 Apr 2020 | +9.1% |
| 13 Oct 2008 | +7.6% |
| 31 Oct 2008 | +6.9% |
| 25 Jan 2008 | +6.7% |
| Worst months | Return |
|---|---|
| Mar 2020 | −24.9% |
| Oct 2008 | −24.7% |
| Jun 2008 | −17.0% |
| Jan 2008 | −13.5% |
| May 2006 | −13.3% |
| Best months | Return |
|---|---|
| May 2009 | +33.0% |
| Apr 2009 | +17.1% |
| Jan 2012 | +15.5% |
| Nov 2020 | +15.5% |
| Oct 2007 | +14.4% |
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 19.4 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 3.15, 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 19.4×, range 19.4× to 21.3×.
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 3.15×, range 3.12× to 3.44×.
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 | 19.40 | 67 | – | – | 19.40 | 19.35 | 21.28 |
| Price to book | 3.15 | 67 | – | – | 3.15 | 3.12 | 3.44 |
| Dividend yield, % | 1.89 | 100 | – | – | 1.47 | 1.37 | 1.89 |
What it holds
20 stocks as NSE lists them today. The ten largest make up 50.7% of the index. It is weighted by equal weighted and rebalanced twice a year.
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 11 items. Weight, %: highest Financial Services at 30.3%, lowest Consumer Durables at 4.8%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Kotak Mahindra Bank Ltd. | 5.27% |
| 2 | Axis Bank Ltd. | 5.12% |
| 3 | ICICI Bank Ltd. | 5.09% |
| 4 | Infosys Ltd. | 5.08% |
| 5 | Maruti Suzuki India Ltd. | 5.06% |
| 6 | NTPC Ltd. | 5.05% |
| 7 | Tata Consultancy Services Ltd. | 5.03% |
| 8 | Bharti Airtel Ltd. | 5.03% |
| 9 | Sun Pharmaceutical Industries Ltd. | 5.01% |
| 10 | HCL Technologies Ltd. | 4.99% |
NSE's constituent list for Nifty Top 20 Equal Weight, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Axis Bank Ltd. | Financial Services | AXISBANK | |
| Bajaj Finance Ltd. | Financial Services | BAJFINANCE | |
| Bharti Airtel Ltd. | Telecommunication | BHARTIARTL | |
| Eternal Ltd. | Consumer Services | ETERNAL | |
| HCL Technologies Ltd. | Information Technology | HCLTECH | |
| HDFC Bank Ltd. | Financial Services | HDFCBANK | |
| Hindustan Unilever Ltd. | Fast Moving Consumer Goods | HINDUNILVR | |
| ICICI Bank Ltd. | Financial Services | ICICIBANK | |
| ITC Ltd. | Fast Moving Consumer Goods | ITC | |
| Infosys Ltd. | Information Technology | INFY | |
| Kotak Mahindra Bank Ltd. | Financial Services | KOTAKBANK | |
| Larsen & Toubro Ltd. | Construction | LT | |
| Mahindra & Mahindra Ltd. | Automobile and Auto Components | M&M | |
| Maruti Suzuki India Ltd. | Automobile and Auto Components | MARUTI | |
| NTPC Ltd. | Power | NTPC | |
| Reliance Industries Ltd. | Oil Gas & Consumable Fuels | RELIANCE | |
| State Bank of India | Financial Services | SBIN | |
| Sun Pharmaceutical Industries Ltd. | Healthcare | SUNPHARMA | |
| Tata Consultancy Services Ltd. | Information Technology | TCS | |
| Titan Company Ltd. | Consumer Durables | TITAN |
Against the Nifty 500
How Nifty Top 20 Equal Weight has done against the broad market it is part of. Over 21 years it beat the Nifty 500 by 0.3 percentage points a year, and was ahead in 9 of 19 calendar years.
Relative strength
Weekly: Nifty Top 20 Equal Weight's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty Top 20 Equal Weight 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 Top 20 Equal Weight'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 Apr 2006 | +0.4 pts | 96 | 93 | 0.95 | 0.97 | 5.4% |
| Last 5 years, from Oct 2021 | −1.3 pts | 87 | 87 | 0.87 | 0.93 | 5.4% |
Models and ETFs
No Tipsheet model uses Nifty Top 20 Equal Weight. 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 |
|---|---|---|---|---|---|---|---|
| Mirae Asset Nifty Top 20 Equal Weight ETF | TOP20 | 0.09% | ₹14.3 cr | – | 1.19% | ₹0.0 cr |
Data and sources
Nifty Top 20 Equal Weight is computed and published by NSE Indices. History here starts 2 Mar 2006; NSE launched the index on 22 Oct 2024, from a base date of March 02, 2006. 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 Top 20 Equal Weight there to download its full series.
- Nifty Top 20 Equal Weight 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.