Markets
Nifty200 Alpha 30
Nifty200 Alpha 30 is an NSE strategy and factor index of 30 stocks. Since 2005 it has compounded 17.5% a year with dividends reinvested; over the past year it rose 1.6%. Its deepest fall was 75%, from Jan 2008 to Oct 2008, and it took 6.7 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty200 Alpha 30. Data to 14 Oct 2026.
- Trend
- Downtrend since Oct 2026
- Momentum
- 45th of 133 markets, by rank
- Below its high
- 12.4% total return
- P/E
- 18.0 67th percentile
- 1 year
- +1.6% total return
- 5 years
- 11.8% a year
- 10 years
- 17.9% a year
- Since 2005
- 17.5% a year
- Volatility
- 19.3% past year; usual 20%
NSE launched Nifty200 Alpha 30 in Jul 2022. 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 2005, dividends added about 1.3 percentage points a year. Returns over more than a year are a year, compounded.
Nifty200 Alpha 30: growth of 100
Weekly, from Apr 2005, 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 | −4.0% | −4.1% | +0.1 pts | |
| 3 months | −3.3% | −3.5% | +0.2 pts | |
| 6 months | +3.4% | +2.9% | +0.5 pts | |
| This year | +2.3% | +1.8% | +0.5 pts | |
| 1 year | +1.6% | +1.0% | +0.6 pts | |
| 3 years, a year | +14.2% | +13.4% | +0.8 pts | |
| 5 years, a year | +11.8% | +10.8% | +1.0 pts | |
| 10 years, a year | +17.9% | +16.8% | +1.1 pts | |
| 15 years, a year | +19.9% | +18.7% | +1.2 pts | |
| 20 years, a year | +15.3% | +14.1% | +1.2 pts | |
| Since Apr 2005, a year | +17.5% | +16.2% | +1.3 pts |
Year by year
15 of the 20 full calendar years since 2006 ended higher. 16 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty200 Alpha 30: 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 | +2.3% | +1.8% | +0.5 pts | −14.9% | |
| 2025 | −4.8% | −5.3% | +0.6 pts | −23.5% | |
| 2024 | +27.6% | +26.5% | +1.0 pts | −14.6% | |
| 2023 | +57.5% | +56.2% | +1.3 pts | −8.2% | |
| 2022 | −8.8% | −9.9% | +1.1 pts | −31.0% | |
| 2021 | +56.2% | +54.6% | +1.6 pts | −10.6% | |
| 2020 | +23.1% | +22.3% | +0.9 pts | −37.3% | |
| 2019 | +10.8% | +10.0% | +0.8 pts | −11.3% | |
| 2018 | −7.5% | −8.4% | +0.9 pts | −18.6% | |
| 2017 | +62.9% | +60.0% | +2.9 pts | −7.6% | |
| 2016 | +9.3% | +8.0% | +1.3 pts | −18.8% | |
| 2015 | +19.2% | +18.1% | +1.1 pts | −13.4% | |
| 2014 | +40.4% | +38.5% | +1.8 pts | −9.9% | |
| 2013 | +16.1% | +15.0% | +1.1 pts | −12.5% | |
| 2012 | +36.4% | +34.7% | +1.8 pts | −8.0% | |
| 2011 | −18.6% | −20.3% | +1.7 pts | −19.9% | |
| 2010 | +12.7% | +11.7% | +1.0 pts | −14.7% | |
| 2009 | +70.3% | +67.7% | +2.6 pts | −15.2% | |
| 2008 | −68.2% | −68.5% | +0.3 pts | −75.3% | |
| 2007 | +91.8% | +90.8% | +1.0 pts | −19.1% | |
| 2006 | +43.9% | +42.6% | +1.3 pts | −33.3% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 75%, took 10 months to reach bottom and 5.9 years more to climb back. Today it is 12.4% below its high.
Nifty200 Alpha 30: 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 |
|---|---|---|---|---|---|---|
| −75.3% | 7 Jan 2008 | 27 Oct 2008 | 10 months | 5.9 years | 8 Sept 2014 | 6.7 years |
| −37.2% | 19 Feb 2020 | 23 Mar 2020 | 33 days | 7 months | 8 Oct 2020 | 8 months |
| −33.3% | 10 May 2006 | 14 Jun 2006 | 35 days | 5 months | 6 Nov 2006 | 6 months |
| −31.1% | 18 Oct 2021 | 20 Jun 2022 | 8 months | 12 months | 16 Jun 2023 | 20 months |
| −29.7% | 30 Aug 2024 | 28 Feb 2025 | 6 months | +25% off the low | not yet | 20 months since the low |
| −24.1% | 19 Aug 2015 | 25 Feb 2016 | 6 months | 5 months | 22 Jul 2016 | 11 months |
| −19.1% | 6 Feb 2007 | 7 Mar 2007 | 29 days | 2 months | 17 May 2007 | 3 months |
| −18.6% | 29 Aug 2018 | 26 Oct 2018 | 58 days | 15 months | 13 Jan 2020 | 17 months |
| −17.4% | 4 Oct 2005 | 28 Oct 2005 | 24 days | 29 days | 26 Nov 2005 | 53 days |
| −14.9% | 21 Oct 2016 | 26 Dec 2016 | 2 months | 29 days | 24 Jan 2017 | 3 months |
What holding it was like
From every day in its history, what holding Nifty200 Alpha 30 for a fixed span would have returned a year. Over five years the middle outcome was 18.4% a year; the worst −8.1% and the best 35.0%; 6% 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 | −71.4% | −9.9% | +17.7% | +65.4% | +107.0% | 24% | 21.5 |
| 3 years | −18.4% | −0.6% | +20.0% | +30.3% | +45.9% | 11% | 7.2 |
| 5 years | −8.1% | +2.9% | +18.4% | +27.8% | +35.0% | 6% | 4.3 |
| 7 years | +0.6% | +7.1% | +19.6% | +22.8% | +26.6% | 0% | 3.1 |
| 10 years | +8.4% | +12.3% | +19.3% | +23.5% | +26.3% | 0% | 2.2 |
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 (+14.9% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,29,026 | 1.04× | +4.5% | |
| 2024 | 34 | ₹3,40,000 | ₹3,50,737 | 1.03× | +2.2% | |
| 2023 | 46 | ₹4,60,000 | ₹5,61,353 | 1.22× | +10.6% | |
| 2022 | 58 | ₹5,80,000 | ₹8,01,101 | 1.38× | +13.6% | |
| 2021 | 70 | ₹7,00,000 | ₹10,75,902 | 1.54× | +14.9% | |
| 2020 | 82 | ₹8,20,000 | ₹15,03,667 | 1.83× | +17.7% | |
| 2019 | 94 | ₹9,40,000 | ₹19,45,239 | 2.07× | +18.3% | |
| 2018 | 106 | ₹10,60,000 | ₹23,88,272 | 2.25× | +17.9% | |
| 2017 | 118 | ₹11,80,000 | ₹29,11,791 | 2.47× | +17.7% | |
| 2016 | 130 | ₹13,00,000 | ₹36,35,355 | 2.80× | +18.0% | |
| 2015 | 142 | ₹14,20,000 | ₹44,15,980 | 3.11× | +18.0% | |
| 2014 | 154 | ₹15,40,000 | ₹55,18,851 | 3.58× | +18.5% | |
| 2013 | 166 | ₹16,60,000 | ₹69,46,652 | 4.18× | +19.0% | |
| 2012 | 178 | ₹17,80,000 | ₹86,55,658 | 4.86× | +19.3% | |
| 2011 | 190 | ₹19,00,000 | ₹1,04,21,645 | 5.49× | +19.3% | |
| 2010 | 202 | ₹20,20,000 | ₹1,22,04,549 | 6.04× | +19.0% | |
| 2009 | 214 | ₹21,40,000 | ₹1,48,01,932 | 6.92× | +19.1% | |
| 2008 | 226 | ₹22,60,000 | ₹1,67,05,213 | 7.39× | +18.6% | |
| 2007 | 238 | ₹23,80,000 | ₹1,83,85,614 | 7.73× | +17.9% | |
| 2006 | 250 | ₹25,00,000 | ₹2,06,51,009 | 8.26× | +17.5% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 19.3%, against a usual 19.5% for this index. 64% of months ended higher, and 248 days moved 3% or more either way.
Nifty200 Alpha 30: 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 | −17.3% |
| 23 Mar 2020 | −13.4% |
| 4 Jun 2024 | −12.0% |
| 24 Oct 2008 | −10.4% |
| 22 Jan 2008 | −10.0% |
| Best days | Return |
|---|---|
| 18 May 2009 | +13.6% |
| 23 Jan 2008 | +11.5% |
| 25 Jan 2008 | +11.0% |
| 25 Mar 2008 | +9.3% |
| 23 Jul 2008 | +8.9% |
| Worst months | Return |
|---|---|
| Oct 2008 | −33.6% |
| Jun 2008 | −26.6% |
| Jan 2008 | −26.2% |
| Mar 2020 | −22.1% |
| Sept 2008 | −19.0% |
| Best months | Return |
|---|---|
| Oct 2007 | +22.0% |
| Sept 2007 | +18.2% |
| May 2009 | +17.7% |
| Apr 2008 | +17.2% |
| Mar 2016 | +15.2% |
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 18.0 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 3.99, 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 18.0×, range 17.9× to 20.7×.
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 3.99×, range 3.98× to 5.05×.
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 | 17.95 | 67 | – | – | 17.95 | 17.92 | 20.67 |
| Price to book | 3.99 | 67 | – | – | 3.99 | 3.98 | 5.05 |
| Dividend yield, % | 0.91 | 100 | – | – | 0.72 | 0.71 | 0.91 |
What it holds
30 stocks as NSE lists them today. The ten largest make up 46.6% of the index. It is weighted by alpha 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 8 items. Weight, %: highest Financial Services at 35.2%, lowest Consumer Services at 2.6%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Multi Commodity Exchange of India Ltd. | 5.10% |
| 2 | Bharat Heavy Electricals Ltd. | 5.10% |
| 3 | Laurus Labs Ltd. | 5.07% |
| 4 | Shriram Finance Ltd. | 4.80% |
| 5 | Vodafone Idea Ltd. | 4.67% |
| 6 | National Aluminium Co. Ltd. | 4.62% |
| 7 | Adani Energy Solutions Ltd. | 4.38% |
| 8 | Samvardhana Motherson International Ltd. | 4.35% |
| 9 | Bharat Forge Ltd. | 4.35% |
| 10 | Federal Bank Ltd. | 4.15% |
NSE's constituent list for Nifty200 Alpha 30, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| AU Small Finance Bank Ltd. | Financial Services | AUBANK | |
| Adani Energy Solutions Ltd. | Power | ADANIENSOL | |
| Adani Green Energy Ltd. | Power | ADANIGREEN | |
| Adani Power Ltd. | Power | ADANIPOWER | |
| Aditya Birla Capital Ltd. | Financial Services | ABCAPITAL | |
| Ashok Leyland Ltd. | Capital Goods | ASHOKLEY | |
| Aurobindo Pharma Ltd. | Healthcare | AUROPHARMA | |
| BSE Ltd. | Financial Services | BSE | |
| Bank of Maharashtra | Financial Services | MAHABANK | |
| Bharat Forge Ltd. | Automobile and Auto Components | BHARATFORG | |
| Bharat Heavy Electricals Ltd. | Capital Goods | BHEL | |
| Cummins India Ltd. | Capital Goods | CUMMINSIND | |
| FSN E-Commerce Ventures Ltd. | Consumer Services | NYKAA | |
| Federal Bank Ltd. | Financial Services | FEDERALBNK | |
| GE Vernova T&D India Ltd. | Capital Goods | GVT&D | |
| Hindalco Industries Ltd. | Metals & Mining | HINDALCO | |
| Hitachi Energy India Ltd. | Capital Goods | POWERINDIA | |
| Indian Bank | Financial Services | INDIANB | |
| L&T Finance Ltd. | Financial Services | LTF | |
| Laurus Labs Ltd. | Healthcare | LAURUSLABS | |
| Multi Commodity Exchange of India Ltd. | Financial Services | MCX | |
| National Aluminium Co. Ltd. | Metals & Mining | NATIONALUM | |
| One 97 Communications Ltd. | Financial Services | PAYTM | |
| Polycab India Ltd. | Capital Goods | POLYCAB | |
| Samvardhana Motherson International Ltd. | Automobile and Auto Components | MOTHERSON | |
| Shriram Finance Ltd. | Financial Services | SHRIRAMFIN | |
| Steel Authority of India Ltd. | Metals & Mining | SAIL | |
| Union Bank of India | Financial Services | UNIONBANK | |
| Vedanta Ltd. | Metals & Mining | VEDL | |
| Vodafone Idea Ltd. | Telecommunication | IDEA |
Against the Nifty 500
How Nifty200 Alpha 30 has done against the broad market it is part of. Over 21 years it beat the Nifty 500 by 3.9 percentage points a year, and was ahead in 14 of 20 calendar years.
Relative strength
Weekly: Nifty200 Alpha 30's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty200 Alpha 30 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: Nifty200 Alpha 30'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 May 2005 | +3.9 pts | 115 | 107 | 1.03 | 0.90 | 10.7% |
| Last 5 years, from Oct 2021 | +4.6 pts | 145 | 141 | 1.34 | 0.91 | 10.2% |
Models and ETFs
No Tipsheet model uses Nifty200 Alpha 30. 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 200 Alpha 30 ETF | ALPHAETF | 0.38% | ₹415 cr | −1.20 pts | 1.42% | ₹1.2 cr |
Data and sources
Nifty200 Alpha 30 is computed and published by NSE Indices. History here starts 1 Apr 2005; NSE launched the index on 21 Jul 2022, from a base date of April 01, 2005. 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 Nifty200 Alpha 30 there to download its full series.
- Nifty200 Alpha 30 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.