Markets
Nifty50 Value 20
Nifty50 Value 20 is an NSE strategy and factor index of 20 stocks. Since 2009 it has compounded 16.8% a year with dividends reinvested; over the past year it fell 10.7%. Its deepest fall was 29%, from Apr 2019 to Mar 2020, and it took 15 months from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty50 Value 20. Data to 14 Oct 2026.
- Trend
- Downtrend since Feb 2026
- Momentum
- 110th of 133 markets, by rank
- Below its high
- 20.2% total return
- P/E
- 14.1 67th percentile
- 1 year
- −10.7% total return
- 5 years
- 5.8% a year
- 10 years
- 14.1% a year
- Since 2009
- 16.8% a year
- Volatility
- 12.4% past year; usual 15%
NSE launched Nifty50 Value 20 in Mar 2014. 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 2009, dividends added about 2.2 percentage points a year. Returns over more than a year are a year, compounded.
Nifty50 Value 20: growth of 100
Weekly, from Jan 2009, 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 | −2.2% | −2.2% | 0.0 pts | |
| 3 months | −5.8% | −6.1% | +0.3 pts | |
| 6 months | −8.6% | −9.2% | +0.7 pts | |
| This year | −14.5% | −15.3% | +0.8 pts | |
| 1 year | −10.7% | −11.8% | +1.1 pts | |
| 3 years, a year | +4.4% | +2.5% | +1.9 pts | |
| 5 years, a year | +5.8% | +3.8% | +2.0 pts | |
| 10 years, a year | +14.1% | +11.8% | +2.3 pts | |
| 15 years, a year | +13.5% | +11.3% | +2.2 pts | |
| Since Jan 2009, a year | +16.8% | +14.6% | +2.2 pts |
Year by year
14 of the 16 full calendar years since 2010 ended higher. 11 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty50 Value 20: 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 | −14.5% | −15.3% | +0.8 pts | −17.2% | |
| 2025 | +0.9% | −1.2% | +2.1 pts | −14.1% | |
| 2024 | +17.9% | +15.6% | +2.2 pts | −8.5% | |
| 2023 | +29.8% | +27.8% | +2.0 pts | −6.6% | |
| 2022 | +1.7% | −0.9% | +2.5 pts | −17.7% | |
| 2021 | +37.3% | +34.1% | +3.2 pts | −8.5% | |
| 2020 | +28.5% | +25.4% | +3.1 pts | −29.4% | |
| 2019 | +8.7% | +6.2% | +2.5 pts | −10.3% | |
| 2018 | +10.5% | +8.6% | +1.9 pts | −13.8% | |
| 2017 | +31.8% | +29.6% | +2.3 pts | −4.1% | |
| 2016 | +4.0% | +2.0% | +2.0 pts | −12.3% | |
| 2015 | −5.7% | −7.3% | +1.6 pts | −16.8% | |
| 2014 | +34.7% | +32.3% | +2.4 pts | −8.3% | |
| 2013 | +14.2% | +12.1% | +2.1 pts | −11.6% | |
| 2012 | +27.1% | +24.4% | +2.7 pts | −12.9% | |
| 2011 | −20.9% | −22.0% | +1.1 pts | −23.2% | |
| 2010 | +31.2% | +28.8% | +2.4 pts | −10.8% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 29%, took 11 months to reach bottom and 4 months more to climb back. Today it is 20.2% below its high.
Nifty50 Value 20: 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 |
|---|---|---|---|---|---|---|
| −29.4% | 26 Apr 2019 | 23 Mar 2020 | 11 months | 4 months | 28 Jul 2020 | 15 months |
| −24.2% | 5 Nov 2010 | 20 Dec 2011 | 13 months | 12 months | 2 Jan 2013 | 2.2 years |
| −22.1% | 26 Sept 2024 | 8 Oct 2026 | 2.0 years | +2% off the low | not yet | 6 days since the low |
| −21.8% | 29 Jan 2015 | 12 Feb 2016 | 12 months | 12 months | 23 Feb 2017 | 2.1 years |
| −17.7% | 17 Jan 2022 | 17 Jun 2022 | 5 months | 5 months | 29 Nov 2022 | 10 months |
| −15.7% | 6 Jan 2009 | 9 Mar 2009 | 2 months | 17 days | 26 Mar 2009 | 3 months |
| −13.8% | 28 Aug 2018 | 26 Oct 2018 | 59 days | 5 months | 19 Mar 2019 | 7 months |
| −11.7% | 24 Jan 2018 | 23 Mar 2018 | 58 days | 4 months | 23 Jul 2018 | 6 months |
| −11.6% | 23 Jul 2013 | 21 Aug 2013 | 29 days | 29 days | 19 Sept 2013 | 58 days |
| −10.8% | 18 Jan 2010 | 5 Feb 2010 | 18 days | 40 days | 17 Mar 2010 | 58 days |
What holding it was like
From every day in its history, what holding Nifty50 Value 20 for a fixed span would have returned a year. Over five years the middle outcome was 15.8% a year; the worst 2.9% and the best 30.2%; no five-year span 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 | −26.7% | −5.9% | +14.2% | +41.8% | +144.0% | 20% | 17.8 |
| 3 years | +1.6% | +7.8% | +15.2% | +23.3% | +41.3% | 0% | 5.9 |
| 5 years | +2.9% | +9.0% | +15.8% | +22.4% | +30.2% | 0% | 3.6 |
| 7 years | +8.3% | +11.4% | +15.2% | +19.8% | +23.7% | 0% | 2.5 |
| 10 years | +8.4% | +11.7% | +15.8% | +17.5% | +22.2% | 0% | 1.8 |
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 (+5.0% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,00,894 | 0.91× | −9.7% | |
| 2024 | 34 | ₹3,40,000 | ₹3,08,837 | 0.91× | −6.7% | |
| 2023 | 46 | ₹4,60,000 | ₹4,55,634 | 0.99× | −0.5% | |
| 2022 | 58 | ₹5,80,000 | ₹6,20,804 | 1.07× | +2.8% | |
| 2021 | 70 | ₹7,00,000 | ₹8,10,236 | 1.16× | +5.0% | |
| 2020 | 82 | ₹8,20,000 | ₹11,04,574 | 1.35× | +8.7% | |
| 2019 | 94 | ₹9,40,000 | ₹13,96,095 | 1.49× | +10.0% | |
| 2018 | 106 | ₹10,60,000 | ₹17,19,965 | 1.62× | +10.8% | |
| 2017 | 118 | ₹11,80,000 | ₹21,16,527 | 1.79× | +11.6% | |
| 2016 | 130 | ₹13,00,000 | ₹25,78,962 | 1.98× | +12.2% | |
| 2015 | 142 | ₹14,20,000 | ₹30,30,506 | 2.13× | +12.2% | |
| 2014 | 154 | ₹15,40,000 | ₹35,46,410 | 2.30× | +12.3% | |
| 2013 | 166 | ₹16,60,000 | ₹42,04,476 | 2.53× | +12.6% | |
| 2012 | 178 | ₹17,80,000 | ₹49,65,289 | 2.79× | +12.9% | |
| 2011 | 190 | ₹19,00,000 | ₹57,30,614 | 3.02× | +12.9% | |
| 2010 | 202 | ₹20,20,000 | ₹65,62,755 | 3.25× | +12.8% | |
| 2009 | 214 | ₹21,40,000 | ₹79,72,019 | 3.73× | +13.3% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 12.4%, against a usual 15.1% for this index. 61% of months ended higher, and 75 days moved 3% or more either way.
Nifty50 Value 20: 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 | −9.2% |
| 12 Mar 2020 | −8.2% |
| 24 Aug 2015 | −6.7% |
| 16 Mar 2020 | −6.4% |
| 4 Jun 2024 | −5.8% |
| Best days | Return |
|---|---|
| 18 May 2009 | +16.2% |
| 20 Mar 2020 | +8.6% |
| 7 Apr 2020 | +7.5% |
| 4 May 2009 | +5.9% |
| 2 Apr 2009 | +4.9% |
| Worst months | Return |
|---|---|
| Mar 2020 | −12.5% |
| Mar 2026 | −10.1% |
| Nov 2011 | −9.9% |
| Feb 2025 | −9.3% |
| Aug 2011 | −9.2% |
| Best months | Return |
|---|---|
| May 2009 | +30.3% |
| Jul 2009 | +14.6% |
| Apr 2009 | +14.1% |
| Mar 2016 | +13.3% |
| Sept 2010 | +12.7% |
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 14.1 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 1.87, 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 14.1×, range 14.0× to 14.7×.
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 1.87×, range 1.85× to 1.98×.
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 | 14.09 | 67 | – | – | 14.09 | 13.99 | 14.73 |
| Price to book | 1.87 | 67 | – | – | 1.87 | 1.85 | 1.98 |
| Dividend yield, % | 2.28 | 100 | – | – | 1.69 | 1.58 | 2.28 |
What it holds
20 stocks as NSE lists them today. The ten largest make up 76.5% of the index. It is weighted by tilt 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 9 items. Weight, %: highest Financial Services at 45.6%, lowest Healthcare at 1.0%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | HDFC Bank Ltd. | 14.74% |
| 2 | Reliance Industries Ltd. | 12.16% |
| 3 | ICICI Bank Ltd. | 11.35% |
| 4 | State Bank of India | 9.11% |
| 5 | Infosys Ltd. | 6.52% |
| 6 | ITC Ltd. | 5.58% |
| 7 | Axis Bank Ltd. | 5.41% |
| 8 | Oil & Natural Gas Corporation Ltd. | 4.15% |
| 9 | Kotak Mahindra Bank Ltd. | 3.76% |
| 10 | Tata Consultancy Services Ltd. | 3.68% |
NSE's constituent list for Nifty50 Value 20, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Axis Bank Ltd. | Financial Services | AXISBANK | |
| Bajaj Finserv Ltd. | Financial Services | BAJAJFINSV | |
| Coal India Ltd. | Oil Gas & Consumable Fuels | COALINDIA | |
| Dr. Reddy's Laboratories Ltd. | Healthcare | DRREDDY | |
| Grasim Industries Ltd. | Construction Materials | GRASIM | |
| HCL Technologies Ltd. | Information Technology | HCLTECH | |
| HDFC Bank Ltd. | Financial Services | HDFCBANK | |
| Hindalco Industries Ltd. | Metals & Mining | HINDALCO | |
| 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 | |
| NTPC Ltd. | Power | NTPC | |
| Oil & Natural Gas Corporation Ltd. | Oil Gas & Consumable Fuels | ONGC | |
| Power Grid Corporation of India Ltd. | Power | POWERGRID | |
| Reliance Industries Ltd. | Oil Gas & Consumable Fuels | RELIANCE | |
| State Bank of India | Financial Services | SBIN | |
| Tata Consultancy Services Ltd. | Information Technology | TCS | |
| Tata Motors Passenger Vehicles Ltd. | Automobile and Auto Components | TMPV | |
| Tata Steel Ltd. | Metals & Mining | TATASTEEL |
Against the Nifty 500
How Nifty50 Value 20 has done against the broad market it is part of. Over 18 years it beat the Nifty 500 by 1.8 percentage points a year, and was ahead in 8 of 16 calendar years.
Relative strength
Weekly: Nifty50 Value 20's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty50 Value 20 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: Nifty50 Value 20'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 Feb 2009 | +1.8 pts | 93 | 78 | 0.86 | 0.91 | 8.0% |
| Last 5 years, from Oct 2021 | −2.9 pts | 78 | 84 | 0.83 | 0.88 | 7.0% |
Models and ETFs
No Tipsheet model uses Nifty50 Value 20. 4 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 Nifty50 Value 20 ETF | NV20IETF | 0.21% | ₹176 cr | −0.27 pts | 1.60% | ₹0.5 cr | |
| Nippon India ETF Nifty 50 Value 20 | NV20BEES | 0.22% | ₹143 cr | −0.28 pts | 1.85% | ₹0.2 cr | |
| Kotak Nifty 50 Value 20 ETF - Payout of Income Distribution cum capital withdrawal option | NV20 | – | ₹78.2 cr | +0.47 pts | 3.91% | ₹0.1 cr | |
| HDFC NIFTY 50 VALUE 20 ETF - Growth Option | HDFCVALUE | 0.17% | ₹35.7 cr | +0.17 pts | 1.91% | ₹0.1 cr |
Data and sources
Nifty50 Value 20 is computed and published by NSE Indices. History here starts 1 Jan 2009; NSE launched the index on 28 Mar 2014, from a base date of January 01, 2009. 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 Nifty50 Value 20 there to download its full series.
- Nifty50 Value 20 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.