Markets
Nifty500 Shariah
Nifty500 Shariah is an NSE theme index. Since 2006 it has compounded 11.5% a year with dividends reinvested; over the past year it fell 4.2%. Its deepest fall was 63%, from Jan 2008 to Mar 2009, and it took 5.8 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty500 Shariah. Data to 14 Oct 2026.
- Trend
- Downtrend since Sep 2026
- Momentum
- 48th of 133 markets, by rank
- Below its high
- 17.5% total return
- P/E
- 27.4 67th percentile
- 1 year
- −4.2% total return
- 5 years
- 5.2% a year
- 10 years
- 12.1% a year
- Since 2006
- 11.5% a year
- Volatility
- 13.5% past year; usual 14%
NSE launched Nifty500 Shariah in Feb 2008. 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 1.4 percentage points a year. Returns over more than a year are a year, compounded.
Nifty500 Shariah: growth of 100
Weekly, from Dec 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 | −2.1% | −2.2% | 0.0 pts | |
| 3 months | −3.4% | −3.7% | +0.3 pts | |
| 6 months | +1.2% | +0.6% | +0.6 pts | |
| This year | −6.4% | −7.2% | +0.8 pts | |
| 1 year | −4.2% | −5.2% | +1.0 pts | |
| 3 years, a year | +6.1% | +4.9% | +1.2 pts | |
| 5 years, a year | +5.2% | +3.9% | +1.2 pts | |
| 10 years, a year | +12.1% | +10.6% | +1.5 pts | |
| 15 years, a year | +13.4% | +12.0% | +1.5 pts | |
| Since Dec 2006, a year | +11.5% | +10.0% | +1.4 pts |
Year by year
14 of the 19 full calendar years since 2007 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.
Nifty500 Shariah: 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 | −6.4% | −7.2% | +0.8 pts | −14.7% | |
| 2025 | −2.8% | −4.1% | +1.2 pts | −17.0% | |
| 2024 | +17.6% | +16.4% | +1.2 pts | −11.9% | |
| 2023 | +25.0% | +23.6% | +1.3 pts | −9.1% | |
| 2022 | −4.4% | −5.7% | +1.3 pts | −20.2% | |
| 2021 | +39.9% | +38.0% | +1.9 pts | −6.5% | |
| 2020 | +36.0% | +33.9% | +2.2 pts | −30.9% | |
| 2019 | +2.7% | +1.0% | +1.7 pts | −8.6% | |
| 2018 | −7.5% | −8.8% | +1.3 pts | −16.4% | |
| 2017 | +44.7% | +42.9% | +1.9 pts | −5.1% | |
| 2016 | +5.2% | +4.0% | +1.2 pts | −11.9% | |
| 2015 | +6.9% | +6.0% | +0.9 pts | −10.2% | |
| 2014 | +34.9% | +33.1% | +1.8 pts | −7.6% | |
| 2013 | +17.1% | +15.6% | +1.5 pts | −10.9% | |
| 2012 | +20.0% | +18.0% | +2.0 pts | −11.1% | |
| 2011 | −20.4% | −21.3% | +0.9 pts | −22.2% | |
| 2010 | +14.4% | +13.1% | +1.3 pts | −10.4% | |
| 2009 | +91.9% | +89.7% | +2.1 pts | −17.0% | |
| 2008 | −57.2% | −57.7% | +0.5 pts | −62.7% | |
| 2007 | +60.0% | +58.3% | +1.8 pts | −15.5% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 63%, took 14 months to reach bottom and 4.6 years more to climb back. Today it is 17.5% below its high.
Nifty500 Shariah: 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 |
|---|---|---|---|---|---|---|
| −63.1% | 4 Jan 2008 | 9 Mar 2009 | 14 months | 4.6 years | 30 Oct 2013 | 5.8 years |
| −31.2% | 8 Jan 2018 | 23 Mar 2020 | 2.2 years | 4 months | 31 Jul 2020 | 2.6 years |
| −23.6% | 27 Sept 2024 | 23 Mar 2026 | 18 months | +8% off the low | not yet | 7 months since the low |
| −20.2% | 17 Jan 2022 | 17 Jun 2022 | 5 months | 13 months | 19 Jul 2023 | 18 months |
| −16.3% | 6 Aug 2015 | 12 Feb 2016 | 6 months | 5 months | 14 Jul 2016 | 11 months |
| −15.5% | 7 Feb 2007 | 5 Mar 2007 | 26 days | 3 months | 21 May 2007 | 3 months |
| −11.9% | 6 Oct 2016 | 21 Nov 2016 | 46 days | 3 months | 20 Feb 2017 | 5 months |
| −11.8% | 24 Jul 2007 | 21 Aug 2007 | 28 days | 29 days | 19 Sept 2007 | 57 days |
What holding it was like
From every day in its history, what holding Nifty500 Shariah for a fixed span would have returned a year. Over five years the middle outcome was 14.1% a year; the worst −2.2% and the best 27.1%; 2% 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 | −59.6% | −8.3% | +10.8% | +43.0% | +113.7% | 28% | 19.8 |
| 3 years | −4.1% | +3.8% | +13.8% | +23.2% | +32.4% | 2% | 6.6 |
| 5 years | −2.2% | +5.4% | +14.1% | +20.4% | +27.1% | 2% | 4.0 |
| 7 years | +4.5% | +9.8% | +14.4% | +16.9% | +21.7% | 0% | 2.8 |
| 10 years | +6.9% | +10.4% | +14.2% | +17.1% | +19.0% | 0% | 2.0 |
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 (+5.8% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,13,664 | 0.97× | −3.2% | |
| 2024 | 34 | ₹3,40,000 | ₹3,27,341 | 0.96× | −2.7% | |
| 2023 | 46 | ₹4,60,000 | ₹4,82,772 | 1.05× | +2.5% | |
| 2022 | 58 | ₹5,80,000 | ₹6,45,457 | 1.11× | +4.5% | |
| 2021 | 70 | ₹7,00,000 | ₹8,28,218 | 1.18× | +5.8% | |
| 2020 | 82 | ₹8,20,000 | ₹11,15,653 | 1.36× | +9.0% | |
| 2019 | 94 | ₹9,40,000 | ₹14,15,094 | 1.51× | +10.3% | |
| 2018 | 106 | ₹10,60,000 | ₹17,09,110 | 1.61× | +10.6% | |
| 2017 | 118 | ₹11,80,000 | ₹20,46,064 | 1.73× | +10.9% | |
| 2016 | 130 | ₹13,00,000 | ₹24,58,738 | 1.89× | +11.4% | |
| 2015 | 142 | ₹14,20,000 | ₹28,86,158 | 2.03× | +11.5% | |
| 2014 | 154 | ₹15,40,000 | ₹34,16,316 | 2.22× | +11.8% | |
| 2013 | 166 | ₹16,60,000 | ₹41,00,285 | 2.47× | +12.3% | |
| 2012 | 178 | ₹17,80,000 | ₹48,73,901 | 2.74× | +12.6% | |
| 2011 | 190 | ₹19,00,000 | ₹56,37,671 | 2.97× | +12.7% | |
| 2010 | 202 | ₹20,20,000 | ₹63,96,330 | 3.17× | +12.5% | |
| 2009 | 214 | ₹21,40,000 | ₹75,21,314 | 3.51× | +12.8% | |
| 2008 | 226 | ₹22,60,000 | ₹84,92,373 | 3.76× | +12.7% | |
| 2007 | 238 | ₹23,80,000 | ₹94,05,151 | 3.95× | +12.4% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 13.5%, against a usual 14.2% for this index. 61% of months ended higher, and 126 days moved 3% or more either way.
Nifty500 Shariah: 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 | −10.4% |
| 24 Oct 2008 | −10.3% |
| 21 Jan 2008 | −9.5% |
| 12 Mar 2020 | −7.5% |
| 10 Oct 2008 | −7.4% |
| Best days | Return |
|---|---|
| 18 May 2009 | +16.5% |
| 7 Apr 2020 | +7.8% |
| 31 Oct 2008 | +7.0% |
| 25 Jan 2008 | +6.7% |
| 20 Mar 2020 | +6.6% |
| Worst months | Return |
|---|---|
| Oct 2008 | −26.5% |
| Jan 2008 | −17.9% |
| Jun 2008 | −17.9% |
| Mar 2020 | −15.4% |
| Sept 2008 | −13.6% |
| Best months | Return |
|---|---|
| May 2009 | +27.5% |
| Oct 2007 | +16.7% |
| Apr 2009 | +16.0% |
| Apr 2020 | +12.5% |
| Sept 2007 | +11.6% |
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 27.4 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 4.06, 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 27.4×, range 27.3× to 28.5×.
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 4.06×, range 4.03× to 4.35×.
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 | 27.37 | 67 | – | – | 27.37 | 27.27 | 28.54 |
| Price to book | 4.06 | 67 | – | – | 4.06 | 4.03 | 4.35 |
| Dividend yield, % | 1.58 | 100 | – | – | 1.16 | 1.11 | 1.58 |
What it holds
The ten largest make up 29.1% of the index. It is weighted by periodic capped free-float and rebalanced monthly. NSE publishes no current member list for this index, only the ten largest members and the sector split below.
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 18 items. Weight, %: highest Information Technology at 17.4%, lowest Power at 0.1%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Infosys Ltd. | 5.83% |
| 2 | Eternal Ltd. | 3.85% |
| 3 | Tata Consultancy Services Ltd. | 3.48% |
| 4 | Sun Pharmaceutical Industries Ltd. | 3.19% |
| 5 | Hindustan Unilever Ltd. | 2.77% |
| 6 | Hindalco Industries Ltd. | 2.26% |
| 7 | UltraTech Cement Ltd. | 2.15% |
| 8 | HCL Technologies Ltd. | 2.15% |
| 9 | Asian Paints Ltd. | 1.80% |
| 10 | Tech Mahindra Ltd. | 1.61% |
Against the Nifty 500
How Nifty500 Shariah has done against the broad market it is part of. Over 20 years it beat the Nifty 500 by 0.1 percentage points a year, and was ahead in 9 of 19 calendar years.
Relative strength
Weekly: Nifty500 Shariah's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty500 Shariah 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: Nifty500 Shariah'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 2007 | +0.1 pts | 88 | 82 | 0.86 | 0.95 | 6.8% |
| Last 5 years, from Oct 2021 | −3.5 pts | 86 | 100 | 0.98 | 0.93 | 5.5% |
Models and ETFs
No Tipsheet model uses Nifty500 Shariah. No ETF listed on NSE tracks it. Its trend and momentum have a page of their own.
Data and sources
Nifty500 Shariah is computed and published by NSE Indices. History here starts 29 Dec 2006; NSE launched the index on 19 Feb 2008, from a base date of December 29, 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 Nifty500 Shariah there to download its full series.
- NSE's monthly factsheet (PDF)
- 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.