Is the world helping or hurting Indian shares?
Returns for the major markets against the Nifty 50, in local currency and converted to rupees, and how closely India moves with each. Only returns, correlations and drawdowns are shown: index levels belong to their providers.
Written for investors in international funds, and anyone asking whether India is moving with the world. Data to 5 Oct 2026.
Inside its usual range of 0.37 to 0.55. The record is 0.81, in March 2020. Up from 0.33 a year ago.
What it is. How closely weekly moves in the Nifty 50 and the S&P 500 have tracked each other over the last year.
How to read it. 1 means they move together, 0 means unrelated. Correlations jump in global sell-offs, just when diversification is wanted.
Price returns over set horizons, in each market's own currency, with this year's return converted to rupees in the last column. For an Indian investor the rupee column is the one that counts. Below, the last twelve calendar years, coloured from losses to gains.
| Market | Region | 1 week | 1 month | This year | 1 year | 3 years, a year | 5 years, a year | This year, in ₹ | More |
|---|---|---|---|---|---|---|---|---|---|
| Nifty 50 | India | −1.0% | −5.6% | −13.7% | −9.4% | 4.9% | 4.8% | −13.7% | |
| S&P 500 | United States | 1.2% | 0.7% | 13.6% | 15.8% | 22.2% | 12.3% | 21.7% | |
| Dow Jones Industrial Average * | United States | −0.4% | −4.0% | 6.7% | 9.6% | 15.7% | 8.4% | 14.3% | |
| Nasdaq Composite | United States | 2.5% | 3.7% | 18.2% | 20.6% | 27.6% | 13.7% | 26.7% | |
| Nasdaq-100 | United States | 2.6% | 5.2% | 23.1% | 25.4% | 28.3% | 16.2% | 31.9% | |
| FTSE 100 * | United Kingdom | −2.2% | −3.1% | 5.3% | 10.9% | 11.7% | 8.3% | 10.6% | |
| DAX * | Germany | −1.2% | −3.2% | 3.2% | 3.6% | 18.8% | 10.7% | 5.4% | |
| CAC 40 * | France | −3.0% | −5.5% | −3.9% | −3.0% | 3.8% | 3.6% | −1.8% | |
| Nikkei 225 * | Japan | 5.5% | 7.2% | 38.3% | 52.7% | 31.0% | 20.2% | 46.3% | |
| Hang Seng * | Hong Kong | −2.6% | −6.6% | −6.5% | −11.5% | 11.7% | −0.1% | −0.6% | |
| Shanghai Composite * | China | −2.3% | −2.8% | −3.1% | −1.0% | 7.3% | 1.5% | 7.9% | |
| S&P/ASX 200 * | Australia | 0.1% | −3.7% | −0.4% | −3.4% | 7.8% | 3.7% | 11.2% |
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 YTD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nifty 50 | −4 | +3 | +29 | +3 | +12 | +15 | +24 | +4 | +20 | +9 | +11 | −14 |
| S&P 500 | −1 | +10 | +19 | −6 | +29 | +16 | +27 | −19 | +24 | +23 | +16 | +14 |
| Dow Jones Industrial Average | −2 | +13 | +25 | −6 | +22 | +7 | +19 | −9 | +14 | +13 | +13 | +7 |
| Nasdaq Composite | +6 | +8 | +28 | −4 | +35 | +44 | +21 | −33 | +43 | +29 | +20 | +18 |
| Nasdaq-100 | +8 | +6 | +32 | −1 | +38 | +48 | +27 | −33 | +54 | +25 | +20 | +23 |
| FTSE 100 | −5 | +14 | +8 | −12 | +12 | −14 | +14 | +1 | +4 | +6 | +22 | +5 |
| DAX | +10 | +7 | +13 | −18 | +25 | +4 | +16 | −12 | +20 | +19 | +23 | +3 |
| CAC 40 | +9 | +5 | +9 | −11 | +26 | −7 | +29 | −10 | +17 | −2 | +10 | −4 |
| Nikkei 225 | +9 | 0 | +19 | −12 | +18 | +16 | +5 | −9 | +28 | +19 | +26 | +38 |
| Hang Seng | −7 | 0 | +36 | −14 | +9 | −3 | −14 | −15 | −14 | +18 | +28 | −6 |
| Shanghai Composite | +9 | −12 | +7 | −25 | +22 | +14 | +5 | −15 | −4 | +13 | +18 | −3 |
| S&P/ASX 200 | −2 | +7 | +7 | −7 | +18 | −1 | +13 | −5 | +8 | +7 | +7 | 0 |
Correlation measures how closely weekly returns move together, from −1 (opposite) through 0 (unrelated) to 1 (in step). Beta measures size: how far the Nifty moved, on average, for a 1% move in the other market. Both are measured over the past 52 weeks, so they drift.
Correlation of weekly returns over the past 52 weeks.
How to read it. Choose a market. The higher the line, the less that market diversifies an Indian portfolio. Correlations tend to rise in global sell-offs.
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Rolling 52-week correlation of weekly returns.
How to read it. Four markets on one scale. When the lines bunch together, India is moving with the world as a whole; when they spread, its links differ by region.
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Rolling 52-week.
How to read it. A beta of 0.5 means the Nifty moved half as much as that market, on average. A low beta with a high correlation means India moves in step but by less.
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How far each market sits below its highest close since 2004, in percent. Zero means it is at a record. Peaks are searched from the same start date for every market, so the lines compare.
Weekly, price index, %.
How to read it. The depth shows the size of each fall; the width shows how long recovery took. A line that stays below zero for years has not regained its old high.
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The rupee against the major currencies, two dollar indices, gold and Brent crude, over the same horizons. For currencies, a positive move means the rupee, or the dollar's counterpart, weakened.
| Series | 1 week | 1 month | This year | 1 year | 5 years, a year | More |
|---|---|---|---|---|---|---|
| US dollar in rupees (CCIL) | 0.4% | 2.0% | 7.2% | 8.5% | 5.3% | |
| Euro in rupees (ECB) | −1.2% | −1.8% | 2.2% | 3.6% | 4.5% | |
| Pound in rupees (ECB) | 0.0% | −0.4% | 5.2% | 6.7% | 4.6% | |
| Yen in rupees (ECB) | −0.5% | 0.6% | 6.1% | 1.0% | −1.9% | |
| US dollar index (ICE) | 1.1% | 3.2% | 4.1% | 4.6% | 1.7% | |
| Fed broad dollar index | 0.9% | 2.4% | 1.4% | 0.8% | 1.2% | |
| Gold in India, rupees (WGC) | −1.6% | −3.3% | 10.4% | 26.4% | 26.2% | |
| Gold in dollars (LBMA, WGC) | −1.1% | −6.6% | −5.3% | 4.7% | 18.6% | |
| Brent crude, dollars (EIA via FRED) | −0.8% | 27.0% | 85.8% | 65.2% | 7.9% | |
| Brent crude, rupees | −0.5% | 27.7% | 98.2% | 78.5% | 13.6% |
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 YTD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| US dollar in rupees (CCIL) | +5 | +3 | −6 | +9 | +2 | +2 | +2 | +11 | +1 | +3 | +5 | +7 |
| Euro in rupees (ECB) | −6 | −1 | +7 | +4 | +1 | +12 | −6 | +5 | +4 | −3 | +19 | +2 |
| Pound in rupees (ECB) | 0 | −15 | +3 | +3 | +6 | +6 | +1 | −1 | +6 | +1 | +13 | +5 |
| Yen in rupees (ECB) | +4 | +6 | −2 | +12 | +4 | +8 | −9 | −3 | −6 | −7 | +5 | +6 |
| US dollar index (ICE) | +9 | +4 | −10 | +4 | 0 | −7 | +7 | +8 | −2 | +7 | −9 | +4 |
| Fed broad dollar index | +11 | +4 | −7 | +5 | −1 | −3 | +4 | +5 | −2 | +9 | −7 | +1 |
| Gold in India, rupees (WGC) | −7 | +11 | +5 | +8 | +23 | +28 | −4 | +14 | +16 | +20 | +76 | +10 |
| Gold in dollars (LBMA, WGC) | −12 | +8 | +13 | −1 | +18 | +25 | −4 | 0 | +15 | +26 | +67 | −5 |
| Brent crude, dollars (EIA via FRED) | −34 | +50 | +21 | −24 | +34 | −24 | +51 | +7 | −6 | −4 | −18 | +86 |
| Brent crude, rupees | −30 | +54 | +15 | −17 | +37 | −23 | +53 | +19 | −6 | −1 | −14 | +98 |
Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.