Six assets, ten years
We compared six assets in rupees for each calendar year from 2017 to date: the Nifty 50, the Nifty Smallcap 250, the S&P 500 and Nasdaq 100 (converted at that day's dollar-rupee rate), gold and silver. Equity figures are price changes without dividends. The metals are spot rupee prices before duty and GST, as on our gold and silver page. The last column is 2026 to 9 October, the latest date all series share.
| Year | Nifty 50 | Smallcap 250 | S&P 500 | Nasdaq 100 | Gold | Silver |
|---|---|---|---|---|---|---|
| 2017 | 28.6% | 57.3% | 12.6% | 24.0% | 7.1% | 1.0% |
| 2018 | 3.2% | −26.8% | 2.3% | 8.0% | 6.8% | −1.3% |
| 2019 | 12.0% | −8.3% | 31.4% | 40.7% | 21.2% | 17.8% |
| 2020 | 14.9% | 25.1% | 19.2% | 51.4% | 27.9% | 51.5% |
| 2021 | 24.1% | 61.9% | 29.1% | 28.9% | −1.8% | −9.8% |
| 2022 | 4.3% | −3.6% | −10.3% | −25.4% | 11.1% | 13.8% |
| 2023 | 20.0% | 48.1% | 23.4% | 52.8% | 12.7% | −0.7% |
| 2024 | 8.8% | 26.4% | 28.5% | 30.2% | 32.9% | 26.5% |
| 2025 | 10.5% | −6.0% | 21.8% | 25.7% | 72.0% | 153.6% |
| 2026* | −13.8% | 5.3% | 23.1% | 31.9% | 4.8% | −6.7% |
*2026 to 9 October. The best of the six each year is in bold.
What the table says
Only the Nasdaq won two years running (2018 and 2019). The winner went small caps, Nasdaq, Nasdaq, silver, small caps, silver, Nasdaq, gold, silver, Nasdaq. Over ten years the Nasdaq 100 won four times, silver three, small caps twice and gold once.
The Nifty 50 never finished first, and finished last three times. It had the lowest return of the six in 2020 (14.9%), 2024 (8.8%) and 2026 so far (−13.8%). That is not a verdict on the index: it was positive in nine of ten years in this set, with 2026 the exception. It reflects how strong the competition was in rupees.
The worst asset also rotates. Silver was last in 2017, 2021 and 2023; small caps in 2018, 2019 and 2025; the Nasdaq in 2022. In 2022 the Nasdaq lost 25.4% in rupees while gold gained 11.1%.
The rupee did some of the work
The S&P 500 and Nasdaq numbers include currency: each is the index change multiplied by the change in the dollar-rupee rate, so a weaker rupee adds to them. Our rupee vs dollar post shows the long-run pattern. For funds that invest abroad, international funds and the rupee covers the same effect.
Silver's two extremes
Silver's 153.6% in 2025 is by far the largest cell in the table, and its −6.7% so far in 2026 follows a fall of more than 40% from the January peak (see the year in rupee prices). The metal moved from the best to nearly the worst asset in two years. Our biggest daily moves post shows how sharp those swings can be.
Using a scoreboard like this
- It is a record of the past ten years. A different decade would produce a different table.
- Averages hide the order. Our SIP returns by category shows what steady monthly investing earned in different categories.
- The sensible reading is the one the table makes by itself: leadership changed hands nearly every year, and nobody in this table held the winner in advance.
Source: our benchmark index history (Nifty 50, Smallcap 250, S&P 500, Nasdaq 100), daily dollar-rupee rate and gold and silver spot series; year-end or 9 October 2026 closes. Not investment advice.
Frequently asked questions
Are these returns before dividends?
Yes. Equity figures are index price changes, so they leave out dividends. Gold and silver are spot prices in rupees before import duty and GST. The US indices are converted into rupees at the dollar rate on each date.
Which asset won most often?
The Nasdaq 100, in rupees, was top four times (2018, 2019, 2023 and 2026 to date). Silver won three years, small caps two and gold one.
What does this say about what to hold?
It says the leader changes almost every year, which is the argument for spreading money across assets. It does not predict which asset leads next.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
Keep reading
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