Nine months, by factor
NSE publishes indices that pick stocks by a single trait: recent price strength (momentum and alpha), steady profitability (quality), cheapness (value) and calm prices (low volatility). Here is how they did from 31 December 2025 to Monday, 22 September 2026.
| Index | Factor | Price return | With dividends (est.) | Worst fall from 2026 high |
|---|---|---|---|---|
| Nifty Alpha 50 | Alpha | +10.3% | +10.8% | −13.6% |
| Nifty500 Momentum 50 | Momentum | +3.0% | +3.4% | −14.1% |
| NIFTY500 Value 50 | Value | +0.8% | +2.7% | −12.5% |
| Nifty500 Quality 50 | Quality | +0.3% | +1.4% | −13.4% |
| Nifty200 Value 30 | Value | −1.3% | +0.6% | −13.7% |
| Nifty200 Momentum 30 | Momentum | −2.7% | −2.1% | −15.2% |
| Nifty 500 | Market | −4.5% | −3.7% | −14.8% |
| Nifty500 Low Volatility 50 | Low volatility | −6.5% | −5.3% | −12.4% |
| NIFTY100 Quality 30 | Quality | −6.8% | −5.5% | −15.7% |
| NIFTY200 Quality 30 | Quality | −8.7% | −7.4% | −16.0% |
| Nifty100 Low Volatility 30 | Low volatility | −8.4% | −7.5% | −14.3% |
| Nifty 50 | Market | −10.7% | −9.9% | −15.2% |
| Nifty50 Value 20 | Value | −13.6% | −12.4% | −14.7% |
Returns are under one year, so they are absolute, not annualised. NSE publishes price indices; the "with dividends" column is our estimate, adding each day's dividend yield to the price change.
Momentum and alpha lead, the broad market is in the middle, and quality and low volatility trail it. Value splits: the two wide value indices are near flat, while the Nifty50 Value 20 is the worst performer here.
Two halves of the year
The year so far has two parts: a fall to the Nifty 50's low on 30 March, and a recovery since.
| Index | 31 Dec 2025 to 30 Mar 2026 | 30 Mar to 22 Sep 2026 |
|---|---|---|
| Nifty Alpha 50 | −11.6% | +24.7% |
| Nifty500 Momentum 50 | −12.8% | +18.0% |
| Nifty500 Quality 50 | −11.4% | +13.1% |
| Nifty 500 | −14.0% | +11.0% |
| Nifty 50 | −14.5% | +4.5% |
| Nifty100 Low Volatility 30 | −13.4% | +5.7% |
| NIFTY500 Value 50 | −3.8% | +4.9% |
| Nifty200 Value 30 | −4.5% | +3.4% |
| Nifty50 Value 20 | −12.7% | −1.0% |
Price returns.
Value held up in the fall. The two broad value indices lost about 4% to the end of March, when the Nifty 500 lost 14%. They have risen less since.
Momentum and alpha fell with the market, then led the rebound. Both lost about 12% in the first quarter, then rose 18% to 25%. Nifty Alpha 50 and Nifty500 Momentum 50 both set their 2026 highs on 28 August.
Low volatility did not cushion much. The Nifty100 Low Volatility 30 fell 13.4% in the first quarter, close to the market, and has recovered 5.7%, against 11.0% for the Nifty 500. Its worst fall from its 2026 high, 14.3%, is not far from the Nifty 50's 15.2%.
Where their P/Es stand
Each index against its own history: the P/E on 22 September, its median since 31 March 2021 (when NSE moved to consolidated earnings), and the share of sessions that closed lower.
| Index | P/E | Median | Percentile |
|---|---|---|---|
| Nifty50 Value 20 | 14.27 | 17.81 | 0.1 |
| Nifty 50 | 19.72 | 22.17 | 2.0 |
| NIFTY100 Quality 30 | 26.32 | 29.68 | 6.2 |
| Nifty Low Volatility 50 | 25.28 | 28.83 | 8.0 |
| NIFTY200 Quality 30 | 26.50 | 29.24 | 12.0 |
| Nifty 500 | 22.09 | 23.98 | 14.5 |
| Nifty100 Low Volatility 30 | 23.90 | 26.22 | 17.8 |
| Nifty Alpha 50 | 23.18 | 31.04 | 20.2 |
| Nifty200 Momentum 30 | 23.79 | 23.63 | 50.6 |
| NIFTY500 Value 50 | 10.20 | 9.71 | 62.4 |
Each index has 1,352 sessions since March 2021, except Nifty Alpha 50, whose P/E is published here from 30 June 2021 (1,291 sessions). The Nifty500 Momentum 50, Quality 50 and Low Volatility 50 and the Nifty200 Value 30 start in April 2023 here; on that shorter history the Low Volatility 50 sits near its low, at the 1st percentile.
The pattern follows the returns. Quality and low volatility fell in price while the earnings behind them, worked out from their P/Es, rose by 12% to 16% this year, so they sit low against their own past. The broad value index held its price while its earnings slipped about 3%, and it is the only one here above its median. In absolute terms the gap is still wide: value at 10 times earnings, quality at 26.
What this does not tell you
Factor indices change their members by rule. Momentum and alpha indices in particular rotate into recent winners, so their P/E history is a history of different baskets. Nifty Alpha 50's P/E fell from 33.05 at the end of 2025 to 23.18 while its price rose 10.3%; much of that is likely new members rather than the same companies earning more.
Nine months is one stretch. It says little about which factor leads next.
The dividend-adjusted figures are estimates. They add NSE's published yield to the price index, not NSE's own total return series.
These are indices, not funds. Factor funds and ETFs track them at a cost, and with some tracking error.
Where to go from here
The guide to factor investing and smart beta explains how these indices are built, and value vs growth investing covers the longest-running factor debate. Each index has its own valuation page, including Nifty200 Momentum 30 and NIFTY200 Quality 30. For another rules-based weighting, see equal weight vs the Nifty 50.
Frequently asked questions
Which NSE factor index has done best in 2026?
Of the factor indices compared here, Nifty Alpha 50, up 10.3% on price from 31 December 2025 to 22 September 2026, or about 10.8% with dividends on our estimate. Nifty500 Momentum 50 was next at 3.0%. The Nifty 50 fell 10.7% over the same period.
Did low-volatility indices protect investors in 2026?
Not much. From their 2026 highs, the Nifty100 Low Volatility 30 fell as much as 14.3% and the Nifty Low Volatility 50 13.1%, against 15.2% for the Nifty 50. Both were down more than 7% for the year to 22 September 2026, and after the 30 March low they rose 5.7% and 5.4%, against 11.0% for the Nifty 500.
Are factor indices cheap against their own history?
Mostly, but not evenly. On 22 September 2026 the NIFTY100 Quality 30 was at about the 6th percentile of its P/E since March 2021 and the Nifty Low Volatility 50 about the 8th. The Nifty200 Momentum 30 was at its median, and the NIFTY500 Value 50 above it, at about the 62nd percentile. The Nifty 50 was at the 2nd.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
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