The table
Here are the calendar-year price returns of India's Nifty 50 and two US indices, from the year-end close of 2016 to the close of 5 October 2026. They are in each index's own currency and exclude dividends.
| Year | Nifty 50 | S&P 500 | Nasdaq-100 | Nifty beat S&P? |
|---|---|---|---|---|
| 2017 | +28.6% | +19.4% | +31.5% | Yes |
| 2018 | +3.2% | −6.2% | −1.0% | Yes |
| 2019 | +12.0% | +28.9% | +38.0% | No |
| 2020 | +14.9% | +16.3% | +47.6% | No |
| 2021 | +24.1% | +26.9% | +26.6% | No |
| 2022 | +4.3% | −19.4% | −33.0% | Yes |
| 2023 | +20.0% | +24.2% | +53.8% | No |
| 2024 | +8.8% | +23.3% | +24.9% | No |
| 2025 | +10.5% | +16.4% | +20.2% | No |
| 2026 to 5 Oct | −13.7% | +13.6% | +23.1% | No |
The Nifty 50 beat the S&P 500 in 3 of the 9 full years and the Nasdaq-100 in 2. In 2026 the gap is the widest in the table: the Nifty is 27.3 points behind the S&P 500 and 36.8 behind the Nasdaq-100.
The shape of the difference
India's worst full year was a gain. Across 2017 to 2025 the Nifty 50's weakest year was 2018, at +3.2%. The S&P 500 lost money in two of the nine years, with a worst of −19.4% in 2022, and the Nasdaq-100 in two too, with a worst of −33.0%. 2026 is the first calendar-year decline for the Nifty in the ten years shown.
The US indices won in the good years. In the six years the Nifty lagged the S&P 500, the US index led by an average of 7.6 points. In the three it led, the Nifty won by an average of 14.1 points, driven by 2022, when the S&P fell 19.4% and the Nifty gained 4.3%.
The Nasdaq-100's returns are the widest. Its range runs from −33.0% to +53.8%. The Nifty's, from −13.7% to +28.6%.
The cumulative picture
From the close of 30 December 2016 to 5 October 2026, about 9.8 years:
| Total rise | Per year | In rupees: total | In rupees: per year | |
|---|---|---|---|---|
| Nifty 50 | +175.5% | 10.9% | already in rupees | already in rupees |
| S&P 500 | +247.2% | 13.6% | +392.4% | 17.7% |
| Nasdaq-100 | +539.0% | 20.9% | +806.2% | 25.3% |
The rupee conversions use the dollar at 67.93 on 30 December 2016 and 96.34 on 5 October 2026. In between the rupee lost 29.5% of its value against the dollar. An Indian investor holding the US indices through a fund therefore earned more than the local-currency figures, by roughly 4 points a year for either index.
The same effect hits 2026 hard. The dollar went from 89.77 on 31 December 2025 to 96.34, a 6.8% fall in the rupee. That lifts the S&P 500's 13.6% to +21.9% in rupees and the Nasdaq-100's 23.1% to +32.1%, while the Nifty fell 13.7%.
What this does and doesn't say
This is a look back at index levels, not a case for or against any market. Four limits:
Dividends are left out of all three. That understates each index's total return. The Nifty 50's dividend yield is 1.22% now, per the dividend yield post.
Calendar years are an arbitrary window. The 2026 figure covers nine months and would read differently from another start date; the Nifty's worst falls look at longer drawdowns.
Currency risk runs both ways. A stronger rupee would have done the opposite for US holdings. Overseas investing also faces limits under RBI rules, which is why most Indians reach these indices through international funds.
Valuations are not compared. The Nifty 50's P/E is 19.34 (see where it stands). This post uses price levels only and says nothing about relative value.
Nothing here predicts which market leads next, or whether to hold either.
Frequently asked questions
How often has the Nifty 50 beaten the S&P 500?
Using closing price levels, the Nifty 50 beat the S&P 500 in 3 of the 9 full calendar years from 2017 to 2025: 2017, 2018 and 2022. It beat the Nasdaq-100 in 2 of them, 2018 and 2022. In 2026 to 5 October it trails both.
How has the Nifty 50 done against US indices since 2017?
From 30 December 2016 to 5 October 2026 the Nifty 50 rose 175.5%, 10.9% a year. The S&P 500 rose 247.2% (13.6% a year) and the Nasdaq-100 539.0% (20.9% a year), all in local currency and price terms, without dividends.
What does the rupee do to a US index return for an Indian investor?
It adds to it when the rupee weakens. The rupee went from about 67.9 to 96.3 to the dollar over this period, down 29.5%, which lifts the S&P 500's 13.6% a year to 17.7% and the Nasdaq-100's 20.9% to 25.3% in rupee terms. In 2026 alone, a 6.8% fall in the rupee turns the S&P 500's 13.6% gain into 21.9%.
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
Nifty 50 by calendar month: February is the weak one
From 2013 to 2025 the Nifty 50 fell in eight Februaries and rose in ten Julys and ten Octobers. September 2026's 6.1% fall was the second-worst September.
Low-volatility indices lost 3 points less than the Nifty 50
In 2026 to 1 October the Nifty Low Volatility 50 fell 10.98% against 14.19% for the Nifty 50. Over three years it gained 7.54% a year to the Nifty's 4.52%.
Nifty 50 returns over 1, 3, 5, 10 and 15 years
The Nifty 50 returned 10.14% a year on price, about 11.5% with dividends, in the ten years to 30 September 2026. Every period, and why the last five stand out.