The scorecard
Energy and metals are both commodity-linked, so they are often grouped together. They are not the same trade. The energy index is dominated by large oil, gas and power companies; the metal index is a purer bet on steel, aluminium and mining prices.
Over 14 calendar-year periods from the end of 2012 to 16 October 2026, Nifty Energy finished ahead of Nifty Metal 6 times and behind 8 times. Nifty Energy compounded 11.6% a year over the period and Nifty Metal 10.9%; Nifty Energy is up 4.57 times and Nifty Metal 4.18 times. Nifty Metal won more of the individual years (8 of 14), but Nifty Energy won by more. All figures are price-index returns, without dividends, using the last close of each year.
Year by year
| Year | Nifty Energy | Nifty Metal | Nifty Energy minus Nifty Metal (points) |
|---|---|---|---|
| 2013 | +0.4% | −14.3% | +14.7 |
| 2014 | +8.5% | +7.0% | +1.5 |
| 2015 | −0.7% | −31.3% | +30.7 |
| 2016 | +19.7% | +45.2% | −25.5 |
| 2017 | +38.7% | +48.5% | −9.8 |
| 2018 | +0.6% | −19.9% | +20.5 |
| 2019 | +11.0% | −11.2% | +22.2 |
| 2020 | +6.4% | +16.2% | −9.8 |
| 2021 | +33.7% | +69.7% | −35.9 |
| 2022 | +14.3% | +21.8% | −7.5 |
| 2023 | +29.4% | +18.7% | +10.7 |
| 2024 | +5.1% | +8.4% | −3.3 |
| 2025 | +0.4% | +29.1% | −28.7 |
| 2026 to 16 Oct | +2.4% | +8.6% | −6.2 |
The widest lead for Nifty Energy was +30.7 points in 2015 (−0.7% against −31.3%). The widest for Nifty Metal was +35.9 points in 2021 (+69.7% against +33.7%). In 10 periods both rose, in 1 both fell, and in 3 one rose while the other fell.
What ₹1 lakh would have become
| 31 December 2012 | 16 October 2026 | Multiple | Per year | |
|---|---|---|---|---|
| Nifty Energy | ₹1,00,000 | ₹4,56,529 | 4.57× | 11.6% |
| Nifty Metal | ₹1,00,000 | ₹4,18,350 | 4.18× | 10.9% |
The gap compounds quietly. Nifty Energy ended 9.1% ahead of Nifty Metal in total, but its edge came from particular years, not from winning every year. The longest unbroken run of leads was three years for Nifty Energy, ending 2015.
How volatile each one was
Across the 13 full calendar years, the yearly return of Nifty Energy had a standard deviation of 13.5 points and Nifty Metal 29.3 points. Nifty Metal was the bumpier of the two. The year-on-year swing, not the average, is what an investor in a single index actually lives through.
Where valuations stand
| As of 16 October 2026 | P/E | P/B | Dividend yield | Median P/E since 2005 |
|---|---|---|---|---|
| Nifty Energy | 14.3 | 1.99 | 2.49% | 14.1 |
| Nifty Metal | 15.9 | 2.58 | 1.75% | 14.2 |
Nifty Energy's P/E sits at the 52nd percentile of its own record and Nifty Metal's at the 61st. A low percentile means cheaper than usual for that index, not that it must rise. Each index's own history is the fair yardstick; comparing a P/E of one against the other mixes different businesses.
Reading the comparison
- Calendar years are a blunt cut. A year that ends on a peak or a trough can flip a winner, so a different start month would change several rows.
- These are price returns. Dividends are excluded for both, so total returns are higher than shown, by different amounts for each.
- Past leads are not a forecast. A sector or metal that led for several years has also been the one that lagged for several.
- None of this is a recommendation to buy or sell any index or fund.
More on these
- Nifty Energy P/E in October 2026
- Nifty Metal P/E in October 2026
- Oil, gas and power stocks in mutual fund portfolios
- Metal, cement and chemical stocks in fund portfolios
Source: NSE Nifty Energy and Nifty Metal daily closes and valuation ratios, 31 December 2012 to 16 October 2026; calendar-year returns, latest period to 16 October 2026.
Frequently asked questions
Which has done better since 2013, Nifty Energy or Nifty Metal?
Nifty Energy. From 31 December 2012 to 16 October 2026 Nifty Energy rose 4.57 times (11.6% a year) and Nifty Metal rose 4.18 times (10.9% a year), as price-index returns, without dividends.
In how many years did Nifty Energy beat Nifty Metal?
6 of 14 calendar-year periods, counting the partial year to 16 Oct. Nifty Metal was ahead in 8.
What was the biggest gap between Nifty Energy and Nifty Metal in one year?
35.9 points, in 2021 in favour of Nifty Metal.
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.
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