Same market, different amplitude
A high-beta stock is one that has moved more than the market in the past, up or down. NSE's Nifty High Beta 50 collects 50 such stocks from the Nifty 500. Its history on WealthTicker starts on 19 November 2012, so 2013 is the first full year measured from the previous year-end, and 2026 is the year to 22 October.
The record is worth reading as a pattern of swings. The index beat the Nifty 50 in 7 of 14 years, lost to it in the other 7, and the size of the gaps in either direction was far larger than the gaps between most broad indices.
The table
| Year | High Beta 50 | Nifty 50 | Gap (points) |
|---|---|---|---|
| 2013 | -20.3% | +6.8% | -27.1 |
| 2014 | +39.8% | +31.4% | +8.4 |
| 2015 | -17.8% | -4.1% | -13.7 |
| 2016 | -2.7% | +3.0% | -5.7 |
| 2017 | +59.5% | +28.6% | +30.9 |
| 2018 | -28.4% | +3.2% | -31.6 |
| 2019 | -18.5% | +12.0% | -30.5 |
| 2020 | +9.1% | +14.9% | -5.8 |
| 2021 | +35.5% | +24.1% | +11.4 |
| 2022 | +10.4% | +4.3% | +6.1 |
| 2023 | +49.0% | +20.0% | +29.0 |
| 2024 | +4.3% | +8.8% | -4.5 |
| 2025 | +11.5% | +10.5% | +1.0 |
| 2026 (to 22 Oct) | +0.7% | -13.2% | +13.9 |
All figures are price returns from NSE index levels, calendar year to calendar year.
Where the index won, where it lost
The biggest wins before this year, 2017 (+30.9 points), 2023 (+29.0) and 2021 (+11.4), all came in strong years for the Nifty 50 too (+28.6%, +20.0% and +24.1%). The three biggest losses, 2018 (-31.6), 2019 (-30.5) and 2013 (-27.1), were years when the High Beta 50 fell and the Nifty 50 did not.
The 2018–2019 stretch shows what a two-year miss looks like. The High Beta 50 closed 2017 at 2,396.7 and 2019 at 1,398.6, a fall of 41.6%. Over the same two years the Nifty 50 rose from 10,530.7 to 12,168.5, up 15.6%. It took until 2023 for the High Beta 50 to get back above its 2017 close.
The long-run arithmetic
A string of 50-point-wide years can look like a lot of outperformance, so the cumulative figures matter. From the 31 December 2012 close to 22 October 2026:
| 31 Dec 2012 | 22 Oct 2026 | Change | Per year | |
|---|---|---|---|---|
| Nifty 50 | 5,905.1 | 22,687.7 | +284.2% | about 10.2% |
| Nifty High Beta 50 | 1,688.1 | 3,982.7 | +135.9% | about 6.4% |
Both are price indices, so dividends are excluded from each. The High Beta 50 won half of the years but lost the long run, because a 28.4% fall needs a 39.7% rise to recover and 2018–2019 took a long time to repair. The arithmetic of large losses does the work here, not any single year.
2026 so far
This year the pattern has flipped for now. The Nifty 50 closed 2025 at 26,129.6 and is down 13.2% at 22,687.7 (our year-to-date post has the history). The High Beta 50 closed 2025 at 3,955.0 and stood at 3,982.7 on 22 October, up 0.7%.
It has not been a smooth ride in that. The index reached 4,583.8 on 26 August 2026, 15.9% above where it began the year, and has since fallen 13.1% from that high. The Nifty 50's own 2026 high, 26,328.6, came on 2 January and it sits 13.8% below that. So both indices are roughly the same distance below their 2026 peaks; the difference is that the High Beta 50's peak came eight months later.
What this does and does not say
High beta describes past sensitivity. It says nothing about whether a stock is cheap, profitable or good, and the membership changes when NSE rebalances. A bigger swing in either direction is the whole definition. For other sets of stocks built on a rule rather than on size, see our factor indices post, and for the mid- and small-cap side of the market, mid and small caps vs the Nifty 50 every year since 2017. This is commentary on index data, not a view on what any index will do next.
Frequently asked questions
What is the Nifty High Beta 50?
An NSE index of 50 stocks from the Nifty 500 chosen for having the highest beta, meaning the largest historical swings relative to the market. It is a measure of sensitivity, not of quality or earnings.
Has the High Beta 50 beaten the Nifty 50 over the long run?
Not in the price data on WealthTicker. From 31 December 2012 to 22 October 2026 the High Beta 50 rose 135.9% (about 6.4% a year) and the Nifty 50 rose 284.2% (about 10.2% a year), both price-only. It won 7 calendar years of 14, but its losing years were deeper.
Why is the High Beta 50 up in 2026 when the Nifty 50 is down?
The High Beta 50 closed 2025 at 3,955.0 and stood at 3,982.7 on 22 October 2026, a gain of 0.7%. It reached 4,583.8 on 26 August 2026 and has since given back 13.1% from that high, while the Nifty 50's 2026 high was on 2 January.
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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