Nifty India Defence Historical Returns
The Nifty India Defence index tracks companies in defence manufacturing and related services.
Price history
Month-end values, on a log scale (equal distances are equal percentage changes). Hover a year-end point for its value.
About Nifty India Defence
The Nifty India Defence index tracks companies in defence manufacturing and related services.
What it means for investors. A young, concentrated index; short histories and high valuations mean past figures say little about the long run.
Returns over time
| Series | 1Y | 3Y | 5Y | 10Y | 15Y | 20Y | Max fall | Data to |
|---|---|---|---|---|---|---|---|---|
| Nifty India Defence | 4.9% | 39.3% | n/a | n/a | n/a | n/a | −38% | 23 Oct 2026 |
Annualised (CAGR) for periods of a year or more, ending on each series' latest date. “n/a” means the series does not go back that far. Max fall: the largest fall from a previous peak over the whole history.
NSE Indices daily index closing values (NSE archives, ind_close_all file). Data 19 Jan 2022 to 23 Oct 2026. Latest level: NSE daily index closing values. Returns use the fund NAV history, which includes dividends.
Mutual funds linked to Nifty India Defence
MFIC groups that invest in this market, with medians for each group (medians across open-ended schemes, regular plans (etfs for etf categories), growth option, from amfi navs; NAVs as of 23 Oct 2026).
| Fund group | Link | Schemes | 1Y median | 3Y CAGR median | 5Y CAGR median | Ahead of benchmark TRI, 3Y |
|---|---|---|---|---|---|---|
| Equity ETF: Sector: Defence (ETFs) | Track this market | 3 | +5.0% | n/a | n/a | – |
| Index Fund: Sector: Defence | Track this market | 4 | +4.2% | n/a | n/a | – |
| Sectoral/Thematic: Defence | Main market of active funds | 1 | +10.4% | +32.6% | n/a | 0 of 1 |
Groups follow AMFI categories; theme groups are MFIC's own grouping from scheme names. "Ahead of benchmark TRI" compares each scheme's 3-year return with its own benchmark's total return index as published by AMFI; it is not shown for index funds and ETFs, which aim to match their index. Listed by how closely the group follows this market, not ranked. Open a group for every scheme in it.
Calendar-year returns
| Year | Return |
|---|---|
| 2026 to 23 Oct | 10.5% |
| 2025 | 19.3% |
| 2024 | 55.5% |
| 2023 | 89.2% |
| 2022 part year | 59.9% |
Over 3 complete calendar years since 2023, Nifty India Defence rose in 3. Best: 2023 (+89.2%). Worst: 2025 (+19.3%).
Year-end to year-end, from NSE Indices daily index closing values (NSE archives, ind_close_all file).
Falls from peak and recovery
| Peak | Bottom | Fall | Months down | Back to peak | Months to recover | Events in the fall |
|---|---|---|---|---|---|---|
| Sep 2026 | Oct 2026 | −14.4% | 1 | not yet | — | — |
| Jun 2025 | Mar 2026 | −20.5% | 9 | May 2026 | 1 | — |
| Jul 2024 | Feb 2025 | −38.2% | 7 | May 2025 | 3 | Union Budget 2024 |
| Jun 2024 | Jun 2024 | −15.4% | <1 | Jun 2024 | <1 | General election results 2024 |
| Mar 2024 | Mar 2024 | −10.2% | <1 | Apr 2024 | 1 | — |
| Sep 2023 | Nov 2023 | −35.8% | 2 | Nov 2023 | <1 | — |
| Jun 2023 | Jun 2023 | −11.6% | <1 | Jun 2023 | <1 | — |
| Dec 2022 | Mar 2023 | −14.0% | 4 | May 2023 | 1 | — |
| Apr 2022 | May 2022 | −14.9% | 1 | Aug 2022 | 3 | RBI off-cycle rate hike |
| Feb 2022 | Feb 2022 | −13.3% | 1 | Mar 2022 | 1 | Russia–Ukraine war begins |
Each fall of 10% or more from a previous high, measured on daily data. The 10 deepest are shown. “Back to peak” is the first date it regained the previous high.
Rolling returns: the range of outcomes
| Holding period | Periods | Median | Worst | Best | Middle half | Positive |
|---|---|---|---|---|---|---|
| 1 year | 45 | 48.6% | 1.9% | 175.6% | 21.8% to 83.9% | 100% |
| 3 years | 21 | 56.1% | 41.5% | 81.3% | 51.8% to 64.6% | 100% |
Every holding period starting at a month-end in the history (overlapping). Annualised for periods over a year.
How it has moved with other assets
| Compared with | Correlation | Months |
|---|---|---|
| Nifty 50 | 0.67 | 56 |
| Gold (domestic, ₹) | 0.01 | 56 |
| 10-year G-Sec (bond fund) | 0.37 | 56 |
| USD/INR | −0.37 | 56 |
| Nifty Bank | 0.62 | 56 |
| Nifty PSU Bank | 0.57 | 56 |
Correlation of monthly returns over the months both series have: +1 moves together, 0 unrelated, −1 opposite. Relationships change over time.
Nifty India Defence and the Nifty 50, year by year
| Year | Nifty India Defence | Nifty 50 |
|---|---|---|
| 2026 to 23 Oct | 10.5% | −12.9% |
| 2025 | 19.3% | 11.6% |
| 2024 | 55.5% | 9.6% |
| 2023 | 89.2% | 20.9% |
| 2022 part year | 59.9% | 5.3% |
Fund NAVs (AMFI), after fund costs.
Questions
- What has Nifty India Defence returned over the long run?
- Calculated from NSE Indices daily index closing values (NSE archives, ind_close_all file), Nifty India Defence returned 4.9% over the year to 23 Oct 2026, and 39.3% a year over 3 years. Past returns do not indicate future returns.
- What was the biggest fall in Nifty India Defence?
- In the data available from Jan 2022, the largest fall from a previous peak was −38.2%, from Jul 2024 to Feb 2025, and it regained the peak in May 2025 (3 months after the bottom). There were 10 falls of 10% or more, 3 of them 20% or more.
- How often has Nifty India Defence been positive over one year?
- Across 45 one-year periods starting at month-ends, 100% were positive; the range was 1.9% to 175.6%.
Every Monday: index benchmarks and the median 1-month and 1-year return of every equity category, plus broad equity, hybrid and debt figures. Calculated from AMFI NAVs. Free; unsubscribe from any email.