Nifty Smallcap 50 Historical Returns
The Nifty Smallcap 50 holds 50 of the larger, more liquid small companies.
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 Smallcap 50
The Nifty Smallcap 50 holds 50 of the larger, more liquid small companies.
What it means for investors. Small companies have shown the widest swings among Indian equity indices.
Returns over time
| Series | 1Y | 3Y | 5Y | 10Y | 15Y | 20Y | Max fall | Data to |
|---|---|---|---|---|---|---|---|---|
| Nifty Smallcap 50 | 1.2% | 15.8% | 10.5% | 9.6% | n/a | n/a | −68% | 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 1 Apr 2016 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 Smallcap 50
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: Small & micro cap index (ETFs) | Track this market | 7 | −4.9% | +11.3% | n/a | – |
| Index Fund: Small & micro cap index | Track this market | 15 | −5.4% | +10.6% | +10.8% | – |
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 | 3.7% |
| 2025 | −3.7% |
| 2024 | 25.3% |
| 2023 | 64.3% |
| 2022 | −18.5% |
| 2021 | 50.8% |
| 2020 | 25.7% |
| 2019 | −11.3% |
| 2018 | −33.0% |
| 2017 | 54.4% |
| 2016 part year | 13.7% |
Over 9 complete calendar years since 2017, Nifty Smallcap 50 rose in 5. Best: 2023 (+64.3%). Worst: 2018 (−33.0%).
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 | −11.3% | 1 | not yet | — | — |
| Dec 2024 | Feb 2025 | −25.0% | 3 | Jul 2026 | 16 | — |
| Sep 2024 | Nov 2024 | −10.5% | 2 | Dec 2024 | 1 | — |
| Feb 2024 | Mar 2024 | −13.9% | 1 | Apr 2024 | 1 | — |
| Oct 2023 | Nov 2023 | −29.9% | 1 | Nov 2023 | <1 | — |
| Oct 2021 | Jun 2022 | −37.0% | 8 | Sep 2023 | 14 | Russia–Ukraine war begins; RBI off-cycle rate hike |
| Jan 2018 | Mar 2020 | −67.5% | 26 | Jul 2021 | 15 | Union Budget 2018; NBFC sell-off; General election results 2019; Corporate tax cut; and 2 more |
| May 2017 | May 2017 | −10.2% | <1 | Jul 2017 | 2 | — |
| Oct 2016 | Dec 2016 | −18.6% | 2 | Feb 2017 | 2 | Demonetisation |
Each fall of 10% or more from a previous high, measured on daily data. The 9 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 | 114 | 8.4% | −46.5% | 145.9% | −9.8% to 37.9% | 60% |
| 3 years | 90 | 18.3% | −23.0% | 35.0% | 1.1% to 23.8% | 76% |
| 5 years | 66 | 14.0% | −1.7% | 35.4% | 6.4% to 21.6% | 89% |
| 10 years | 6 | 11.7% | 11.1% | 12.0% | 11.6% to 11.9% | 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 | 0.78 | 125 |
| Gold (domestic, ₹) | −0.08 | 125 |
| 10-year G-Sec (bond fund) | 0.02 | 125 |
| USD/INR | −0.45 | 125 |
| BSE Sensex | 0.76 | 125 |
Correlation of monthly returns over the months both series have: +1 moves together, 0 unrelated, −1 opposite. Relationships change over time.
Questions
- What has Nifty Smallcap 50 returned over the long run?
- Calculated from NSE Indices daily index closing values (NSE archives, ind_close_all file), Nifty Smallcap 50 returned 9.6% a year over the 10 years to 23 Oct 2026, and 15.8% a year over 3 years. Past returns do not indicate future returns.
- What was the biggest fall in Nifty Smallcap 50?
- In the data available from Apr 2016, the largest fall from a previous peak was −67.5%, from Jan 2018 to Mar 2020, and it regained the peak in Jul 2021 (15 months after the bottom). There were 9 falls of 10% or more, 4 of them 20% or more.
- How often has Nifty Smallcap 50 been positive over one year?
- Across 114 one-year periods starting at month-ends, 60% were positive; the range was −46.5% to 145.9%. Over five-year periods (66), 89% were positive, with annualised returns from −1.7% to 35.4%.
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