Snapshot of 10-Year Investment Performance Trends
Gold tops 10-year chart, mid caps in pursuit
Silver witnessed a sharp rise in 2025, driven by robust industrial demand and a notable supply shortfall. Meanwhile, gold prices surged amid global macroeconomic uncertainties, widening fiscal deficits and currency depreciation. Large-cap equities outperformed, benefiting from their scale, stronger balance sheets, and earnings momentum, particularly in sectors like banking and financial services. In contrast, mid-cap and small-cap stocks lagged due to stretched valuations.
Long-term performance
Gold emerged as the standout asset, bolstered by aggressive central bank purchases and its enduring appeal as a safe haven. The mid-cap equity segment followed, supported by expanding corporate earnings and broad-based recovery after Covid-19. Debt instruments provided portfolio stability, but delivered lower overall returns compared to equities and precious metals. Real estate lagged, hindered by liquidity constraints and high transaction costs.
Source: Reuters-Refinitiv, NHB and ACE MF. *2025 data is YTD based on 11 November 2025 closing values. Other year returns are calculated between the first and the last trading day closing values. NHB Residex returns based on June values for each year. The latest NHB Residex data is available up to June 2025 quarter. Benchmarks used: Equity (large cap): Nifty 50; Equity (mid cap): Nifty Midcap 100 Index; Equity (small cap): Nifty Smallcap 100 Index;Silver: MCX Silver futures; Gold: MCX Gold futures; G-Sec 10-year: Crisil 10-year Gilt Index; Debt (short term): Crisil 91 Day T-Bill Index; Real estate: NHB Residex.