India's Markets Vs US Markets: Samir Arora Compares Nifty Vs S&P 500, Shows Which Index Gave The Highest Returns Since 1998

In recent discussions about market performance, Samir Arora, founder of Helios Capital has drawn attention to the long-term returns of India's Nifty index compared to the US's S&P 500. Amid ongoing debates over valuation standards and market corrections, Arora's analysis reveals how these two indices have performed since 1998.

Benchmarks like the Nifty 50 and BSE Sensex serve as vital indicators of India's stock market health, tracking the performance of top companies across sectors.

Samir Arora Highlights Superior Returns from Indian Indices

Samir Arora, founder and fund manager of Singapore-based Helios Capital, recently sparked discussion on social media X. In a reply to Anurag Singh, Managing Partner at Ansid Capital, Arora presented data showing how Indian markets have outperformed over nearly three decades when adjusted for US dollars.

Nifty 50 Outpaces S&P 500 in USD Terms Since 1998

According to Arora's analysis, the Nifty 50's total returns, including dividends, from December 31, 1998, to the present stand at 1922.38% in US dollar terms, translating to a compound annual growth rate (CAGR) of 11.78% over about 27 years.

In contrast, the S&P 500 delivered 821.05% returns, or 8.57% CAGR, during the same period. Arora emphasised that these figures account for the Indian rupee's depreciation, underscoring the resilience of Indian equities.

Why NSE 500 Offers a Fairer Comparison to S&P 500

Arora argued that equating the Nifty 50 directly with the S&P 500 might not be ideal, suggesting the broader NSE 500 index as a better match. The NSE 500, which covers a wider range of companies, has generated 2590.1% returns in US dollars, equating to 12.96% CAGR over the past 27 years.

Gold's Performance Trails Indian Stocks but Beats S&P 500

Commodities such as gold often act as safe-haven assets, especially in India where cultural and economic factors drive high ownership. Arora noted that gold returned 1472.66%, or 10.74% per annum, in US dollars over the same timeframe, stronger than the S&P 500 but below both the Nifty 50 and NSE 500.

This came in response to Singh's post, which claimed gold outperformed Nifty indices since 1994, with a CAGR of 8.6% versus Nifty 50's 7.8% in USD terms.

Impact of Rupee Depreciation

The rupee has weakened by around 5.2% year-to-date as of December 19, 2025, making it the weakest major Asian currency this year. It recently crossed 90 per US dollar.

December's daily trading volume for Nifty 50 stocks fell to 250 million shares from 300 million in November. Foreign portfolio investors sold shares worth 3.18 billion rupees ($35.43 million) on Friday, continuing outflows amid global uncertainties.

Also Read: Arvind Fashions To Acquire Flipkart India’s 31.25% Stake In This Label