Indian Equities, Debt, Gold & US Stocks: Performance Analysis FY11-FY27

Understanding how different investments perform is key when you’re just starting your financial journey. A recent study by WhiteOak Capital Mutual Fund, covering fiscal years 2011 to 2027 year-to-date (July 2026), looked at four major asset classes to help you make informed decisions.

How Each Asset Class Performed

The study analyzed Indian equities (BSE Sensex TRI), debt (CRISIL Short Term Bond Index), gold (MCX Gold in rupee terms), and US equities (S&P 500 TRI in rupee terms).

• Indian equities showed significant ups and downs, including a **22.9%** decline in FY2020 but a strong **69.8%** rebound in FY2021.
• Debt proved to be the most stable, never posting a negative annual return, with its highest gain at **10.3%** in FY2015 and lowest at **4.2%** in FY2023.
• Gold saw a massive **64.8%** gain in FY2026, though it did experience an **8.3%** downturn in FY2015.
• US equities, measured in rupee terms, had only one negative year, losing **1.5%** in FY2023, and peaked with a **51.8%** return in FY2021.

Key Returns Over the Long Term

When looking at the Compound Annual Growth Rate (CAGR) over the entire study period, you can see clear differences in long-term performance.

• US equities delivered the highest CAGR at **19.6%**.
• Gold followed with a **14.2%** CAGR.
• Indian equities achieved an **11.0%** CAGR.
• Debt had the lowest CAGR at **7.6%**.

Building a Balanced Multi-Asset Portfolio

The study also suggested a multi-asset portfolio allocation to balance returns and risk, which yielded an **11.4%** CAGR over the period.

• Allocate **25%** to Indian equities.
• Put **45%** into debt.
• Invest **25%** in gold.
• Dedicate **5%** to US equities.

If you’re chasing higher historical returns, you might consider increasing your allocation to assets like US equities. However, if stability and lower volatility are your priority, a greater allocation to debt could be a smarter move for you.