Indian Equities, Debt, Gold & US Stocks: Performance Analysis FY11-FY27
Multi-asset investment portfolio with equities, debt, and gold components.
Key Highlights
WhiteOak Capital study analyzes Indian equities, debt, gold, and US stocks from FY2011-FY2027. Guide your investment choices with performance data.
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 ( 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 (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.