Supported Benchmarks
The optimizer supports 14 Indian equity benchmarks and 3 US total-return benchmark proxies. Each series has a history window that directly constrains the post-optimization analytics window when you select it.
How benchmarks are used
The benchmark you choose serves two purposes:
- Risk-adjusted reporting.CAPM beta, Jensen's alpha, tracking error, information ratio, Treynor ratio, upside / downside capture, and any other relative metric is computed against the benchmark return series over the overlap window between your asset history and the benchmark history.
- History alignment. If the benchmark starts later than your assets, the optimizer truncates the asset price series to the benchmark window so that all post-optimization metrics are computed on the same dates. Optimization itself (weights, allocation) still uses the full overlapping asset history; only the relative-to-benchmark stage is bounded by the benchmark window.
Choose a benchmark that genuinely represents the universe you are optimizing. A NIFTY 50 benchmark on a smallcap-heavy portfolio will mechanically inflate beta and alpha noise; a NIFTY Smallcap 250 benchmark is a more honest reference.
Benchmark catalogue
Broad market
| Benchmark | Approx. start | Notes |
|---|---|---|
NIFTY 50 id: nifty | ~1990 | Default benchmark for NSE-listed equities. Widest history of any Indian benchmark on the platform. |
BSE SENSEX id: sensex | ~1979 | Default benchmark for BSE-listed equities. Only available when the chosen exchange is BSE. |
Sectoral
| Benchmark | Approx. start | Notes |
|---|---|---|
NIFTY Bank id: bank_nifty | ~2000 | Bank-sector benchmark. Useful when the universe skews toward financials. |
NIFTY family (large caps)
| Benchmark | Approx. start | Notes |
|---|---|---|
NIFTY 100 Limited history id: nifty_100 | ~2003 | Top 100 by free-float market cap. Limited history relative to NIFTY 50. |
NIFTY 200 Limited history id: nifty_200 | ~2006 | Top 200 by free-float market cap. Limited history. |
NIFTY 500 Limited history id: nifty_500 | ~1995 | Broadest NIFTY index. Reasonable history but still shorter than NIFTY 50 in some sub-windows. |
Midcap
| Benchmark | Approx. start | Notes |
|---|---|---|
NIFTY Midcap 150 (alias) Limited history id: nifty_midcap | ~2005 | Alias of the NIFTY Midcap 150 series for backward compatibility. |
NIFTY Midcap 50 Limited history id: nifty_midcap_50 | ~2004 | Concentrated 50-stock midcap basket. |
NIFTY Midcap 100 Limited history id: nifty_midcap_100 | ~2003 | Wider midcap basket. Common reference for diversified midcap-tilted portfolios. |
NIFTY Midcap 150 Limited history id: nifty_midcap_150 | ~2005 | Standard midcap benchmark used by many active and index funds. |
Smallcap
| Benchmark | Approx. start | Notes |
|---|---|---|
NIFTY Smallcap 250 (alias) Limited history id: nifty_smallcap | ~2005 | Alias of the NIFTY Smallcap 250 series for backward compatibility. |
NIFTY Smallcap 50 Limited history id: nifty_smallcap_50 | ~2007 | Concentrated 50-stock smallcap basket. Higher dispersion across periods. |
NIFTY Smallcap 100 Limited history id: nifty_smallcap_100 | ~2003 | Standard smallcap benchmark with broader coverage than the 50-stock variant. |
NIFTY Smallcap 250 Limited history id: nifty_smallcap_250 | ~2005 | Broadest smallcap benchmark with reduced single-stock concentration. |
Inception years are approximate. Series provided by upstream data vendors may differ by a few months. The optimizer uses the actual first observation in the data, not the calendar inception.
Limited-history acknowledgement
When you pick any benchmark other than NIFTY 50, BSE SENSEX, or NIFTY Bank, the configuration card surfaces an amber warning and a checkbox you must tick before submitting:
Limited price history for this configuration
The selected benchmark only has data from a more recent date onwards. The optimizer will truncate the asset price series to align with the benchmark window so post-optimization metrics (alpha, beta, tracking error, information ratio, etc.) are computed over a consistent overlap.
The same warning fires for both equity and mutual fund runs. For mutual funds it always shows because MFAPI NAV history typically starts in the mid-2000s.
Choosing a benchmark in practice
Large-cap or diversified portfolios. NIFTY 50, BSE SENSEX, or NIFTY 100. NIFTY 50 has the longest history.
Broad-market diversified portfolios. NIFTY 200 or NIFTY 500. Both are limited-history.
Midcap-tilted portfolios. NIFTY Midcap 100 or NIFTY Midcap 150. The 50-stock variant is more concentrated and noisier.
Smallcap-tilted portfolios. NIFTY Smallcap 250 is the broadest. Smallcap 50 is highly concentrated and may not reflect a diversified smallcap universe.
Bank or financials concentration. NIFTY Bank when more than ~40 percent of the universe is financials; otherwise prefer a broad benchmark.
Mutual fund runs. Use an Indian benchmark that matches the schemes' mandate, such as NIFTY 500 for diversified equity funds or the relevant midcap or smallcap family index.
References
NSE Indices methodology documents (NIFTY 50, NIFTY 100/200/500, NIFTY Midcap 50/100/150, NIFTY Smallcap 50/100/250, NIFTY Bank).
BSE SENSEX methodology document.
Inception dates sourced from NSE Indices and BSE official factsheets.