Frequently Compared Indices
The Index comparison tool
Investing in the financial markets is a matter of not only choosing the right stocks but also understanding market trends and indices. Investors may be keen to know the performance of the Nifty 50 Index against the volatility in the Nifty Smallcap 100, or the performance of the Banking sector in comparison to the IT sector , and the ability to have a composite view is imperative.
Dhan’s Index Comparison Tool is designed to equip traders and investors with the analytical skills to unlock market correlation and the current market trend.
What is an Index comparison tool?
Dhan’s Index comparison tool is a type of financial tool that enables investors to plot and analyse the performance of multiple indices in the Indian stock market on a single interface. Instead of evaluating the Nifty 50 or Sensex in isolation, this tool helps investors to overlay their price movements, percentage returns and fundamental ratios.
It serves as a relative gauge of strength, which helps investors to identify which segment of the market is leading the charge and which one is lagging, thus simplifying complex macro-market data into actionable visual insights.
How to use the index comparison tool?
Dhan has made the comparison process intuitive on all devices. Here is how investors can start comparing 150+ different indices:
Select the primary index: Begin by selecting the base benchmark (e.g., NIFTY 50) from the search bar.
Add comparison layers: Use the add button to add more indices. On desktops, investors can compare up to 3 indices at the same time for a comprehensive view and on mobile devices, they can compare up to 2 indices to stay clear.
Timeframes: Toggle between daily, weekly, monthly, or yearly returns to see how these benchmarks have fared during different cycles in the market.
Analyse the data: View the price details and other metrics to see the relative growth of each index from a specific starting point.
Understanding the data
The visual output from the Index comparison tool gives a clear picture of how different indices have performed in relation to each other over the chosen period. Key metrics are presented in a tabular category-wise form, providing investors with numerical summaries of each index performance, such as price details, long-term returns, short-term returns, market insights, weightage, technicals, and historical performance.
This combination of visual and quantitative information enables a comprehensive understanding of the historical behaviour of each index and how each index performs relative to others.
Why should you compare indices instead of stocks?
Comparing different indices provides a broader, more diversified view of market trends as compared to individual stocks. This analysis helps in:
Macro-level insights:Indices reflect the overall health and trajectory of a particular sector, i.e., they provide a top-down view.
Diversification strategy: Understanding the performance of different indices against one another is useful in creating a diversified portfolio capable of withstanding market volatility.
Benchmarking: Indices are used as benchmarks to assess the performance of an investor's portfolio or specific investment strategies.
Benefits of index comparison
Comparing different indices offers several benefits to investors, such as:
Better asset allocation: Understand which indices complement each other.
Time Efficiency: Consolidating essential metrics and performance data in one place saves valuable time for investors which could otherwise be spent on manual research.
Risk alignment: Align index volatility to an individual's risk appetite.
Informed passive investing: Pick the right index for SIP or lump-sum investments.
Market cycle awareness: Know the indices that perform well in various phases.
Data-driven decisions: Eliminate emotional bias and rely on historical track record.
Common mistakes to avoid when comparing indices
While index comparison offers several valuable insights, there are a few pitfalls that investors should beware of:
Ignoring timeframes: When comparing indices, only evaluating short timeframes can result in misleading conclusions; always look at long-term performance alongside short-term fluctuations to gauge the detailed performance. Dhan has made this easy as it provides different timeframes like 1 month, 3 months, 6 months, 1 year, 3 years, and 5 years to provide a comprehensive view to investors.
Lack of context: Never compare indices without understanding the segment they represent (e.g., comparing a technology index with a commodity index without knowing the basic differences between them can result in misleading results)
Overlooking currency fluctuations: For international indices, currency exchange rates can have a significant impact on returns.
Disregarding risk: Only focusing on the returns without considering market volatility or the risk involved to achieve those returns.
Not accounting for dividends: Some indices include price performance only, while others will include dividends, which can change the return comparisons significantly.
Popular comparisons to get you started
If investors are new to the index comparison tool, they can try these combinations:
Nifty 50 vs. Sensex: India’s two major benchmark indexes can be compared to understand variations in stock composition, weighting methodology, and their sensitivity to market movements.
Nifty 50 vs. Nifty Next 50: This comparison provides investors with a clear perspective on how different the performance of established large-cap market leaders is compared with that of emerging large-cap entities, which might qualify for entry into the Nifty 50 index in the future.
Nifty 50 vs. Nifty 100: Helpful in determining whether extending investment exposure beyond the top 50 stocks adds any value to diversification and risk-adjusted performance in large-cap investing.
Nifty Next 50 vs. Nifty Midcap 150: Investors can make comparisons between growth differentials based on the upper large-cap stocks and the universe of mid-cap stocks.
Nifty 50 vs. Nifty 500: Comparison between a concentrated large-cap index and a broad market index covering close to the entire Indian equity market to assess market-wide participation in market fluctuations.
To wrap up
Dhan’s Index Comparison Tool simplifies this process by turning complex data into clear, comparable insights across market segments, sectors, and market-cap layers.
By focusing on relative performance instead of isolated returns, investors can better align portfolios with market cycles, risk appetite, and long-term goals.
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