Indian equities emerged as the weakest-performing asset class during the first nine months of 2026, while US stocks and gold recorded double-digit gains. The contrasting returns highlight the significant differences in investment performance across markets and asset classes between January and September.
According to a research presentation by Edelweiss Mutual Fund, the NSE 500 TRI declined 6.81% between January and September 30, 2026. Meanwhile, the S&P 500 TRI, representing US equities, gained 12.75%, while domestic gold prices increased by 11.56%.
The performance gap between US and Indian equities reached 19.56 percentage points. Gold also outperformed Indian stocks by 18.37 percentage points during the same period.
US Stocks and Gold Top the 2026 Return Chart
US equities delivered the strongest returns among the eight asset classes covered in the Edelweiss Mutual Fund presentation, followed by gold. Their gains stood in contrast to the losses recorded by Indian stocks and the relatively limited returns from fixed-income investments.
An investment of ₹1 lakh in US equities at the beginning of the year would have grown to approximately ₹1,12,750 by September 30, before taxes and investment-related expenses. The same amount invested in gold would have reached ₹1,11,560.
In comparison, an initial investment of ₹1 lakh in Indian equities would have declined to approximately ₹93,190 over the period.
The table below compares the returns and illustrative investment values across all eight asset classes.
| Asset class | 2026 return | Value of ₹1 lakh |
|---|---|---|
| US equities | 12.75% | ₹1,12,750 |
| Gold (domestic price) | 11.56% | ₹1,11,560 |
| Short-term bonds | 3.57% | ₹1,03,570 |
| Corporate bonds | 2.47% | ₹1,02,470 |
| Government securities (G-Sec) | 0.67% | ₹1,00,670 |
| China equities | -1.38% | ₹98,620 |
| Silver (domestic price) | -3.25% | ₹96,750 |
| Indian equities | -6.81% | ₹93,190 |
Edelweiss Mutual Fund, using Bloomberg data. Returns are through September 30, 2026. Investment values are illustrative and exclude taxes, fees and transaction costs.</text>
Debt Investments Remain in Positive Territory
Fixed-income investments generated positive returns during the period, although their performance was considerably lower than that of US equities and gold.
Short-term bonds led the three debt categories with a return of 3.57%. Corporate bonds followed with a gain of 2.47%, while government securities recorded a more modest increase of 0.67%.
Based on these returns, ₹1 lakh invested in short-term bonds would have grown to ₹1,03,570 by the end of September. The same investment in government securities would have reached ₹1,00,670.
These figures show that debt investments remained positive during the period, but their gains were relatively limited compared with those of the best-performing asset classes.
Silver and Chinese Stocks Record Losses
The weaker performance was not limited to Indian equities. Chinese stocks and silver also ended the period with negative returns.
Chinese equities, represented by the Hang Seng TRI, declined 1.38% through September 30. Domestic silver prices fell 3.25%, making silver the second-weakest performer among the eight asset classes in the comparison.
The difference between gold and silver was particularly significant. Gold prices in India increased by 11.56%, while silver prices declined 3.25%. This created a return gap of 14.81 percentage points between the two precious metals.
The contrasting performance demonstrates that gold and silver can produce substantially different results over the same investment period, despite both belonging to the precious-metals category.
What the Performance Difference Means for Investors
The data through September shows a clear divide in investment performance. US equities ranked first, followed by gold, while Indian equities recorded the largest decline. Debt investments delivered smaller positive returns, whereas Chinese equities and silver finished in negative territory.
The comparison also highlights the potential role of diversification in an investment portfolio. Investors holding a mix of Indian equities, international stocks, gold and debt could experience a different overall result from those investing exclusively in Indian equities.
However, past performance over a particular period does not guarantee future returns. Investment decisions should take account of individual financial goals, risk tolerance, investment horizons and the possibility of market fluctuations.
Disclaimer: This article is for informational and educational purposes only and should not be considered investment advice or a recommendation to buy or sell any financial asset. The returns and investment values are based on the cited Edelweiss Mutual Fund presentation using Bloomberg data through September 30, 2026. Actual returns may vary depending on investment timing, costs, taxes and other factors. Investors should assess their financial objectives and risk tolerance and consult a qualified financial adviser when necessary before making investment decisions.