Alpha, Beta and the other benchmark-based metrics in this app are measured against a standard benchmark that we assign to each category. The table below lists the index used for each category.
This is our choice of benchmark, and it may differ from the benchmark the fund has filed with SEBI. We use one benchmark per category so that funds in the same category stay comparable with each other: to rank every small cap fund on Alpha, all of them have to be measured against the same index.
Summary
73 categories are mapped onto 7 indices. Category names from both the 2017 framework and the SEBI February 2026 renaming are listed, so a fund keeps the same benchmark whichever name its record carries.
| Benchmark | Categories using it |
|---|---|
| Nifty 500 TRI | 34 |
| G-Sec 10 Year | 18 |
| G-Sec 5 Year | 11 |
| Nifty 50 TRI | 7 |
| Nifty 100 TRI | 1 |
| Nifty Midcap 150 TRI | 1 |
| Nifty Smallcap 50 TRI | 1 |
Which Metrics Use It
Alpha, Beta, R-squared, t-stat, Tracking Error, Information Ratio, Upside Capture, Downside Capture and Treynor are all measured against the benchmark. Everything else comes from the fund's own NAV and involves no benchmark at all: CAGR, rolling returns, Maximum Drawdown, Volatility, Sharpe, Sortino, Calmar, Win Rate, VaR, CVaR, Skewness, Kurtosis and Ulcer Index.
Where You Can Change It
On the Compare, SIP and Calendar Returns tabs you choose the benchmark yourself from the indices we carry. On Quick View, Category Analytics and the Fund page we set it from the fund's category using the table below, and the index in use is shown alongside the figures.
Equity Scheme (15)
| Category | Benchmark used |
|---|---|
| Contra Fund | Nifty 500 TRI |
| Dividend Yield Fund | Nifty 500 TRI |
| ELSS | Nifty 500 TRI |
| ELSS- Tax Saver Fund | Nifty 500 TRI |
| Flexi Cap Fund | Nifty 500 TRI |
| Focused Fund | Nifty 500 TRI |
| Large & Mid Cap Fund | Nifty 500 TRI |
| Large Cap Fund | Nifty 100 TRI |
| Mid Cap Fund | Nifty Midcap 150 TRI |
| Multi Cap Fund | Nifty 500 TRI |
| Sectoral Fund | Nifty 500 TRI |
| Sectoral/Thematic | Nifty 500 TRI |
| Small Cap Fund | Nifty Smallcap 50 TRI |
| Thematic Fund | Nifty 500 TRI |
| Value Fund | Nifty 500 TRI |
Debt Scheme (26)
| Category | Benchmark used |
|---|---|
| 10-year Constant Maturity Gilt Fund | G-Sec 10 Year |
| Banking and PSU Debt Fund | G-Sec 10 Year |
| Banking and PSU Fund | G-Sec 10 Year |
| Corporate Bond Fund | G-Sec 10 Year |
| Credit Risk Fund | G-Sec 10 Year |
| Dynamic Bond | G-Sec 10 Year |
| Dynamic Term Fund | G-Sec 10 Year |
| Floater Fund | G-Sec 5 Year |
| Floating Interest Rates Fund | G-Sec 5 Year |
| Gilt Fund | G-Sec 10 Year |
| Gilt Fund with 10 year constant duration | G-Sec 10 Year |
| Liquid Fund | G-Sec 5 Year |
| Long Duration Fund | G-Sec 10 Year |
| Long Term Fund | G-Sec 10 Year |
| Low Duration Fund | G-Sec 5 Year |
| Medium Duration Fund | G-Sec 10 Year |
| Medium Term Fund | G-Sec 10 Year |
| Medium to Long Duration Fund | G-Sec 10 Year |
| Medium to Long Term Fund | G-Sec 10 Year |
| Money Market Fund | G-Sec 5 Year |
| Overnight Fund | G-Sec 5 Year |
| Short Duration Fund | G-Sec 5 Year |
| Short Term Fund | G-Sec 5 Year |
| Ultra Short Duration Fund | G-Sec 5 Year |
| Ultra Short Term Fund | G-Sec 5 Year |
| Ultra Short to Short Term Fund | G-Sec 5 Year |
Hybrid Scheme (10)
| Category | Benchmark used |
|---|---|
| Aggressive Hybrid Fund | Nifty 500 TRI |
| Arbitrage Fund | Nifty 50 TRI |
| Balanced Advantage Fund/ Dynamic Asset Allocation | Nifty 500 TRI |
| Balanced Hybrid Fund | Nifty 500 TRI |
| Conservative Hybrid Fund | G-Sec 10 Year |
| Dynamic Asset Allocation or Balanced Advantage | Nifty 500 TRI |
| Equity Savings | Nifty 500 TRI |
| Equity Savings Fund | Nifty 500 TRI |
| Multi Asset Allocation | Nifty 500 TRI |
| Multi Asset Allocation Fund | Nifty 500 TRI |
Other Scheme (22)
| Category | Benchmark used |
|---|---|
| Children's Fund | Nifty 500 TRI |
| Debt ETF | G-Sec 10 Year |
| Debt Funds | G-Sec 10 Year |
| Domestic | Nifty 500 TRI |
| Equity ETF | Nifty 50 TRI |
| Equity Funds | Nifty 50 TRI |
| FoF Domestic | Nifty 500 TRI |
| FoF Overseas | Nifty 500 TRI |
| Fund of Funds investing overseas | Nifty 500 TRI |
| Fund of Funds Scheme (Domestic) | Nifty 500 TRI |
| Gold ETF | Nifty 50 TRI |
| Index Funds | Nifty 50 TRI |
| Life Cycle Fund with Maturity of 10 Years | Nifty 500 TRI |
| Life Cycle Fund with Maturity of 15 Years | Nifty 500 TRI |
| Life Cycle Fund with Maturity of 20 Years | Nifty 500 TRI |
| Life Cycle Fund with Maturity of 25 Years | Nifty 500 TRI |
| Life Cycle Fund with Maturity of 30 Years | Nifty 500 TRI |
| Life Cycle Fund with Maturity of 5 Years | Nifty 500 TRI |
| Other ETF | Nifty 50 TRI |
| Other ETFs | Nifty 50 TRI |
| Overseas | Nifty 500 TRI |
| Retirement Fund | Nifty 500 TRI |
Funds With No Mapped Category
A small number of schemes carry a category that has no entry above, most of them because the source record has no category at all. Those funds fall back to Nifty 50 TRI, and the row names the benchmark it used.
Filed benchmarks
The benchmark each fund files is not used for these metrics. It is shown under Scheme Information on the Fund page, from the fund's Scheme Summary Document. Every benchmark-based figure in this app is measured against the category benchmark listed on this page.