10-year performance tracker of asset classes: Equity vs gold vs silver—which shines brightest in last decade?

The annual returns are ranked for multiple asset classes across equity, debt, precious metals, and real estate. This map shows that no single asset class consistently leads the pack. Hence, diversification matters.

Silver and gold outshine other assets in the long run

Gold has extended its dominance into early 2026, building on strong gains from the previous two years as investors flock to safe-haven assets amid geopolitical tensions. Silver has also maintained its upward trajectory, following an exceptional 2025, with sustained demand from industrial sectors such as electronics and solar energy.

Equities, however, have faced headwinds this year. Rising oil prices and currency weakness triggered a broad-based correction across large-, mid-, and small-cap stocks. Large caps bore the brunt of foreign investors' sell-offs, while mid- and small-caps found some resilience due to steady participation from domestic investors.

Long-term performance

Over the past decade, gold’s returns have been shaped by its role as a store of value and hedge against inflation, currency volatility, and global instability. Silver has benefited from investment flows and recurring industrial upcycles tied to electronics, renewable energy, and electrification.

Equities have generated substantial longterm wealth, with varying levels of volatility. Mid-cap stocks delivered the strongest performance, driven by faster earnings growth and expanding businesses. Fixed-income assets provided stability and modest returns, but they lagged the wealth-creation potential of equities and precious metals.

Source: Reuters-Refinitiv, NHB and ACE MF. *2026 data is YTD based on 10 March 2026 closing values. Other year returns are calculated using the closing values on the first and last trading days. The latest NHB Residex data is available up to December 2025 quarter. For 2026, the data is yet to be released and, therefore, real estate returns are not included for 2026. Benchmarks used: Equity (Large cap): Nifty 50, Equity (Midcap) : Nifty Midcap 100 Index, Equity (Small cap) : Nifty Smallcap 100 Index, Silver: MCX Silver futures, Gold : MCX Gold futures, G-Sec 10-Yr: Crisil 10 Yr Gilt Index, Debt (Short-term): Crisil 91 Day T-Bill Index, Real estate: NHB Residex.