Smart Beta Investing in India: A Comparative Analysis of Risk-Adjusted Portfolio Performance

Registration ID: IJNRD_326824

Published ID: IJNRD2607040

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Dr.Tanuja Vikas Dubey

Keywords: Smart Beta Investing, Factor Investing, Portfolio Performance, Risk-Adjusted Returns, Nifty 50, Indian Equity Market, Sharpe Ratio, Jensen's Alpha.

Abstract The rapid evolution of India's capital market has encouraged investors to adopt innovative portfolio construction techniques that balance risk and return more efficiently than conventional market-capitalization-based investing. Smart Beta investing has emerged as an effective investment strategy by combining the advantages of passive investing with systematic factor-based portfolio selection. Unlike traditional index investing, Smart Beta strategies allocate securities based on factors such as value, quality, low volatility, equal weighting, and dividend yield to achieve superior risk-adjusted returns while maintaining diversification. The present study evaluates the comparative performance of major Smart Beta indices in the Indian equity market over the period 2020–2025. The analysis compares selected Smart Beta indices with the benchmark Nifty 50 Index using key performance measures including Compound Annual Growth Rate (CAGR), Beta, Sharpe Ratio, Treynor Ratio, and Jensen's Alpha. Secondary data have been collected from the National Stock Exchange (NSE) of India and official index publications. The study employs descriptive and comparative research designs to assess portfolio performance under different market conditions. The findings reveal that Smart Beta strategies generally outperform the traditional market-cap-weighted benchmark on several risk-adjusted performance indicators. Equal Weight and Dividend Opportunities strategies demonstrate superior return generation, whereas Low Volatility portfolios exhibit greater downside protection with lower systematic risk. The study highlights that Smart Beta investing enhances diversification, improves portfolio efficiency, and provides investors with an attractive alternative to passive investment strategies. The research contributes to the growing literature on factor investing in emerging markets by providing empirical evidence from India. The findings offer valuable insights for investors, fund managers, financial advisors, and policymakers seeking efficient portfolio construction techniques for long-term wealth creation.

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Dr.Tanuja Vikas Dubey (July-2026). Smart Beta Investing in India: A Comparative Analysis of Risk-Adjusted Portfolio Performance. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 11(7), a399-a410. https://ijnrd.org/papers/IJNRD2607040.pdf

Volume 11 Issue 7, July-2026

Pages : a399-a410

Paper Reg. ID: IJNRD_326824

Published Paper Id: IJNRD2607040

Research Area: Management All

Author Type: Indian Author

Country: Nashik, Maharashtra, India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2607040.pdf

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Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

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