ADANIPORTS.NS vs. BHEL.NS

Last updated Jun 5, 2026

ADANIPORTS.NS (Adani Ports and Special Economic Zone Limited) and BHEL.NS (Bharat Heavy Electricals Limited) are both stocks. Both are in the Industrials sector — ADANIPORTS.NS in Marine Shipping, BHEL.NS in Specialty Industrial Machinery. Over the past 10 years, ADANIPORTS.NS returned 24.90%/yr vs 18.33%/yr for BHEL.NS. At a 0.39 correlation, their price movements are largely independent.

Performance

ADANIPORTS.NS vs. BHEL.NS - Performance Comparison

The chart below illustrates the hypothetical performance of a ₹10,000 investment in Adani Ports and Special Economic Zone Limited (ADANIPORTS.NS) and Bharat Heavy Electricals Limited (BHEL.NS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADANIPORTS.NS achieves a 21.85% return, which is significantly lower than BHEL.NS's 35.40% return. Over the past 10 years, ADANIPORTS.NS has outperformed BHEL.NS with an annualized return of 24.90%, while BHEL.NS has yielded a comparatively lower 18.33% annualized return.

ADANIPORTS.NS

• 1D: -0.72%
• 1M: 3.82%
• YTD: 21.85%
• 6M: 18.95%
• 1Y: 25.30%
• 3Y*: 35.04%
• 5Y*: 17.21%
• 10Y*: 24.90%

BHEL.NS

• 1D: -4.21%
• 1M: 3.80%
• YTD: 35.40%
• 6M: 41.14%
• 1Y: 53.70%
• 3Y*: 66.05%
• 5Y*: 39.79%
• 10Y*: 18.33%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ADANIPORTS.NS vs. BHEL.NS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ADANIPORTS.NS Adani Ports and Special Economic Zone Limited	21.85%	19.97%	20.70%	26.05%	12.80%	52.02%	33.63%	-5.55%	-3.94%	51.61%
BHEL.NS Bharat Heavy Electricals Limited	35.40%	25.57%	18.62%	145.36%	35.21%	64.21%	-17.38%	-38.35%	-19.26%	15.79%

Correlation

The correlation between ADANIPORTS.NS and BHEL.NS is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Nov 28, 2007	0.39

The correlation between ADANIPORTS.NS and BHEL.NS shifts across timeframes, from 0.39 (all time) to 0.52 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ADANIPORTS.NS vs. BHEL.NS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ADANIPORTS.NS

ADANIPORTS.NS Risk / Return Rank: 69
ADANIPORTS.NS Sharpe Ratio Rank: 70
ADANIPORTS.NS Sortino Ratio Rank: 66
ADANIPORTS.NS Omega Ratio Rank: 65
ADANIPORTS.NS Calmar Ratio Rank: 69
ADANIPORTS.NS Martin Ratio Rank: 73

BHEL.NS

BHEL.NS Risk / Return Rank: 78
BHEL.NS Sharpe Ratio Rank: 82
BHEL.NS Sortino Ratio Rank: 77
BHEL.NS Omega Ratio Rank: 76
BHEL.NS Calmar Ratio Rank: 79
BHEL.NS Martin Ratio Rank: 76

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ADANIPORTS.NS vs. BHEL.NS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Adani Ports and Special Economic Zone Limited (ADANIPORTS.NS) and Bharat Heavy Electricals Limited (BHEL.NS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ADANIPORTS.NS	BHEL.NS	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.55	-0.61
Sortino ratio: Return per unit of downside risk	1.54	2.09	-0.55
Omega ratio: Gain probability vs. loss probability	1.19	1.27	-0.08
Calmar ratio: Return relative to maximum drawdown	1.48	2.47	-0.99
Martin ratio: Return relative to average drawdown	4.37	5.14	-0.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ADANIPORTS.NS vs. BHEL.NS - Sharpe Ratio Comparison

The current ADANIPORTS.NS Sharpe Ratio is 0.94, which is lower than the BHEL.NS Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of ADANIPORTS.NS and BHEL.NS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ADANIPORTS.NS	BHEL.NS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	1.55	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.96	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.42	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.37	-0.04

Drawdowns

ADANIPORTS.NS vs. BHEL.NS - Drawdown Comparison

The maximum ADANIPORTS.NS drawdown since its inception was -80.27%, smaller than the maximum BHEL.NS drawdown of -93.61%. Use the drawdown chart below to compare losses from any high point for ADANIPORTS.NS and BHEL.NS.

Drawdown Indicators

	ADANIPORTS.NS	BHEL.NS	Difference
Max Drawdown Largest peak-to-trough decline	-80.27%	-93.61%	+13.34%
Max Drawdown (1Y) Largest decline over 1 year	-16.98%	-21.72%	+4.74%
Max Drawdown (3Y) Largest decline over 3 years	-33.78%	-46.10%	+12.32%
Max Drawdown (5Y) Largest decline over 5 years	-52.34%	-46.10%	-6.24%
Max Drawdown (10Y) Largest decline over 10 years	-52.92%	-82.27%	+29.35%
Current Drawdown Current decline from peak	-1.84%	-7.85%	+6.01%
Average Drawdown Average peak-to-trough decline	-26.84%	-41.96%	+15.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.77%	10.44%	-4.67%

Volatility

ADANIPORTS.NS vs. BHEL.NS - Volatility Comparison

The current volatility for Adani Ports and Special Economic Zone Limited (ADANIPORTS.NS) is 7.25%, while Bharat Heavy Electricals Limited (BHEL.NS) has a volatility of 10.63%. This indicates that ADANIPORTS.NS experiences smaller price fluctuations and is considered to be less risky than BHEL.NS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADANIPORTS.NS	BHEL.NS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.25%	10.63%	-3.38%
Volatility (6M) Calculated over the trailing 6-month period	23.34%	28.90%	-5.56%
Volatility (1Y) Calculated over the trailing 1-year period	26.78%	34.61%	-7.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.32%	42.22%	-4.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.64%	44.11%	-7.47%

Dividends

ADANIPORTS.NS vs. BHEL.NS - Dividend Comparison

ADANIPORTS.NS's dividend yield for the trailing twelve months is around 0.39%, more than BHEL.NS's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADANIPORTS.NS Adani Ports and Special Economic Zone Limited	0.39%	0.48%	0.49%	0.49%	0.61%	0.68%	0.66%	0.05%	0.52%	0.32%	0.41%	0.42%
BHEL.NS Bharat Heavy Electricals Limited	0.13%	0.17%	0.11%	0.21%	0.51%	0.00%	0.00%	4.60%	2.49%	1.14%	0.33%	0.69%

Financials

Frequently Asked Questions

Can I hold both ADANIPORTS.NS and BHEL.NS in my portfolio?

ADANIPORTS.NS and BHEL.NS have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.