NTPC.NS vs. M&M.NS

Last updated Jun 5, 2026

NTPC.NS (NTPC Limited) and M&M.NS (Mahindra & Mahindra Limited) are both stocks. NTPC.NS operates in Utilities - Regulated Electric (Utilities), while M&M.NS operates in Auto Manufacturers (Consumer Cyclical). Over the past 10 years, NTPC.NS returned 15.73%/yr vs 16.84%/yr for M&M.NS. At a 0.30 correlation, their price movements are largely independent.

Performance

NTPC.NS vs. M&M.NS - Performance Comparison

The chart below illustrates the hypothetical performance of a ₹10,000 investment in NTPC Limited (NTPC.NS) and Mahindra & Mahindra Limited (M&M.NS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NTPC.NS achieves a 12.02% return, which is significantly higher than M&M.NS's -18.69% return. Over the past 10 years, NTPC.NS has underperformed M&M.NS with an annualized return of 15.73%, while M&M.NS has yielded a comparatively higher 16.84% annualized return.

NTPC.NS

• 1D: -0.11%
• 1M: -8.89%
• YTD: 12.02%
• 6M: 14.19%
• 1Y: 12.98%
• 3Y*: 31.66%
• 5Y*: 31.51%
• 10Y*: 15.73%

M&M.NS

• 1D: 0.17%
• 1M: -9.44%
• YTD: -18.69%
• 6M: -18.08%
• 1Y: -2.13%
• 3Y*: 30.41%
• 5Y*: 31.48%
• 10Y*: 16.84%

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

NTPC.NS vs. M&M.NS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NTPC.NS NTPC Limited	12.02%	1.49%	9.71%	96.38%	40.35%	32.70%	-13.43%	0.42%	-13.14%	10.51%
M&M.NS Mahindra & Mahindra Limited	-18.69%	24.34%	75.15%	39.89%	50.75%	17.48%	36.15%	-32.95%	7.89%	26.82%

Correlation

The correlation between NTPC.NS and M&M.NS is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Nov 8, 2004	0.30

Return for Risk

NTPC.NS vs. M&M.NS — Risk / Return Rank

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

NTPC.NS

NTPC.NS Risk / Return Rank: 64
NTPC.NS Sharpe Ratio Rank: 66
NTPC.NS Sortino Ratio Rank: 60
NTPC.NS Omega Ratio Rank: 57
NTPC.NS Calmar Ratio Rank: 67
NTPC.NS Martin Ratio Rank: 72

M&M.NS

M&M.NS Risk / Return Rank: 38
M&M.NS Sharpe Ratio Rank: 40
M&M.NS Sortino Ratio Rank: 34
M&M.NS Omega Ratio Rank: 34
M&M.NS Calmar Ratio Rank: 40
M&M.NS Martin Ratio Rank: 40

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.

NTPC.NS vs. M&M.NS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NTPC Limited (NTPC.NS) and Mahindra & Mahindra Limited (M&M.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.

	NTPC.NS	M&M.NS	Difference
Sharpe ratio: Return per unit of total volatility	0.77	-0.02	+0.78
Sortino ratio: Return per unit of downside risk	1.24	0.17	+1.07
Omega ratio: Gain probability vs. loss probability	1.15	1.02	+0.13
Calmar ratio: Return relative to maximum drawdown	1.33	-0.02	+1.34
Martin ratio: Return relative to average drawdown	3.94	-0.04	+3.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NTPC.NS vs. M&M.NS - Sharpe Ratio Comparison

The current NTPC.NS Sharpe Ratio is 0.77, which is higher than the M&M.NS Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of NTPC.NS and M&M.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

	NTPC.NS	M&M.NS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	-0.02	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.26	1.15	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.57	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.19	+0.22

Drawdowns

NTPC.NS vs. M&M.NS - Drawdown Comparison

The maximum NTPC.NS drawdown since its inception was -55.03%, smaller than the maximum M&M.NS drawdown of -94.09%. Use the drawdown chart below to compare losses from any high point for NTPC.NS and M&M.NS.

Drawdown Indicators

	NTPC.NS	M&M.NS	Difference
Max Drawdown Largest peak-to-trough decline	-55.03%	-94.09%	+39.06%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-22.91%	+12.23%
Max Drawdown (3Y) Largest decline over 3 years	-32.30%	-22.91%	-9.39%
Max Drawdown (5Y) Largest decline over 5 years	-32.30%	-28.09%	-4.21%
Max Drawdown (10Y) Largest decline over 10 years	-46.83%	-72.28%	+25.45%
Current Drawdown Current decline from peak	-13.96%	-20.68%	+6.72%
Average Drawdown Average peak-to-trough decline	-24.53%	-31.10%	+6.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	9.68%	-6.08%

Volatility

NTPC.NS vs. M&M.NS - Volatility Comparison

The current volatility for NTPC Limited (NTPC.NS) is 6.39%, while Mahindra & Mahindra Limited (M&M.NS) has a volatility of 6.92%. This indicates that NTPC.NS experiences smaller price fluctuations and is considered to be less risky than M&M.NS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NTPC.NS	M&M.NS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	6.92%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	15.66%	21.45%	-5.79%
Volatility (1Y) Calculated over the trailing 1-year period	18.45%	26.75%	-8.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.37%	27.81%	-2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.85%	30.40%	-4.55%

Dividends

NTPC.NS vs. M&M.NS - Dividend Comparison

NTPC.NS's dividend yield for the trailing twelve months is around 2.42%, more than M&M.NS's 0.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
M&M.NS Mahindra & Mahindra Limited	0.84%	0.68%	0.70%	0.94%	0.92%	1.05%	0.33%	1.60%	0.93%	0.01%	0.02%	0.01%
NTPC.NS NTPC Limited	2.42%	2.61%	2.70%	3.05%	4.21%	4.94%	3.17%	4.61%	3.44%	2.70%	2.03%	1.71%

Financials

Frequently Asked Questions

Can I hold both NTPC.NS and M&M.NS in my portfolio?

NTPC.NS and M&M.NS have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.