How we build SWP history data
The Real history tab uses a broad Indian equity total-return series (IIMA primary, Invespar bridge) and a linked India CPI series. Generated 2026-10-10. Equity as of 2026-09. Primary last 2025-12. CPI as of 2026-08.
Sources and citations
- Fama French and Momentum Factors: Data Library for Indian Market (new series) (Indian Institute of Management Ahmedabad). Agarwalla, S. K., Jacob, J. and Varma, J. R. (2013), Four factor model in Indian equities market, Working Paper W.P. No. 2013-09-05, Indian Institute of Management, Ahmedabad.
- Invespar Indian Factor Data Library — Fama/French 3 + Momentum (ff4), MKT (Invespar Pte Ltd (Rajan Raju)). Raju, R. (2022). Four and Five-Factor Models in the Indian Equities Market. SSRN 4054146. Dataset: Fama/French 3 + Momentum Factor (ff4), Invespar Indian Factor Data Library, observations through 2026-09. Retrieved 2026-10-10 from https://invespar.com/research.
- CPI for Industrial Workers – All-India General Index (Labour Bureau, Ministry of Labour & Employment). Government data; attribute
- CPI (Combined, All-India General) base 2012 (MoSPI (NSO)). Government Open Data Licence – India (attribution)
- CPI press release Aug 2026 (base 2024=100) (MoSPI (NSO)). Government Open Data Licence – India (attribution)
IIMA asks for a citation (citation.bib).
Release table
| Source | Tag | Retrieved / uploaded | SHA-256 | Range |
|---|---|---|---|---|
| IIMA | 2025-12 | 2026-01-22 | c07a12d1c04630c18a7f87a96c91db6a7c4ebfc1e37f888e41fe8469fe234c44 | 1993-11–2025-12 |
| Invespar | 2026-09 | 2026-10-10 | f5e13b8b76b3f4ca3cae9d9b085b324384829d62d6b1b631bd60567a08d43790 | 2026-01–2026-09 (estimated) |
Method
- Market = MF + RF from the survivorship-bias-adjusted monthly file.
- Index level = cumulative product (Oct 1993 = 100).
- Bridge: months after the IIMA last date use Invespar MKT and are flagged estimated (dotted on charts).
- CPI-IW base 1982; base 2001 × 4.63; ratio-chained to CPI-C 2012 at Jan 2011 and to base 2024 at Dec 2025; rebased Dec 2024 = 100.
How this differs from the Nifty 50
On the 1999–2025 overlap the broad series is not the Nifty 50: it is a wider listed-market total return, correlation about 0.944, about +1.5 percentage points per year higher, and a deeper 2008 fall (−62% vs −55%). Those figures are a one-time research comparison; this product does not ship or fetch a Nifty 50 series.
Known limits
- History is revised by each IIMA release; past revisions were 0.01–0.11 pp/month on average, max 3.2 pp.
- The publication lag runs from months to a year.
- Sources disagree in some years. For example, 2020 was +28.7% in IIMA vs +19.5% in Invespar.
- After an IIMA release replaces bridged months, old share links recompute from the current file and show “Data as of 2026-09”.
CPI segments
- 1993-10–2011-01: Labour Bureau CPI-IW (base 1982; base 2001 x4.63 from 2006)
- 2011-02–2025-12: MoSPI CPI-C base 2012
- 2026-01–2026-08: MoSPI CPI-C base 2024 (provisional: 2026-08)
A raw-series CSV is not offered. See the versioned JSON used by the calculator (feature-flagged) and data/swp/CHANGELOG.md for refresh history.