Gold and Midcaps Lead 10-Year Returns: The Full Scorecard
ET Wealth has ranked the returns across key asset classes, including equity, debt, precious metals, and real estate, over the past decade. Gold and midcaps have emerged as top performers, delivering impressive annualized returns.
GoldMidcapsReturnsInvestmentReal EstateReal EstateNov 23, 2025
Gold delivered 17.1% annualized returns over the last 10 years. Prices surged on global macro uncertainties, widening fiscal deficits, and currency depreciation. Over the long term, gold has remained a standout asset, supported by aggressive central bank buying and its enduring safe-haven appeal.
Mid caps generated 16.7% returns in the past decade, following closely behind gold. The segment benefited from expanding corporate earnings and a broad-based post-pandemic recovery.
Silver returned 16.2% over the last 10 years. The metal saw a sharp rally in 2025, driven by strong industrial demand and a pronounced supply shortfall.
Small caps delivered 13.3% over the same period but lagged due to stretched valuations in 2025. The segment has lost 4.5% so far this calendar year.
Large cap funds posted 12.6% returns over the past decade, according to ET Wealth. In 2025, large caps outperformed, supported by scale, strong balance sheets, and earnings momentum—particularly in banking and financial services.
The 10-year G-Sec and short-term debt funds returned 6.6% and 6%, respectively, over the last decade. While debt products offered stability, returns were comparatively modest versus equities and precious metals.
Real estate delivered 4.9% returns over the past 10 years, dragged down by liquidity constraints and high transaction costs.
Frequently Asked Questions
What are the top-performing asset classes over the past 10 years?
Gold and midcaps have been the top-performing asset classes over the past 10 years, delivering annualized returns of 17.1% and 16.7%, respectively.
What factors contributed to the strong performance of gold?
Gold's performance was influenced by global macro uncertainties, widening fiscal deficits, currency depreciation, and aggressive central bank buying.
How did midcaps perform in comparison to other equity segments?
Midcaps outperformed other equity segments, generating 16.7% returns over the past decade, primarily due to expanding corporate earnings and a broad-based post-pandemic recovery.
What were the returns for small caps and large cap funds?
Small caps delivered 13.3% returns over the past decade but lagged in 2025 due to stretched valuations. Large cap funds posted 12.6% returns, driven by strong balance sheets and earnings momentum, especially in banking and financial services.
How did debt and real estate perform in comparison to other asset classes?
Debt products, including 10-year G-Sec and short-term debt funds, returned 6.6% and 6%, respectively, offering stability but lower returns compared to equities and precious metals. Real estate delivered 4.9% returns, affected by liquidity constraints and high transaction costs.
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