Thematic, CNX Energy
Energy Basket thematic momentum strategy
An energy momentum basket: 10 stocks from CNX Energy, rotated weekly. The thematic satellite.
Written for growth-oriented investors comfortable with double-digit drawdowns.
High risk band
01At a glance
Energy Basket in four numbers.
- CAGR
- 33.12%Model, back tested
- Max drawdown
- −39.48%Model, back tested
- Minimum investment
- ₹75KAbout ₹75,000
- Fee per rebalance
- 0.2%Of traded value, nothing else
150
200
300
₹100 in the model in May 2021 became ₹410 by Jul 2026; the Nifty 50 TRI line reached ₹162. Model, back tested. As of 27 Apr 2026. After charges, log scale. Not a promise of future returns.
02Three steps
Compare. Validate. Invest.
Compare
Line Energy Basket up against the other 17 strategies, and against funds, PMS and AIF.
Compare strategiesValidate the back test
Every year, month, fall, holding and rebalance is in the factsheet below.
Open the factsheetInvest
Link your broker and approve each rebalance. Stocks stay in your own demat; RupeeCase never holds your money.
Invest in Energy Basket
03Factsheet
Energy Basket factsheet
Every figure behind the four numbers, in seven parts. Return figures are model, back tested and after charges; each block names its date.
Performance
Calendar year returns
- 2021from May+50.4%
- 2022+18.0%
- 2023+108.8%
- 2024+16.1%
- 2025−14.6%
- 2026to May+19.4%
Model, back tested, after charges, 2021 to May 2026. Not a promise of future returns.
What an amount would have become
- You put in
- ₹75,000
- Model value
- Gain
Model, back tested: the published monthly model returns after charges, May 2021 to May 2026 (61 months). A back test, not a promise of future returns.
Stress test: drag through the falls
Move across the record to read how far the model sat below its last peak, and how long it took to climb back.
MonthFeb 2025
Below the last peak−39.0%
Back to the peak
Model value, log scaleBelow the last peak
Deepest falls, daily record
Model, back tested. As of 27 Apr 2026. The scrub reads month end model values from May 2021 to Jul 2026, so its falls read shallower than the daily figures on the buttons; days are counted between month ends. Drawdowns of similar size can happen again. High risk band.
Monthly returns
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | Janno data | Febno data | Marno data | Aprno data | May7.0 | Jun8.8 | Jul−2.9 | Aug5.8 | Sep8.5 | Oct11.6 | Nov−5.0 | Dec9.5 | Year+50.4% |
| 2022 | Jan11.7 | Feb−9.4 | Mar3.7 | Apr10.2 | May−8.8 | Jun−10.6 | Jul15.6 | Aug9.1 | Sep−3.2 | Oct7.8 | Nov−1.0 | Dec−3.8 | Year+18.0% |
| 2023 | Jan−7.8 | Feb−4.3 | Mar−3.7 | Apr8.1 | May3.4 | Jun9.7 | Jul11.5 | Aug9.5 | Sep15.7 | Oct−2.3 | Nov20.8 | Dec20.0 | Year+108.8% |
| 2024 | Jan5.4 | Feb8.4 | Mar−4.4 | Apr8.0 | May13.5 | Jun−0.6 | Jul−1.1 | Aug5.0 | Sep0.6 | Oct−12.7 | Nov−4.3 | Dec−0.1 | Year+16.1% |
| 2025 | Jan−15.3 | Feb−13.7 | Mar11.1 | Apr2.6 | May8.1 | Jun1.4 | Jul−4.8 | Aug−5.5 | Sep7.3 | Oct3.0 | Nov−5.1 | Dec−1.0 | Year−14.6% |
| 2026 | Jan−4.6 | Feb9.2 | Mar−6.6 | Apr23.1 | May−0.3 | Junno data | Julno data | Augno data | Sepno data | Octno data | Novno data | Decno data | Year to date+19.4% |
Model, back tested, after charges. Each cell is one calendar month, in percent. Not a promise of future returns.
Rolling returns
Any 1 year
- Worst
- −31.0%
- Median
- +22.0%
- Best
- +193.8%
- Positive
- 69%of 51 windows
Return over each 12 month window.
Any 3 years
- Worst
- +25.5%
- Median
- +33.2%
- Best
- +66.8%
- Positive
- 100%of 27 windows
CAGR over each 36 month window.
Model, back tested, from the month end model values, May 2021 to Jul 2026. Not a promise of future returns.
Deepest falls
- −25.22%15 Apr 2022 to 19 Aug 2022126 days
- −24.19%16 Sep 2022 to 7 Jul 2023294 days
- −13.38%18 Jun 2021 to 3 Sep 202177 days
- −12.56%23 Feb 2024 to 19 Apr 202456 days
- −11.00%21 Jan 2022 to 1 Apr 202270 days
Model, back tested, daily record over rolling 5 years: from the peak to the low, and the days until the record was back at that peak.
Holdings and sectors
10 holdings
- Equity89%
- BHEL10.0%
- ADANIPOWER10.0%
- SUZLON10.0%
- JPPOWER10.0%
- ABB9.8%
- TORNTPOWER9.1%
- ADANIGREEN8.5%
- ADANIENSOL8.1%
- THERMAX7.0%
- GVT&D6.7%
Live quantities, prices and book values are in the app
Weights on the rebalance day, 11 May 2026; they drift with prices until the next rebalance. Model portfolio, not a recommendation to buy or sell any stock.
Sector allocation
- Power & Utilities63.5%
- Capital Goods26.3%
- Other, not yet mapped10.2%
3 sectors in the equity sleeve; the largest mapped sector is Power & Utilities at 63.5%, and 10.2% of the sleeve is not yet in the sector map. 100% energy and power complex by design. Power generation, transmission, distribution, and capital goods. Adani group companies sit among the holdings at this snapshot. Sector map curated against NSE listings.
Sector weight by year
| Sector | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Now |
|---|---|---|---|---|---|---|---|
| Power & Utilities | 47 | 45 | 42 | 27 | 36 | 43 | 60 |
| Capital Goods | 5 | 13 | 16 | 21 | 8 | 19 | 30 |
| Other, not yet mapped | 45 | 35 | 38 | 51 | 54 | 25 | 10 |
| Energy & Oil & Gas | 3 | 7 | 4 | 1 | 2 | 13 | out |
262 published rebalances, 4 sectors touched, 3 held on the latest list (11 May 2026). Each cell is the average weight that year, equal weighted at the stock level; darker is a higher weight.
Rebalances
The rebalance record
- published rebalances
- 262
- first in the record
- 14 May 2021
- 52 a year
- Every week
- latest published
- 11 May 2026
Rebalances run on a fixed calendar; you approve each one before your broker places the orders.
Latest rebalance, 11 May 2026
Against the list of 8 May 2026: 0 in, 1 out, 10 held, 10 on the list.
Out
- RPOWER
Held
- BHEL
- ADANIPOWER
- ADANIGREEN
- ADANIENSOL
- SUZLON
- GVT&D
- THERMAX
- JPPOWER
- TORNTPOWER
- ABB
Model portfolio, back tested rebalance record. Entered plus held is that date's list size, which can differ from the 10 stock target. Tickers are not recommendations.
Recent rebalances
| Date | On the list | In | Out |
|---|---|---|---|
| 11 May 2026 | 10 | 0 | −1 |
| 8 May 2026 | 11 | +1 | 0 |
| 1 May 2026 | 10 | 0 | −3 |
| 24 Apr 2026 | 13 | +3 | −3 |
| 17 Apr 2026 | 13 | +3 | −1 |
| 10 Apr 2026 | 11 | +1 | −2 |
| 3 Apr 2026 | 12 | +2 | −1 |
| 27 Mar 2026 | 11 | +1 | −2 |
| 20 Mar 2026 | 12 | +2 | −1 |
| 13 Mar 2026 | 11 | +1 | −1 |
| 6 Mar 2026 | 11 | +1 | 0 |
| 27 Feb 2026 | 10 | 0 | −2 |
Every rebalance with its namesRebalance history, CSV
Names on the list, names in and names out at each date; the history page and the CSV have every name.
Sector shifts of 10 points or more
- Energy & Oil & Gas −15 pts
- Power & Utilities +17 pts, Other, not yet mapped −10 pts
- Power & Utilities +14 pts, Other, not yet mapped −11 pts
- Power & Utilities +14 pts, Other, not yet mapped −13 pts
- Power & Utilities +13 pts, Other, not yet mapped −10 pts
- Other, not yet mapped −12 pts, Power & Utilities +11 pts
48 such shifts in 262 rebalances; the latest six. Equity sleeve, equal weighted at the stock level.
Get the next rebalance by email
Risk metrics
Energy Basket against the Nifty 50
| Metric | Energy Basket | Nifty 50 |
|---|---|---|
| Sharpe ratio | 1.12 | 0.73 |
| Sortino ratio | 1.19 | 0.70 |
| Calmar ratio | 0.87 | 0.58 |
| Volatility, a year | 30.47% | 14.04% |
| Max drawdown | −39.48% | −16.92% |
| Best week | +12.06% | +6.36% |
| Worst week | −11.29% | −6.33% |
| Weeks up | 55.56% | 57.47% |
| Average up week | +3.61% | +1.49% |
| Average down week | −3.03% | −1.57% |
Model, back tested, after charges. Weekly figures over the rolling 5 years window to 27 Apr 2026; the Nifty 50 over the same window. Not a promise of future returns.
Risk band
High on a scale from Low to Very High
- Deepest model fall
- −39.48%
- Time horizon
- 5 years or longer. Drawdowns of 39% have happened in the backtest and can happen again. Capital you might need within 12 months should not be here.
Walk the risk band
One step safer (Moderately High)Dynamic Asset AllocatorCAGR 45.2%, Sharpe 2.32, max drawdown −10.6%One step bolder (Very High)5Paisa Focused Alpha 5CAGR 54.1%, Sharpe 1.60, max drawdown −24.2%
CAGR, Sharpe and max drawdown on the cards: Model, back tested. As of 27 Apr 2026. Take the risk profile to see which bands sit within yours.
Methodology
How it works
- 1Universe
Start from the CNX Energy, filtered to stocks priced under ₹20,000.
- 2Rank
Score every stock in the universe by a momentum composite: price trend over several look backs, risk adjusted. The top names by score become the candidate list.
- 3Select
Hold the top 10 names by score, equal weighted so no single name dominates.
- 4Rebalance
Every week the model runs again end to end. Names that fall out of the top 10 are sold; new entrants are bought. The full list is published at every rebalance.
Configuration
- Universe
- CNX Energy
- Type
- Thematic
- Sleeves
- Equity 100
- Holdings
- 10, equal weight
- Rebalance
- Every week, 52 a year
- Max stock price
- ₹20,000
- Risk band
- High
- Benchmark
- Nifty 50; charts draw the Nifty 50 TRI as a CAGR line
- Minimum capital
- About ₹75,000
- Back test from
- 7 May 2021
- Metrics window
- Rolling 5 years
- Prices
- NSE BhavCopy; the back test deducts brokerage, STT, exchange charges and GST
Why Energy Basket
One of two thematic satellite cards on the lineup, alongside Healthcare Basket. The index screens the CNX Energy (Nifty Energy) universe for the top 10 momentum-ranked stocks priced under 20000, holds them equal-weighted at roughly 10% each, and rotates every week.
That weekly rotation is the differentiator: this is the fastest cadence on the marketplace. High turnover means the index can lock in regime gains fast when the energy cycle runs, and it also means drawdowns can be sharp when the cycle turns.
Ten names from one sector means the card moves as a bloc. Diversification inside the basket is real but diversification across sectors is zero by design. Expect the ride to look like the energy cycle itself, amplified by the momentum screen.
This is NOT a core holding. Single-sector concentration risk is real, energy stocks rise and fall together when oil, gas, or power policy and commodity cycles shift. Investors without that view should sit out and put the same capital into Allcap or Midcap Smallcap instead.
Key takeaways
- Thematic energy momentum on the CNX Energy universe
- 10 stocks equal-weighted, rotated weekly, the fastest cadence on the lineup
- Moves with the Indian energy capex cycle, in both directions
- Satellite sizing only: 5 to 10% of equity
A description of the strategy, not a recommendation. Decide your own allocation, or ask a SEBI registered investment adviser.
Who it is written for
- Written for
- Growth-oriented investors comfortable with double-digit drawdowns
- Capital
- About ₹75,000, one share of every holding at recent prices. More capital buys more of each holding and tracks the model weights more closely.
How the rule was built
Machine learning is used in research to search and optimise the model behind each strategy: which signals rank the universe, how many names to hold and how often to rebalance, tested out of sample. The rule that ships is then frozen and published, so the live strategy is a fixed, readable algorithm, not a black box that changes on its own.
Learn the mechanics
- Factor timingwhen sector bets work
- Factor investing in Indiathe evidence
- Momentum factorthe engine behind these strategies
- How back testing worksreading the five year numbers honestly
Free modules from the RupeeCase Learn library. No sign up.
Costs
One fee per rebalance
0.2%of traded value, charged only when a rebalance trades
- No subscription, no AUM fee, no performance fee.
- No lock in: the stocks sit in your own demat and you can sell any day the market is open.
- Broker side charges (brokerage, STT, exchange charges, GST) are separate and paid to your broker.
A year on the minimum
- Minimum capital
- ₹75,000
- Rebalances a year
- 52, every week
- Book traded each time
- 30%, an assumption
- Platform fee a year, about
- ₹2,3403.12% of capital
Higher turnover or more capital raises the fee in proportion.
Costs inside the back test
- Gross return
- +416.69%before costs
- Estimated costs
- −77.74 ptsbrokerage, STT and taxes
- Net return
- +338.95%after costs
- Nifty 50, same window
- +59.62%cumulative
Model, back tested, cumulative over the rolling 5 years window to 27 Apr 2026. Net is gross minus estimated costs, as on the current factsheet. Not a promise of future returns.
Work it out for your amount
Documents
Download and print
- Download the PDF factsheetThe two page factsheet on the current site; enter your email to have a copy sent.
- Rebalance history, CSVEvery published list, 262 rebalances, 14 May 2021 to 11 May 2026.
- Rebalance history pageEach rebalance with what came in and what went out.
- This strategy as plain textMarkdown, for reading tools and AI assistants.
- DisclaimersHow the model figures are made and what they are not.
RupeeCase is a technology platform, not a fund, a PMS or a SEBI registered investment adviser. Model, back tested. As of 27 Apr 2026. Model figures are after estimated charges and are not actual client returns. Past performance does not guarantee future returns; capital can be lost.
04Questions
Before you
commit capital.
What is the Energy Basket strategy?
10 stocks from CNX Energy, rotated weekly. The thematic satellite. It selects the top 10 momentum names from CNX Energy and rebalances every week.
What is the minimum investment for Energy Basket?
About ₹75,000, enough to hold one share of every name in the current book at recent prices. The figure moves with the prices of the holdings.
How does Energy Basket compare to the Nifty 50?
Energy Basket shows a model CAGR of 33.12% against 9.80% for the Nifty 50 TRI CAGR line (Jan 2021 to Jul 2026), with a Sharpe ratio of 1.12. Model, back tested. As of 27 Apr 2026. Past performance does not guarantee future returns.
What is the worst drawdown Energy Basket has experienced?
39.48% peak to trough in the model record. The deepest period ran 126 days, from 15 Apr 2022 to 19 Aug 2022. Model, back tested. As of 27 Apr 2026. Drawdowns of similar size can happen again, so size the position for it.
What are the fees on Energy Basket?
0.2% of traded value per rebalance. No subscription, no AUM fee, no performance fee. On the minimum capital of ₹75,000, the platform fee works out to about ₹2,340 a year (3.12% of capital). Assumptions: 52 rebalances a year (every week), 30% of the book traded at each rebalance, 0.2% of traded value. Higher turnover or more capital raises the fee in proportion. Broker side charges (brokerage, STT, exchange charges, GST) are separate.
Can I exit Energy Basket at any time?
Yes. No lock-in. Holdings sit in your own broker demat account and you can sell any name on any market day. Switching strategies or pausing the rebalance is a one-click action on the platform.
05Same family
Thematic: Energy and healthcare.
CAGR and Max DD on the cards: Model, back tested. As of 27 Apr 2026.
Compare Energy Basket with
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Ready when you are
Energy Basket
33.12% CAGR, model, back tested. About ₹75K to start. Every week, you approve each one.
0.2% of traded value per rebalance. No AUM fee, no lock in. Line behind: the Energy Basket model record, after charges, as of 27 Apr 2026. Not a promise of future returns.