Gold vs NEPSE — Which Has Delivered Better 15-Year Returns?

Gold has turned Rs. 32,000 into Rs. 296,000 per tola over 15 years — a 9.3x return at 16.4% CAGR — while NEPSE's price-only index returned just 6.2x, but that number completely ignores the dividends that push total NEPSE returns to an estimated 12–15x for patient investors. The honest answer to which asset won depends on whether you held through two 35%+ crashes, and most Nepali retail investors didn't.