BIST 100 vs US Dollar in Turkish lira: performance comparison
Over the 12 months to Oct 5, 2026, the BIST 100 returned +15.9% and the US dollar +17.9% (both in Turkish lira). This page puts the two side by side on the same dates — current prices, performance charts rebased to 100, returns from one month to five years, volatility, the deepest falls and how closely the two move together — recalculated daily from closing prices.
Performance, rebased to 100
Both lines start at 100 on the first shared date: a value of 150 means +50% since then.
- BIST 100+15.9%
- US Dollar+17.9%
- BIST 100+790.1%
- US Dollar+447.9%
Returns
| Period | BIST 100 | US Dollar | Better |
|---|---|---|---|
| 1 month | -11.2% | +1.5% | US Dollar |
| 3 months | -13.7% | +5.0% | US Dollar |
| 6 months | -5.1% | +10.3% | US Dollar |
| Year to date | +10.5% | +14.4% | US Dollar |
| 1 year | +15.9% | +17.9% | US Dollar |
| 3 years | +47.0% | +78.3% | US Dollar |
| 5 years | +790.1% | +447.9% | BIST 100 |
Price returns between closing prices on the same dates for both assets; dividends and interest are not included. All figures are in Turkish lira: prices quoted in US dollars are converted at each day's USD/TRY close. Data to Oct 5, 2026.
Risk
| Measure | BIST 100 | US Dollar |
|---|---|---|
| Volatility, 1 year (annualized) | 23.6% | 1.6% |
| Volatility, 5 years (annualized, weekly) | 29.3% | 22.7% |
| Deepest fall, 5 years | -21.2%Jul 2024 – Oct 2024 | -30.5%Dec 2021 – Dec 2021 |
| Correlation, 1 year (daily returns) | -0.02 | |
| Correlation, 5 years (weekly returns) | 0.18 | |
Volatility is the annualized standard deviation of returns — higher means bigger swings. The deepest fall is the largest drop from a previous high. Correlation runs from −1 (opposite moves) through 0 (unrelated) to +1 (in lockstep).
What the numbers say
Over five years (Oct 2021 to Oct 2026), the BIST 100 returned +790.1% and the US dollar +447.9%. The US dollar led over the past year, while the BIST 100 led over five years.
Annualized volatility over the past year: BIST 100 23.6%, US Dollar 1.6% — the BIST 100 was about 15.2× as volatile. Deepest fall over the period: BIST 100 -21.2% (Jul 2024 – Oct 2024), US Dollar -30.5% (Dec 2021 – Dec 2021).
The correlation of their daily returns over the past year was -0.02. That is almost no relationship: they have moved largely independently. Over five years of weekly returns it was 0.18.
Past performance does not predict future returns.
Key differences
- The classic choice for savers in Türkiye: Turkish stocks (BIST 100) or US dollars (USD/TRY), both measured in lira.
- The dollar's lira return comes only from the exchange rate (interest on dollar deposits is not included); the BIST 100's depends on company profits, interest rates and investor sentiment.
- Reading the chart: whenever the BIST 100 beats USD/TRY over a period, Turkish stocks gained value in dollar terms over that period; when it lags, they lost value in dollars.
- Income: BIST companies pay dividends, which are not included in the index returns shown here.
The two assets
BIST 100
The BIST 100 is Borsa Istanbul's main index of 100 large Turkish companies, priced in Turkish lira; banks and industrial holding companies carry heavy weights. Because it is quoted in lira, high inflation and lira depreciation push its nominal level up, so returns in lira and in dollars can differ widely.
BIST 100 chart and analysis →US Dollar
USD/TRY is the price of one US dollar in Turkish lira — the currency many savers in Türkiye hold to protect against inflation. The lira's long-run decline reflects Türkiye's much higher inflation than the US; the central bank's interest-rate policy and reserves set the pace.
US Dollar chart and analysis →Frequently asked questions
In Turkish lira, which performed better over the past year: the BIST 100 or the US dollar?
The US dollar. In the 12 months to Oct 5, 2026, the BIST 100 returned +15.9% and the US dollar +17.9% (both in Turkish lira), a difference of 2.0 percentage points. Past performance does not predict future returns.
In Turkish lira, which performed better over five years: the BIST 100 or the US dollar?
The BIST 100. From Oct 2021 to Oct 2026, the BIST 100 returned +790.1% and the US dollar +447.9% (both in Turkish lira). Past performance does not predict future returns.
Which is more volatile, the BIST 100 or the US dollar?
The BIST 100 — about 15.2 times as volatile as the US dollar. Annualized volatility over the past year: BIST 100 23.6%, US Dollar 1.6%. Deepest fall over five years: BIST 100 -21.2%, US Dollar -30.5%.
Do the BIST 100 and the US dollar move together?
Almost no relationship: they have moved largely independently. The correlation of their daily returns over the past year was -0.02, on a scale from −1 (opposite moves) to +1 (moving in lockstep). Over five years of weekly returns it was 0.18.
How we calculate
Both series are aligned on the trading days (or weeks) they share, so every return covers the same dates for both assets. Periods up to one year use daily closes; three and five years use weekly closes. Volatility is the annualized standard deviation of log returns, the deepest fall is measured on weekly closes, and correlation is the Pearson coefficient of returns over identical intervals. Data: Yahoo Finance and OKX, refreshed daily. All figures are in Turkish lira: prices quoted in US dollars are converted at each day's USD/TRY close.