The 20-year club
NAV records in our database start in April 2006. Of the equity funds whose first NAV is on or before 10 April 2006 and which still have a NAV in October 2026, 98 are regular-plan Growth schemes, excluding segregated portfolios and IDCW plans. They had 20.5 years of NAVs on 16 October 2026. Direct plans did not exist until 2013, so regular plans are the only like-for-like test; their returns are after the regular plan's higher expenses.
For comparison, the Nifty 50 price index closed at 3,473.30 on 3 April 2006 and at 23,146.15 on 16 October 2026: 9.68% a year.
| Measure | Result |
|---|---|
| Median fund CAGR | 12.36% |
| Best / worst | 17.19% / 7.41% |
| Funds above the Nifty 50's 9.68% | 89 of 98 |
| Funds at or above 12% | 53 |
| Funds at or above 15% | 4 |
| Funds below 8% | 3 |
₹1 lakh invested in April 2006 in the median fund would now be worth about ₹11 lakh, in the best fund about ₹26 lakh, and in the weakest about ₹4.3 lakh. The Nifty 50 price index turned the same ₹1 lakh into ₹6.7 lakh. Our post on the Nifty 50's five-year SIP from every start month shows how much the start date moves a result.
By category
| Category | Funds | Worst | Median | Best |
|---|---|---|---|---|
| Small Cap | 4 | 13.37% | 14.32% | 14.50% |
| Mid Cap | 10 | 10.66% | 13.26% | 15.19% |
| Value | 8 | 8.55% | 12.74% | 14.92% |
| Multi Cap | 4 | 11.89% | 12.75% | 14.18% |
| Sector and thematic | 26 | 8.89% | 12.69% | 17.19% |
| Large & Mid Cap | 10 | 7.41% | 12.18% | 14.17% |
| Flexi Cap | 9 | 8.04% | 11.66% | 14.15% |
| ELSS | 10 | 8.71% | 11.49% | 12.44% |
| Large Cap | 10 | 7.45% | 10.89% | 12.92% |
Small cap and mid cap lead on the median, and large cap and tax-saver funds sit at the bottom. The large-cap median, 10.89%, is still 1.2 points above the index price return, though the best large-cap fund, at 12.92%, is below the median small-cap fund.
The top and the bottom
The five best:
| Fund | Category | 20-year CAGR |
|---|---|---|
| Nippon India Pharma | Sector | 17.19% |
| Nippon India Banking & Financial Services | Sector | 15.52% |
| Nippon India Growth Mid Cap | Mid Cap | 15.19% |
| Sundaram Mid Cap | Mid Cap | 15.15% |
| Nippon India Value | Value | 14.92% |
Three of the five are Nippon India funds. The best diversified fund, Growth Mid Cap, is a mid-cap scheme.
The weakest are UTI Large & Mid Cap (7.41%), JM Large Cap (7.45%) and Taurus Large Cap (7.81%). Only nine of the 98 failed to beat the Nifty 50's price return, and all nine returned at least 7.4%.
How to read this fairly
Survivors only. Funds that were merged or closed since 2006 are missing from the table. If they were mostly the weak ones, the median of everything that existed in 2006 would be lower than 12.36%.
A price index understates the index. The Nifty 50's price index does not include dividends, so the total-return version, which index funds such as those in our cheapest Nifty 50 index funds post are measured against, is higher.
The start date matters. The same test started in a different month would give different numbers. Returns are point-to-point, not an investor's experience: someone who put in monthly SIPs, or who sold in a fall, had a different 20 years.
Past returns are not a forecast. None of this is a recommendation to buy or sell any fund.
Frequently asked questions
How have equity funds returned over 20 years?
Of 98 regular-plan Growth equity funds with NAVs from April 2006 to October 2026, the median return is 12.36% a year. The best, Nippon India Pharma Fund, returned 17.19% and the weakest, UTI Large & Mid Cap, 7.41%. Returns are for regular plans, after expenses.
How does that compare with the Nifty 50?
The Nifty 50 price index rose from 3,473.30 on 3 April 2006 to 23,146.15 on 16 October 2026, 9.68% a year. 89 of the 98 funds returned more than that. The index excludes dividends, so a total-return index would be higher.
Is this a fair test of active funds?
No. It counts only funds that survived to 2026, which leaves out those that were merged or closed over 20 years, and it uses a price index. Both bias the comparison towards the funds.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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