Half a year, two markets
At the halfway mark of 2026, the median equity fund is almost exactly where it began: down 0.14%, with 286 of 567 funds lower than on the last day of 2025.
That flat line hides two very different halves of the market. The median small-cap fund is up 10.32% for the year and 35 of 36 small-cap funds are higher. The median large-cap fund is down 4.84%, and only 2 of 35 are higher.
All figures are for the Direct plan, Growth option, computed from daily NAVs to 30 June 2026. June and the first half are plain percentage changes; one, three and five years are compounded annual rates.
Six months, month by month
The median fund's return in each month of 2026, from one month-end NAV to the next:
| Month | All equity funds | Large Cap | Mid Cap | Small Cap | Flexi Cap |
|---|---|---|---|---|---|
| January | −3.12% | −2.74% | −3.38% | −4.24% | −3.01% |
| February | 1.08% | 0.56% | 2.05% | 1.36% | 0.70% |
| March | −10.70% | −11.34% | −10.51% | −9.24% | −10.88% |
| April | 10.64% | 8.34% | 12.57% | 15.96% | 9.80% |
| May | 0.64% | −0.95% | 2.28% | 2.08% | 0.31% |
| June | 2.63% | 2.07% | 2.50% | 5.33% | 2.79% |
Large caps trailed small caps in five of the six months. Small caps were weakest only in January, and fell least in March.
The scorecard
Twelve SEBI equity categories, ranked by June's median return.
| Category | Funds | June | First half | 1 year | 3 years | 5 years |
|---|---|---|---|---|---|---|
| Small Cap | 36 | 5.33% | 10.32% | 7.15% | 18.20% | 18.47% |
| Multi Cap | 32 | 3.21% | 1.87% | 3.59% | 17.42% | 15.46% |
| Focused | 28 | 2.97% | −1.23% | 0.23% | 14.57% | 13.63% |
| Flexi Cap | 44 | 2.79% | −1.29% | 0.24% | 14.29% | 12.88% |
| Contra | 3 | 2.78% | −4.52% | −2.71% | 16.77% | 16.47% |
| Large & Mid Cap | 34 | 2.64% | −0.82% | 1.61% | 16.28% | 14.96% |
| Mid Cap | 33 | 2.50% | 4.58% | 5.70% | 20.12% | 17.55% |
| Sectoral / Thematic | 251 | 2.49% | 1.05% | 3.23% | 16.71% | 14.70% |
| ELSS | 38 | 2.48% | −2.28% | −1.62% | 13.18% | 13.36% |
| Large Cap | 35 | 2.07% | −4.84% | −2.77% | 11.66% | 11.50% |
| Value | 22 | 2.01% | −1.39% | −0.86% | 15.84% | 15.32% |
| Dividend Yield | 11 | 1.56% | −3.02% | −1.09% | 15.04% | 15.27% |
| All equity funds | 567 | 2.63% | −0.14% | 1.57% | 15.55% | 14.41% |
"Funds" counts every Direct Growth plan on 30 June. A fund counts in a period only if it has a full record: 566 for June, 515 for one year, 383 for three years and 303 for five. Contra has only three funds.
Against the indices
Our estimates of total return, built from NSE's daily price and dividend yield, to the close of 30 June:
| Index (estimated total return) | June | First half | 1 year | 3 years | 5 years |
|---|---|---|---|---|---|
| Nifty 50 | 1.46% | −8.07% | −5.24% | 8.94% | 10.11% |
| Nifty 500 | 1.59% | −3.12% | −1.50% | 13.16% | 12.62% |
| Nifty Midcap 150 | 0.96% | 2.62% | 4.40% | 20.31% | 18.56% |
| Nifty Smallcap 250 | 4.35% | 6.59% | 0.27% | 19.88% | 17.02% |
What the numbers show
June was broad. 517 of 566 equity funds rose, and every category's median was above 1.5%. Small caps led again, at 5.33%.
The half-year gap is 15 points. Small-cap funds' median of 10.32% against large caps' −4.84% is a 15.16-point spread in six months. Between the indices, our estimates put the Nifty Smallcap 250 at 6.59% and the Nifty 50 at −8.07%.
Both ends beat their benchmarks for the half. The median small-cap fund's 10.32% is 3.73 points ahead of our Nifty Smallcap 250 estimate. The median large-cap fund's −4.84% is 1.19 points ahead of our estimate for the Nifty 100, its SEBI benchmark, at −6.03%.
The leaders and laggards of the half. Among diversified funds, the top five for 2026 so far are four small-cap funds and one value fund, led by Bank of India Small Cap at 21.65%. The bottom five, each down more than 8%, include two large-cap funds and Franklin India Focused Equity, down 9.08%.
Funds are near their highs again. On 30 June the median equity fund's NAV was 3.36% below its all-time high, against 15.03% at the end of March.
What this does not tell you
A flat median is not a flat ride. The median fund that ended the half level fell 10.70% in March and rose 10.64% in April.
Six months is a short record. The small-cap lead of the first half says nothing certain about the second.
The benchmarks are our estimates, the medians cover surviving funds only, and past returns do not predict future ones. Nothing here is advice to buy or sell any fund.
Where to go from here
The categories page has live numbers for every category, and last month's table is the May equity fund scorecard. For the market side of the half, read the first half of 2026 in numbers.
For what a SIP started at January's high has done since, see a SIP started at the January 2026 peak. The middle of the table is covered in large & mid cap fund returns and value and contra fund returns.
Frequently asked questions
How did equity mutual funds do in the first half of 2026?
The median equity fund (Direct plan, Growth option) was down 0.14% from 31 December 2025 to 30 June 2026, and 286 of 567 funds were lower. Small-cap funds had the best median, up 10.32%; large-cap funds the worst, down 4.84%.
How did equity funds do in June 2026?
The median equity fund gained 2.63% between the NAVs of 29 May and 30 June 2026, and 517 of 566 funds rose. Small-cap funds led with a median of 5.33%; dividend-yield funds trailed at 1.56%.
How many small-cap funds are up in 2026?
To 30 June 2026, 35 of 36 small-cap funds were up for the year, against 2 of 35 large-cap funds. Our estimate of the Nifty Smallcap 250's total return for the half was 6.59%, and of the Nifty 50's −8.07%.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
Keep reading
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The Nifty 50 fell 13.4% from 31 December 2025 to 30 September 2026. The median balanced advantage fund lost 1.7%, and its worst dip was 8.7%.
Direct vs regular plans: the 1.16-point equity fee gap
A regular equity plan costs a median 1.16 points a year more than its direct twin, on AMFI's September 2026 data. Over ten years, direct ended 10.2% ahead.