The scorecard
Twelve SEBI equity categories, one median return each for four periods. Every figure is the median fund's return, computed from daily NAVs of the Direct plan, Growth option, to 30 September 2026. The 1-year figure is the change over the year; the rest are compounded annual rates.
| Category | Funds | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|---|
| Mid Cap | 34 | 6.26% | 15.68% | 14.82% | 16.04% |
| Small Cap | 36 | 12.63% | 14.88% | 15.34% | 17.28% |
| Multi Cap | 33 | 6.41% | 13.66% | 13.10% | 14.46% |
| Sectoral / Thematic | 255 | 3.21% | 13.45% | 12.24% | 14.67% |
| Contra | 4 | −1.74% | 13.10% | 13.33% | 15.41% |
| Large & Mid Cap | 36 | 2.46% | 12.24% | 11.69% | 14.21% |
| Value | 24 | 0.22% | 11.70% | 12.29% | 13.46% |
| Focused | 28 | 1.06% | 11.54% | 10.97% | 13.27% |
| Flexi Cap | 46 | 1.93% | 11.22% | 10.11% | 13.14% |
| Dividend Yield | 12 | −0.63% | 10.90% | 12.55% | 13.78% |
| ELSS | 38 | −0.66% | 10.30% | 10.20% | 13.03% |
| Large Cap | 35 | −3.42% | 9.16% | 8.42% | 11.71% |
| All 581 funds | 581 | 2.65% | 12.10% | 11.62% | 13.85% |
"Funds" is the number of Direct Growth plans in the category today. Fewer have long records: across all categories, 529 funds have a full one-year record, 404 three years, 311 five years and 218 ten years. A fund only counts in a period it has fully lived through.
Some categories are thin. Contra has three funds with a record, Dividend Yield six over five years, and Multi Cap eight over five years, so their medians can swing on one fund.
Against the indices
For comparison, our estimates of the indices' total returns, built from NSE's daily price and dividend yield:
| Index (estimated total return) | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| Nifty 50 | −6.91% | 6.18% | 6.49% | 11.54% |
| Nifty 500 | −1.82% | 9.71% | 9.25% | 12.88% |
| Nifty Midcap 150 | 4.71% | 13.92% | 15.03% | 16.76% |
| Nifty Smallcap 250 | 7.36% | 14.23% | 14.73% | 14.78% |
What the table shows
Smaller companies won, by a wide margin. Over three years the median mid-cap fund returned 15.68% a year and the median large-cap fund 9.16%, a gap of 6.52 points a year. Over ten years the median small-cap fund returned 17.28% a year against 11.71% for large caps.
Large caps came last in every period. That reflects their index. The Nifty 50 lost an estimated 6.91% over the year with dividends, the worst of the four indices above, and large-cap funds can only stray so far from it.
The last year split the market. Small-cap funds' median was up 12.63% while large caps' was down 3.42%, a 16-point gap in one year. Four categories had a negative median year: Large Cap, Contra, ELSS and Dividend Yield.
Flexi caps sit low on five years. At 10.11% a year, the median flexi-cap fund ranks eleventh of twelve over five years, just above large caps. Unlike multi-cap funds, which must keep at least 25% each in large, mid and small companies, flexi-cap funds are free to hold mostly large ones.
What this does not tell you
A median hides the spread. Within each category, the best and worst funds are often more than 10 points a year apart over three years. The category posts linked below show those spreads.
Category rankings rotate. Large caps trailing for three, five and ten years at once is a statement about this decade, not a rule.
Higher return came with deeper falls. Over three years the median small-cap fund's worst fall was 24.16%, against 16.44% for large caps. Nothing here is advice to buy or sell any fund or category.
Where to go from here
The categories page lists every SEBI category with live numbers, and SEBI fund categories explained covers what each one may hold.
For the detail behind the rows: large-cap funds vs the Nifty 50, mid-cap fund returns, flexi-cap fund returns and which equity funds are down over a year.
For the month's market backdrop, see September 2026 in numbers.
Frequently asked questions
Which equity fund category has the best returns?
It depends on the period. To 30 September 2026, the median small-cap fund led over one year (12.63%), five years (15.34% a year) and ten years (17.28% a year). Mid-cap funds led over three years, at 15.68% a year. Figures are for Direct Growth plans.
What is the median return of large-cap funds?
The median large-cap fund's Direct Growth plan returned −3.42% over one year, 9.16% a year over three years, 8.42% over five and 11.71% over ten, to 30 September 2026. It was the lowest of the 12 equity categories in every one of those periods.
How many equity funds does the scorecard cover?
581 equity funds, each counted once through its Direct plan, Growth option. Of those, 529 have a full one-year record, 404 a three-year, 311 a five-year and 218 a ten-year record. Index funds, ETFs and closed-ended ELSS series are left out.
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.
Keep reading
Three months, 22 fund categories: Q3 2026 scorecard
In the three months to 1 October 2026 the median small-cap fund returned 1.52% and the median large-cap fund -4.31%. Twenty-two categories ranked.
346 of 546 equity funds are down over a year, up from 196
To 3 November 2026, 63% of equity funds were down over one year, against 37% on 30 September. The Nifty 50 barely changed; mid and small caps turned negative.
Large caps +4.3% in a month, small caps -3.2%
To 3 November 2026 the median large-cap fund rose 4.3% in a month, small caps fell 3.2%. Over three months all 12 categories were down; small caps lead in 2026.