The short version
In the three months to 1 October 2026, the median small-cap fund returned 1.52%. The median large-cap fund lost 4.31%. Over the same window the Nifty 50 fell 6.60%, from 24,005.85 to 22,421.95.
Figures are for Direct-plan Growth schemes, from NAVs to 1 October 2026, excluding ETFs and segregated portfolios. A three-month return is an absolute return, not annualised.
The scorecard
| Category | Funds | Median 3-month | Funds positive | Median 2026 so far |
|---|---|---|---|---|
| Liquid | 53 | +1.53% | 89% | +4.97% |
| Small Cap | 36 | +1.52% | 72% | +13.43% |
| Arbitrage | 39 | +1.49% | 100% | +4.82% |
| Overseas fund of funds | 52 | +1.03% | 60% | +17.68% |
| Equity Savings | 23 | −0.25% | 30% | +0.87% |
| Conservative Hybrid | 17 | −0.77% | 0% | +0.72% |
| Domestic fund of funds | 147 | −1.04% | 42% | +0.35% |
| Multi Cap | 32 | −1.71% | 25% | +1.11% |
| Multi Asset Allocation | 35 | −1.79% | 11% | +0.05% |
| Balanced Advantage | 37 | −2.38% | 5% | −2.52% |
| Flexi Cap | 44 | −2.70% | 18% | −2.81% |
| Sectoral / Thematic | 251 | −2.80% | 26% | −1.85% |
| Aggressive Hybrid | 29 | −2.89% | 10% | −3.82% |
| Mid Cap | 33 | −3.26% | 6% | +1.25% |
| Focused | 28 | −3.35% | 11% | −3.84% |
| Dividend Yield | 11 | −3.84% | 0% | −6.01% |
| Large & Mid Cap | 34 | −3.86% | 0% | −3.50% |
| ELSS | 49 | −3.90% | 8% | −4.57% |
| Index Funds | 367 | −4.17% | 28% | −2.60% |
| Large Cap | 35 | −4.31% | 3% | −8.24% |
| Value | 22 | −4.35% | 5% | −5.80% |
Contra is left out: it has three funds.
What stands out
Small caps led, and not by a little. The median small-cap fund beat the median large-cap fund by 5.8 points. The Nifty Smallcap 250 itself fell 1.19%, so the median fund finished 2.7 points ahead of its index, which is a different story from the index data alone. Cash and a handful of large positions can both explain a gap like that; a median does not say which.
Large-cap funds were the worst-placed. Only one of 35 was positive. Value (5%) and large-and-mid-cap funds (0%) were no better. The median large-cap fund is also the furthest behind for the year, at −8.24%.
Mid caps are split. The median mid-cap fund lost 3.26% in the quarter but is still up 1.25% for 2026, one of only a few equity categories in positive territory. Only 6% were positive over three months.
Hybrids absorbed some of it. Balanced-advantage funds lost a median 2.38% against −4.31% for large-cap funds, and multi-asset funds 1.79%. Conservative hybrids lost 0.77%, with every one of the 17 slightly negative. See balanced advantage funds in a falling market for how this category behaved in March.
The only safe-looking numbers were the boring ones. Liquid funds returned 1.53% and arbitrage funds 1.49%, with every arbitrage fund positive.
How wide the categories are
The medians hide spread. Among 327 diversified equity funds, the best three-month return was 17.10% (a young small-cap fund) and the worst −7.62%. Only 53 of the 327 were positive, 26 of them in small caps, 8 each in multi-cap and flexi-cap. Sectoral and thematic funds ranged from −10.88% to +15.31%; technology funds led the group.
What this does not tell you
- Three months is noise. Over three years the picture is different: our SIP post shows small caps ahead and large caps near zero, but over a different window and measure.
- Young funds distort the top. Some of the best returns belong to funds launched in the last year, with little history.
- Past quarters do not predict the next one. This is a description, not a recommendation.
For the one-year view, see the October equity category scorecard.
Frequently asked questions
Which fund category did best in the last three months?
Among equity-oriented funds, small-cap funds: the median Direct-plan Growth fund returned 1.52% in the three months to 1 October 2026, and 72% of them were positive. Liquid (1.53%) and arbitrage funds (1.49%) matched that with almost no risk.
How many diversified equity funds made money?
Of 327 Direct-plan Growth funds across large-cap, large-and-mid-cap, mid-cap, small-cap, flexi-cap, multi-cap, ELSS, focused, value, contra and dividend-yield categories, 53 had a positive three-month return, and 26 of those were small-cap funds.
How did the Nifty 50 do over the same period?
The Nifty 50 fell 6.60% from 24,005.85 on 1 July to 22,421.95 on 1 October 2026. The Nifty Midcap 150 fell 5.17% and the Nifty Smallcap 250 fell 1.19%.
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
Equity fund scorecard: median returns by category
Mid-cap funds lead on three years at a 15.68% median; large caps trail every period. Median 1, 3, 5 and 10-year returns for 12 categories, to 30 Sep 2026.
196 of 529 equity funds are down over the past year
37% of equity funds lost money in the year to 30 September 2026: 29 of 33 large caps, but 1 of 62 mid and small caps. Which categories and themes fell.
Financial year 2025-26: how every fund category did
From 31 March 2025 to 31 March 2026, 198 of 294 diversified equity funds lost money; mid caps were the one bright spot and silver funds doubled. Every category.