The question
Mid-cap and small-cap indices have grown faster than the Nifty 50 over long periods, but not evenly. This post lays out every calendar year since 2017, from the published closes of Nifty Midcap 150, Nifty Smallcap 250 and the Nifty 50. Our data for the two broader indices begins in April 2016, so 2017 is the first full year. All figures are price returns, without dividends.
Year by year
| Year | Nifty 50 | Midcap 150 | Smallcap 250 |
|---|---|---|---|
| 2017 | +28.6% | +54.3% | +57.3% |
| 2018 | +3.2% | −13.3% | −26.8% |
| 2019 | +12.0% | −0.3% | −8.3% |
| 2020 | +14.9% | +24.4% | +25.1% |
| 2021 | +24.1% | +46.8% | +61.9% |
| 2022 | +4.3% | +3.0% | −3.6% |
| 2023 | +20.0% | +43.7% | +48.1% |
| 2024 | +8.8% | +23.8% | +26.4% |
| 2025 | +10.5% | +5.4% | −6.0% |
| 2026 (to 6 Oct) | −12.8% | −1.3% | +7.3% |
Years run from the last close of the previous December, so 2017 is measured from 30 December 2016.
What the table says
Both beat the Nifty 50 in five of nine years. The five were 2017, 2020, 2021, 2023 and 2024. In each, mid caps beat large caps by roughly 9 to 26 points and small caps by 10 to 38.
The losing years were sharp. Small caps fell in 2018 (−26.8%), 2019 (−8.3%), 2022 (−3.6%) and 2025 (−6.0%), four of the nine years, while the Nifty 50 never fell in any of them. Mid caps fell in 2018 and 2019 only.
The gap swung widely. Smallcap 250's lead over the Nifty 50, year by year, was +28.7, −30.0, −20.3, +10.2, +37.8, −7.9, +28.1, +17.6 and −16.5 points. No year was close to the average.
2026 has reversed the usual order. The Nifty 50 is down 12.8% to 6 October and small caps are up 7.3%, a lead of about 20 points for small over large. 2026 is also the first year in the table in which the Nifty 50 has fallen.
The long run
| 30 Dec 2016 to | Nifty 50 | Midcap 150 | Smallcap 250 |
|---|---|---|---|
| 31 Dec 2025 | 3.19× (13.8% a year) | 4.70× (18.8% a year) | 3.63× (15.4% a year) |
| 6 Oct 2026 | 2.78× | 4.64× | 3.89× |
Midcap 150 comfortably led over the nine years to 2025. Smallcap 250 also led the Nifty 50, but with the rougher ride shown above: it lost more than a quarter of its value in 2018 and was still below its 2017 year-end level, 7,234.34, at the end of 2018, 2019 and 2020.
In 2026 so far the Nifty 50's price has fallen 12.8% and its P/E from 22.75 to 19.49, while Midcap 150 is down 1.3% and Smallcap 250 up 7.3%.
Where each index stands now
| 6 Oct 2026 | Record close | Below record | P/E | Change from 30 Mar 2026 | |
|---|---|---|---|---|---|
| Nifty 50 | 22,776.10 | 26,328.55 (2 Jan 2026) | −13.5% | 19.49 | +2.0% |
| Midcap 150 | 21,979.45 | 23,539.35 (13 Aug 2026) | −6.6% | 28.54 | +13.1% |
| Smallcap 250 | 17,902.30 | 18,623.15 (23 Sep 2024) | −3.9% | 34.66 | +25.3% |
Small caps are the closest to a record, and also the most expensive on P/E: 34.66, against 25.86 on 30 March and 19.49 for the Nifty 50. Our Nifty Smallcap 250 P/E post and Nifty Midcap 150 post have the full history of those multiples.
What this does not tell you
Past leadership is not a forecast. Nine years is a short record, and it includes outsized years such as 2017 and 2021 for the two broader indices.
Price indices leave out dividends, which matter a little more for large caps.
Index returns are not fund returns. Active mid- and small-cap funds hold their own mix, and costs and cash take a share. Our October mid-cap and small-cap fund returns show what funds actually earned, and our index fund versus active comparison shows how the two compare.
Waiting can be long. An investor who bought Smallcap 250 at the end of 2017 was still under water at the end of 2020, three years later.
Where to go from here
The same exercise for the Next 50 is in Nifty Next 50 against the Nifty 50, every year. For how much to hold in each cap, our post on the next rupee in large, mid or small caps is the place to start.
Frequently asked questions
How often have mid and small caps beaten the Nifty 50?
In the nine calendar years from 2017 to 2025, Nifty Midcap 150 beat the Nifty 50 in five (2017, 2020, 2021, 2023 and 2024) and Nifty Smallcap 250 did so in the same five. Small caps lost money in four of the nine years, mid caps in two.
How have mid and small caps done in 2026?
To 6 October 2026, Nifty Smallcap 250 is up 7.3%, Nifty Midcap 150 down 1.3% and the Nifty 50 down 12.8%. From the 30 March low, small caps have gained 25.3%, mid caps 13.1% and the Nifty 50 2.0%.
Did mid and small caps beat large caps over the whole period?
Over the nine years from 30 December 2016 to 31 December 2025, Midcap 150 grew 4.70 times (18.8% a year), Smallcap 250 3.63 times (15.4%) and the Nifty 50 3.19 times (13.8%). These are price returns, with no dividends, and the calendar-year path differed sharply.
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.
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