The scoreboard
Large caps, mid caps and small caps do not move together from year to year. Using year-end closes of the Nifty 50, the Nifty Midcap 150 and the Nifty Smallcap 250 (all price indices, in the WealthTicker database), here are the calendar-year changes:
| Year | Nifty 50 | Midcap 150 | Smallcap 250 |
|---|---|---|---|
| 2017 | +28.6% | n/a | +57.3% |
| 2018 | +3.2% | n/a | -26.8% |
| 2019 | +12.0% | n/a | -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 19 Oct) | -12.4% | -3.5% | +4.5% |
The Midcap 150's history in the database starts in January 2019, so its first full year is 2020. The 2026 row is year to date, measured from the 2025 year-end close to the 19 October close.
The count
- Small caps beat the Nifty 50 in six of ten years: 2017, 2020, 2021, 2023, 2024 and 2026. They lost in 2018, 2019, 2022 and 2025.
- Mid caps beat it in five of seven years: 2020, 2021, 2023, 2024 and 2026. They lost in 2022 and 2025.
Winning more often than losing is not the same as winning steadily. The margins are what stand out:
| Year | Small minus Nifty 50 (percentage points) |
|---|---|
| 2018 | -30.0 |
| 2019 | -20.3 |
| 2021 | +37.8 |
| 2023 | +28.1 |
| 2025 | -16.5 |
| 2026 | +16.9 |
In the four losing years small caps trailed by 30.0, 20.3, 16.5 points and, in 2022, by 7.9. In the winning years they led by as much as 37.8 points (2021). Large, lumpy swings in both directions are the defining feature, and a two-year view tells you very little about the next one.
A pattern in the pairs
Small and mid caps have fallen behind the Nifty 50 in the same years: 2022 and 2025 (and 2018–2019 for small caps, where the mid-cap index has no record). In 2020, 2021, 2023, 2024 and 2026 they led together. The mid-cap index has been the less extreme of the two: its worst relative year was 2025 (-5.1 points) against 2022's -1.3, where the small-cap index lost 7.9 and 16.5.
2026 reversed the usual order
Normally, a year in which the Nifty 50 falls would be expected to hit smaller companies harder. In 2026 to 19 October, the opposite has happened: the Nifty 50 is down 12.4%, the Midcap 150 is down 3.5% and the Smallcap 250 is up 4.5%. That is a 16.9-point lead for small caps. The three-month NSE index scoreboard and the microcap comparison show how that gap looks over shorter periods.
Valuation is part of the story. The median stock P/E by market cap and the Nifty Smallcap 250 P/E give today's levels; a leading index is not a cheap one.
Reading it without over-reading
- Price indices only. Dividends are excluded for all three; the gap in total-return terms would be a little different, most for the Nifty 50.
- Calendar-year endpoints. Choosing 31 December cuts every cycle at an arbitrary point, which is why the swings above look cleaner than the journey.
- Funds are not the index. A fund tracking the Smallcap 250 pays a cost and has tracking difference; see the smallcap 250 index funds compared and the midcap 150 index funds.
These are history, not a forecast; figures are as of 19 October 2026.
Frequently asked questions
How often have small caps beaten the Nifty 50?
In 6 of the 10 calendar years from 2017 to 2026 (to 19 October): 2017, 2020, 2021, 2023, 2024 and 2026. They lagged in 2018, 2019, 2022 and 2025.
How have mid caps compared?
The Nifty Midcap 150 history in the database starts in 2019, so the comparison covers 2020 to 2026: mid caps beat the Nifty 50 in five of seven years, lagging only in 2022 and 2025.
What is the 2026 picture so far?
To 19 October the Nifty Smallcap 250 is up 4.5%, the Nifty Midcap 150 down 3.5% and the Nifty 50 down 12.4%, all price indices.
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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