Quiet weeks at the top
The past three months were calmer for mid caps than the three before them. The Nifty Midcap 150 set a record close of 23,418.95 on Monday, 3 August, and finished Thursday, 6 August, at 23,310.55. That is only 2.22% above the record it set on 7 May.
The funds sit right at the top. On 6 August, 29 of the 33 mid-cap funds with a price history were within 1% of their highest NAV ever, and four closed at a record. The median fund gained 1.78% over the past month and 5.01% over three months.
All figures are for the Direct plan, Growth option, from daily NAVs to 6 August 2026. Returns under a year are absolute; returns of a year or more are annualised. A 34th fund published its first NAV on 6 August and has no returns yet.
The spread, period by period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Funds counted | 31 | 29 | 22 | 17 |
| Worst | 1.69% | 12.42% | 12.62% | 14.29% |
| Lower quartile | 9.41% | 18.19% | 15.25% | 14.96% |
| Median | 12.24% | 19.93% | 17.11% | 17.08% |
| Upper quartile | 14.99% | 21.90% | 19.35% | 18.19% |
| Best | 22.02% | 26.16% | 23.22% | 20.05% |
The three-year median is down from 23.42% a year in early May. Most of that is the calendar. The three-year window now starts in early August 2023 instead of early May 2023, and the months that dropped out were strong ones: the index rose 16.68% between 5 May and 4 August 2023. The Nifty Midcap 150's three-year price return fell from 23.59% to 18.26% a year for the same reason.
Top and bottom over three years
| Fund (Direct, Growth) | 2026 so far | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| Invesco India Mid Cap | 9.48% | 13.89% | 26.16% | 21.04% |
| HSBC Midcap | 16.34% | 22.02% | 26.07% | |
| WhiteOak Capital Mid Cap | 10.51% | 18.77% | 24.00% | |
| ICICI Prudential Mid Cap | 8.94% | 17.70% | 23.91% | 18.45% |
| Edelweiss Mid Cap | 5.29% | 12.24% | 23.71% | 19.83% |
| … | ||||
| Quant Mid Cap | 8.07% | 8.13% | 14.77% | 17.18% |
| UTI Mid Cap | 4.45% | 8.16% | 14.07% | 13.47% |
| SBI Midcap | 3.60% | 8.82% | 13.44% | 15.12% |
| PGIM India Midcap | 4.83% | 4.33% | 13.15% | 12.62% |
| Taurus Mid Cap | 7.47% | 8.96% | 12.42% | 13.01% |
The top four over three years are the same four funds as in May, in a slightly different order. Among funds older than this year, HSBC Midcap has done best in 2026, up 16.34%, and it has the best one-year return.
Two funds are well short of their peaks while the rest crowd the top: Motilal Oswal Midcap, 9.64% below, and Quant Mid Cap, 9.55% below. Motilal Oswal still has the category's best five-year return, 23.22% a year, and its weakest one-year return, 1.69%.
Against the Nifty Midcap 150
The index figures are our estimate of its total return, from NSE's daily price and dividend yield.
| Period to 6 August 2026 | Index, estimated total return | Funds that beat it | In early May |
|---|---|---|---|
| 1 year | 11.36% | 18 of 31 | 16 of 30 |
| 3 years | 19.22% a year | 16 of 29 | 11 of 28 |
| 5 years | 18.22% a year | 8 of 22 | 8 of 22 |
| 10 years | 18.00% a year | 6 of 17 | 4 of 17 |
More funds are ahead of the index than three months ago, mainly over three years. Over five and ten years, most funds still trail it.
Next to the other categories
| Median, to 6 August 2026 | Mid Cap | Small Cap | Flexi Cap | Large Cap |
|---|---|---|---|---|
| 1 year | 12.24% | 13.92% | 7.18% | 4.37% |
| 3 years, a year | 19.93% | 17.52% | 14.16% | 12.49% |
| 5 years, a year | 17.11% | 17.60% | 12.50% | 11.41% |
| Volatility, 3 years | 16.21% | 17.06% | 14.19% | 13.24% |
| Worst fall, 3 years | −21.23% | −24.13% | −18.46% | −16.44% |
What this does not tell you
Trailing returns move with their start date. The fall in the three-year median since May is a calendar effect, a reminder that a single window can flatter or punish a category.
The benchmark is our estimate. NSE's official total return index can differ from ours by a few tenths of a point a year.
Survivors only, and no advice. Funds merged away are not counted. Nothing here is advice to buy or sell any fund.
Where to go from here
Every fund is on the mid-cap fund page, and the mid-cap movers screen shows the strongest five-year records.
The May edition of this series is mid-cap fund returns in May. For the next size down, see small-cap fund returns in July, and for every category at the end of July, the July category scorecard.
Rolling vs trailing returns explains the calendar effect above in more depth.
Frequently asked questions
How have mid-cap funds performed as of August 2026?
To 6 August 2026 the median mid-cap fund (Direct plan, Growth option) returned 12.24% over one year (31 funds), 19.93% a year over three years (29 funds), 17.11% a year over five years (22 funds) and 17.08% a year over ten years (17 funds). The median fund older than 2026 was up 7.23% for the year.
Are mid-cap funds at record highs?
Nearly. On 6 August 2026, 29 of the 33 mid-cap funds with a price history were within 1% of their highest NAV ever. The Nifty Midcap 150 set a record close of 23,418.95 on 3 August 2026 and was 0.46% below it on 6 August.
How many mid-cap funds beat the Nifty Midcap 150?
Against our estimate of the index's total return to 6 August 2026: 18 of 31 funds over one year (11.36%), 16 of 29 over three years (19.22% a year), 8 of 22 over five years (18.22% a year) and 6 of 17 over ten years (18.00% a year).
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
Arbitrage funds vs liquid funds: the 2026 scorecard
The median arbitrage fund returned 6.68% in the year to 30 September 2026, against 6.46% for liquid funds. Where each came out ahead, and what it cost.
Balanced advantage funds in 2026's falling market
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.