A record, five weeks after the low
The Nifty Midcap 150 closed at 22,804.95 on Thursday, 7 May 2026, a new record. The previous one, 22,606.50, was set on 7 January. In between, the index fell to 19,430.90 on 30 March and has since risen 17.36%.
The funds went with it. On 7 May, 18 of the 33 mid-cap funds closed at their highest NAV ever, and 25 were within 2% of it. Over the past month alone the median fund gained 12.81%.
All figures are for the Direct plan, Growth option, from daily NAVs to 7 May 2026. Returns under a year are absolute; returns of a year or more are annualised.
The spread, period by period
A fund is counted in a period only if it has a full record for that period.
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Funds counted | 30 | 28 | 22 | 17 |
| Worst | −1.30% | 15.83% | 14.06% | 15.50% |
| Lower quartile | 12.35% | 22.09% | 17.81% | 16.16% |
| Median | 15.94% | 23.42% | 19.74% | 18.12% |
| Upper quartile | 18.36% | 27.20% | 22.19% | 18.94% |
| Best | 28.75% | 29.26% | 24.81% | 20.66% |
The three-year median of 23.42% a year is the highest of the four windows. The index itself rose 23.59% a year on price alone over those three years, from early May 2023.
Top and bottom over three years
| Fund (Direct, Growth) | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| HSBC Midcap | 25.89% | 29.26% | ||
| WhiteOak Capital Mid Cap | 20.21% | 28.62% | ||
| Invesco India Mid Cap | 19.63% | 28.49% | 23.41% | 20.66% |
| ICICI Prudential Mid Cap | 28.75% | 28.38% | 22.20% | 18.94% |
| Edelweiss Mid Cap | 15.91% | 27.47% | 23.27% | |
| … | ||||
| Quant Mid Cap | 4.33% | 18.82% | 19.73% | 18.44% |
| UTI Mid Cap | 11.46% | 18.60% | 16.73% | 15.64% |
| SBI Midcap | 8.12% | 17.45% | 17.97% | 15.73% |
| Taurus Mid Cap | 7.15% | 16.31% | 14.06% | 15.83% |
| PGIM India Midcap | 8.35% | 15.83% | 15.87% | 17.93% |
Motilal Oswal Midcap is the clearest case of rankings depending on the window. It has the best five-year return in the category, 24.81% a year, and the only one-year loss, −1.30%. It is also the furthest from a record, 17.13% below its peak NAV (Quant Mid Cap is next, 12.63% below), and down 4.94% for 2026 while the median fund is up 2.72%.
Against the Nifty Midcap 150
We don't hold NSE's official total return index for the Nifty Midcap 150, so we estimated one from its daily price and dividend yield.
| Period to 7 May 2026 | Index, estimated total return | Funds that beat it |
|---|---|---|
| 1 year | 15.28% | 16 of 30 |
| 3 years | 24.63% a year | 11 of 28 |
| 5 years | 20.89% a year | 8 of 22 |
| 10 years | 19.34% a year | 4 of 17 |
On these windows the index was hard to beat, and harder the longer the window. Over ten years, only Invesco India Mid Cap (20.66%), Nippon India Growth Mid Cap (20.42%), Kotak Mid Cap (19.68%) and HDFC Mid Cap (19.39%) were ahead.
What the returns cost
Mid caps earned more than large caps and swung more doing it. Over three years, the median mid-cap fund's annualised volatility was 16.03% and its worst fall from a peak 21.22%. For large-cap funds those figures were 13.10% and 16.44%.
| Median, to 7 May 2026 | Mid Cap | Small Cap | Flexi Cap | Large Cap |
|---|---|---|---|---|
| 2026 so far | 2.72% | 6.16% | −2.03% | −4.60% |
| 1 year | 15.94% | 16.24% | 6.15% | 3.15% |
| 3 years, a year | 23.42% | 21.24% | 16.85% | 14.55% |
| 5 years, a year | 19.74% | 20.64% | 14.25% | 12.93% |
What this does not tell you
A record is not a forecast. The index set one in January and fell 14.05% in the twelve weeks that followed. A new high says where prices are, not where they go.
The benchmark is our estimate. NSE's official total return index can differ from ours by a few tenths of a point a year, enough to move a fund near the line from one side to the other.
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 picks out those with the strongest five-year records.
For the index's valuation during the fall, see the Nifty Midcap 150 P/E in March. The step down in size is in small-cap fund returns in April, and every equity category for April is in the April category scorecard.
Rolling vs trailing returns explains why the ranking above changes so much from one window to the next.
Frequently asked questions
How have mid-cap funds performed as of May 2026?
To 7 May 2026 the median mid-cap fund (Direct plan, Growth option) returned 15.94% over one year (30 funds), 23.42% a year over three years (28 funds), 19.74% a year over five years (22 funds) and 18.12% a year over ten years (17 funds).
Have mid-cap funds recovered from the March 2026 fall?
Yes. The Nifty Midcap 150 closed at a record 22,804.95 on 7 May 2026, 17.36% above its 30 March low, and 18 of the 33 mid-cap funds closed at an all-time high NAV the same day. The median fund was up 2.72% for 2026.
Do mid-cap funds beat the Nifty Midcap 150?
Mostly not, on the figures to 7 May 2026. Against our estimate of the index's total return, 16 of 30 funds were ahead over one year, 11 of 28 over three years (24.63% a year), 8 of 22 over five years (20.89% a year) and 4 of 17 over ten years (19.34% 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
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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.