The number
In a year when the Nifty 50 lost 8.09% on its price, every one of the 31 mid-cap funds with a full one-year record made money. The median gained 6.26%. The weakest made 0.73%.
Over three years the median mid-cap fund returned 15.68% a year, the highest of any diversified equity category we track.
All figures are for the Direct plan, Growth option, computed from daily NAVs to 30 September 2026. Returns of one year or more are compounded annual rates.
The spread, period by period
There are 34 mid-cap funds. 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 | 31 | 29 | 22 | 17 |
| Worst | 0.73% | 9.42% | 10.02% | 13.25% |
| Lower quartile | 4.28% | 13.54% | 12.59% | 14.03% |
| Median | 6.26% | 15.68% | 14.82% | 16.04% |
| Upper quartile | 8.26% | 17.55% | 16.47% | 17.23% |
| Best | 17.89% | 22.20% | 19.88% | 19.06% |
The three-year gap between best and worst is 12.78 points a year. Over ten years it narrows to about 5.8 points, partly because only the 17 older funds have a ten-year number at all.
Top and bottom over three years
| Fund (Direct, Growth) | 1 year | 3 years | 5 years |
|---|---|---|---|
| Invesco India Mid Cap | 8.39% | 22.20% | 18.67% |
| HSBC Midcap | 17.89% | 22.16% | |
| WhiteOak Capital Mid Cap | 12.32% | 20.31% | |
| ICICI Prudential Mid Cap | 12.91% | 20.01% | 16.25% |
| Edelweiss Mid Cap | 6.31% | 19.33% | 17.46% |
| … | |||
| PGIM India Midcap | 0.73% | 10.83% | 10.02% |
| Quant Mid Cap | 5.26% | 9.83% | 15.09% |
| SBI Midcap | 3.72% | 9.47% | 12.73% |
| Taurus Mid Cap | 6.32% | 9.42% | 11.70% |
Rankings move a lot between periods. Motilal Oswal Midcap has the best five-year return in the category, 19.88% a year, but the third-weakest one-year return, 0.95%. Quant Mid Cap is third from the bottom over three years and mid-table over five.
The five-year top five are Motilal Oswal, Invesco India (18.67%), HDFC (17.70%), Edelweiss (17.46%) and Nippon India Growth (17.02%).
Against the Nifty Midcap 150
SEBI benchmarks mid-cap funds to the Nifty Midcap 150. We don't hold its official total return index, so we estimated one from NSE's daily price and dividend yield.
| Period | Index, estimated total return | Funds that beat it |
|---|---|---|
| 1 year | 4.71% | 22 of 31 |
| 3 years | 13.92% a year | 21 of 29 |
| 5 years | 15.03% a year | 11 of 22 |
The longer the window, the harder the index is to beat. Over five years, the median fund (14.82%) trailed the estimated index slightly.
The price of those returns
Mid-cap funds paid for their returns in volatility. Their median annualised volatility over three years was 16.32%, against 13.37% for large-cap funds. Their median fall from peak to trough over the same three years was 21.23%, against 16.44% for large caps.
What this does not tell you
One good year for mid caps says little about the next. The category's lead over large caps in the past twelve months reflects how smaller companies did in that year. It is not a trend you can count on.
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. 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 those that returned over 18% a year across five years.
The same breakdown for the go-anywhere category is in flexi-cap fund returns. For what the drawdowns look like one step further down the market, see how far small-cap funds fell. And rolling vs trailing returns explains why the rankings above shift so much between periods.
For what the mid-cap index itself is priced at, see the Nifty Midcap 150 P/E.
Frequently asked questions
How have mid-cap funds performed in the last year?
All 31 mid-cap funds (Direct plan, Growth option) with a full one-year record were up in the year to 30 September 2026. The median gained 6.26%, the weakest 0.73% and the strongest 17.89%. Over the same year the Nifty 50 price index fell 8.09%.
What is the three-year return of mid-cap funds?
The median mid-cap fund returned 15.68% a year over the three years to 30 September 2026, across 29 funds. The best returned 22.20% and the worst 9.42%.
Do mid-cap funds beat the Nifty Midcap 150?
Over three years, 21 of 29 funds beat our estimate of the Nifty Midcap 150's total return, 13.92% a year. Over five years it was 11 of 22 against an estimated 15.03% a year, so only half.
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.