A SIP that has gone nowhere
Put ₹10,000 a month into the median large-cap fund for the last 36 months and, as of 1 October 2026, you have earned 0.34% a year. That is the XIRR across 30 Direct-plan Growth funds with a full three-year record, and in at least a quarter of those funds the figure is below zero.
Over the same three years the median small-cap fund SIP has made 10.42% a year.
The measure here is the same as in our May post on SIP returns: 36 equal instalments, valued at the latest NAV. Five months on, the picture has moved.
The five categories, May against October
| Category | Funds (3-yr SIP) | 3-year SIP, 1 Oct | 3-year SIP, May | 5-year SIP, 1 Oct | 5-year SIP, May |
|---|---|---|---|---|---|
| Small Cap | 24 | 10.42% | 9.83% | 14.93% | 15.48% |
| Mid Cap | 29 | 7.40% | 12.03% | 14.33% | 16.12% |
| Flexi Cap | 36 | 3.75% | 6.47% | 9.55% | 10.80% |
| ELSS | 37 | 2.18% | 5.71% | 8.91% | 10.34% |
| Large Cap | 30 | 0.34% | 4.52% | 7.01% | 9.24% |
Medians. The May columns are from the earlier post; the fund counts and the ranking basis have moved a little, so read the change as a direction rather than to the decimal.
Four of the five categories have lost ground. Large-cap funds fell the furthest: from 4.52% to 0.34% on the 3-year SIP, and from 9.24% to 7.01% over five years. Mid caps dropped almost five points over three years.
Small caps are the exception on the 3-year column: the median rose from 9.83% to 10.42%, even though small-cap SIPs are not immune; the five-year median slipped from 15.48% to 14.93%.
The spread inside each category
| Category | Lowest 3-yr SIP | Median | Highest |
|---|---|---|---|
| Small Cap | 3.19% | 10.42% | 20.63% |
| Mid Cap | 0.95% | 7.40% | 15.05% |
| Flexi Cap | −3.60% | 3.75% | 11.03% |
| ELSS | −2.86% | 2.18% | 10.83% |
| Large Cap | −1.57% | 0.34% | 6.64% |
Choosing a category does not choose an outcome. In flexi-cap funds the best 3-year SIP made 11.03% a year while the worst lost 3.6%, a gap of almost 15 points inside one category. Large-cap funds, supposedly the tightest group, still range from −1.57% to 6.64%.
Where prices stand now
A SIP return on any day is mostly a function of how today's NAV compares with the prices of the instalments that went in. The median fund in each category is currently below its 52-week high:
| Category | Median distance below 52-week high |
|---|---|
| Large Cap | −9.67% |
| ELSS | −7.75% |
| Mid Cap | −7.38% |
| Flexi Cap | −6.48% |
| Small Cap | −4.28% |
The match is broad rather than exact, but the pattern holds at the ends: small caps, closest to their highs, have the strongest 3-year SIP figure, and large caps, furthest below, have the weakest. Every instalment is the same rupee amount, so the last two years of instalments are a large share of the money invested, and when prices sit below a recent peak those instalments show little or a loss.
What this does and does not say
It is a snapshot, not a verdict on SIPs. The same funds will show very different SIP figures a few months from now, in either direction. Why the same fund can show two different numbers is covered in why SIP returns differ from fund returns.
Longer is kinder. Every category's 5-year SIP median is well above its 3-year median, because a longer SIP includes instalments bought at lower prices. The SIP guide explains the mechanics.
Stopping is its own decision. A low trailing number is the moment many people stop, which locks in the part of the cycle they were paying for. Our post on whether to stop a SIP in a crash looks at that choice.
None of this is advice to buy, sell or pause anything. Your own SIP will differ by start date, instalment day and any step-up.
Where to go from here
The SIP calculator projects a SIP forward, SIP vs lump sum compares the two ways in, and the best SIP funds screen ranks funds on their SIP record.
Frequently asked questions
What have 3-year SIPs in equity funds returned?
On NAVs to 1 October 2026, a monthly SIP of 36 instalments in the median Direct-plan Growth fund returned 0.34% a year (XIRR) in large-cap funds, 2.18% in ELSS, 3.75% in flexi-cap, 7.40% in mid-cap and 10.42% in small-cap funds.
Why is the large-cap SIP return so low?
Most of a 3-year SIP's money goes in during the later instalments. If prices have fallen from a recent high, as they have, those late instalments are sitting on small gains or losses. The median large-cap fund is 9.67% below its 52-week high, and a quarter of the funds have a negative 3-year SIP return.
Do SIPs look better over five years?
Yes. The 5-year SIP return in the median fund is 7.01% in large-cap, 8.91% in ELSS, 9.55% in flexi-cap, 14.33% in mid-cap and 14.93% in small-cap funds, because longer SIPs include more early instalments bought at lower prices.
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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