After the March low
Small-cap funds have spent the past two and a half weeks climbing back. The median fund's NAV rose 8.50% from its lowest March close to Thursday, 9 April 2026. For 25 of the 34 funds that were running through March, that low came on 23 March.
The Nifty Smallcap 250 followed the same path: from 14,232.85 on 23 March to 15,503.75 on 9 April, a rise of 8.93%.
The climb has not undone the year. The median small-cap fund was still 4.76% down for 2026 on 9 April, and 11.13% below its all-time high NAV.
All figures are for the Direct plan, Growth option, from daily NAVs to 9 April 2026. Returns under a year are absolute; returns of a year or more are annualised.
The spread, period by period
There are 36 small-cap funds, two of them launched in March. A fund is counted in a period only if it has a full record for it.
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Funds counted | 30 | 23 | 20 | 12 |
| Worst | −2.38% | 13.26% | 14.23% | 14.10% |
| Lower quartile | 8.62% | 16.27% | 17.77% | 16.62% |
| Median | 11.39% | 18.84% | 19.02% | 17.66% |
| Upper quartile | 14.98% | 20.62% | 19.86% | 18.79% |
| Best | 22.93% | 30.64% | 23.35% | 21.47% |
Over three, five and ten years, the median small-cap fund returned between 17.66% and 19.02% a year, with the March fall included. The one-year figure is lower because the year holds a full round trip. The Nifty Smallcap 250 rose from 14,345.70 on 9 April 2025 to 18,032.30 on 17 July 2025, then gave most of that back.
Top and bottom over three years
| Fund (Direct, Growth) | 1 year | 3 years | 5 years | Below all-time high |
|---|---|---|---|---|
| Bandhan Small Cap | 15.33% | 30.64% | 23.35% | −8.08% |
| ITI Small Cap | 12.91% | 25.13% | 17.73% | −10.08% |
| Mahindra Manulife Small Cap | 14.85% | 24.83% | −12.01% | |
| Invesco India Small Cap | 15.24% | 24.61% | 21.78% | −8.78% |
| Bank of India Small Cap | 13.66% | 21.18% | 20.16% | −12.79% |
| … | ||||
| PGIM India Small Cap | 12.79% | 15.71% | −9.78% | |
| ICICI Prudential Small Cap | 8.23% | 15.47% | 17.79% | −12.79% |
| Kotak Small Cap | 5.55% | 15.12% | 15.31% | −17.73% |
| SBI Small Cap | 4.52% | 13.82% | 15.03% | −15.57% |
| Tata Small Cap | −2.38% | 13.26% | 18.16% | −24.25% |
The order changes with the window. TrustMF Small Cap has the best one-year return, 22.93%, but is too young for a three-year figure. Over five years, Bandhan leads at 23.35% a year, then Quant Small Cap at 22.74% and Nippon India Small Cap at 21.84%. Over ten years, Nippon India leads with 21.47% a year.
Tata Small Cap is the only fund with a one-year loss, and it remains the furthest below its peak.
Against the Nifty Smallcap 250
SEBI benchmarks small-cap funds to indices like the Nifty Smallcap 250. We don't hold NSE's official total return index, so we estimated one by adding the index's daily dividend yield to its price.
| Period to 9 April 2026 | Index, estimated total return | Funds that beat it |
|---|---|---|
| 1 year | 8.85% | 21 of 30 |
| 3 years | 21.22% a year | 4 of 23 |
| 5 years | 17.43% a year | 17 of 20 |
| 10 years | 15.38% a year | 11 of 12 |
The three-year row stands out. Its window starts in early April 2023, and from there the index rose faster than most funds kept up with: only Bandhan, ITI, Mahindra Manulife and Invesco India beat it. Over five and ten years, the large majority of funds did better than the index.
What this does not tell you
A rebound of two and a half weeks is not a trend. The rise since 23 March is measured over a dozen trading days. It does not say whether the March low was the low.
The benchmark is our estimate. NSE's official total return index can differ from ours by a few tenths of a point a year, which matters when a fund is close to the line.
Survivors only, and no advice. Funds that 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 small-cap fund page, and the high-Sharpe small caps screen ranks them on return per unit of volatility.
For how far these funds had fallen in mid-March, see small-cap funds in the March fall, and for the valuation of the index at the time, the Nifty Smallcap 250 P/E in March. Which funds of any category held up best is in the funds that fell least in March.
Rolling vs trailing returns explains why a ranking can move so much between one window and the next.
Frequently asked questions
What are small-cap fund returns as of April 2026?
To 9 April 2026 the median small-cap fund (Direct plan, Growth option) returned 11.39% over one year (30 funds), 18.84% a year over three years (23 funds), 19.02% a year over five years (20 funds) and 17.66% a year over ten years (12 funds).
Have small-cap funds recovered from the March 2026 fall?
Partly. The median small-cap fund's NAV rose 8.50% from its March low to 9 April 2026, and the Nifty Smallcap 250 rose 8.93% from its 23 March low. The median fund was still 4.76% down for 2026 and 11.13% below its all-time high.
Do small-cap funds beat the Nifty Smallcap 250?
It depends on the window. To 9 April 2026, 21 of 30 funds beat our estimate of the index's total return over one year (8.85%) and 17 of 20 over five years (17.43% a year), but only 4 of 23 over three years (21.22% 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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