The five-year gap
Over the five years to Monday, 15 June 2026, the median value fund returned 15.11% a year. The median flexi-cap fund returned 12.33%.
That is the clearest gap between the two styles in the data. Over three years it narrows to under two points, and over one year it disappears: value funds 1.60%, flexi caps 1.52%.
Value funds must invest mostly in stocks their managers judge cheap. Contra funds take positions against prevailing sentiment. Flexi caps have no style constraint. All figures are for the Direct plan, Growth option, from daily NAVs to 15 June 2026. A fund is counted in a period only if it has a full record for it.
Side by side
| Median, to 15 June 2026 | Value | Contra | Flexi Cap |
|---|---|---|---|
| 2026 so far | −2.68% (22) | −5.42% (3) | −2.87% (44) |
| 1 year | 1.60% (22) | −0.59% (3) | 1.52% (39) |
| 3 years, a year | 16.49% (20) | 17.34% (3) | 14.66% (33) |
| 5 years, a year | 15.11% (15) | 16.16% (3) | 12.33% (24) |
| 10 years, a year | 15.12% (12) | 16.77% (3) | 14.36% (18) |
The contra column is three funds, from Kotak, Invesco India and SBI. With three funds the median is just the middle one.
All three styles are usually compared with the Nifty 500. We estimated its total return from NSE's daily price and dividend yield:
| Beating the Nifty 500 (est. total return) | Value | Contra | Flexi Cap |
|---|---|---|---|
| 1 year (1.10%) | 11 of 22 | 1 of 3 | 24 of 39 |
| 3 years (13.85% a year) | 16 of 20 | 3 of 3 | 19 of 33 |
| 5 years (12.30% a year) | 13 of 15 | 3 of 3 | 12 of 24 |
| 10 years (14.15% a year) | 8 of 12 | 3 of 3 | 9 of 18 |
Over five years, 13 of 15 value funds beat the index. Exactly half the flexi caps did.
The value funds, top and bottom
| Value fund (Direct, Growth) | 2026 so far | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| Quant Value | 12.67% | 17.61% | 25.50% | |
| HSBC Value | −2.09% | 3.68% | 20.67% | |
| Axis Value | −1.12% | 7.01% | 20.34% | |
| Aditya Birla Sun Life Value | 2.35% | 8.04% | 19.08% | 15.49% |
| DSP Value | 1.95% | 11.36% | 18.81% | 14.65% |
| … | ||||
| Bandhan Value | −4.42% | 0.52% | 13.82% | 15.11% |
| Quantum Value | −8.00% | −4.65% | 13.76% | 10.97% |
| Baroda BNP Paribas Value | −3.68% | 0.38% | 12.27% | |
| Sundaram Value | −8.23% | −2.90% | 9.57% | 10.27% |
Quant Value is the outlier this year. It is up 12.67% in 2026 while the median value fund is down 2.68%. The only other value fund up by more than 3% is LIC MF Value, at 10.08%.
Over five years the value funds sat close together. The middle half ran from 13.22% to 15.59% a year, a band of 2.37 points. For flexi caps the same band ran from 10.97% to 14.73%, 3.76 points wide.
The contra funds
| Contra fund (Direct, Growth) | 2026 so far | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|---|
| Kotak Contra | −4.30% | 3.62% | 18.53% | 16.16% | 17.31% |
| Invesco India Contra | −5.42% | −0.59% | 17.34% | 14.67% | 16.77% |
| SBI Contra | −6.38% | −0.81% | 15.16% | 17.38% | 16.30% |
All three are behind the median flexi-cap fund in 2026 and ahead of it over three, five and ten years. SBI Contra has the best five-year return and the weakest three-year one.
Risk was about the same
The extra five-year return did not come with visibly more risk. Over three years the median annualised volatility was 14.35% for value funds, 14.49% for contra and 14.10% for flexi caps. The median worst fall from a peak was 17.93%, 18.64% and 18.46%.
What this does not tell you
Style leadership rotates. The value lead over five years has already shrunk to nothing over one. Another five-year window could reverse the order.
"Value" is the fund house's own description. SEBI requires a value strategy but does not define cheap, so two value funds can own very different portfolios.
Survivors only, and no advice. Funds that merged away are not counted. Nothing in this post is advice to buy or sell any fund.
Where to go from here
The value fund and contra fund pages list every scheme, and the value with an edge screen filters them further. For the ideas behind the styles, read value vs growth investing and contra funds explained.
For the flexi-cap side in more detail, see flexi-cap fund returns in April, and for every category at the end of May, the May category scorecard.
Frequently asked questions
How have value funds performed against flexi-cap funds?
To 15 June 2026, the median value fund (Direct plan, Growth option) returned 16.49% a year over three years and 15.11% a year over five, against 14.66% and 12.33% for the median flexi-cap fund. Over one year they were level: 1.60% for value funds and 1.52% for flexi caps.
How have contra funds performed in 2026?
The three contra funds with a full record were down between 4.30% and 6.38% for 2026 on 15 June. Over five years their Direct Growth plans returned 14.67% to 17.38% a year, and all three beat our estimate of the Nifty 500's total return, 12.30% a year.
Do value funds take more risk than flexi-cap funds?
Not on the three years to 15 June 2026. The median value fund's annualised volatility was 14.35% and its worst fall 17.93%, against 14.10% and 18.46% for the median flexi-cap fund.
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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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.