Many investors focus on mutual funds that have delivered the highest returns in recent years. However, generating high returns during a bull market alone does not indicate true consistency. A strong mutual fund is one that can navigate different market cycles and continue delivering positive returns year after year.
The period from 2016 to 2025 witnessed several major market events. Investors experienced the aftermath of demonetisation, the mid-cap correction of 2018, the COVID-19 market crash in 2020, inflation-led volatility in 2022, and the strong equity market rally during 2023 and 2024. Despite these varying market conditions, only a handful of mutual funds managed to generate positive returns in every calendar year.
In this article, we screened mutual funds that delivered positive calendar-year returns in each year from 2016 to 2025 and further shortlisted funds that generated more than 150% absolute returns over the last 10 years.
Explore – 12 Mutual Funds with Positive Returns Every Year in the last 5 years.
What Does Positive Returns in Every Calendar Year Mean?
For this analysis, we considered calendar-year returns for each year from 2016 to 2025.
To qualify for the first level of screening, a mutual fund should have:
- Delivered positive returns in 2016
- Delivered positive returns in 2017
- Delivered positive returns in 2018
- Delivered positive returns in 2019
- Delivered positive returns in 2020
- Delivered positive returns in 2021
- Delivered positive returns in 2022
- Delivered positive returns in 2023
- Delivered positive returns in 2024
- Delivered positive returns in 2025
This indicates the fund’s ability to navigate different market conditions while avoiding negative calendar-year returns.
How We Screened These Mutual Funds
We first identified mutual funds that delivered positive returns in every calendar year from 2016 to 2025.
To further identify funds that combined consistency with meaningful wealth creation, we applied an additional filter of more than 150% absolute returns over the last 10 years.
After applying both filters, only 16 mutual funds qualified for this list.
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16 Mutual Funds with Positive Returns in Every Calendar Year Since 2016
| Mutual Fund | 2016 (%) | 2017 (%) | 2018 (%) | 2019 (%) | 2020 (%) | 2021 (%) | 2022 (%) | 2023 (%) | 2024 (%) | 2025 (%) | 10-Year Absolute Returns (%) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBI Banking & Financial Services Fund | 17.91 | 42.32 | 11.00 | 21.95 | 6.05 | 13.46 | 14.87 | 19.95 | 20.90 | 21.66 | 190.07 |
| Kotak Contra Fund | 8.78 | 37.75 | 3.80 | 11.63 | 16.71 | 31.94 | 8.88 | 36.86 | 23.53 | 8.82 | 188.70 |
| Tata Banking and Financial Services Fund | 19.86 | 47.45 | 1.60 | 27.65 | 4.28 | 13.63 | 18.82 | 23.84 | 10.55 | 19.22 | 186.90 |
| Mirae Asset Great Consumer Fund | 3.29 | 53.08 | 3.17 | 10.45 | 13.00 | 35.18 | 8.89 | 34.87 | 18.74 | 4.84 | 185.51 |
| Invesco India Large & Mid Cap Fund | 5.19 | 42.02 | 1.24 | 11.94 | 14.65 | 31.44 | 0.89 | 33.20 | 38.72 | 5.88 | 185.17 |
| Invesco India Financial Services Fund | 12.36 | 47.71 | 1.40 | 22.98 | 3.46 | 15.62 | 14.38 | 27.66 | 21.26 | 16.58 | 183.41 |
| Canara Robeco Consumption Fund | 4.29 | 42.50 | 3.31 | 14.28 | 22.09 | 31.90 | 7.60 | 27.97 | 21.64 | 4.85 | 180.43 |
| ICICI Prudential Multicap Fund | 11.35 | 29.57 | 1.19 | 7.01 | 10.27 | 37.62 | 5.61 | 36.48 | 21.50 | 6.56 | 167.16 |
| Nippon India Large Cap Fund | 3.43 | 39.91 | 0.86 | 8.15 | 5.85 | 33.42 | 12.30 | 33.23 | 19.13 | 10.08 | 166.36 |
| Canara Robeco ELSS Tax Saver Fund | 0.54 | 33.02 | 3.53 | 11.77 | 28.68 | 36.81 | 1.22 | 25.20 | 18.71 | 6.46 | 165.94 |
| ICICI Prudential Large Cap Fund | 8.81 | 33.92 | 0.21 | 10.50 | 14.20 | 29.96 | 7.53 | 28.14 | 17.39 | 11.95 | 162.61 |
| Canara Robeco Large Cap Fund | 3.00 | 32.77 | 4.52 | 17.20 | 24.85 | 26.51 | 2.29 | 23.74 | 19.04 | 8.58 | 162.50 |
| Kotak Flexicap Fund | 10.75 | 35.86 | 0.16 | 13.36 | 12.89 | 26.59 | 5.98 | 25.31 | 17.36 | 10.42 | 158.68 |
| Mirae Asset Large Cap Fund | 8.93 | 39.57 | 0.22 | 13.97 | 14.96 | 29.13 | 2.65 | 19.65 | 13.68 | 11.28 | 154.04 |
| Edelweiss Large Cap Fund | 1.16 | 34.99 | 2.50 | 12.96 | 19.28 | 25.17 | 5.03 | 27.63 | 16.27 | 8.86 | 153.85 |
| HDFC Large Cap Fund | 9.30 | 32.92 | 0.91 | 8.30 | 6.53 | 29.28 | 11.27 | 30.78 | 12.20 | 8.60 | 150.09 |
Key Observations
Banking and Financial Services Funds Led the Pack
Interestingly, banking and financial services-oriented funds dominated the top positions in this list. SBI Banking & Financial Services Fund, Tata Banking and Financial Services Fund and Invesco India Financial Services Fund were among the top performers in terms of 10-year wealth creation while maintaining positive returns in every calendar year.
Explore more – 11 High Return Mutual Funds with Over 20% CAGR in the Last 10 Years.
2018 Was the Real Consistency Test
The year 2018 was one of the toughest periods for equity mutual funds. Several funds in this list barely managed to stay in positive territory. For instance, Kotak Flexicap Fund generated just 0.16%, ICICI Prudential Large Cap Fund delivered 0.21%, and Mirae Asset Large Cap Fund posted 0.22% returns.
This highlights how difficult it was for funds to maintain a streak of positive annual returns.
Large Cap Funds Dominated the List
Unlike many recent high-return screens that are dominated by mid-cap and small-cap funds, this decade-long consistency screen is largely populated by large-cap, flexi-cap and diversified equity funds.
Large-cap oriented portfolios often provide better downside protection during market corrections, which may have contributed to their consistent performance.
No Small Cap Fund Qualified
One of the most interesting findings from this analysis is that no small-cap fund qualified for this list.
While small-cap funds can generate exceptional returns during bull markets, maintaining positive returns in every calendar year over an entire decade proved to be extremely challenging.
Consistency and Wealth Creation Went Hand in Hand
The funds featured in this list not only avoided negative calendar-year returns but also generated over 150% absolute returns during the last 10 years. This demonstrates that investors do not necessarily have to sacrifice long-term wealth creation while seeking consistency.
Should Investors Invest in These Mutual Funds Now?
While the funds featured in this article have demonstrated consistency in the past, investors should not make investment decisions based solely on historical returns.
Before investing, investors should evaluate:
- Their financial goals
- Risk appetite
- Investment horizon
- Fund category suitability
- Portfolio diversification requirements
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Risks Investors Should Know
Past performance may or may not be sustained in the future. Equity mutual funds are subject to market risks and can experience periods of volatility and underperformance.
Investors should read all scheme-related documents carefully and ensure that any investment aligns with their financial goals and risk profile.
Final Thoughts
Generating positive returns for one or two years is relatively common. Delivering positive returns in every calendar year for an entire decade is far more difficult.
The 16 mutual funds featured in this list successfully navigated multiple market cycles, economic disruptions, market corrections and recoveries between 2016 and 2025 while continuing to generate positive annual returns. While past performance should not be the sole basis for investment decisions, these funds can serve as a useful starting point for investors looking for consistency alongside long-term wealth creation.
Disclaimer: This article is for educational and informational purposes only and should not be construed as investment advice, recommendation, or solicitation to invest in any mutual fund scheme. Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing.
