Investing in equity mutual funds always comes with market volatility. Even strong funds often witness at least one negative year during market corrections. Hence, identifying equity mutual funds that have managed to deliver positive returns every single year for a full decade is extremely rare and noteworthy. In this article, we analyse 41 equity mutual funds that delivered positive returns every year from 2016 to 2025. These funds span across large-cap, flexi-cap, multi-cap, ELSS, thematic, banking, financial services, and index fund categories, reflecting consistency across market cycles.
Last year, we wrote 20 Equity Mutual Funds that generated positive returns every year between 2015-2024.
How We Filtered These Mutual Funds
To maintain accuracy and consistency, we followed a strict filtering process:
- Considered only equity-oriented mutual funds, excluding ETFs
- Used Direct Plan returns for uniform comparison
- Analysed calendar-year returns from 2016 to 2025
- Selected only those funds that delivered positive returns in every single year
Out of hundreds of equity mutual fund schemes available in India, only 41 funds met this stringent criterion.
Why Consistent Positive Returns Matter
Delivering positive returns year after year reflects:
- Strong fund management discipline
- Ability to navigate bull and bear markets
- Lower downside risk during market corrections
- Suitability for long-term wealth creation
However, consistency does not mean the highest returns every year. These funds focused more on capital preservation and steady growth rather than chasing short-term performance.
List of 41 Equity Mutual Funds With Positive Returns Every Year (2016 to 2025)
Below is the complete list of funds that maintained a positive return streak for the last 10 years:
| Fund Name | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| ICICI Prudential Global Stable Equity Fund (FOF) | 8.18 | 7.71 | 0.07 | 23.61 | 4.10 | 20.51 | 3.05 | 12.04 | 6.15 | 18.55 |
| 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 |
| 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 |
| Taurus Banking & Financial Services Fund | 6.48 | 39.36 | 5.17 | 26.13 | 2.34 | 12.24 | 18.72 | 16.88 | 9.32 | 11.88 |
| Bandhan Nifty 50 Index Fund | 4.03 | 29.61 | 4.52 | 13.02 | 16.47 | 25.00 | 5.76 | 21.09 | 9.66 | 11.73 |
| Nippon India Index Fund – Nifty 50 Plan | 3.09 | 29.79 | 4.22 | 13.13 | 15.46 | 25.21 | 5.39 | 21.00 | 9.70 | 11.73 |
| Franklin India NSE Nifty 50 Index | 3.71 | 28.83 | 3.58 | 12.49 | 15.30 | 24.79 | 5.34 | 20.72 | 9.81 | 11.69 |
| UTI Nifty 50 Index Fund | 4.10 | 29.79 | 4.31 | 13.33 | 15.56 | 25.30 | 5.44 | 21.04 | 9.71 | 11.68 |
| Aditya Birla Sun Life Nifty 50 Index Fund | 3.39 | 28.77 | 3.39 | 12.63 | 15.39 | 24.97 | 5.27 | 20.96 | 9.71 | 11.66 |
| Tata Nifty 50 Index Fund | 3.93 | 29.41 | 4.42 | 13.24 | 15.48 | 25.09 | 5.55 | 20.91 | 9.61 | 11.62 |
| HDFC NIFTY 50 Index Fund | 3.97 | 29.67 | 4.48 | 13.19 | 15.33 | 25.24 | 5.39 | 21.02 | 9.67 | 11.61 |
| ICICI Prudential Nifty 50 Index Fund | 3.98 | 29.16 | 3.80 | 13.29 | 15.66 | 25.24 | 5.40 | 21.00 | 9.66 | 11.60 |
| SBI Nifty Index Fund | 4.00 | 29.62 | 4.21 | 13.01 | 15.07 | 25.10 | 5.43 | 21.04 | 9.80 | 11.58 |
| LIC MF Nifty 50 Index Fund | 3.59 | 29.00 | 3.93 | 13.20 | 15.56 | 24.42 | 5.38 | 20.87 | 9.66 | 11.41 |
| ICICI Prudential Multi Sector Passive FoF | 11.62 | 19.57 | 4.34 | 7.15 | 11.09 | 30.71 | 4.50 | 29.65 | 16.05 | 11.30 |
| 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 |
| Taurus Nifty 50 Index Fund | 3.49 | 29.23 | 5.64 | 10.93 | 17.27 | 25.08 | 5.46 | 19.85 | 8.78 | 11.06 |
| ICICI Prudential ELSS Tax Saver | 5.29 | 27.64 | 1.53 | 9.68 | 14.34 | 34.65 | 3.06 | 23.96 | 17.05 | 10.60 |
| Kotak Flexicap Fund | 10.75 | 35.86 | 0.16 | 13.36 | 12.89 | 26.59 | 5.98 | 25.31 | 17.36 | 10.42 |
| ICICI Prudential Thematic Advantage Fund (FOF) | 15.33 | 16.98 | 2.01 | 2.81 | 24.24 | 46.25 | 6.90 | 27.87 | 24.30 | 10.36 |
| HDFC BSE Sensex Index Fund | 3.49 | 29.07 | 6.78 | 15.36 | 16.49 | 22.88 | 5.53 | 20.05 | 9.08 | 10.12 |
| Nippon India Index Fund BSE Sensex Plan | 2.49 | 28.76 | 6.85 | 15.13 | 16.96 | 22.85 | 5.57 | 20.12 | 9.08 | 10.11 |
| 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 |
| Tata BSE Sensex Index Fund | 3.10 | 28.70 | 6.99 | 15.34 | 16.82 | 22.05 | 5.50 | 19.87 | 8.98 | 10.07 |
| LIC MF BSE Sensex Index Fund | 2.20 | 28.04 | 6.14 | 14.90 | 16.59 | 22.62 | 5.38 | 19.85 | 8.93 | 9.70 |
| Groww Large Cap Fund | 6.21 | 35.65 | 0.18 | 13.55 | 9.86 | 19.07 | 5.86 | 23.75 | 14.08 | 8.95 |
| Edelweiss Large Cap Fund | 1.16 | 34.99 | 2.50 | 12.96 | 19.28 | 25.17 | 5.03 | 27.63 | 16.27 | 8.86 |
| Kotak Contra Fund | 8.78 | 37.75 | 3.80 | 11.63 | 16.71 | 31.94 | 8.88 | 36.86 | 23.53 | 8.82 |
| HDFC Large Cap Fund | 9.30 | 32.92 | 0.91 | 8.30 | 6.53 | 29.28 | 11.27 | 30.78 | 12.20 | 8.60 |
| 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 |
| LIC MF Large Cap Fund | 3.16 | 28.47 | 0.05 | 15.54 | 15.61 | 26.63 | 0.64 | 18.84 | 15.45 | 7.16 |
| Sundaram Large Cap Fund | 0.81 | 37.10 | 2.86 | 15.81 | 12.40 | 28.08 | 5.50 | 22.76 | 12.36 | 6.58 |
| ICICI Prudential Multicap Fund | 11.35 | 29.57 | 1.19 | 7.01 | 10.27 | 37.62 | 5.61 | 36.48 | 21.50 | 6.56 |
| 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 |
| 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 |
| JM Large Cap Fund | 3.63 | 21.93 | 2.02 | 5.91 | 19.38 | 24.56 | 4.17 | 30.52 | 16.67 | 5.51 |
| Canara Robeco Consumer Trends Fund | 4.29 | 42.50 | 3.31 | 14.28 | 22.09 | 31.90 | 7.60 | 27.97 | 21.64 | 4.85 |
| 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 |
| LIC MF ELSS Tax Saver | 1.79 | 38.16 | 0.14 | 9.02 | 10.37 | 27.52 | 1.45 | 26.72 | 23.99 | 2.04 |
Classification of Mutual Funds by Category
Below are category-wise tables showing 10 Years Absolute Returns, calculated as a simple sum of calendar-year returns from 2016 to 2025.
| Category | Count |
|---|---|
| Index Funds | 15 |
| Largecap Funds | 10 |
| Banking Funds | 4 |
| ELSS Funds | 3 |
| Global Funds | 2 |
| Flexicap / Multicap Funds | 3 |
| Other Thematic Funds | 2 |
| Large-Midcap | 1 |
| Contra | 1 |
| 41 |
#1 – Index Funds
Investment Objective
- Mirror benchmark index performance
- Provide low-cost diversified equity exposure
List of Index Funds with 10 Years Absolute Returns
| Mutual Fund Name | 10 Years Absolute Returns (%) |
|---|---|
| Aditya Birla Sun Life Nifty 50 Index Fund | ~136 |
| Bandhan Nifty 50 Index Fund | ~141 |
| Franklin India NSE Nifty 50 Index Fund | ~136 |
| HDFC BSE Sensex Index Fund | ~139 |
| HDFC Nifty 50 Index Fund | ~139 |
| ICICI Prudential Nifty 50 Index Fund | ~140 |
| LIC MF Nifty 50 Index Fund | ~137 |
| Nippon India Nifty 50 Index Fund | ~140 |
| SBI Nifty Index Fund | ~140 |
| Tata Nifty 50 Index Fund | ~140 |
| UTI Nifty 50 Index Fund | ~141 |
Why to Invest in Index Funds
- Low expense ratios
- No fund manager risk
- Ideal for long-term passive investors
Risk Factors
- No downside protection during market corrections
- Returns limited to index performance
Explore about 5 Index Mutual Funds with over 20% CAGR in the 5 Years to invest in 2025.
#2 – Large Cap Funds
Investment Objective
- Generate long-term capital appreciation
- Provide relative stability compared to mid and small-cap funds
- Participate in India’s economic growth through established companies
List of Large Cap Funds with 10 Years Absolute Returns
| Mutual Fund Name | 10 Years Absolute Returns (%) |
|---|---|
| Canara Robeco Large Cap Fund | ~163 |
| Edelweiss Large Cap Fund | ~154 |
| Groww Large Cap Fund | ~137 |
| HDFC Large Cap Fund | ~150 |
| ICICI Prudential Large Cap Fund | ~162 |
| JM Large Cap Fund | ~135 |
| LIC MF Large Cap Fund | ~130 |
| Mirae Asset Large Cap Fund | ~154 |
| Nippon India Large Cap Fund | ~167 |
| Sundaram Large Cap Fund | ~144 |
Why to Invest in Large Cap Funds
- Suitable for conservative equity investors
- Lower volatility during market corrections
- Ideal core allocation for long-term portfolios
Risk Factors
- Limited upside compared to mid and small-cap funds in strong bull markets
- Returns may underperform during periods led by smaller companies
However as analysed in our earlier article some of the above Largecap Mutual Funds That Failed to Beat the Benchmark in Last 5 Years.
#3 – Banking & Financial Services Funds
Investment Objective
- Capitalise on long-term growth of India’s financial sector
- Benefit from credit expansion and financial inclusion
List of Banking & Financial Services Funds with 10 Years Absolute Returns
| Mutual Fund Name | 10 Years Absolute Returns (%) |
|---|---|
| Invesco India Financial Services Fund | ~183 |
| SBI Banking & Financial Services Fund | ~189 |
| Tata Banking & Financial Services Fund | ~187 |
| Taurus Banking & Financial Services Fund | ~149 |
Why to Invest in Banking & Financial Services Funds
- High growth potential during economic upcycles
- Beneficiary of long-term structural reforms
Risk Factors
- High concentration risk
- Sensitive to interest rate and regulatory changes
We reviewed some of the above funds in 15 Mutual Funds that Delivered 20% to 30% Returns Since Last Christmas (Excluding Global Funds).
#4 – ELSS (Tax Saver) Funds
Investment Objective
- Provide tax-efficient long-term wealth creation
- Encourage disciplined equity investing
List of ELSS Funds with 10 Years Absolute Returns
| Mutual Fund Name | 10 Years Absolute Returns (%) |
|---|---|
| Canara Robeco ELSS Tax Saver Fund | ~166 |
| ICICI Prudential ELSS Tax Saver Fund | ~148 |
| LIC MF ELSS Tax Saver Fund | ~142 |
Why to Invest in ELSS Funds
- Dual benefit of tax saving and equity returns
- Shortest lock-in among tax-saving options
Risk Factors
- Lock-in period restricts liquidity
- Market-linked volatility
#5 – Flexi Cap Funds
Investment Objective
- Capture opportunities across market capitalisations
- Dynamically adjust portfolio based on market conditions
List of Flexi Cap Funds with 10 Years Absolute Returns
| Mutual Fund Name | 10 Years Absolute Returns (%) |
|---|---|
| Kotak Flexicap Fund | ~158 |
Why to Invest in Flexi Cap Funds
- Portfolio flexibility helps during market transitions
- Better risk-adjusted returns over long periods
Risk Factors
- Performance depends heavily on fund manager decisions
- Higher volatility than pure large-cap funds
#6 – Large & Mid Cap Funds
These funds invest a minimum of 35% each in large-cap and mid-cap stocks, offering a balance between stability and growth.
Investment Objective
- Blend large-cap stability with mid-cap growth
- Generate long-term capital appreciation
List of Large & Mid Cap Funds with 10 Years Absolute Returns
| Mutual Fund Name | 10 Years Absolute Returns (%) |
|---|---|
| Invesco India Large & Mid Cap Fund | ~186 |
Why to Invest in Large & Mid Cap Funds
- Balanced exposure across market caps
- Potential to outperform large-cap funds over long periods
Risk Factors
- Mid-cap exposure can increase volatility
- May underperform in prolonged large-cap dominated markets
This fund is among 8 Best Mutual Funds to Invest in 2026 (As per ChatGPT).
#7 – Multi Cap Funds
Multi-cap funds invest across large, mid, and small-cap stocks with mandatory minimum allocation limits.
Investment Objective
- Diversified exposure across market capitalisations
- Reduce dependence on a single market segment
List of Multi Cap Funds with 10 Years Absolute Returns
| Mutual Fund Name | 10 Years Absolute Returns (%) |
|---|---|
| ICICI Prudential Multicap Fund | ~167 |
Why to Invest in Multi Cap Funds
- Broad diversification within a single fund
- Suitable for long-term investors with moderate risk appetite
Risk Factors
- Small-cap exposure can increase downside risk
- Returns may fluctuate across market cycles
#8 – International Fund
These funds invests in global markets based on the investment objective of the scheme.
| Mutual Fund Name | 10 Years Absolute Returns (%) |
|---|---|
| ICICI Prudential Global Stable Equity Fund (FOF) | ~104 |
The above fund is among 5 Best Mutual Funds to Invest in 2026 (As per Microsoft Copilot AI).
#9 – Thematic Funds
Thematic funds invest based on a specific theme such as consumption, financialisation, or global trends.
Investment Objective
- Benefit from long-term structural themes
- Focused exposure to select sectors
List of Thematic Funds with 10 Years Absolute Returns
| Mutual Fund Name | 10 Years Absolute Returns (%) |
|---|---|
| Mirae Asset Great Consumer Fund | ~186 |
| Canara Robeco Consumer Trends Fund | ~180 |
Why to Invest in Thematic Funds
- High return potential if the theme plays out well
- Suitable as satellite allocation
Risk Factors
- Theme may go out of favour
- Higher volatility than diversified equity funds
