Mid cap funds invest mainly in companies ranked 101st to 250th by market size, a band that sits between the stability of large caps and the sharper swings of small caps. Returns in this segment can change quickly with market sentiment, so a fund’s point-to-point return can look very different depending on whether the period starts before or after a mid cap rally or correction.
The table below compares Mid Cap direct plans on their average 3-year and 5-year rolling returns and on how often those holding periods ended negative. Rolling returns look at every completed holding period in a fund’s history instead of just one, which reduces the date-picking effect. This is a comparison and education tool, not a recommendation to buy or sell any fund.
How to Read This Table
- #: the fund’s rank by the Avg column. Gold badges mark ranks 1 to 5. The rank stays with the fund when you re-sort.
- 3Y Rolling / 5Y Rolling: the average annualised return across all completed 3-year and 5-year windows.
- Avg: the ranking metric, the average of the 3Y and 5Y rolling returns.
- 3Y Neg % / 5Y Neg %: the share of windows that ended with a negative return. Lower means fewer losing periods in that fund’s history.
- Sorting: click any column header to sort. The default order is Avg, highest first.
- Data last refreshed: the figures move mainly when a new calendar month completes, because the windows are built on month-end NAVs.
What the Negative-Period % Tells You
The negative-period percentage shows how often a holding period of that length ended below zero in the fund’s own history. For mid cap funds it helps show whether a fund’s average was built on steady results or on a few strong phases that offset several losing ones.
It is a lens, not a rule. A 0% figure does not mean a fund cannot lose money; it only means no completed window in the observed history ended negative. Funds with shorter histories have fewer windows and may not have been through a full mid cap downturn, so their percentage rests on less evidence. Read it together with the return columns and the fund’s history length.
Why Rolling Returns Matter for Mid Cap Funds
Mid cap stocks tend to move in longer cycles than large caps, with periods where the segment leads the market and periods where it lags for years. A single CAGR figure can capture just one side of that cycle. Rolling returns cover every entry point in a fund’s history, so they show how a fund did for investors who started near peaks as well as near lows.
The mid cap universe itself keeps changing. AMFI updates the market-cap rankings every six months, so successful companies graduate into the large cap band and others slip into small caps. A mid cap fund’s long-term record therefore depends partly on how it handled these moves, including whether it held on to companies that grew into large caps.
Because the category has 150 companies to choose from, mid cap portfolios can differ more than large cap portfolios do. That makes the spread between funds wider, and rolling returns help show whether a fund’s position in the table has been consistent or depended on a particular period.
What Is a Rolling Return?
A rolling return measures a fund’s annualised (CAGR) return over a fixed holding period, such as 3 years, and then repeats the measurement as the start date moves forward. Each measurement is one “window”.
For example, a 3-year rolling return looks at Jan 2020 to Jan 2023, then Feb 2020 to Feb 2023, then Mar 2020 to Mar 2023, and so on until the latest date. Averaging all those windows shows what a typical 3-year holding period delivered.
A single point-to-point CAGR depends entirely on the two dates chosen. Start just after a market fall and it looks excellent; start just before one and it looks poor. Rolling returns replace that one snapshot with a full set of outcomes. For point-to-point figures, see our mutual fund CAGR returns hub.
How We Calculate and Select Funds
Calculation
For each fund we take the month-end NAV (the last available NAV on or before each month-end) from launch onward.
- Start with the first month-end and measure the CAGR to the month-end exactly 3 years (or 5 years) later.
- Move the start forward by one month and measure again. Repeat until the latest completed month.
- Average all the windows to get the fund’s 3Y or 5Y rolling return.
CAGR for each window = (End NAV / Start NAV) ^ (1 / years) – 1. As an illustration only, a NAV that grows from 100 to 200 over 3 years is a CAGR of about 26% a year. We also compute the percentage of windows with a negative return, shown as 3Y Neg % and 5Y Neg %.
Fund Selection
- Category: Mid Cap funds only, as classified under SEBI’s scheme categorisation. Large & Mid Cap funds are a separate category and are not included.
- Plan type: Direct plans, Growth option only. Index funds and ETFs are excluded.
- Minimum history: at least 5 years of NAV history under the fund’s current scheme code.
- Same pool for both windows: a fund must qualify for both the 3Y and 5Y calculation, so no fund appears in one and not the other.
- Ranking: (3Y rolling return + 5Y rolling return) / 2; the ten highest are shown.
- Merged or renamed schemes: each fund is measured on its own continuous NAV history under its current scheme code.
- Data source: AMFI NAV data via mfapi.in, refreshed automatically every day.
Limitations of This Comparison
- Past performance: rolling returns describe what happened, not what will happen.
- Different history lengths: a newer fund is averaged over fewer windows from more recent market phases, while an older fund covers more cycles, so the averages are not perfectly like-for-like.
- Shifting category boundaries: the companies counted as mid caps change every six months, and the market size needed to rank in the band has changed over time, so older windows reflect a somewhat different universe.
- Survivorship: only funds that exist today with enough history are shown; merged or closed funds are not included.
- Returns only: the table does not capture risk-adjusted performance, expense ratio, portfolio concentration, fund size, taxation or fund manager changes.
Things to Check Before Making Any Decision
- Expense ratio of the direct plan and how it compares with peers.
- How much of the portfolio sits outside mid caps, in large or small companies, in the latest factsheet.
- Fund size (AUM), the scheme’s riskometer and concentration in top holdings.
- The stress test disclosure published by the AMC, which shows how long the fund would take to sell part of its portfolio.
- Exit load, the tax rules that apply to your holding period, and any change in fund manager or approach.
- Whether the scheme’s risk suits your own time horizon and ability to tolerate a fall in value.
Frequently Asked Questions
What counts as a mid cap company?
Under SEBI rules, mid cap companies are those ranked 101st to 250th by full market capitalisation, based on the list AMFI updates every six months. Mid cap funds must keep at least 65% of their assets in these companies.
How is a mid cap fund different from a large & mid cap fund?
A mid cap fund must invest at least 65% in mid cap companies. A large & mid cap fund must invest at least 35% each in large cap and mid cap companies, so its portfolio usually carries more large cap exposure. This table covers the Mid Cap category only.
Why is the Avg column used for ranking?
Averaging the 3Y and 5Y rolling returns gives equal weight to both holding periods, so a fund cannot rank highly on the strength of just one period length.
Why are some Mid Cap funds not in the table?
Only direct Growth plans with at least 5 years of NAV history under their current scheme code are included, and index funds and ETFs are excluded. Funds that are newer, or whose available NAV history is incomplete, are left out until they have enough data.
Compare Rolling Returns in Other Categories
- Large Cap Funds Rolling Returns
- Small Cap Funds Rolling Returns
- Flexi Cap Funds Rolling Returns
- All Mutual Fund Rolling Returns
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme-related documents carefully. Past performance may or may not be sustained in the future.
This page is for education and information only. It is a comparison of historical data and is not investment advice, a recommendation, or an offer to buy or sell any mutual fund scheme. Please consult a SEBI-registered investment adviser before making investment decisions.