Small Cap Mutual Funds
All 36 small cap funds, Direct Growth plans, compared on returns, risk and cost. NAV as of 7 Oct 2026.
Category average
+15.7%
3 years, a year
Category average
+15.7%
5 years, a year
Category average
19.2%
Volatility, 3 years
Category average
0.97%
Expense ratio
Against the NIFTY Smallcap 250 Index: 18 of 23 funds with at least 5 calendar years of history returned more than the index in at least half of the years from 2017 to 2026. The 2026 figure is year to date.
Small Cap funds compared
| Fund | 1Y | 3Y a year | 5Y a year | Volatility 3Y | Worst fall 5Y | Years ahead of index | Expense | Fund size |
|---|---|---|---|---|---|---|---|---|
| +31.3% | +22.1% | +19.9% | 21.6% | -27.1% | 6 of 8 | 0.72% | ₹3,307 Cr | |
| +14.3% | +21.9% | +19.4% | 19.6% | -23.4% | 7 of 8 | 0.63% | ₹15,744 Cr | |
| +11.2% | +23.0% | +19.1% | 20.3% | -24.3% | 4 of 6 | 0.60% | ₹34,176 Cr | |
| +14.2% | +17.5% | +18.6% | 20.0% | -25.2% | 6 of 10 | 0.94% | ₹35,557 Cr | |
| +20.1% | +23.5% | +18.1% | 19.8% | -29.2% | 5 of 6 | 0.86% | ₹3,603 Cr | |
| +8.8% | +14.7% | +17.8% | 19.1% | -24.2% | 8 of 10 | 0.69% | ₹82,580 Cr | |
| +18.0% | +16.9% | +17.2% | 21.1% | -24.1% | 6 of 10 | 0.80% | ₹21,659 Cr | |
| +20.6% | +16.7% | +17.0% | 19.3% | -26.2% | 7 of 10 | 1.11% | ₹2,667 Cr | |
| +15.1% | +17.6% | +16.7% | 21.6% | -27.0% | 6 of 9 | 1.32% | ₹832 Cr | |
| +13.0% | +14.3% | +16.2% | 21.7% | -27.2% | 7 of 10 | 0.77% | ₹19,076 Cr | |
| +7.3% | +14.6% | +16.0% | 18.3% | -22.9% | 4 of 7 | 0.63% | ₹7,253 Cr | |
| +12.5% | +15.6% | +15.7% | 19.4% | -23.8% | 5 of 10 | 0.95% | ₹4,155 Cr | |
| +9.2% | +14.9% | +15.2% | 16.8% | -19.4% | 4 of 10 | 0.77% | ₹31,448 Cr | |
| +1.6% | +12.0% | +15.2% | 19.6% | -30.9% | 4 of 8 | 0.51% | ₹13,094 Cr | |
| +4.3% | +11.6% | +14.4% | 19.8% | -24.1% | 4 of 10 | 1.06% | ₹14,746 Cr | |
| +4.6% | +13.1% | +14.0% | 19.6% | -22.3% | 3 of 6 | 0.87% | ₹5,448 Cr | |
| -3.4% | +9.6% | +13.8% | 17.4% | -22.6% | 5 of 10 | 0.75% | ₹41,891 Cr | |
| +4.2% | +11.7% | +13.6% | 18.0% | -23.6% | 4 of 7 | 0.68% | ₹14,661 Cr | |
| +4.6% | +11.4% | +13.3% | 17.6% | -22.2% | 4 of 10 | 1.17% | ₹9,821 Cr | |
| +6.0% | +11.1% | +13.1% | 17.4% | -22.4% | 6 of 10 | 0.78% | ₹42,631 Cr | |
| +17.6% | +15.0% | +13.0% | 19.9% | -26.2% | 4 of 10 | 1.09% | ₹6,226 Cr | |
| +12.7% | +15.6% | +12.3% | 17.6% | -24.6% | 2 of 5 | 0.94% | ₹1,794 Cr | |
| +5.7% | +12.1% | +12.2% | 19.3% | -24.7% | 5 of 10 | 0.64% | ₹19,679 Cr | |
| +16.1% | +19.3% | N/A | 19.7% | N/A | 4 of 4 | 0.96% | ₹5,468 Cr | |
| +29.7% | N/A | N/A | N/A | N/A | 2 of 2 | 1.56% | ₹3,439 Cr | |
| +20.9% | N/A | N/A | 20.5% | N/A | 3 of 3 | 0.85% | ₹8,150 Cr | |
| +16.8% | N/A | N/A | N/A | N/A | 1 of 1 | 0.98% | ₹2,647 Cr | |
| +15.9% | N/A | N/A | N/A | N/A | 1 of 2 | 0.95% | ₹929 Cr | |
| +10.5% | N/A | N/A | N/A | N/A | 0 of 1 | 0.67% | ₹5,717 Cr | |
| +9.1% | N/A | N/A | 18.0% | N/A | 0 of 3 | 1.17% | ₹1,309 Cr | |
| +8.0% | N/A | N/A | 16.5% | N/A | 1 of 3 | 0.85% | ₹265 Cr | |
| N/A | N/A | N/A | N/A | N/A | N/A | 1.33% | ₹2,794 Cr | |
| N/A | N/A | N/A | N/A | N/A | N/A | 0.94% | ₹764 Cr | |
| N/A | N/A | N/A | N/A | N/A | 1 of 1 | 0.93% | ₹1,737 Cr | |
| N/A | N/A | N/A | N/A | N/A | 1 of 1 | 2.04% | ₹196 Cr | |
| N/A | N/A | N/A | N/A | N/A | N/A | 2.26% | ₹129 Cr |
Ordered by 5-year annualised return, highest first; funds younger than 5 years follow by 3-year, then 1-year return.Years ahead of index counts the calendar years from 2017 to 2026 in which the fund returned more than the NIFTY Smallcap 250 Index. Returns over 3 years and longer are compounded annual returns. Volatility is the annualised standard deviation of monthly returns. Worst fall is the largest drop from a peak in the last 5 years. N/A means the fund is too young for that period.
What a small cap fund is
Small cap funds invest at least 65% of their assets in smaller companies, those ranked 251 and below by market value.
Source: SEBI categorisation of mutual fund schemes, 6 October 2017, as amended.
Investing from the UAE
NRIs living in the UAE can generally invest once KYC is complete, paying from an NRE or NRO bank account. Some fund houses do not accept residents of the United States or Canada, or accept them only offline. The UAE does not levy personal income tax, and the India UAE tax treaty may affect how gains are treated, so confirm your own position with a tax adviser.
Questions
How are these small cap funds ordered?
By 5-year annualised return, highest first. Funds younger than 5 years follow, ordered by 3-year return and then 1-year return. Every figure is worked out from each fund's own Direct Growth NAV, the same way for every fund. We do not label any fund as the best.
Can NRIs living in the UAE invest in small cap funds?
Generally yes, once KYC is complete, paying from an NRE or NRO bank account. Some fund houses do not accept investments from residents of the United States or Canada, or accept them only offline, so check the fund house's current policy if that applies to you.
How are gains taxed for NRIs?
For equity funds, India taxes gains on units held for 12 months or less at 20%, and gains on units held longer at 12.5% on the amount above ₹1.25 lakh in a financial year, plus cess and any surcharge. For NRIs the fund house deducts this tax when you redeem. The outcome depends on your tax residence and facts, so confirm your position with a tax adviser.
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