Small Cap Index Mutual Funds
All 15 small cap index funds, Direct Growth plans, compared on returns, risk and cost. NAV as of 7 Oct 2026.
Category average
+14.9%
3-year return, annualised
Category average
+13.0%
5-year return, annualised
Category average
22.0%
Volatility, 3 years
Category average
0.42%
Expense ratio
Small Cap Index funds compared
Direct plan, Growth option. Returns as of 7 Oct 2026. Click a column heading to sort.
| Returns (3Y and 5Y annualised) | Consistency | Risk | Cost and size | |||||
|---|---|---|---|---|---|---|---|---|
| +5.2% | +13.5% | +13.5% | 5 of 5 | 21.6% | -26.8% | 0.40% | ₹1,299 Cr | |
| +5.2% | +13.1% | +13.2% | 0 of 5 | 21.5% | -26.9% | 0.42% | ₹3,518 Cr | |
| +13.0% | +17.8% | +12.2% | 3 of 5 | 22.4% | -36.7% | 0.58% | ₹367 Cr | |
| +12.6% | +17.7% | N/A | 2 of 3 | 22.4% | N/A | 0.35% | ₹250 Cr | |
| +13.1% | +17.7% | N/A | 3 of 4 | 22.2% | N/A | 0.34% | ₹783 Cr | |
| +11.1% | +16.1% | N/A | 2 of 3 | 24.1% | N/A | 0.58% | ₹2,494 Cr | |
| +5.5% | +13.6% | N/A | 3 of 4 | 21.5% | N/A | 0.26% | ₹285 Cr | |
| +5.0% | +13.2% | N/A | 1 of 4 | 21.6% | N/A | 0.45% | ₹1,788 Cr | |
| +5.0% | +13.2% | N/A | 0 of 3 | 21.6% | N/A | 0.34% | ₹775 Cr | |
| +5.0% | +13.2% | N/A | 1 of 5 | 21.6% | N/A | 0.39% | ₹789 Cr | |
| +5.4% | N/A | N/A | 2 of 2 | N/A | N/A | 0.59% | ₹139 Cr | |
| +5.2% | N/A | N/A | 0 of 1 | N/A | N/A | 0.35% | ₹404 Cr | |
| +5.1% | N/A | N/A | 1 of 3 | 21.6% | N/A | 0.29% | ₹99 Cr | |
| +5.1% | N/A | N/A | 0 of 1 | N/A | N/A | 0.34% | ₹85 Cr | |
| N/A | N/A | N/A | 0 of 1 | N/A | N/A | 0.57% | ₹18 Cr | |
Ordered by 5-year annualised return, highest first; funds younger than 5 years follow by 3-year, then 1-year return. Click a heading to sort by another figure. Top half, by year shows the fund's quartile in the category each calendar year from 2017 to 2026(green top quarter, grey second, amber third, red bottom; an outline means too young to rank) and how many of those years it finished in the top half. 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 index fund is
Small cap index funds hold the shares of a small cap index, such as the NIFTY Smallcap 250, in the same proportions, so their returns follow the index less costs.
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 index 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 index 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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