Not One Mid Cap Fund Rose in a Month: The Category Fell 7.75% on Average
Key Highlights
Mid Cap funds: average 1-month −7.75%, 1-year −1.71%, 3-year 14.10% a year across 34 Direct Growth plans, to 22 October 2026.
Returns as of: 22 October 2026
- Category average return: 1 month −7.75%, 1 year −1.71%, 3 years 14.10% a year
- Every fund fell over the past month
- Fewer than half the funds had a positive return over one year
- 6% of 1-year rolling windows ended below zero
- Average expense ratio of Direct plans: 1.06%
- Largest fund by assets: HDFC Mid Cap Fund
Mid Cap funds performance: the category average fell 7.75% over the month. Every fund fell over the month. The 1-year average was −1.71%, and fewer than half of the 31 funds had a positive return.
Mid Cap funds: returns across the category
| Period | Average | Median | Funds with a positive return | Funds counted |
|---|---|---|---|---|
| 1 week | −3.47% | −3.40% | 0 of 34 | 34 |
| 1 month | −7.75% | −7.91% | 0 of 34 | 34 |
| 3 months | −6.54% | −6.67% | 0 of 33 | 33 |
| 6 months | −2.01% | −2.57% | 8 of 33 | 33 |
| 1 year | −1.71% | −1.77% | 7 of 31 | 31 |
| 3 years (a year) | 14.10% | 14.33% | 29 of 29 | 29 |
| 5 years (a year) | 13.31% | 13.33% | 25 of 25 | 25 |
The 1-year average of −1.71% is lower than the 3-year average of 14.10%. While the 1-year period saw fewer than half of the 31 funds with a positive return, all 29 funds had a positive return over the 3-year period.
Highest and lowest returns over the past month
| Fund | 1 month | 1 week |
|---|---|---|
| Quant Mid Cap Fund | −4.81% | −3.60% |
| Taurus Mid Cap Fund | −5.37% | −2.96% |
| HDFC Mid Cap Fund | −5.84% | −2.29% |
| Fund | 1 month | 1 week |
|---|---|---|
| ICICI Pru Mid Cap Fund | −9.72% | −4.71% |
| Invesco India Midcap Fund | −9.40% | −3.65% |
| HSBC Midcap Fund | −9.23% | −3.65% |
Highest 3-year returns
| Fund | 1 year | 3 years (a year) | Expense ratio |
|---|---|---|---|
| Invesco India Midcap Fund | −2.25% | 20.27% | 0.78% |
| HSBC Midcap Fund | 7.55% | 20.15% | 1.15% |
| WOC Mid Cap Fund | 3.46% | 19.02% | 0.95% |
| Edelweiss Mid Cap Fund | −1.83% | 18.16% | 0.68% |
| ICICI Pru Mid Cap Fund | 1.22% | 17.85% | 1.11% |
Rolling returns
| Measure | Category average 1-year return |
|---|---|
| Lowest window | −5.0% (ending 26 September 2025) |
| Median | 12.6% |
| Highest window | 57.9% (ending 4 July 2024) |
| Share of windows below zero | 6% |
| Latest window (ending 22 October 2026) | −1.8% |
Rolling 1-year returns reached a high of 57.9% and a low of −5.0%. The median return was 12.6%. The latest rolling window of −1.8% is lower than the median rolling window.
Largest funds and costs
| Fund | Assets (₹ crore) | 1 year | 3 years (a year) |
|---|---|---|---|
| HDFC Mid Cap Fund | 1,01,856 | −1.62% | 14.94% |
| Kotak Mid Cap Fund | 66,613 | −4.76% | 13.76% |
| Nippon India Growth Mid Cap Fund | 50,176 | −1.51% | 15.46% |
| Motilal Oswal Midcap Fund | 40,208 | −8.38% | 15.94% |
| Axis Midcap Fund | 33,528 | −0.34% | 14.38% |
| Expense ratio | Funds counted | |
|---|---|---|
| Average | 1.06% | 33 |
| Lowest: Kotak Mid Cap Fund | 0.54% | |
| Highest: Taurus Mid Cap Fund | 2.36% |
Mid Cap funds: FAQs
How have Mid Cap funds performed over the past year?
The average 1-year return of 31 Direct Growth Mid Cap funds was −1.71% to 22 October 2026; fewer than half the funds had a positive return. The average 3-year return was 14.10% a year across 29 funds.
What is the average expense ratio of Mid Cap funds?
The average expense ratio of 33 Direct plans in the Mid Cap category is 1.06%. It ranges from 0.54% (Kotak Mid Cap Fund) to 2.36% (Taurus Mid Cap Fund).
Which Mid Cap fund is the largest?
HDFC Mid Cap Fund has the largest assets among Mid Cap funds, ₹1,01,856 crore at 30 September 2026, across all its plans.
What are rolling returns?
Rolling returns measure the return over every window of a fixed length, not just the one ending today. Here, each 1-year window ending between 23 October 2023 and 22 October 2026 is averaged across 27 funds, so the result does not depend on one start date.
Why are Direct plans compared?
Direct plans have no distributor commission in their cost, so they are the cleanest way to compare the funds themselves. Regular plans of the same funds charge a higher expense ratio, which reduces their returns.
, expense and portfolio data: Accord Fintech. Calculations: ThePip. For information only; not investment advice.