Mid Cap Mutual Funds in India
Updated June 2026 · 37 active funds · data from AMFI NAVs · benchmark: NIFTY Midcap 150 TRI
Mid Cap funds must invest at least 65% of assets in mid-cap stocks, defined by SEBI as the companies ranked 101 to 250 by full market capitalization. These are established but still-growing businesses - large enough to have a track record, small enough to compound faster than blue chips if they execute well. Mid-cap funds historically deliver higher long-run returns than large-cap funds but with markedly greater volatility and deeper drawdowns; they can fall harder and stay down longer during market stress, and mid-cap stocks are less liquid than large caps. In a portfolio, a mid-cap fund typically serves as a growth satellite alongside a large-cap or flexi-cap core, suited to investors with a long horizon and the temperament to ride out sharp swings. The default benchmark on FindMF is the NIFTY Midcap 150 TRI, which tracks the next 150 companies after the top 100 on a total-return basis. FindMF computes trailing returns, CAGR, volatility, Sharpe, Sortino, maximum drawdown and alpha/beta against the NIFTY Midcap 150 TRI from AMFI daily NAVs using a disclosed methodology - letting you see each fund's risk-adjusted record rather than headline returns alone.
Who it suits: Long-horizon investors seeking higher growth potential than large caps and willing to stomach significant volatility.
47% of the 30 funds here with a computed alpha beat their benchmark over the measured window (positive alpha). Past performance is not indicative; this is analysis, not advice.
| # | Scheme | 1Y | 3Y | 5Y | Sharpe | Max DD | TER | AUM |
|---|---|---|---|---|---|---|---|---|
| 1 | HSBC Midcap Fund HSBC | +13.12% | +26.41% | - | 0.92 | -26.0% | 1.23% | ₹12.1K Cr |
| 2 | Invesco India Midcap Fund Invesco | +2.73% | +24.48% | +20.41% | 0.87 | -20.1% | 0.58% | ₹10.4K Cr |
| 3 | WhiteOak Capital Mid Cap Fund WhiteOak Capital | +6.96% | +24.45% | - | 0.98 | -19.3% | 0.86% | ₹4.5K Cr |
| 4 | ICICI Prudential MidCap Fund ICICI Prudential | +8.56% | +24.34% | +18.28% | 0.85 | -21.3% | 1.14% | ₹7.0K Cr |
| 5 | JM Midcap Fund (Direct) JM Financial | +4.04% | +23.43% | - | 0.87 | -22.5% | 0.92% | ₹190 Cr |
| 6 | Edelweiss Mid Cap Fund Edelweiss | +1.91% | +23.33% | +19.73% | 0.92 | -20.1% | 1.02% | ₹13.9K Cr |
| 7 | ITI Mid Cap Fund ITI | +2.45% | +22.96% | +16.28% | 0.71 | -22.7% | 0.96% | ₹1.3K Cr |
| 8 | Mahindra Manulife Mid Cap Fund Mahindra Manulife | +4.74% | +22.84% | +19.19% | 0.88 | -20.9% | 0.58% | ₹4.3K Cr |
| 9 | Nippon India Growth Mid Cap Fund Nippon India | +2.45% | +22.72% | +20.09% | 0.93 | -19.9% | 0.74% | ₹42.3K Cr |
| 10 | Sundaram Mid Cap Fund Sundaram | +1.80% | +22.12% | +18.31% | 0.84 | -20.7% | 1.00% | ₹12.9K Cr |
| 11 | JM Midcap Fund (Regular) JM Financial | +2.46% | +21.36% | - | 0.78 | -23.1% | 0.92% | ₹921 Cr |
| 12 | HDFC Mid Cap Fund HDFC | +2.00% | +20.71% | +19.56% | 0.96 | -17.0% | 0.76% | ₹91.6K Cr |
| 13 | BARODA BNP PARIBAS Mid Cap Fund Baroda BNP Paribas | +5.40% | +20.38% | - | 0.72 | -18.6% | 0.75% | ₹2.3K Cr |
| 14 | Kotak Midcap Fund Kotak Mahindra | +3.04% | +20.31% | +17.80% | 0.80 | -20.9% | 0.38% | ₹59.2K Cr |
| 15 | BANDHAN MIDCAP FUND Bandhan | +3.03% | +19.79% | - | 0.68 | -22.7% | 0.61% | ₹1.9K Cr |
| 16 | Mirae Asset Midcap Fund Mirae Asset | +3.40% | +19.21% | +16.18% | 0.72 | -22.5% | 0.91% | ₹17.7K Cr |
| 17 | Union Midcap Fund Union | +3.19% | +18.80% | +16.98% | 0.77 | -21.3% | 0.80% | ₹1.6K Cr |
| 18 | Canara Robeco Mid Cap Fund Canara Robeco | -0.06% | +18.57% | - | 0.76 | -21.2% | 0.98% | ₹4.1K Cr |
| 19 | Tata Mid Cap Fund Tata | +2.14% | +18.47% | +16.42% | 0.75 | -21.2% | 0.66% | ₹5.4K Cr |
| 20 | Aditya Birla Sun Life Midcap Fund Aditya Birla Sun Life | +0.19% | +18.34% | +15.76% | 0.69 | -21.9% | 1.02% | ₹6.0K Cr |
Ranked by trailing return (3Y where available, else 1Y) on funds with at least one year of history. Returns, Sharpe, drawdown and TER are computed independently from AMFI NAVs - see methodology. No paid placement.
Frequently asked questions
How are Mid Cap fund gains taxed?
Mid Cap funds are equity-oriented (well over 65% Indian equity), so short-term gains on units held under 12 months are taxed at 20%, and long-term gains on units held 12 months or more are taxed at 12.5% on the portion above Rs 1.25 lakh per financial year.
What is a reasonable expense ratio, and how should I compare Mid Cap funds?
Direct-plan TERs are typically higher than large-cap funds, reflecting more intensive stock research. Because returns vary widely between managers, compare funds on FindMF using risk-adjusted measures - Sharpe, Sortino, alpha versus the NIFTY Midcap 150 TRI, and maximum drawdown - alongside TER, all computed from AMFI NAVs, rather than chasing the top one-year performer.
How risky are Mid Cap funds compared to large caps?
Considerably riskier. Mid-cap stocks are more volatile and less liquid, so these funds tend to fall further in corrections and take longer to recover. FindMF's maximum-drawdown and volatility figures, derived from AMFI NAVs, quantify that historical downside for each fund.
Are SIPs suited to Mid Cap funds?
Many investors use SIPs in mid-cap funds to average out the high volatility over time, but a long horizon (typically seven years or more) matters more than the mode of investing. FindMF shows long-run CAGR and drawdown so you can judge whether a fund's history fits your time frame.