Small Cap Funds Compared
Every small cap mutual fund's 1, 3 and 5-year return, SIP return and record against the Nifty Smallcap 250, ranked by a stated measure, from AMFI NAVs.
As of 30 Sep 2026, there are 25 small cap funds with at least 3 years of NAVs. Over 5 years their direct plans returned a median 15.8% a year, against 13.9% for the Nifty Smallcap 250 index; 17 of 21 beat it. The highest 5-year return was Bank Of India Small Cap Fund at 20.2% a year.
All small cap funds, ranked by 5-year return
| # | Fund | 1y | 3y | 5y | 10y | 5y regular | 5y SIP XIRR | Expense ratio (direct) | Beat index (rolling 3y) |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Bank Of India Small Cap Fund | 30.9% | 21.8% | 20.2% | — | 18.4% | 22.7% | 0.73% | 43/50 |
| 2 | Bandhan Small Cap Fund | 12.6% | 23.6% | 19.5% | — | 17.8% | 22.7% | 0.61% | 36/45 |
| 3 | Invesco India Small Cap Fund | 15.9% | 22.0% | 19.4% | — | 17.8% | 20.7% | 0.63% | 47/50 |
| 4 | Quant Small Cap Fund | 16.0% | 17.3% | 18.8% | 20.7% | 17.5% | 18.7% | 0.93% | 47/50 |
| 5 | ITI Small Cap Fund | 22.2% | 23.7% | 18.4% | — | 16.4% | 23.0% | 0.86% | 26/45 |
| 6 | Nippon India Small Cap Fund | 10.0% | 14.7% | 18.4% | 20.9% | 17.4% | 16.8% | 0.69% | 50/50 |
| 7 | DSP Small Cap Fund | 20.3% | 17.6% | 17.7% | 17.1% | 16.7% | 18.9% | 0.81% | 32/50 |
| 8 | Union Small Cap Fund | 23.9% | 17.0% | 17.1% | 17.4% | 15.8% | 19.1% | 1.09% | 22/50 |
| 9 | Edelweiss Small Cap Fund | 8.8% | 14.8% | 16.4% | — | 14.7% | 15.5% | 0.65% | 41/50 |
| 10 | Sundaram Small Cap Fund | 15.9% | 16.1% | 16.2% | 15.2% | 14.9% | 17.5% | 0.98% | 33/50 |
| 11 | Axis Small Cap Fund | 11.0% | 15.1% | 15.8% | 19.3% | 14.4% | 15.5% | 0.72% | 17/50 |
| 12 | Tata Small Cap Fund | 1.2% | 12.0% | 15.3% | — | 13.6% | 13.4% | 0.51% | 35/50 |
| 13 | Franklin India Small Cap Fund | 6.4% | 12.1% | 15.3% | 15.0% | 14.4% | 13.8% | 1.05% | 36/50 |
| 14 | UTI Small Cap Fund | 6.8% | 13.2% | 14.8% | — | 13.1% | 13.6% | 1.06% | 2/35 |
| 15 | Canara Robeco Small Cap Fund | 5.4% | 11.7% | 14.2% | — | 12.6% | 12.2% | 0.68% | 28/50 |
| 16 | HDFC Small Cap Fund | -1.8% | 10.0% | 14.1% | 17.3% | 13.1% | 12.5% | 0.79% | 41/50 |
| 17 | ICICI Prudential Small Cap Fund | 5.9% | 11.5% | 14.0% | 16.1% | 12.7% | 13.0% | 1.18% | 25/50 |
| 18 | SBI Small Cap Fund | 7.5% | 11.3% | 13.6% | 18.4% | 12.5% | 12.2% | 0.80% | 11/50 |
| 19 | Aditya Birla Sun Life Small Cap Fund | 19.5% | 15.0% | 13.5% | 13.5% | 12.4% | 16.4% | 1.07% | 3/50 |
| 20 | PGIM India Small Cap Fund | 15.3% | 15.9% | 13.0% | — | 11.2% | 15.0% | 0.94% | 3/27 |
| 21 | Kotak Small Cap Fund | 7.9% | 12.2% | 12.5% | 17.2% | 11.1% | 12.4% | 0.65% | 15/50 |
| — | Baroda BNP Paribas Small Cap Fund | 10.3% | — | — | — | — | — | 1.21% | — |
| — | LIC MF Small Cap Fund | 17.9% | 18.1% | — | — | — | — | 1.32% | — |
| — | Mahindra Manulife Small Cap Fund | 18.1% | 19.8% | — | — | — | — | 0.92% | — |
| — | Quantum Small Cap Fund | 9.7% | — | — | — | — | — | 0.83% | — |
Direct plans, Growth option, to 30 Sep 2026. Funds that closed or merged are not in AMFI's current list, so the category looks a little better than investors actually did (survivorship). Returns are yearly (CAGR) from AMFI month-end NAVs of the Growth option. An index's return is measured through a low-cost index fund's direct plan, so it is a little below the index itself. Past returns do not tell you what a fund will do next, and this is not a recommendation to buy or sell any fund. Other categories: all mutual fund categories.
How many small cap funds beat the Nifty Smallcap 250?
17 of the 21 funds with 5 years of history beat the Nifty Smallcap 250 index (through a low-cost index fund) over 5 years. Compare any one fund with its index over every 3-year stretch on the mutual fund vs index fund page.
Key takeaways
Frequently asked questions
Which small cap fund has given the highest returns?
Over the 5 years to 30 Sep 2026, Bank Of India Small Cap Fund (direct plan) at 20.2% a year. Past returns do not predict future ones.
What is the average return of small cap funds?
The median direct plan returned 15.8% a year over 5 years to 30 Sep 2026.
Do small cap funds beat the index?
17 of 21 did over 5 years, before tax; an index fund is the low-cost alternative.