India • Mutual funds

India — Equity Funds vs Their Benchmarks

Last update: 20 Oct 2026

Over the ten years to September 2026, 92 of 149 active-equity direct plans beat their own category index, and the median plan returned 0.3 percentage points a year more than its index. Over three years, 196 of 263 beat their index.

Active management paid most often in small cap funds (11 of 12 beat the Nifty Smallcap 250 TRI over 10 years) and least often in mid cap funds (8 of 17). Of the plans in the top quarter over the three years before that, 23% were still top quarter over the latest three; a quarter would be by chance.

Every growth plan in India's ten active-equity categories against its own SEBI benchmark, over one to ten years: from all active equity, to a fund type, to a single fund. Beating the Nifty 50 is not the test for a small-cap fund; its benchmark is the small-cap index. Money flows by category come from mutual fund flows and SIP behaviour; the desk India’s mutual fund industry asks whether heavy inflows flattered returns.

  • Latest month-end NAVsSep 2026AMFI NAV history
  • Plans in the snapshot73210 categories, both plans, since Dec 2012
  • Benchmark closesSep 2026NSE Indices
  • Category flowsSep 2026AMFI monthly report
  • Database loaded20 Oct 2026Exalytics

Active-equity direct plans beating their own index, 10 years

Calculated
92 of 149 Median margin +0.3 pp a year62% of plans with a full window 10 years to Sep 2026 · AMFI, NSE Indices

Active-equity direct plans beating their own index, 3 years

Calculated
196 of 263 Median margin +1.7 pp a year75% of plans with a full window 3 years to Sep 2026 · AMFI, NSE Indices

Fund type where the median plan beat its index by most, 10 years

Calculated
Small cap Median margin +2.6 pp a year over the Nifty Smallcap 250 TRI11 of 12 plans beat it 10 years to Sep 2026 · AMFI, NSE Indices

Earlier top-quarter plans still top quarter, 3 years then 3 years

Calculated
23% 47 plans; a quarter would be by chance30% fell to the bottom quarter Windows to Sep 2026 · AMFI, NSE Indices

Cost of a regular plan, all active equity

Calculated
−1.3 pp a year Median regular minus direct returnSame schemes, 3 years 3 years to Sep 2026 · AMFI, NSE Indices

Featured · drill down

Fund types ranked by the median direct plan's margin over its index, ten years to September 2026

The dot is the median plan's return, the bar the middle half of plans, the dashed tick the category's own benchmark. Open a fund type for its plans.

For example: If the median small-cap plan returned 20% a year and its index 18%, the small-cap dot sits at 20% with the tick at 18%: a 2-point margin. A bar from 16% to 24% says the middle half of plans spanned 8 points, so picking the fund mattered more than picking the category.

Across all active equity, 92 of 149 direct plans beat their own index over the ten years to September 2026. The median small cap plan beat the Nifty Smallcap 250 TRI by +2.6 pp a year, the widest margin; the median mid cap plan trailed the Nifty Midcap 150 TRI by 0.5 pp a year.

Fund type 0.0%+5.0%+10.0%+15.0%+20.0%Beat indexMedian marginPlans dropped
All active equityeach plan against its own index92 of 149 (62%)+0.3 pp26
11 of 12 (92%)+2.6 pp1
11 of 15 (73%)+1.3 pp1
5 of 5 (100%)+0.6 pp3
15 of 24 (63%)+0.5 pp8
7 of 13 (54%)+0.5 pp2
12 of 18 (67%)+0.4 pp1
11 of 22 (50%)0.0 pp4
9 of 19 (47%)0.0 pp2
8 of 17 (47%)−0.5 pp2

Open a fund type to see every plan in it. Rows are ordered by the median plan's margin over the category's own index; the bar is where the middle half of plans landed, so a wide bar means fund choice mattered more than category choice. "Beat index" is plans whose return was higher than the index's over the same window; "dropped" is plans listed in the category today that had a NAV at the window's start but none at its end.

1 · Outperformance frequency

All active equity: share of direct plans beating their index, rolling ten years

Beating the index

Share of active-equity direct plans beating the index, ten years

Each point covers the ten years ending that month. Above 50% means most funds beat its own category's index; the number of funds varies as schemes launch, merge and close.

For example: If 20 plans have a full record for the window ending in a given month and 12 of them returned more than the index, the point for that month is 12 ÷ 20 = 60%.

Per cent of plans with a full window

January 2023 Share of plans beating the index: 71.0%February 2023 Share of plans beating the index: 74.0%March 2023 Share of plans beating the index: 70.2%April 2023 Share of plans beating the index: 71.5%May 2023 Share of plans beating the index: 74.2%June 2023 Share of plans beating the index: 71.2%July 2023 Share of plans beating the index: 66.4%August 2023 Share of plans beating the index: 67.2%September 2023 Share of plans beating the index: 65.6%October 2023 Share of plans beating the index: 64.9%November 2023 Share of plans beating the index: 65.9%December 2023 Share of plans beating the index: 61.2%January 2024 Share of plans beating the index: 59.7%February 2024 Share of plans beating the index: 60.0%March 2024 Share of plans beating the index: 62.9%April 2024 Share of plans beating the index: 61.8%May 2024 Share of plans beating the index: 67.9%June 2024 Share of plans beating the index: 66.4%July 2024 Share of plans beating the index: 66.4%August 2024 Share of plans beating the index: 65.7%September 2024 Share of plans beating the index: 62.1%October 2024 Share of plans beating the index: 64.1%November 2024 Share of plans beating the index: 62.7%December 2024 Share of plans beating the index: 62.7%January 2025 Share of plans beating the index: 60.8%February 2025 Share of plans beating the index: 62.5%March 2025 Share of plans beating the index: 61.4%April 2025 Share of plans beating the index: 59.3%May 2025 Share of plans beating the index: 60.0%June 2025 Share of plans beating the index: 60.7%July 2025 Share of plans beating the index: 61.4%August 2025 Share of plans beating the index: 60.0%September 2025 Share of plans beating the index: 58.9%October 2025 Share of plans beating the index: 58.2%November 2025 Share of plans beating the index: 54.1%December 2025 Share of plans beating the index: 54.7%January 2026 Share of plans beating the index: 52.3%February 2026 Share of plans beating the index: 54.4%March 2026 Share of plans beating the index: 56.7%April 2026 Share of plans beating the index: 54.4%May 2026 Share of plans beating the index: 53.7%June 2026 Share of plans beating the index: 61.7%July 2026 Share of plans beating the index: 61.1%August 2026 Share of plans beating the index: 63.8%September 2026 Share of plans beating the index: 61.7%Half
  • Share of plans beating the index

Returns

Median active-equity direct plan vs its own category's index, with the middle half of plans

The median plan's return, the index's return and the lower and upper quartiles over the same ten years. The median is the middle fund: half did better and half did worse. The dashed lines are the band the middle half of plans landed in.

For example: With five funds returning 10%, 12%, 14%, 15% and 20%, the median is 14%. If the index returned 13%, the median fund beat it by 1 percentage point.

Per cent a year

January 2023 Median direct plan: 15.0% Nifty 500 TRI (broad market): 13.3% Upper quartile plan: 16.8% Lower quartile plan: 13.5%February 2023 Median direct plan: 15.6% Nifty 500 TRI (broad market): 13.8% Upper quartile plan: 17.3% Lower quartile plan: 14.1%March 2023 Median direct plan: 15.7% Nifty 500 TRI (broad market): 13.9% Upper quartile plan: 17.3% Lower quartile plan: 14.3%April 2023 Median direct plan: 15.8% Nifty 500 TRI (broad market): 13.9% Upper quartile plan: 17.5% Lower quartile plan: 14.2%May 2023 Median direct plan: 16.3% Nifty 500 TRI (broad market): 14.2% Upper quartile plan: 18.0% Lower quartile plan: 14.5%June 2023 Median direct plan: 17.2% Nifty 500 TRI (broad market): 15.1% Upper quartile plan: 19.3% Lower quartile plan: 15.4%July 2023 Median direct plan: 18.0% Nifty 500 TRI (broad market): 15.9% Upper quartile plan: 20.2% Lower quartile plan: 16.1%August 2023 Median direct plan: 18.5% Nifty 500 TRI (broad market): 16.3% Upper quartile plan: 20.8% Lower quartile plan: 16.5%September 2023 Median direct plan: 18.3% Nifty 500 TRI (broad market): 16.0% Upper quartile plan: 20.3% Lower quartile plan: 16.1%October 2023 Median direct plan: 16.8% Nifty 500 TRI (broad market): 14.6% Upper quartile plan: 18.9% Lower quartile plan: 14.9%November 2023 Median direct plan: 17.6% Nifty 500 TRI (broad market): 15.5% Upper quartile plan: 19.9% Lower quartile plan: 15.7%December 2023 Median direct plan: 18.0% Nifty 500 TRI (broad market): 16.0% Upper quartile plan: 20.0% Lower quartile plan: 15.9%January 2024 Median direct plan: 18.7% Nifty 500 TRI (broad market): 16.7% Upper quartile plan: 21.0% Lower quartile plan: 16.6%February 2024 Median direct plan: 18.6% Nifty 500 TRI (broad market): 16.6% Upper quartile plan: 20.9% Lower quartile plan: 16.5%March 2024 Median direct plan: 18.0% Nifty 500 TRI (broad market): 15.8% Upper quartile plan: 19.9% Lower quartile plan: 15.8%April 2024 Median direct plan: 18.3% Nifty 500 TRI (broad market): 16.1% Upper quartile plan: 20.0% Lower quartile plan: 16.1%May 2024 Median direct plan: 17.1% Nifty 500 TRI (broad market): 15.1% Upper quartile plan: 18.8% Lower quartile plan: 15.1%June 2024 Median direct plan: 17.0% Nifty 500 TRI (broad market): 15.1% Upper quartile plan: 18.8% Lower quartile plan: 15.0%July 2024 Median direct plan: 17.4% Nifty 500 TRI (broad market): 15.5% Upper quartile plan: 19.3% Lower quartile plan: 15.5%August 2024 Median direct plan: 17.0% Nifty 500 TRI (broad market): 15.3% Upper quartile plan: 18.8% Lower quartile plan: 15.3%September 2024 Median direct plan: 16.9% Nifty 500 TRI (broad market): 15.5% Upper quartile plan: 18.8% Lower quartile plan: 15.4%October 2024 Median direct plan: 16.0% Nifty 500 TRI (broad market): 14.3% Upper quartile plan: 17.6% Lower quartile plan: 14.2%November 2024 Median direct plan: 15.4% Nifty 500 TRI (broad market): 13.9% Upper quartile plan: 17.1% Lower quartile plan: 13.6%December 2024 Median direct plan: 15.3% Nifty 500 TRI (broad market): 13.9% Upper quartile plan: 17.0% Lower quartile plan: 13.5%January 2025 Median direct plan: 14.2% Nifty 500 TRI (broad market): 12.9% Upper quartile plan: 15.8% Lower quartile plan: 12.6%February 2025 Median direct plan: 13.2% Nifty 500 TRI (broad market): 11.9% Upper quartile plan: 14.8% Lower quartile plan: 11.8%March 2025 Median direct plan: 14.1% Nifty 500 TRI (broad market): 13.1% Upper quartile plan: 15.6% Lower quartile plan: 12.7%April 2025 Median direct plan: 14.9% Nifty 500 TRI (broad market): 13.8% Upper quartile plan: 16.3% Lower quartile plan: 13.4%May 2025 Median direct plan: 15.0% Nifty 500 TRI (broad market): 13.9% Upper quartile plan: 16.3% Lower quartile plan: 13.4%June 2025 Median direct plan: 15.4% Nifty 500 TRI (broad market): 14.4% Upper quartile plan: 17.0% Lower quartile plan: 13.8%July 2025 Median direct plan: 14.7% Nifty 500 TRI (broad market): 13.7% Upper quartile plan: 16.2% Lower quartile plan: 13.2%August 2025 Median direct plan: 15.1% Nifty 500 TRI (broad market): 14.2% Upper quartile plan: 16.7% Lower quartile plan: 13.7%September 2025 Median direct plan: 15.3% Nifty 500 TRI (broad market): 14.3% Upper quartile plan: 16.8% Lower quartile plan: 13.8%October 2025 Median direct plan: 15.6% Nifty 500 TRI (broad market): 14.7% Upper quartile plan: 17.1% Lower quartile plan: 14.2%November 2025 Median direct plan: 15.6% Nifty 500 TRI (broad market): 14.9% Upper quartile plan: 17.2% Lower quartile plan: 14.2%December 2025 Median direct plan: 15.5% Nifty 500 TRI (broad market): 14.8% Upper quartile plan: 17.0% Lower quartile plan: 14.2%January 2026 Median direct plan: 15.9% Nifty 500 TRI (broad market): 15.1% Upper quartile plan: 17.4% Lower quartile plan: 14.5%February 2026 Median direct plan: 17.2% Nifty 500 TRI (broad market): 16.1% Upper quartile plan: 18.8% Lower quartile plan: 15.7%March 2026 Median direct plan: 14.5% Nifty 500 TRI (broad market): 13.5% Upper quartile plan: 16.1% Lower quartile plan: 13.0%April 2026 Median direct plan: 15.3% Nifty 500 TRI (broad market): 14.4% Upper quartile plan: 17.0% Lower quartile plan: 13.9%May 2026 Median direct plan: 15.1% Nifty 500 TRI (broad market): 14.0% Upper quartile plan: 16.7% Lower quartile plan: 13.6%June 2026 Median direct plan: 15.0% Nifty 500 TRI (broad market): 13.9% Upper quartile plan: 16.5% Lower quartile plan: 13.5%July 2026 Median direct plan: 14.7% Nifty 500 TRI (broad market): 13.6% Upper quartile plan: 16.1% Lower quartile plan: 13.1%August 2026 Median direct plan: 14.4% Nifty 500 TRI (broad market): 13.3% Upper quartile plan: 15.7% Lower quartile plan: 13.0%September 2026 Median direct plan: 13.8% Nifty 500 TRI (broad market): 12.8% Upper quartile plan: 15.2% Lower quartile plan: 12.4%
  • Median direct plan
  • Nifty 500 TRI (broad market)
  • Upper quartile plan
  • Lower quartile plan

2 · Consistency and risk

All active equity: margin over the index against volatility, plan by plan

Volatility against margin

Every active-equity direct plan, ten years to September 2026: volatility across, margin over the index up

One point per plan. Left of the dashed line the plan was steadier than its own category's index; above zero it beat it. A filled point's margin is larger than its month-to-month noise. The plans a reader wants are top-left: ahead of the index with less volatility.

For example: A plan 3 points a year ahead of its index with 14% volatility against the index's 16% sits above zero and left of the line: more return for a smoother ride.

−4.0 −2.0 0 +2.0 +4.0 +6.0 +8.0 12% 14% 16% 18% 20% 22% 24%Volatility, per cent a year → Margin over the index, percentage points a year ↑ quant ELSS Tax Saver Fund: +7.0 over the index, volatility 19%, beat the index in 62% of 12-month windowsquant ELSS Tax Saver Nippon India Small Cap Fund: +6.3 over the index, volatility 22%, beat the index in 84% of 12-month windowsNippon India Small Cap quant Flexi Cap Fund: +6.2 over the index, volatility 19%, beat the index in 63% of 12-month windowsquant Flexi Cap Axis Small Cap Fund: +4.7 over the index, volatility 18%, beat the index in 64% of 12-month windowsAxis Small Cap Motilal Oswal ELSS Tax Saver Fund: +4.2 over the index, volatility 19%, beat the index in 62% of 12-month windowsMotilal Oswal ELSS Tax Sa… Parag Parikh Flexi Cap Fund: +4.2 over the index, volatility 13%, beat the index in 74% of 12-month windowsParag Parikh Flexi Cap quant Multi Cap Fund: +4.0 over the index, volatility 19%, beat the index in 70% of 12-month windows SBI Small Cap Fund: +3.7 over the index, volatility 20%, beat the index in 59% of 12-month windows Mirae Asset ELSS Tax Saver Fund: +3.5 over the index, volatility 17%, beat the index in 81% of 12-month windows Kotak Contra Fund: +3.3 over the index, volatility 17%, beat the index in 83% of 12-month windows Bank of India ELSS Tax Saver Fund: +3.2 over the index, volatility 18%, beat the index in 66% of 12-month windows JM Flexi Cap Fund: +3.2 over the index, volatility 17%, beat the index in 58% of 12-month windows JM ELSS: +3.1 over the index, volatility 18%, beat the index in 64% of 12-month windows Invesco India Large & Mid Cap Fund: +2.8 over the index, volatility 17%, beat the index in 65% of 12-month windows HDFC Flexi Cap Fund: +2.8 over the index, volatility 18%, beat the index in 73% of 12-month windows Union Small Cap Fund: +2.7 over the index, volatility 20%, beat the index in 64% of 12-month windows HDFC Small Cap Fund: +2.7 over the index, volatility 21%, beat the index in 61% of 12-month windows Invesco India Contra Fund: +2.6 over the index, volatility 17%, beat the index in 65% of 12-month windows Kotak-Small Cap Fund: +2.6 over the index, volatility 21%, beat the index in 61% of 12-month windows 360 One Focused Fund: +2.5 over the index, volatility 17%, beat the index in 57% of 12-month windows Invesco India Mid Cap Fund: +2.5 over the index, volatility 19%, beat the index in 60% of 12-month windows DSP Small Cap Fund: +2.4 over the index, volatility 22%, beat the index in 63% of 12-month windows JM Value Fund: +2.4 over the index, volatility 19%, beat the index in 47% of 12-month windows SBI Contra Fund: +2.3 over the index, volatility 17%, beat the index in 56% of 12-month windows SBI Focused Fund: +2.3 over the index, volatility 16%, beat the index in 59% of 12-month windows Bandhan Value Fund: +2.3 over the index, volatility 20%, beat the index in 55% of 12-month windows ICICI Prudential Focused Fund: +2.2 over the index, volatility 15%, beat the index in 76% of 12-month windows quant Focused Fund: +2.1 over the index, volatility 18%, beat the index in 59% of 12-month windows Nippon India Large Cap Fund: +2.1 over the index, volatility 18%, beat the index in 68% of 12-month windows Bandhan ELSS: +2.1 over the index, volatility 18%, beat the index in 61% of 12-month windows Nippon India Value Fund: +2.0 over the index, volatility 18%, beat the index in 64% of 12-month windows HDFC Focused Fund: +1.7 over the index, volatility 17%, beat the index in 59% of 12-month windows Canara Robeco ELSS: +1.7 over the index, volatility 16%, beat the index in 65% of 12-month windows Canara Robeco Large Cap Fund: +1.7 over the index, volatility 15%, beat the index in 62% of 12-month windows Invesco India Large Cap Fund: +1.7 over the index, volatility 16%, beat the index in 63% of 12-month windows Bandhan Large & Mid Cap Fund: +1.6 over the index, volatility 18%, beat the index in 56% of 12-month windows Mirae Asset Large & Midcap Fund: +1.6 over the index, volatility 17%, beat the index in 54% of 12-month windows PGIM India Flexi Cap Fund: +1.6 over the index, volatility 17%, beat the index in 49% of 12-month windows DSP ELSS Tax Saver Fund: +1.5 over the index, volatility 17%, beat the index in 64% of 12-month windows quant Large & Mid Cap Fund: +1.5 over the index, volatility 18%, beat the index in 50% of 12-month windows Nippon India Multi Cap Fund: +1.5 over the index, volatility 19%, beat the index in 70% of 12-month windows ICICI Prudential Small Cap Fund: +1.5 over the index, volatility 21%, beat the index in 60% of 12-month windows ICICI Prudential Large Cap Fund: +1.5 over the index, volatility 15%, beat the index in 68% of 12-month windows quant Mid Cap Fund: +1.5 over the index, volatility 18%, beat the index in 57% of 12-month windows HDFC Value Fund: +1.4 over the index, volatility 18%, beat the index in 71% of 12-month windows Kotak ELSS Tax Saver Fund: +1.4 over the index, volatility 16%, beat the index in 57% of 12-month windows ICICI Prudential Value Fund: +1.3 over the index, volatility 15%, beat the index in 68% of 12-month windows Nippon India Growth Mid Cap Fund: +1.2 over the index, volatility 19%, beat the index in 66% of 12-month windows Canara Robeco Flexi Cap Fund: +1.2 over the index, volatility 15%, beat the index in 61% of 12-month windows Edelweiss Large Cap Fund: +1.2 over the index, volatility 16%, beat the index in 65% of 12-month windows Tata Value Fund: +1.1 over the index, volatility 16%, beat the index in 54% of 12-month windows Bandhan Focused Fund: +1.1 over the index, volatility 17%, beat the index in 50% of 12-month windows Bandhan Large Cap Fund: +1.0 over the index, volatility 16%, beat the index in 60% of 12-month windows Tata ELSS Fund: +1.0 over the index, volatility 17%, beat the index in 58% of 12-month windows SBI ELSS Tax Saver Fund: +0.9 over the index, volatility 17%, beat the index in 47% of 12-month windows ICICI Prudential Large & Mid Cap Fund: +0.9 over the index, volatility 17%, beat the index in 58% of 12-month windows Invesco India ELSS Tax Saver Fund: +0.8 over the index, volatility 17%, beat the index in 63% of 12-month windows Kotak Large Cap Fund: +0.7 over the index, volatility 16%, beat the index in 66% of 12-month windows Kotak Mid Cap Fund: +0.7 over the index, volatility 19%, beat the index in 55% of 12-month windows Sundaram Large and Midcap Fund: +0.7 over the index, volatility 18%, beat the index in 47% of 12-month windows Kotak Large & Mid Cap Fund: +0.7 over the index, volatility 16%, beat the index in 60% of 12-month windows DSP Flexi Cap Fund: +0.7 over the index, volatility 18%, beat the index in 55% of 12-month windows Mirae Asset Large Cap Fund: +0.7 over the index, volatility 16%, beat the index in 59% of 12-month windows Axis Midcap Fund: +0.7 over the index, volatility 16%, beat the index in 48% of 12-month windows Aditya Birla Sun Life Flexi Cap Fund: +0.7 over the index, volatility 17%, beat the index in 49% of 12-month windows ICICI Prudential Multi Cap Fund: +0.6 over the index, volatility 17%, beat the index in 62% of 12-month windows Sundaram Small Cap Fund: +0.6 over the index, volatility 23%, beat the index in 52% of 12-month windows Motilal Oswal Focused Fund: +0.5 over the index, volatility 18%, beat the index in 30% of 12-month windows Axis Large Cap Fund: +0.4 over the index, volatility 15%, beat the index in 49% of 12-month windows HSBC Flexi Cap Fund: +0.4 over the index, volatility 18%, beat the index in 50% of 12-month windows Canara Robeco Large and Mid Cap Fund: +0.4 over the index, volatility 18%, beat the index in 44% of 12-month windows Union Flexi Cap Fund: +0.4 over the index, volatility 16%, beat the index in 58% of 12-month windows Franklin India Small Cap Fund: +0.4 over the index, volatility 20%, beat the index in 47% of 12-month windows HDFC Large Cap Fund: +0.3 over the index, volatility 17%, beat the index in 50% of 12-month windows Templeton India Value Fund: +0.3 over the index, volatility 19%, beat the index in 52% of 12-month windows PGIM India ELSS Tax Saver Fund: +0.3 over the index, volatility 16%, beat the index in 59% of 12-month windows Motilal Oswal Midcap Fund: +0.2 over the index, volatility 20%, beat the index in 52% of 12-month windows HDFC Mid Cap Fund: +0.2 over the index, volatility 19%, beat the index in 54% of 12-month windows Franklin India Flexi Cap Fund: +0.2 over the index, volatility 17%, beat the index in 52% of 12-month windows Kotak Flexi Cap Fund: +0.2 over the index, volatility 16%, beat the index in 55% of 12-month windows Baroda BNP Paribas Multi Cap Fund: +0.2 over the index, volatility 17%, beat the index in 54% of 12-month windows UTI Value Fund: +0.2 over the index, volatility 16%, beat the index in 57% of 12-month windows Invesco India Multi Cap Fund: +0.2 over the index, volatility 18%, beat the index in 48% of 12-month windows Edelweiss ELSS Tax Saver Fund: +0.1 over the index, volatility 17%, beat the index in 54% of 12-month windows HDFC Large & Mid Cap Fund: +0.1 over the index, volatility 18%, beat the index in 58% of 12-month windows HSBC Large Cap Fund: +0.1 over the index, volatility 16%, beat the index in 44% of 12-month windows HDFC ELSS: +0.1 over the index, volatility 16%, beat the index in 53% of 12-month windows ICICI Prudential Mid Cap Fund: +0.1 over the index, volatility 20%, beat the index in 45% of 12-month windows SBI Large & Midcap Fund: 0 over the index, volatility 17%, beat the index in 61% of 12-month windows Tata Large Cap Fund: 0 over the index, volatility 17%, beat the index in 56% of 12-month windows SBI Large Cap Fund: 0 over the index, volatility 16%, beat the index in 57% of 12-month windows Motilal Oswal Flexi cap Fund: −0.1 over the index, volatility 18%, beat the index in 40% of 12-month windows Union ELSS Tax Saver Fund: −0.1 over the index, volatility 16%, beat the index in 54% of 12-month windows Franklin India Focused Equity Fund: −0.2 over the index, volatility 18%, beat the index in 55% of 12-month windows Nippon India Focused Fund: −0.2 over the index, volatility 19%, beat the index in 49% of 12-month windows Aditya Birla Sun Life Focused Fund: −0.3 over the index, volatility 16%, beat the index in 41% of 12-month windows DSP Large & Mid Cap Fund: −0.3 over the index, volatility 18%, beat the index in 47% of 12-month windows JM Large Cap Fund: −0.3 over the index, volatility 12%, beat the index in 47% of 12-month windows Aditya Birla Sun Life Large Cap Fund: −0.3 over the index, volatility 16%, beat the index in 45% of 12-month windows LIC MF Large & Mid Cap Fund: −0.4 over the index, volatility 17%, beat the index in 41% of 12-month windows ICICI Prudential ELSS: −0.4 over the index, volatility 16%, beat the index in 50% of 12-month windows Franklin India ELSS Tax Saver Fund: −0.5 over the index, volatility 17%, beat the index in 54% of 12-month windows Groww Largecap Fund: −0.5 over the index, volatility 16%, beat the index in 50% of 12-month windows Tata Mid Cap Fund: −0.5 over the index, volatility 19%, beat the index in 37% of 12-month windows JM Focused Fund: −0.5 over the index, volatility 19%, beat the index in 50% of 12-month windows UTI Large & Mid Cap Fund: −0.6 over the index, volatility 18%, beat the index in 50% of 12-month windows UTI Large Cap Fund: −0.6 over the index, volatility 16%, beat the index in 39% of 12-month windows Aditya Birla Sun Life Value Fund: −0.7 over the index, volatility 20%, beat the index in 49% of 12-month windows LIC MF ELSS Tax Saver Fund: −0.8 over the index, volatility 16%, beat the index in 42% of 12-month windows PGIM India Midcap Fund: −0.8 over the index, volatility 19%, beat the index in 44% of 12-month windows SBI Flexicap Fund: −0.9 over the index, volatility 16%, beat the index in 31% of 12-month windows Axis ELSS Tax Saver Fund: −1.0 over the index, volatility 17%, beat the index in 44% of 12-month windows Navi Large & Midcap Fund: −1.0 over the index, volatility 18%, beat the index in 37% of 12-month windows UTI: −1.1 over the index, volatility 17%, beat the index in 45% of 12-month windows PGIM India Large Cap Fund: −1.1 over the index, volatility 16%, beat the index in 35% of 12-month windows DSP Focused Fund: −1.1 over the index, volatility 18%, beat the index in 44% of 12-month windows Aditya Birla Sun Life Small Cap Fund: −1.2 over the index, volatility 22%, beat the index in 37% of 12-month windows UTI ELSS Tax Saver Fund: −1.2 over the index, volatility 17%, beat the index in 29% of 12-month windows Axis Focused Fund: −1.2 over the index, volatility 18%, beat the index in 43% of 12-month windows DSP Large Cap Fund: −1.3 over the index, volatility 17%, beat the index in 39% of 12-month windows Franklin India Large Cap Fund: −1.3 over the index, volatility 16%, beat the index in 36% of 12-month windows Bank of India Large & Mid Cap Fund: −1.3 over the index, volatility 17%, beat the index in 39% of 12-month windows LIC MF Large Cap Fund: −1.4 over the index, volatility 16%, beat the index in 26% of 12-month windows Taurus Large Cap Fund: −1.5 over the index, volatility 16%, beat the index in 26% of 12-month windows Nippon India Vision Large & Mid Cap Fund: −1.6 over the index, volatility 18%, beat the index in 42% of 12-month windows Groww Value Fund: −1.9 over the index, volatility 16%, beat the index in 41% of 12-month windows LIC MF Flexi Cap Fund: −2.0 over the index, volatility 16%, beat the index in 33% of 12-month windows Tata Large & MId Cap Fund: −2.0 over the index, volatility 17%, beat the index in 34% of 12-month windows Bandhan Flexi Cap Fund: −2.1 over the index, volatility 16%, beat the index in 27% of 12-month windows Taurus Mid Cap Fund: −2.2 over the index, volatility 19%, beat the index in 39% of 12-month windows Nippon India ELSS Tax Saver Fund: −2.2 over the index, volatility 19%, beat the index in 59% of 12-month windows Sundaram Mid Cap Fund: −2.5 over the index, volatility 19%, beat the index in 35% of 12-month windows Quantum ELSS Tax Saver Fund: −2.5 over the index, volatility 16%, beat the index in 44% of 12-month windows Franklin India Mid Cap Fund: −2.5 over the index, volatility 18%, beat the index in 30% of 12-month windows Aditya Birla Sun Life ELSS Tax Saver Fund: −2.6 over the index, volatility 16%, beat the index in 40% of 12-month windows Quantum Value Fund: −2.6 over the index, volatility 16%, beat the index in 44% of 12-month windows DSP Midcap Fund: −2.7 over the index, volatility 18%, beat the index in 32% of 12-month windows SBI Midcap Fund: −2.9 over the index, volatility 19%, beat the index in 43% of 12-month windows Franklin India Large & Mid Cap Fund: −2.9 over the index, volatility 18%, beat the index in 28% of 12-month windows UTI Mid Cap Fund: −2.9 over the index, volatility 19%, beat the index in 23% of 12-month windows Taurus Flexi Cap Fund: −3.0 over the index, volatility 17%, beat the index in 15% of 12-month windows Sundaram Value Fund: −3.0 over the index, volatility 17%, beat the index in 30% of 12-month windows Aditya Birla Sun Life Large & Mid Cap Fund: −3.2 over the index, volatility 19%, beat the index in 22% of 12-month windowsAditya Birla Sun Life Lar… Aditya Birla Sun Life Midcap Fund: −3.3 over the index, volatility 19%, beat the index in 20% of 12-month windowsAditya Birla Sun Life Mid…

Select a point to open the plan. Of the 144 active-equity direct plans with a NAV at every month-end of the ten years, 88 beat its own category's index, 58 did so with less volatility than the index, and 5 with a margin larger than their month-to-month noise.

Persistence of outperformance

All active equity: earlier top-quarter plans still top quarter 5 years later

At each month-end, direct plans are ranked by margin over their index over the 5 years just ended and the 5 years before that. The line is the share of the earlier top quarter still in the top quarter; by chance alone it would be 25%. The second line is the share that fell to the bottom quarter.

For example: If 8 of the 32 plans were top quarter in 2020–2023 and 3 of those 8 were top quarter again in 2023–2026, the point for September 2026 is 3 ÷ 8 = 38%.

Per cent of the earlier top quarter

January 2023 Still top quarter: 27.3% Fell to bottom quarter: 21.2%February 2023 Still top quarter: 23.5% Fell to bottom quarter: 20.6%March 2023 Still top quarter: 20.6% Fell to bottom quarter: 17.6%April 2023 Still top quarter: 29.0% Fell to bottom quarter: 22.6%May 2023 Still top quarter: 29.0% Fell to bottom quarter: 16.1%June 2023 Still top quarter: 34.4% Fell to bottom quarter: 18.8%July 2023 Still top quarter: 40.6% Fell to bottom quarter: 15.6%August 2023 Still top quarter: 42.4% Fell to bottom quarter: 21.2%September 2023 Still top quarter: 35.5% Fell to bottom quarter: 16.1%October 2023 Still top quarter: 38.7% Fell to bottom quarter: 12.9%November 2023 Still top quarter: 37.5% Fell to bottom quarter: 9.4%December 2023 Still top quarter: 33.3% Fell to bottom quarter: 12.1%January 2024 Still top quarter: 33.3% Fell to bottom quarter: 12.1%February 2024 Still top quarter: 35.3% Fell to bottom quarter: 14.7%March 2024 Still top quarter: 28.6% Fell to bottom quarter: 17.1%April 2024 Still top quarter: 35.3% Fell to bottom quarter: 17.6%May 2024 Still top quarter: 36.4% Fell to bottom quarter: 21.2%June 2024 Still top quarter: 28.6% Fell to bottom quarter: 25.7%July 2024 Still top quarter: 31.4% Fell to bottom quarter: 31.4%August 2024 Still top quarter: 31.4% Fell to bottom quarter: 28.6%September 2024 Still top quarter: 29.7% Fell to bottom quarter: 32.4%October 2024 Still top quarter: 32.4% Fell to bottom quarter: 35.1%November 2024 Still top quarter: 30.6% Fell to bottom quarter: 27.8%December 2024 Still top quarter: 24.3% Fell to bottom quarter: 29.7%January 2025 Still top quarter: 27.0% Fell to bottom quarter: 21.6%February 2025 Still top quarter: 18.4% Fell to bottom quarter: 28.9%March 2025 Still top quarter: 19.4% Fell to bottom quarter: 36.1%April 2025 Still top quarter: 22.2% Fell to bottom quarter: 36.1%May 2025 Still top quarter: 26.3% Fell to bottom quarter: 26.3%June 2025 Still top quarter: 23.7% Fell to bottom quarter: 26.3%July 2025 Still top quarter: 26.3% Fell to bottom quarter: 23.7%August 2025 Still top quarter: 26.3% Fell to bottom quarter: 21.1%September 2025 Still top quarter: 20.5% Fell to bottom quarter: 28.2%October 2025 Still top quarter: 23.1% Fell to bottom quarter: 35.9%November 2025 Still top quarter: 23.1% Fell to bottom quarter: 33.3%December 2025 Still top quarter: 22.5% Fell to bottom quarter: 25.0%January 2026 Still top quarter: 25.0% Fell to bottom quarter: 25.0%February 2026 Still top quarter: 25.0% Fell to bottom quarter: 25.0%March 2026 Still top quarter: 27.5% Fell to bottom quarter: 25.0%April 2026 Still top quarter: 28.2% Fell to bottom quarter: 30.8%May 2026 Still top quarter: 25.0% Fell to bottom quarter: 27.5%June 2026 Still top quarter: 22.5% Fell to bottom quarter: 27.5%July 2026 Still top quarter: 19.5% Fell to bottom quarter: 34.1%August 2026 Still top quarter: 24.4% Fell to bottom quarter: 36.6%September 2026 Still top quarter: 24.4% Fell to bottom quarter: 36.6%By chance
  • Still top quarter
  • Fell to bottom quarter

Latest reading, Sep 2026: 24% of the earlier top quarter (41 plans still existing, 2 disappeared) were still top quarter, and 37% had fallen to the bottom quarter. Across the 45 month-ends with a reading, the share averaged 28% and was above the 25% chance level in 27 of them. Overlapping windows are not independent: a run of similar readings is largely one episode.

3 · Costs and money

All active equity: cost of regular plans and the response of flows to returns

Costs

Direct minus regular plan return: active-equity funds, ten years

Median direct-plan return minus the median regular-plan return of the same schemes, in percentage points. A regular plan is bought through a distributor and pays a commission out of the fund every year; a direct plan does not, so the gap is roughly that commission.

For example: If a fund's direct plan returned 16% a year and its regular plan 15%, buying through a distributor cost the investor about 1 percentage point a year.

Percentage points

January 2023 Direct minus regular, median: +1.01 ppFebruary 2023 Direct minus regular, median: +1.03 ppMarch 2023 Direct minus regular, median: +1.03 ppApril 2023 Direct minus regular, median: +1.03 ppMay 2023 Direct minus regular, median: +1.04 ppJune 2023 Direct minus regular, median: +1.05 ppJuly 2023 Direct minus regular, median: +1.06 ppAugust 2023 Direct minus regular, median: +1.07 ppSeptember 2023 Direct minus regular, median: +1.07 ppOctober 2023 Direct minus regular, median: +1.06 ppNovember 2023 Direct minus regular, median: +1.07 ppDecember 2023 Direct minus regular, median: +1.08 ppJanuary 2024 Direct minus regular, median: +1.09 ppFebruary 2024 Direct minus regular, median: +1.09 ppMarch 2024 Direct minus regular, median: +1.09 ppApril 2024 Direct minus regular, median: +1.09 ppMay 2024 Direct minus regular, median: +1.09 ppJune 2024 Direct minus regular, median: +1.09 ppJuly 2024 Direct minus regular, median: +1.10 ppAugust 2024 Direct minus regular, median: +1.10 ppSeptember 2024 Direct minus regular, median: +1.10 ppOctober 2024 Direct minus regular, median: +1.10 ppNovember 2024 Direct minus regular, median: +1.10 ppDecember 2024 Direct minus regular, median: +1.09 ppJanuary 2025 Direct minus regular, median: +1.08 ppFebruary 2025 Direct minus regular, median: +1.07 ppMarch 2025 Direct minus regular, median: +1.08 ppApril 2025 Direct minus regular, median: +1.09 ppMay 2025 Direct minus regular, median: +1.10 ppJune 2025 Direct minus regular, median: +1.10 ppJuly 2025 Direct minus regular, median: +1.09 ppAugust 2025 Direct minus regular, median: +1.09 ppSeptember 2025 Direct minus regular, median: +1.10 ppOctober 2025 Direct minus regular, median: +1.10 ppNovember 2025 Direct minus regular, median: +1.10 ppDecember 2025 Direct minus regular, median: +1.11 ppJanuary 2026 Direct minus regular, median: +1.11 ppFebruary 2026 Direct minus regular, median: +1.13 ppMarch 2026 Direct minus regular, median: +1.10 ppApril 2026 Direct minus regular, median: +1.12 ppMay 2026 Direct minus regular, median: +1.11 ppJune 2026 Direct minus regular, median: +1.11 ppJuly 2026 Direct minus regular, median: +1.10 ppAugust 2026 Direct minus regular, median: +1.10 ppSeptember 2026 Direct minus regular, median: +1.10 pp
  • Direct minus regular, median

Money and returns

All active equity: net flow as a share of assets beside the median plan's trailing 12-month return

Bars are the month's net flow into the category's funds (subscriptions minus redemptions) as a share of its assets at the end of the previous month, from AMFI's monthly report. The line is the median direct plan's return over the 12 months ending that month. The table below asks whether this month's money follows the return of the months before it.

For example: If a category held ₹1 lakh crore at the end of March and took a net ₹2,000 crore in April, April's bar is 2%. If the median plan had returned 30% over the year to April, the line sits at 30 that month.

  • Net flow, % of previous month's assets (bars, left)
  • Median direct plan, 12-month return (line, right)
Per cent of assets Per cent, 12 months
January 2023 Net flow, % of previous month's assets: +0.82% Median direct plan, 12-month return: +1.4%February 2023 Net flow, % of previous month's assets: +1.04% Median direct plan, 12-month return: +5.2%March 2023 Net flow, % of previous month's assets: +1.37% Median direct plan, 12-month return: +1.0%April 2023 Net flow, % of previous month's assets: +0.43% Median direct plan, 12-month return: +6.5%May 2023 Net flow, % of previous month's assets: +0.20% Median direct plan, 12-month return: +15.1%June 2023 Net flow, % of previous month's assets: +0.52% Median direct plan, 12-month return: +26.6%July 2023 Net flow, % of previous month's assets: +0.44% Median direct plan, 12-month return: +20.6%August 2023 Net flow, % of previous month's assets: +1.11% Median direct plan, 12-month return: +16.8%September 2023 Net flow, % of previous month's assets: +0.76% Median direct plan, 12-month return: +21.5%October 2023 Net flow, % of previous month's assets: +1.05% Median direct plan, 12-month return: +13.5%November 2023 Net flow, % of previous month's assets: +0.83% Median direct plan, 12-month return: +19.7%December 2023 Net flow, % of previous month's assets: +0.84% Median direct plan, 12-month return: +31.7%January 2024 Net flow, % of previous month's assets: +1.00% Median direct plan, 12-month return: +38.0%February 2024 Net flow, % of previous month's assets: +1.19% Median direct plan, 12-month return: +42.8%March 2024 Net flow, % of previous month's assets: +0.98% Median direct plan, 12-month return: +42.8%April 2024 Net flow, % of previous month's assets: +0.81% Median direct plan, 12-month return: +44.7%May 2024 Net flow, % of previous month's assets: +1.40% Median direct plan, 12-month return: +40.8%June 2024 Net flow, % of previous month's assets: +1.60% Median direct plan, 12-month return: +44.0%July 2024 Net flow, % of previous month's assets: +1.34% Median direct plan, 12-month return: +44.1%August 2024 Net flow, % of previous month's assets: +1.30% Median direct plan, 12-month return: +45.1%September 2024 Net flow, % of previous month's assets: +1.14% Median direct plan, 12-month return: +45.0%October 2024 Net flow, % of previous month's assets: +1.35% Median direct plan, 12-month return: +40.9%November 2024 Net flow, % of previous month's assets: +1.20% Median direct plan, 12-month return: +30.9%December 2024 Net flow, % of previous month's assets: +1.36% Median direct plan, 12-month return: +22.2%January 2025 Net flow, % of previous month's assets: +1.30% Median direct plan, 12-month return: +13.2%February 2025 Net flow, % of previous month's assets: +0.99% Median direct plan, 12-month return: +2.6%March 2025 Net flow, % of previous month's assets: +0.92% Median direct plan, 12-month return: +8.7%April 2025 Net flow, % of previous month's assets: +0.82% Median direct plan, 12-month return: +7.2%May 2025 Net flow, % of previous month's assets: +0.62% Median direct plan, 12-month return: +10.4%June 2025 Net flow, % of previous month's assets: +0.74% Median direct plan, 12-month return: +6.4%July 2025 Net flow, % of previous month's assets: +1.28% Median direct plan, 12-month return: +0.2%August 2025 Net flow, % of previous month's assets: +1.00% Median direct plan, 12-month return: −3.4%September 2025 Net flow, % of previous month's assets: +0.92% Median direct plan, 12-month return: −4.5%October 2025 Net flow, % of previous month's assets: +0.73% Median direct plan, 12-month return: +4.8%November 2025 Net flow, % of previous month's assets: +0.85% Median direct plan, 12-month return: +4.9%December 2025 Net flow, % of previous month's assets: +0.79% Median direct plan, 12-month return: +5.2%January 2026 Net flow, % of previous month's assets: +0.67% Median direct plan, 12-month return: +7.4%February 2026 Net flow, % of previous month's assets: +0.75% Median direct plan, 12-month return: +17.9%March 2026 Net flow, % of previous month's assets: +1.14% Median direct plan, 12-month return: −1.7%April 2026 Net flow, % of previous month's assets: +1.20% Median direct plan, 12-month return: +5.3%May 2026 Net flow, % of previous month's assets: +0.64% Median direct plan, 12-month return: +1.8%June 2026 Net flow, % of previous month's assets: +0.80% Median direct plan, 12-month return: +0.8%July 2026 Net flow, % of previous month's assets: +0.66% Median direct plan, 12-month return: +5.1%August 2026 Net flow, % of previous month's assets: +0.76% Median direct plan, 12-month return: +8.8%September 2026 Net flow, % of previous month's assets: +0.98% Median direct plan, 12-month return: +2.3%

Flow response to returns: correlation of this month's net flow rate with the median plan's 12-month return ending the stated number of months earlier

Return measuredsame month1 month earlier2 months earlier3 months earlier4 months earlier5 months earlier6 months earlier
Pearson r+0.14+0.27+0.42+0.45+0.50+0.46+0.43
Spearman ρ (ranks)+0.10+0.31+0.48+0.50+0.52+0.41+0.34
Months paired (≈ independent)89 (≈7)89 (≈7)89 (≈7)89 (≈7)89 (≈7)89 (≈7)89 (≈7)

The strongest co-movement is with the return measured 4 months earlier: r = +0.50 over 89 months, so more money arrived after higher returns. Its interval includes zero once overlapping returns are allowed for, so the data do not rule out no relationship. ★ marks a 95% interval that excludes zero after allowing that consecutive 12-month returns share eleven months (about one independent observation per twelve). A correlation describes co-movement in this sample: investors may chase returns, returns may follow the money, or both may follow the market. AMFI publishes no fund-by-fund flows monthly, so this is the category, not the fund; SIP inflows by category exist only from August 2026.

4 · The fund universe

All active equity: plans listed and plans with a full ten years record

Survivorship

All active equity: direct plans AMFI lists each month, and those counted in the ten years window ending that month

The gap between the lines is launches too young for the window plus schemes that merged or closed inside it. Results above describe the second line only, which flatters them: a scheme that closed after losing money is not there to be counted.

For example: If 36 small-cap plans are listed in September 2026 but 24 have a NAV ten years earlier, the ten-year result rests on 24 plans, and the 12 others include recent launches and nothing about funds that disappeared.

Number of plans

January 2023 Direct plans AMFI lists: 253 Direct plans counted in the ten years window: 131February 2023 Direct plans AMFI lists: 257 Direct plans counted in the ten years window: 131March 2023 Direct plans AMFI lists: 260 Direct plans counted in the ten years window: 131April 2023 Direct plans AMFI lists: 259 Direct plans counted in the ten years window: 130May 2023 Direct plans AMFI lists: 259 Direct plans counted in the ten years window: 132June 2023 Direct plans AMFI lists: 262 Direct plans counted in the ten years window: 132July 2023 Direct plans AMFI lists: 260 Direct plans counted in the ten years window: 131August 2023 Direct plans AMFI lists: 263 Direct plans counted in the ten years window: 131September 2023 Direct plans AMFI lists: 265 Direct plans counted in the ten years window: 131October 2023 Direct plans AMFI lists: 266 Direct plans counted in the ten years window: 131November 2023 Direct plans AMFI lists: 269 Direct plans counted in the ten years window: 132December 2023 Direct plans AMFI lists: 271 Direct plans counted in the ten years window: 134January 2024 Direct plans AMFI lists: 273 Direct plans counted in the ten years window: 134February 2024 Direct plans AMFI lists: 276 Direct plans counted in the ten years window: 135March 2024 Direct plans AMFI lists: 276 Direct plans counted in the ten years window: 132April 2024 Direct plans AMFI lists: 277 Direct plans counted in the ten years window: 136May 2024 Direct plans AMFI lists: 277 Direct plans counted in the ten years window: 137June 2024 Direct plans AMFI lists: 279 Direct plans counted in the ten years window: 140July 2024 Direct plans AMFI lists: 280 Direct plans counted in the ten years window: 140August 2024 Direct plans AMFI lists: 281 Direct plans counted in the ten years window: 140September 2024 Direct plans AMFI lists: 284 Direct plans counted in the ten years window: 140October 2024 Direct plans AMFI lists: 284 Direct plans counted in the ten years window: 142November 2024 Direct plans AMFI lists: 287 Direct plans counted in the ten years window: 142December 2024 Direct plans AMFI lists: 288 Direct plans counted in the ten years window: 142January 2025 Direct plans AMFI lists: 287 Direct plans counted in the ten years window: 143February 2025 Direct plans AMFI lists: 290 Direct plans counted in the ten years window: 144March 2025 Direct plans AMFI lists: 294 Direct plans counted in the ten years window: 145April 2025 Direct plans AMFI lists: 294 Direct plans counted in the ten years window: 145May 2025 Direct plans AMFI lists: 295 Direct plans counted in the ten years window: 145June 2025 Direct plans AMFI lists: 297 Direct plans counted in the ten years window: 145July 2025 Direct plans AMFI lists: 300 Direct plans counted in the ten years window: 145August 2025 Direct plans AMFI lists: 302 Direct plans counted in the ten years window: 145September 2025 Direct plans AMFI lists: 302 Direct plans counted in the ten years window: 146October 2025 Direct plans AMFI lists: 304 Direct plans counted in the ten years window: 146November 2025 Direct plans AMFI lists: 305 Direct plans counted in the ten years window: 146December 2025 Direct plans AMFI lists: 307 Direct plans counted in the ten years window: 150January 2026 Direct plans AMFI lists: 306 Direct plans counted in the ten years window: 149February 2026 Direct plans AMFI lists: 310 Direct plans counted in the ten years window: 149March 2026 Direct plans AMFI lists: 314 Direct plans counted in the ten years window: 150April 2026 Direct plans AMFI lists: 314 Direct plans counted in the ten years window: 149May 2026 Direct plans AMFI lists: 314 Direct plans counted in the ten years window: 149June 2026 Direct plans AMFI lists: 315 Direct plans counted in the ten years window: 149July 2026 Direct plans AMFI lists: 316 Direct plans counted in the ten years window: 149August 2026 Direct plans AMFI lists: 320 Direct plans counted in the ten years window: 149September 2026 Direct plans AMFI lists: 325 Direct plans counted in the ten years window: 149
  • Direct plans AMFI lists
  • Direct plans counted in the ten years window

Sources

Publishers in this snapshot

Snapshot

Citation and snapshot details

Dataset india-fund-performance-2026-09-20261020-d86d3a2f, refresh 4476c7aa-5ad4-5bfe-b988-8e2d8f38f20e, published 20 Oct 2026, loaded into the database 20 Oct 2026. Every chart's table, CSV and Copy for AI carry each observation's Id, status and source page.

Download the full snapshot: CSV · JSON

Methodology and definitions

Comparison basis

Fund returns are NAV to NAV on growth options, after each scheme's expenses, from AMFI's month-end NAVs since December 2012; benchmarks are NSE total return indices with no costs. A fund sits in the category AMFI lists it under today (AMFI's history report applies today's categories to every date), and counts in a window when it has a NAV at both ends: funds merged or closed inside a window drop out, which flatters the survivors. Returns over more than a year are annualised. Rankings are by margin over the category's own benchmark, never by raw return. Past returns do not predict future ones; nothing here is investment advice.

Benchmark choice: the category index, not the Nifty 50

A small-cap fund must hold mostly small caps. When small caps as a group rise, every small-cap fund looks strong against the Nifty 50. Whether a manager added anything shows only against the small-cap index, which already contains the same rally. The all-active-equity view keeps that rule: each plan is judged against its own category's index, and the Nifty 500 TRI is drawn only as the broad-market reference.

Categories are today's

AMFI's NAV history report lists every scheme, including ones merged or closed years ago, under the category AMFI uses today: the file for December 2015 already carries a flexi-cap section, a category created in 2020. So a fund's category here is its current one for every date, and the multi-cap to flexi-cap reclassification of 2021 is already applied throughout. Sectoral and thematic funds have no single benchmark and are not included.

Survivorship

The universe at each date is every growth plan AMFI listed in the category that month, including schemes that later merged or closed. A window still needs a NAV at both ends, so funds that disappeared inside it are left out; the ladder and the fund-universe chart say how many. Scorecards that count them as losers show lower shares.

Consistency, risk and noise

The hit rate is the share of rolling 12-month windows inside a horizon in which the plan beat its index. Volatility is the standard deviation of monthly returns times √12. The deepest fall is the largest decline from a month-end high. "Margin vs noise" divides the average monthly margin over the index by its standard error; a reading above 2 means the margin is larger than month-to-month noise. No Sharpe ratio is shown: the snapshot holds no risk-free rate, and a Sharpe over zero would be wrong.

Persistence

Plans are ranked by margin in two consecutive windows of the same length. The share of the earlier top quarter still in the top quarter is compared with the 25% that chance alone gives. Rankings use margin over the index, so a category's own market cannot decide them.

Money flows

Category subscriptions, redemptions, net flow and assets are copied from the mutual fund flows snapshot (AMFI's monthly report, April 2019 onward); each copied row names the row it came from. Net flow is shown as a share of the previous month's assets so categories of different sizes compare. AMFI does not publish flows fund by fund monthly, and SIP inflows by category only from August 2026.

Not measured here

Returns after tax or exit loads, portfolio holdings and cash levels, fund-level flows, the timing of any investor's own SIP instalments, and the ELSS lock-in.

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