📊 Category Deep Dive · Mid Cap Funds

Best Mid Cap Mutual Funds in India — Compare Returns & Risk

Compare the best midcap funds in India — HDFC Mid-Cap, Nippon India Growth, Kotak Emerging Equity, Axis Midcap and SBI Magnum Midcap. Live NAV, 5Y returns, AAUM, max drawdown and Sharpe ratio from RightAdvise database. Free education.

5Funds Compared
₹2.43 L CrCombined AAUM
05 Jun 2026Data As Of
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✓ All data pulled live from RightAdvise database  ·  NAV updated daily  ·  AAUM from latest AMFI quarterly filing  ·  Returns calculated from daily NAV history
Comparison

Top 5 Mid Cap Funds — At a Glance

Sorted by 5-year CAGR. Click any fund for full analysis — rolling returns, drawdown chart, NAV history and risk ratios.

1
Nippon India Growth Fund
Nippon India MF  ·  One of India's oldest mid cap funds · Broad sector diversification
NAV
₹4,781.46
1Y Return
+7.3%
3Y CAGR
+23.8 % p.a.
5Y CAGR
+21.6 % p.a.
AAUM
₹40.7K Cr
Risk
Very High
Deep Dive →
2
HDFC Mid-Cap Opportunities Fund
HDFC MF  ·  India's largest mid cap fund · 15+ year track record · Broad diversification
NAV
₹219.94
1Y Return
+5.5%
3Y CAGR
+22.1 % p.a.
5Y CAGR
+20.7 % p.a.
AAUM
₹90.4K Cr
Risk
Very High
Deep Dive →
3
Kotak Emerging Equity Fund
Kotak MF  ·  Research-driven stock selection · Consistent long-term outperformer
NAV
₹162.15
1Y Return
+7.8%
3Y CAGR
+21.1 % p.a.
5Y CAGR
+18.8 % p.a.
AAUM
₹59.2K Cr
Risk
Very High
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4
SBI Magnum Midcap Fund
SBI MF  ·  Large AUM · Broad sector diversification within mid cap universe
NAV
₹261.72
1Y Return
+0.9%
3Y CAGR
+14.3 % p.a.
5Y CAGR
+16.4 % p.a.
AAUM
₹22.1K Cr
Risk
Very High
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5
Axis Midcap Fund
Axis MF  ·  Quality-focused approach · Low portfolio turnover · Disciplined style
NAV
₹135.29
1Y Return
+5.1%
3Y CAGR
+18.3 % p.a.
5Y CAGR
+15.8 % p.a.
AAUM
₹30.8K Cr
Risk
Very High
Deep Dive →
Performance

₹1 Lakh Invested — How It Grew

If you had invested ₹1 lakh 5 years ago in each fund, here is how much it would be worth today. Calculated from 5 years of daily NAV in the RightAdvise database.

5-Year Growth of ₹1 Lakh Direct Plan · Growth Option · All funds rebased to ₹1,00,000
Data Table

Full Comparison Table

💡 What is AAUM? AAUM stands for Average Assets Under Management — the average value of all investor money a fund managed during a specific quarter. Reported to SEBI every quarter via AMFI. More reliable than a single-day AUM snapshot.

FundNAVAAUM1Y Return 3Y CAGR 5Y CAGR 10Y CAGR Max Drawdown Sharpe (3Y)
Nippon India Growth Fund ₹4,781.46 2026-06-04 ₹40.7K Cr Jan–Mar 2026 +7.3% +23.8 % p.a. +21.6 % p.a. +19.4 % p.a. -35.3% 1.20
HDFC Mid-Cap Opportunities Fund ₹219.94 2026-06-04 ₹90.4K Cr Jan–Mar 2026 +5.5% +22.1 % p.a. +20.7 % p.a. +18.7 % p.a. -39.5% 1.19
Kotak Emerging Equity Fund ₹162.15 2026-06-04 ₹59.2K Cr Jan–Mar 2026 +7.8% +21.1 % p.a. +18.8 % p.a. +18.9 % p.a. -36.0% 1.05
SBI Magnum Midcap Fund ₹261.72 2026-06-04 ₹22.1K Cr Jan–Mar 2026 +0.9% +14.3 % p.a. +16.4 % p.a. +14.8 % p.a. -43.1% 0.66
Axis Midcap Fund ₹135.29 2026-06-04 ₹30.8K Cr Jan–Mar 2026 +5.1% +18.3 % p.a. +15.8 % p.a. +18.1 % p.a. -29.4% 0.90
⚠️ Data Note: Returns (what is CAGR?) calculated from daily NAV data in RightAdvise database. AAUM from official AMFI quarterly filings. Max Drawdown calculated over full available NAV history. Sharpe Ratio uses 3-year daily NAV and 6.5% risk-free rate. Educational purposes only. Past performance does not guarantee future returns.
Education

What Are Mid Cap Funds?

As per SEBI, mid cap companies are ranked 101st to 250th by full market capitalisation in India. Mid cap mutual funds must invest at least 65% of their assets in these companies at all times. AMFI publishes the list of mid cap companies every six months, and funds must align their portfolios accordingly.

Mid cap companies occupy a unique position in India's corporate landscape — they are past the early startup phase, have proven business models, and are growing faster than large established companies. Ranked 101st to 250th by market capitalisation, they sit above the small cap universe's higher risk but are more agile than the top-100 large cap companies. This makes them the sweet spot for long-term growth-oriented investors — and why the best midcap funds in India have historically delivered strong returns over 7 to 10 year periods.

Mid cap mutual fund comparison matters because not all mid cap funds are built the same. HDFC Mid-Cap Opportunities is India's largest mid cap fund and takes a diversified approach. Kotak Emerging Equity is known for research-driven stock selection. Nippon India Growth Fund is one of India's oldest. Axis Midcap takes a quality-focused, low-turnover approach. SBI Magnum Midcap offers broad sector diversification. The comparison table above shows their returns, drawdown and Sharpe ratio side by side so you can choose based on data, not marketing.

✅ Why Consider Mid Cap Funds

  • Higher long-term return potential than large cap funds — companies in their fastest growth phase
  • Less efficiently priced than large caps — skilled managers can find undervalued opportunities
  • Direct exposure to India's growth story — companies scaling from mid to large cap
  • 65% mandatory in 101 to 250 companies ensures focused mid cap exposure
  • Better growth potential than large caps without the extreme volatility of small caps
  • Many of today's large cap leaders were mid caps 5 to 10 years ago

⚠️ Key Risks to Know

  • Significantly higher volatility than large cap funds — can fall 40 to 60% in severe corrections
  • Longer recovery periods after market crashes compared to large cap funds
  • Liquidity risk — mid cap stocks are less liquid than large caps in stressed markets
  • Requires minimum 7 years to meaningfully ride out market cycles
  • Stock-specific risk — individual company failures have larger impact than in large cap funds
  • Not suitable for conservative investors or those with short investment horizons

✅ Suitable For

  • Long-term investors with a 7 to 10 year investment horizon and high risk tolerance
  • Those who already hold large cap or flexi cap funds and want to add a growth layer
  • Investors who believe in India's corporate growth story and can stay invested through cycles
  • Those comfortable with significant short-term NAV fluctuations for higher long-term gains

❌ May Not Be Suitable For

  • Conservative investors or those with low risk tolerance
  • Anyone with an investment horizon shorter than 5 years
  • Investors who tend to redeem during market corrections — mid caps require patience
  • Those making mid cap their only equity fund — large cap anchor is recommended alongside
📖 Learn the Metrics
CAGR, Sharpe Ratio, Sortino & Std Dev — Explained
What do these numbers actually mean? Read before you invest.
📖 Learn the Metrics
Drawdown & Rolling Returns — Explained Simply
Why max drawdown and rolling returns reveal more than CAGR.
Common Questions

Mid Cap Fund FAQs

Among the top mid cap mutual funds: HDFC Mid-Cap Opportunities is India's largest mid cap fund with a 15+ year track record. Kotak Emerging Equity Fund is known for research-driven stock selection and consistent outperformance. Nippon India Growth Fund is one of India's oldest mid cap funds. Axis Midcap takes a quality-focused, low-turnover approach. SBI Magnum Midcap offers broad sector diversification with large AUM. Compare their 5-year CAGR, max drawdown and Sharpe ratio on this page. Past performance does not guarantee future returns.
Both are among the best mid cap funds in India with long track records. HDFC Mid-Cap Opportunities is India's largest mid cap fund by AUM with a broad, diversified approach. Kotak Emerging Equity is smaller, more concentrated and has delivered strong long-term returns through research-driven stock selection. HDFC suits investors who want stability in a large fund; Kotak suits those comfortable with a more focused mid cap portfolio. Compare their 5-year rolling returns, max drawdown and expense ratios in the table on this page.
When doing a mid cap mutual fund comparison, look beyond 1-year returns. The most important metrics are: 5-year CAGR (long-term performance), 3-year Sharpe ratio (risk-adjusted returns), maximum drawdown (how much the fund fell during the worst market crash), and AAUM (size of the fund). All five metrics are shown in the comparison table on this page for all five funds. A fund that ranks #1 on 1-year returns may have simply taken more risk — drawdown and Sharpe ratio tell the real story.
A minimum of 7 years is recommended for mid cap funds, though 10+ years is ideal. Mid cap stocks can fall 40 to 60% in severe corrections and may take 2 to 4 years to recover. A long horizon gives the fund time to benefit from the full growth cycle of mid cap companies.
AAUM (Average Assets Under Management) is the average corpus of the fund across an entire quarter, as officially reported to AMFI. All AUM data on RightAdvise is from official AMFI quarterly AAUM disclosures — the same data filed by AMCs with SEBI.
⚠️ RightAdvise.com is NOT registered with SEBI. All content is for educational purposes only. Mutual Fund investments are subject to market risks. Please read all scheme-related documents carefully and consult a SEBI-registered investment advisor before investing.
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