Same return band. Stand the three holes next to each other.
Large Midcap, Smallcap and Microcap all printed about 41 a year over the same five years. The CAGR column tells you they are the same trade. The next three columns tell you they are nothing alike. The further down the cap curve you went, the deeper you had to sit.
Five year backtest
CAGR
Max DD
Vol
Sharpe
Large Midcap
Eq 100 . LargeMidcap 250 . Strategy 11
40.85pct
19.30pct
21.41pct
1.71
Smallcap
Eq 100 . Strategy 08
41.03pct
22.35pct
23.54pct
1.58
Microcap
Eq 100 . Strategy 09
40.56pct
26.44pct
24.15pct
1.53
Nifty 50
Benchmark
10.44pct
16.92pct
14.04pct
0.78
Where the shallower hole actually paid
+7.5 vs -8.7 and -7.3 pct
2025 down year . Large Midcap vs Smallcap vs Microcap
+23.9 vs +35.9 pct
Gain needed to climb out . 19.30 hole vs 26.44 hole
2025 was the rough year, and Large Midcap finished it green while both deeper cards finished red. A 19 pct hole asks for a 24 pct climb back. A 26 pct hole asks for 36. Same headline return, very different ride and a very different recovery bill.
Strategy 11 platform 5Y backtest 23 Apr 2021 to 27 Apr 2026 . Risk Metrics Report export. Net 454.71 pct = Gross 521.93 pct minus Cost 67.22 pct, roughly 12.9 pct of gross at 2W cadence. Recovery figures are simple break-even math on the stated drawdowns. Past performance . backtest only . not a guarantee. Live tracking will diverge with inception date, slippage and rebalance execution.