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Strategy against strategy

Midcap Smallcap vs Allcap Multi Asset

Midcap Smallcap (momentum, NSE Universe) against Allcap Multi Asset (multi asset, Nifty Total Market): two model curves on one chart, every risk figure side by side, the holdings they share and who each is written for.

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  • 42.6%Midcap Smallcap, CAGR
  • 40.5%Allcap Multi Asset, CAGR
  • −26.2%Midcap Smallcap, deepest fall
  • −21.3%Allcap Multi Asset, deepest fall

Model, back tested. As of 27 Apr 2026. After charges. Not a promise of future returns.

42.6% against 40.5% a year, and the worst fall of each

42.6% against 40.5% a year, and the worst fall of each42.6% against 40.5% a year, and the worst fall of each: Midcap Smallcap, CAGR 42.64; Midcap Smallcap, deepest fall -26.17; Allcap Multi Asset, CAGR 40.47; Allcap Multi Asset, deepest fall -21.32; Nifty 50 TRI, CAGR 9.8.Midcap Smallcap,CAGR42.6%Midcap Smallcap,deepest fall−26.2%Allcap MultiAsset, CAGR40.5%Allcap MultiAsset, deepestfall−21.3%Nifty 50 TRI,CAGR9.8%
CAGR and maximum drawdown over each back test window, after charges. Model, back tested, not actual client returns. Source: RupeeCase published model record (lineup.json), monthly. As of 27 Apr 2026.
Two teal and blue strands twisting across the frame, joined by lit rungs

01Two model curves

₹100 in each, May 2021 to Jul 2026.

Midcap Smallcap₹737Allcap Multi Asset₹598Nifty 50 TRI, 9.8% CAGR line₹162
150 200 300 500 700

Both models rebased to 100 at their common first month, log scale, with the Nifty 50 TRI drawn as its 9.8% CAGR line. Model, back tested. As of 27 Apr 2026. After charges.

02Every figure

14 rows, side by side.

A tick marks the better figure of the two: higher return and ratios, shallower fall, lower volatility, lower entry. The Nifty 50 column is the index over the same window.

MetricMidcap SmallcapAllcap Multi AssetNifty 50 TRI
CAGR42.64%40.47%9.8%
Sharpe ratio1.631.810.73
Sortino ratio1.481.710.70
Calmar ratio1.912.060.58
Max drawdown−26.17%−21.32%−16.92%
Volatility, a year27.02%21.41%14.04%
Net return, cumulative+527.87%+490.16%+59.62%
Back test windowrolling 5 yearsrolling 5 years
Minimum capitalAbout ₹80,000About ₹2,81,000
Stocks held405250
RebalanceEvery 2 weeksEvery 2 weeks
UniverseNSE UniverseNifty Total MarketNifty 50
Risk bandModerately HighModerate
TierGrowth coreMulti asset core

How far each model fell from its last high

How far each model fell from its last highMidcap Smallcap: from 0.0% at 31 May 2021 to 0.0% at 31 Jul 2026, high 0.0% at 31 May 2021, low −23.5% at 28 Feb 2025. Allcap Multi Asset: from 0.0% at 31 May 2021 to 0.0% at 31 Jul 2026, high 0.0% at 31 May 2021, low −20.7% at 28 Feb 2025.Midcap SmallcapAllcap Multi Asset−20%−15%−10%−5%0%Jan 2022Jan 2024Jan 2026
Fall from the previous model high at each month end; 0% means a new high. Lowest: Midcap Smallcap −23.5% at Feb 2025; Allcap Multi Asset −20.7% at Feb 2025. Monthly points, so the daily low was deeper. Model, back tested, not actual client returns. Source: RupeeCase published model record (lineup.json), monthly. As of 31 Jul 2026.

Midcap Smallcap, model return by calendar year

Midcap Smallcap, model return by calendar yearMidcap Smallcap, model return by calendar year: 2021 56.9%, 2022 26.9%, 2023 98.3%, 2024 86%, 2025 -8.7%, 2026 to Apr 13%.57%202127%202298%202386%2024−9%202513%2026 toApr
2021 starts at the back test start; 2026 runs to 27 Apr 2026. After charges. Model, back tested, not actual client returns. Source: RupeeCase published strategy record (strategies.json). As of 27 Apr 2026.

Allcap Multi Asset, model return by calendar year

Allcap Multi Asset, model return by calendar yearAllcap Multi Asset, model return by calendar year: 2021 32.9%, 2022 26%, 2023 88%, 2024 71.9%, 2025 -1.7%, 2026 to Apr 16.1%.33%202126%202288%202372%2024−2%202516%2026 toApr
2021 starts at the back test start; 2026 runs to 27 Apr 2026. After charges. Model, back tested, not actual client returns. Source: RupeeCase published strategy record (strategies.json). As of 27 Apr 2026.

CAGR, Sharpe and max drawdown: Model, back tested. As of 27 Apr 2026. Sortino, Calmar, volatility and net return: model, back tested over each strategy's own window, to 27 Apr 2026. Minimum capital as of 8 Aug 2026. Not a promise of future returns.

03Holdings overlap

16 names in both lists.

16 of the 40 names in Midcap Smallcap also sit in Allcap Multi Asset (49 names): 33% of the larger list. Lists as of 11 May 2026 and 11 May 2026.

Held by both16

  • HFCL
  • STLTECH
  • WEBELSOLAR
  • CUPID
  • QPOWER
  • APOLLO
  • WELCORP
  • ADANIPOWER
  • JAYNECOIND
  • GALLANTT
  • TDPOWERSYS
  • KRN
  • ADANIGREEN
  • ADANIENSOL
  • LLOYDSME
  • LLOYDSENT

Only in Midcap Smallcap24

  • JTLIND
  • PRECWIRE
  • AEROFLEX
  • BAJAJCON
  • EPIGRAL
  • PAISALO
  • MANINDS
  • IDEAFORGE
  • SUNFLAG
  • BHEL
  • COHANCE
  • HCC
  • CYIENTDLM
  • MANINFRA
  • KIRLPNU
  • BALAMINES
  • JAIBALAJI
  • HSCL
  • KPEL
  • SCI
  • SKYGOLD
  • SKIPPER
  • ELECON
  • FUSION

Only in Allcap Multi Asset33

  • GOLDBEES
  • LIQUIDCASE
  • OLAELEC
  • EIEL
  • ANGELONE
  • PFOCUS
  • NATIONALUM
  • AVANTIFEED
  • LLOYDSENGG
  • ABDL
  • THERMAX
  • AZAD
  • KSB
  • ATHERENERG
  • INOXINDIA
  • DEEPAKFERT
  • HINDCOPPER
  • KAJARIACER
  • THANGAMAYL
  • ACUTAAS
  • ACMESOLAR
  • KIRLOSENG
  • OSWALPUMPS
  • SANSERA
  • +9 more

Midcap Smallcap: Not mapped yet is 28% of the names

Midcap Smallcap: Not mapped yet is 28% of the namesMidcap Smallcap: Not mapped yet is 28% of the names: Not mapped yet 28; Power & Utilities 18; Chemicals 10; Metals & Mining 10; Capital Goods 10.Not mapped yet28%Power & Utilities18%Chemicals10%Metals & Mining10%Capital Goods10%
Top sectors of the 40 equity names on the latest list (11 May 2026), equal weight. ETF sleeves left out. Model, back tested, not actual client returns. Source: RupeeCase published lists and ticker sector map. As of 11 May 2026.

Allcap Multi Asset: Capital Goods is 26% of the names

Allcap Multi Asset: Capital Goods is 26% of the namesAllcap Multi Asset: Capital Goods is 26% of the names: Capital Goods 26; Power & Utilities 15; Metals & Mining 15; Chemicals 13; Auto & Components 11.Capital Goods26%Power & Utilities15%Metals & Mining15%Chemicals13%Auto & Components11%
Top sectors of the 47 equity names on the latest list (11 May 2026), equal weight. ETF sleeves left out. Model, back tested, not actual client returns. Source: RupeeCase published lists and ticker sector map. As of 11 May 2026.

Model portfolios on the published lists; tickers are not recommendations. Holding both means the shared names carry weight twice.

04The trade off

Who each is written for.

  • Higher model growth: Midcap Smallcap (42.64% against 40.47%)
  • Better risk adjusted return: Allcap Multi Asset (Sharpe 1.81 against Sharpe 1.63)
  • Shallower deepest fall: Allcap Multi Asset (21.32% against 26.17%)
  • Lower entry: Midcap Smallcap (₹80,000 against ₹2,81,000)

Midcap Smallcap

Moderately High risk band

Written for
Investors who want growth but read a 25% drawdown as opportunity, not panic
Time horizon
5 years or longer. Drawdowns of 26% have happened in the backtest and can happen again. Capital you might need within 12 months should not be here.
Capital
About ₹80,000, one share of every holding at recent prices
Midcap Smallcap strategy page

Allcap Multi Asset

Moderate risk band

Written for
Investors who want a balanced equity tilt with a built-in volatility cushion
Time horizon
5 years or longer. Drawdowns of 21% have happened in the backtest and can happen again. Capital you might need within 12 months should not be here.
Capital
About ₹2,81,000, one share of every holding at recent prices
Allcap Multi Asset strategy page

A description of each strategy, not a recommendation. Decide your own allocation, or ask a SEBI registered investment adviser. Model, back tested. As of 27 Apr 2026.

05Next

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06Questions

Midcap Smallcap vs Allcap Multi Asset,
in plain words.

Which has the higher model CAGR, Midcap Smallcap or Allcap Multi Asset?

Midcap Smallcap: 42.64% against 40.47%, with the Nifty 50 TRI line at 9.8%. Model, back tested. As of 27 Apr 2026. After charges; past performance does not guarantee future returns.

Which fell less in the back test, Midcap Smallcap or Allcap Multi Asset?

Allcap Multi Asset: a deepest model fall of 21.32% against 26.17%. Midcap Smallcap's deepest daily drawdown ran 497 days from 20 Dec 2024. Allcap Multi Asset's ran 371 days from 20 Dec 2024. Model, back tested. As of 27 Apr 2026. Drawdowns of similar size can happen again.

Can I hold Midcap Smallcap and Allcap Multi Asset together?

Yes, each is a separate rules based index in your own demat, and 16 names sit in both lists today, so they carry weight twice. Minimum capital is about ₹80,000 and ₹2,81,000; the fee is 0.2% of traded value per rebalance on each. RupeeCase is not an investment adviser; decide your own allocation.

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Midcap Smallcap or Allcap Multi Asset.
Read both, then decide.

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0.2% of traded value per rebalance. No AUM fee, no lock in. Model, back tested. As of 27 Apr 2026.