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Strategy against strategy

Midcap vs Midcap Smallcap

Midcap (momentum, Nifty Midcap 150) against Midcap Smallcap (momentum, NSE Universe): 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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  • 38.8%Midcap, CAGR
  • 42.6%Midcap Smallcap, CAGR
  • −24.9%Midcap, deepest fall
  • −26.2%Midcap Smallcap, deepest fall

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

38.8% against 42.6% a year, and the worst fall of each

38.8% against 42.6% a year, and the worst fall of each38.8% against 42.6% a year, and the worst fall of each: Midcap, CAGR 38.75; Midcap, deepest fall -24.87; Midcap Smallcap, CAGR 42.64; Midcap Smallcap, deepest fall -26.17; Nifty 50 TRI, CAGR 9.8.Midcap, CAGR38.8%Midcap, deepestfall−24.9%Midcap Smallcap,CAGR42.6%Midcap Smallcap,deepest fall−26.2%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.
A star field of risk and return dots with one bright frontier arc across it

01Two model curves

₹100 in each, May 2021 to Jul 2026.

Midcap₹560Midcap Smallcap₹737Nifty 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.

MetricMidcapMidcap SmallcapNifty 50 TRI
CAGR38.75%42.64%9.8%
Sharpe ratio1.491.630.73
Sortino ratio1.461.480.70
Calmar ratio1.661.910.58
Max drawdown−24.87%−26.17%−16.92%
Volatility, a year25.44%27.02%14.04%
Net return, cumulative+423.17%+527.87%+59.62%
Back test windowrolling 5 yearsrolling 5 years
Minimum capitalAbout ₹90,000About ₹80,000
Stocks held204050
RebalanceEvery 2 weeksEvery 2 weeks
UniverseNifty Midcap 150NSE UniverseNifty 50
Risk bandHighModerately High
TierGrowth coreGrowth core

How far each model fell from its last high

How far each model fell from its last highMidcap: from 0.0% at 31 May 2021 to −0.7% at 31 Jul 2026, high 0.0% at 31 May 2021, low −23.8% at 28 Feb 2025. Midcap 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.MidcapMidcap Smallcap−25%−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 −23.8% at Feb 2025; Midcap Smallcap −23.5% 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, model return by calendar year

Midcap, model return by calendar yearMidcap, model return by calendar year: 2021 37.5%, 2022 41.3%, 2023 79.4%, 2024 51.1%, 2025 5.6%, 2026 to Apr 1.3%.38%202141%202279%202351%20246%20251%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.

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.

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

2 names in both lists.

2 of the 20 names in Midcap also sit in Midcap Smallcap (40 names): 5% of the larger list. Lists as of 11 May 2026 and 11 May 2026.

Held by both2

  • BHEL
  • LLOYDSME

Only in Midcap18

  • SUZLON
  • HUDCO
  • IDEA
  • THERMAX
  • MAHABANK
  • NATIONALUM
  • SAIL
  • TORNTPOWER
  • NLCINDIA
  • GVT&D
  • ATGL
  • NAM-INDIA
  • BSE
  • BHARATFORG
  • PREMIERENE
  • RADICO
  • COCHINSHIP
  • MCX

Only in Midcap Smallcap38

  • HFCL
  • STLTECH
  • WEBELSOLAR
  • CUPID
  • QPOWER
  • APOLLO
  • WELCORP
  • JTLIND
  • ADANIPOWER
  • JAYNECOIND
  • GALLANTT
  • TDPOWERSYS
  • PRECWIRE
  • KRN
  • ADANIGREEN
  • ADANIENSOL
  • AEROFLEX
  • BAJAJCON
  • EPIGRAL
  • PAISALO
  • LLOYDSENT
  • MANINDS
  • IDEAFORGE
  • SUNFLAG
  • +14 more

Midcap: Not mapped yet is 25% of the names

Midcap: Not mapped yet is 25% of the namesMidcap: Not mapped yet is 25% of the names: Not mapped yet 25; Power & Utilities 20; Banking & Financial 20; Capital Goods 15; Metals & Mining 10.Not mapped yet25%Power & Utilities20%Banking &Financial20%Capital Goods15%Metals & Mining10%
Top sectors of the 20 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.

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.

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 38.75%)
  • Better risk adjusted return: Midcap Smallcap (Sharpe 1.63 against Sharpe 1.49)
  • Shallower deepest fall: Midcap (24.87% against 26.17%)
  • Lower entry: Midcap Smallcap (₹80,000 against ₹90,000)

Midcap

High risk band

Written for
Growth-oriented investors comfortable with double-digit drawdowns
Time horizon
5 years or longer. Drawdowns of 25% have happened in the backtest and can happen again. Capital you might need within 12 months should not be here.
Capital
About ₹90,000, one share of every holding at recent prices
Midcap strategy page

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

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

Change the pair, or go deeper.

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06Questions

Midcap vs Midcap Smallcap,
in plain words.

Which has the higher model CAGR, Midcap or Midcap Smallcap?

Midcap Smallcap: 42.64% against 38.75%, 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 or Midcap Smallcap?

Midcap: a deepest model fall of 24.87% against 26.17%. Midcap's deepest daily drawdown ran 322 days from 20 Dec 2024. Midcap Smallcap's ran 497 days from 20 Dec 2024. Model, back tested. As of 27 Apr 2026. Drawdowns of similar size can happen again.

Can I hold Midcap and Midcap Smallcap together?

Yes, each is a separate rules based index in your own demat, and 2 names sit in both lists today, so they carry weight twice. Minimum capital is about ₹90,000 and ₹80,000; the fee is 0.2% of traded value per rebalance on each. RupeeCase is not an investment adviser; decide your own allocation.

Explore next

Go deeper on both strategies.

Midcap or Midcap Smallcap.
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.