---
title: "Midcap Factsheet | Model Back Test | RupeeCase"
description: "Midcap factsheet: model CAGR 38.75%, max drawdown −24.87%, Sharpe 1.49, back tested as of 27 Apr 2026. Holdings, months, falls, costs. Print or save as PDF."
source_url: "https://www.rupeecase.com/strategies/factsheets/midcap"
---

Factsheet, model back tested

# Midcap factsheet

      Midcap is a RupeeCase index that holds 20 stocks from the Nifty Midcap 150, ranked by price momentum, rebalanced every 2 weeks. Model CAGR 38.8% (back tested, as of 27 Apr 2026), minimum about ₹90,000 (as of 8 Aug 2026), high risk band. The Midcap factsheet puts its model, back tested record on one printable page.

      [Sign up for RupeeCase](https://invest.rupeecase.com/signup?strategy=midcap)

      20 stocks from the Nifty Midcap 150. Fortnightly rotation.

      Calendar years, model, back tested, after charges.

        Print or save as PDF
        Email me the PDF

      [Read the Midcap strategy page](/strategies/midcap)

            CAGR**38.75%**Nifty 50 TRI line 9.8%

            Max drawdown**−24.87%**peak to trough, model

            Sharpe ratio**1.49**Nifty 50 0.73

            Minimum capital**₹90K**about ₹90,000

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

            Midcap, model**₹560**Nifty 50 TRI, 9.8% CAGR line**₹162**

              150
              200
              300
              500

          ₹100 became ₹560, May 2021 to Jul 2026 (Nifty 50 TRI line ₹162). Log scale.

### Performance, risk, efficiency

              * Metric**Midcap***Nifty 50*

              * Performance

              * CAGR**38.75%***9.8%*

              * Cumulative return**+423.17%***+59.62%*
* Sharpe ratio**1.49***0.73*
* Sortino ratio**1.46***0.70*
* Calmar ratio**1.66***0.58*

              * Risk

              * Max drawdown**−24.87%***−16.92%*

              * Volatility, a year**25.44%***14.04%*
* Best week**+9.45%***+6.36%*
* Worst week**−10.41%***−6.33%*

              * Efficiency

              * Weeks up**60.92%***57.47%*
* Average up week**+2.92%***+1.49%*
* Average down week**−2.69%***−1.57%*

            Model, after charges; weekly, rolling 5 years to 27 Apr 2026. CAGR, Sharpe and max drawdown as of 27 Apr 2026.

### Configuration

            UniverseNifty Midcap 150
SleevesEquity 100
Holdings20, equal weight in the equity sleeve
RebalanceEvery 2 weeks, 26 a year
Max stock price₹5,000
TierGrowth core
BenchmarkNifty 50
Minimum as of8 Aug 2026
Back test from7 May 2021
Metrics windowRolling 5 years

### Calendar year returns

* 2021from May**+37.5%**
* 2022**+41.3%**
* 2023**+79.4%**
* 2024**+51.1%**
* 2025**+5.6%**
* 2026to May**+1.3%**

            Model, back tested, after charges, 2021 to May 2026.

### Deepest falls

1. **−24.87%**20 Dec 2024 to 7 Nov 2025*322 days*
2. **−18.48%**15 Apr 2022 to 2 Sep 2022*140 days*
3. **−15.52%**6 Jan 2023 to 2 Jun 2023*147 days*
4. **−12.16%**22 Oct 2021 to 24 Dec 2021*63 days*
5. **−11.35%**21 Jan 2022 to 25 Mar 2022*63 days*

            Daily model record, rolling 5 years: peak to low, days to recover.

### Monthly returns

* **2021**no datano datano datano data0.41.98.20.411.21.4−6.517.4**+37.5%**
* **2022**−0.1−7.58.21.8−6.2−3.69.12.3−1.56.913.614.9**+41.3%**
* **2023**−10.8−5.34.111.4−1.112.56.710.010.4−2.115.412.4**+79.4%**
* **2024**10.54.6−0.510.78.42.83.02.8−1.9−4.22.34.5**+51.1%**
* **2025**−15.5−9.89.74.38.74.1−5.13.9−0.33.53.71.5**+5.6%**
* **2026**−2.84.9−14.813.42.8no datano datano datano datano datano datano data**+1.3%**

            Model, after charges; one calendar month per cell, in percent.

### 20 holdings

* Equity**89%**

* SUZLON**5.0%**
* HUDCO**5.0%**
* IDEA**5.0%**
* THERMAX**4.9%**
* MAHABANK**4.9%**
* NATIONALUM**4.8%**
* SAIL**4.8%**
* BHEL**4.7%**
* TORNTPOWER**4.7%**
* NLCINDIA**4.7%**
* GVT&D**4.6%**
* ATGL**4.5%**
* NAM-INDIA**4.5%**
* BSE**4.2%**
* BHARATFORG**4.2%**
* PREMIERENE**4.1%**
* LLOYDSME**3.8%**
* RADICO**3.7%**
* COCHINSHIP**3.5%**
* MCX**3.4%**

            Weights on the rebalance day, 11 May 2026; they drift with prices until the next rebalance. Model portfolio, not a recommendation to buy or sell any stock.

### Sector allocation

* Other, not yet mapped**25.5%**
* Power & Utilities**20.8%**
* Banking & Financial**19.1%**
* Capital Goods**14.9%**
* Metals & Mining**10.8%**
* Auto & Components**4.7%**
* FMCG & Consumer**4.2%**

            7 sectors in the equity sleeve.

### How it works

1. 1**Universe**Nifty Midcap 150, stocks priced under ₹5,000.

2. 2**Rank**A risk adjusted momentum composite scores every stock.

3. 3**Select**The top 20 names, equal weighted.

4. 4**Rebalance**Every 2 weeks: names out are sold, entrants bought, the list published.

### Costs

            Platform fee0.2% of traded value per rebalance; no AUM or performance fee, no lock in
A year on the minimum, about₹1,590 (1.8% of capital): 27 rebalances in the year to 11 May 2026, about 8.9 times the portfolio traded (sales and purchases), model record
Inside the back testGross +531.34%, costs −67.63 pts, net +463.71%, rolling 5 years to 27 Apr 2026
Broker sideBrokerage, STT, exchange charges, GST

### Rebalance record

            Published rebalances132, 14 May 2021 to 11 May 2026
Names on the latest list20 (target 20)

            Every list is public, with the names in and out.

          RupeeCase is a technology platform, not a fund, a PMS or a SEBI registered investment adviser. Model figures are back tested, after estimated charges, and are not actual client returns or a promise of future returns; capital can be lost. Prices: NSE BhavCopy; the back test deducts brokerage, STT, exchange charges and GST. https://www.rupeecase.com/strategies/factsheets/midcap

          02The PDF

## Email me the PDF.

          No sign up to read; Print saves a PDF. Leave an email for a copy and a note when Midcap rebalances. Two emails a month at most.

          Noted on this device. Print saves the PDF any time.

          In the app

## How a strategy is chosen.

1.

1Search finds strategies by name, theme or type: here, mid.
2.

2Each card: growth per year beside the NIFTY 50, max drawdown, risk band, minimum, rebalance and stocks.
3.

3The strategy page: model history after charges, the NIFTY 50 beside it, and the risk band.
4.

4Key figures: today, growth per year and max drawdown, each beside the NIFTY 50.
5.

5The History tab: every rebalance in the model record, with the stocks sold and how each did.

        Screens from the RupeeCase app, shown with Allcap. Model, back tested. As of 27 Apr 2026. [Watch the walkthrough](/strategies/#sxChoose)

          03Documents

## Everything behind the sheet.

          * [Midcap strategy page](/strategies/midcap)

          * [Rebalance history132 rebalances](/rebalance/midcap/)

          * [Rebalance history, CSV](/data/rebalances/midcap.csv)

          * [Midcap as plain text](/strategies/midcap.md)

          * [Growth core tier](/strategies/by-tier/mid-aggressive)

          * [Disclaimers](/disclaimers)

### Compare Midcap with

* [vsMidcap Smallcap](/strategies/compare/midcap-vs-midcap-smallcap)
* [vsSmallcap](/strategies/compare/midcap-vs-smallcap)
* [vsLarge Midcap](/strategies/compare/large-midcap-vs-midcap)
* [vsEnergy Basket](/strategies/compare/midcap-vs-energy-basket)
* [vsAllcap](/strategies/compare/midcap-vs-allcap)

### Other factsheets

* [higher CAGRTotalMarket HybridCAGR 39.5%](/strategies/factsheets/totalmarket-hybrid)
* [lower CAGRLarge MidcapCAGR 37.8%](/strategies/factsheets/large-midcap)
* [Mid and smallSmallcap](/strategies/factsheets/smallcap)
* [Mid and smallMicrocap](/strategies/factsheets/microcap)

        CAGR on the cards: Model, back tested. As of 27 Apr 2026.

          04Questions

## The Midcap factsheet,
in plain words.

### What does the Midcap factsheet show?
The model, back tested record of Midcap: a CAGR of 38.75%, a deepest fall of −24.87% and a Sharpe ratio of 1.49 as of 27 Apr 2026, with 20 holdings rebalanced every 2 weeks. Every figure is after estimated charges and names its date.

### What does it cost to run Midcap?
0.2% of traded value per rebalance, nothing else: no subscription, no AUM fee, no performance fee and no lock in. About 1.8% of capital a year at 0.2% of traded value, from the published rebalance record: 27 rebalances in the year to 11 May 2026, about 8.9 times the portfolio traded (sales and purchases). Weight resets and broker side charges (brokerage, STT, exchange charges, GST) are not included. Turnover varies year to year. On the minimum capital of ₹90,000 that is about ₹1,590 a year, an estimate from the model record, not a promise.

### How much capital does Midcap need?
About ₹90,000, enough to hold one share of every name at recent prices, as of 8 Aug 2026. More capital tracks the model weights more closely.

### Are these actual returns?
No. RupeeCase is a technology platform, not a fund, a PMS or a SEBI registered investment adviser. Model figures are back tested, after estimated charges, and are not actual client returns or a promise of future returns; capital can be lost.

    Explore next

## Read the record behind the factsheet.

* [Free module 3.1The Momentum Factor11 min read](/learn/path-3/module-3-1-momentum-factor-deep-dive)
* [Blog noteMidcap: the 41 percent and the 322 daysStrategy notes, a short note](/blog/2026-07-20-evening-midcap-drawdown/)
* [SectorCapital Goods stocksNSE sector across the 18 index algos](/sectors/capital-goods)
* [Free module 2.4How Backtesting Works8 min read](/learn/path-2/module-2-4-how-backtesting-works)

## Midcap.
Read the rules, then decide.

        [Sign up for RupeeCase](https://invest.rupeecase.com/signup?strategy=midcap)[Compare Midcap](/strategies/compare/midcap-vs-midcap-smallcap)

        About ₹90K to start. 0.2% of traded value per rebalance, no lock in.