MIDCAP - SMALLCAP

Midcap Smallcap

40 stocks, fortnightly rotation. Pure mid and small-cap momentum.

Updated 28 Jul 2026 Rebalances 2 weeks Next: 3 Aug 2026

Start with Midcap Smallcap → View factsheet Rebalance history

0.2% on traded value · No AUM fee · No lock-in · Minimum ₹79,000 · Capital stays in your own broker

Return (CAGR)

42.75%

Risk (Max Drawdown)

-26.17%

Min Capital

₹79,000

Advanced metricsSharpe, Sortino, volatility, cumulative return and more

Sharpe Ratio

1.63

Sortino Ratio

1.48

Calmar Ratio

1.91

Volatility (annualised)

27.02%

Cumulative return (5Y rolling)

489.06%

Cumulative alpha vs Nifty 50 (5Y rolling)

436.48%

Risk metrics as of 27 Apr 2026

How It Works

Step 1 | Universe Start from NSE Universe (max 2000) filtered to stocks priced under ₹2,000.
Step 2 | Rank Score every stock in the universe by a momentum composite (price trend over multiple lookbacks, risk-adjusted). The top names by score become the candidate list.
Step 3 | Select Hold the top 40 names by score. Equal-weight across the book so no single name dominates.
Step 4 | Rebalance Every 2 weeks the model re-runs end-to-end. Names that fall out of the top 40 are sold; new entrants are bought. You see the full holdings list at every rebalance.

Who This Is For

Suitable for

investors who want growth but read a 25 percent drawdown as opportunity not panic

Suggested allocation

20 to 40 percent of equity capital

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 required

₹79,000 minimum. This buys roughly one share of every holding at current prices. Investing more buys fractions of additional units and tightens the model's expected behaviour.

Strategy Configuration

Universe

NSE Universe (max 2000)

Holdings

40 stocks

Rebalance

2 weeks

Risk Level

Moderately High

Benchmark

Nifty 50

Max Stock Price

₹2,000

Live NAV | Backtested 2021 onwards

Midcap Smallcap vs Nifty 50

Both indexed to 100 on inception. Hover for date-by-date NAV. Range chips to zoom; expand button for full window.

NAV indexed to 100 on inception (Jan 2021 or later). Backtested returns include realistic transaction costs. Past performance is not indicative of future results. Source: NSE BhavCopy.

Performance Metrics

Metric	Midcap Smallcap	Nifty 50
CAGR	42.75%	9.80%
Cumulative Return (5Y rolling)	489.06%	59.62%
Sharpe Ratio	1.63	0.73
Max Drawdown	-26.17%	-16.92%
Volatility	27.02%	14.04%

CAGR and cumulative return refresh daily. Sharpe, drawdown, volatility and all benchmark figures are as of 27 Apr 2026.

Cost Decomposition

Figures as of 27 Apr 2026

Gross Return

787.03%

Total Cost

128.94%

Net Return

658.09%

What this would have returned

Your amount run through Midcap Smallcap's backtested monthly returns (2021-05-07 to now, after costs). A backtest, not a promise.

Invest ₹ per month

You put in

₹0

Backtested value

₹0

Gain

₹0

Over 61 months of backtested monthly returns, after estimated costs. Past performance is not indicative of future results. See the factsheet.

Worst 5 Drawdowns

Started	Recovered	Max DD	Duration (days)
2024-12-20	2026-05-01	-26.17%	497
2022-01-21	2022-08-19	-18.10%	210
2022-12-23	2023-05-19	-17.77%	147
2024-02-09	2024-03-29	-12.18%	49
2021-08-06	2021-09-03	-11.45%	28

Yearly Returns

2021

+56.9%

2022

+26.9%

2023

+98.3%

2024

+86.0%

2025

-8.7%

2026

+13.0%

Sector allocation

11 sectors represented in the equity sleeve. Largest concentration: Diversified at 27.5%. Equal-weighted at the stock level, so sector weights drift with which momentum names rank highest.

Diversified 27.5%

Power & Utilities 17.5%

Chemicals 10.0%

Metals & Mining 10.0%

Capital Goods 10.0%

IT & Technology 7.5%

FMCG & Consumer 7.5%

Pharma & Healthcare 2.5%

Banking & Financial 2.5%

Realty & Construction 2.5%

Energy & Oil & Gas 2.5%

Sector rotation

131 rebalances . 13 sectors touched . 12 live today.

Darker cell . higher weight . blank . sector not held

Diversified

21%

Capital Goods

16%

Metals & Mining

12%

Power & Utilities

12%

FMCG & Consumer

Chemicals

IT & Technology

Auto & Components

Banking & Financial

Pharma & Healthcare

Realty & Construction

Energy & Oil & Gas

Textiles

out

202120222023202420252026

Equal weighted at the stock level . source rebalance CSV . sector map curated against NSE listings . 1 sector previously held now exited

Latest move . 2026-04-24 to 2026-05-08

Capital Goods +2ppRealty & Construction +2pp

tickers added: IDEAFORGE SUNFLAG BHEL COHANCE HCC CYIENTDLM MANINFRA KIRLPNU BALAMINES JAIBALAJI HSCL KPEL SCI SKYGOLD SKIPPER ELECON FUSION

Out

Pharma & Healthcare -1ppBanking & Financial -1ppDiversified -2pp

tickers removed: DEEPINDS PREMIERENE SILVER1 SILVERIETF SILVERADD SILVERBEES SBISILVER SILVERCASE SILVER AXISILVER HDFCSILVER SMSPHARMA HINDCOPPER SBC ZYDUSWELL AETHER GESHIP GOKULAGRO VEDL ACMESOLAR KIRLOSENG NOCIL KTKBANK MBAPL

Rotation events . shifts 10pp or more

2026-04-24 Diversified -22pp added OLAELEC, GALLANTT, QPOWER, LLOYDSENT, MANINDS, EIEL, WELCORP, JTLIND, VENUSPIPES, EPIGRAL, ANGELONE, HFCL, ADANIGREEN, APOLLO, JAYNECOIND, LLOYDSENGG, ABDL, KRISHANA, MONQ50, GOLDIAM, PAISALO, ADANIENSOL, SAMBHV . removed BHARATFORG, VTL, QGOLDHALF, GOLDCASE, BELRISE, BSLGOLDETF, GOLDETF, GOLD1, TATAGOLD, SETFGOLD, GOLDBEES, HDFCGOLD, GOLDIETF, GROWWGOLD
2026-02-27 Diversified -10pp added KRN, EASEMYTRIP, MANINDS, BHARATFORG, QPOWER, ENGINERSIN, PRECWIRE, AEROFLEX, KIRLOSENG, JAMNAAUTO, SBIN, TARIL, VTL . removed HINDZINC, HDFCGOLD, AXISGOLD, GOLDBEES, HINDALCO, SOUTHBANK, UJJIVANSFB, BANKINDIA, DCBBANK, GAEL, ASHAPURMIN, JTLIND
2026-02-13 Diversified -12pp added STLTECH, SHARDACROP, AVANTIFEED, MRPL, POKARNA, KARURVYSYA, TDPOWERSYS, TMB, SYRMA, AARTIIND, GESHIP, BLISSGVS . removed CSBBANK, IIFL, RICOAUTO, IDEA, GRMOVER, IIFLCAPS, LTF, SANSERA, SANDUMA, LAURUSLABS, FEDFINA, AUBANK, JAMNAAUTO, CUB, INDIACEM, POCL, TARC
2025-11-21 Diversified -10pp added CHENNPETRO, LGBBROSLTD, PRECWIRE, SJS, GRMOVER, THYROCARE, LUMAXTECH, MRPL, CUB, CANBK, CCL, ABCAPITAL, IDEA, KIRLOSENG, VIYASH, BHEL, SIRCA . removed SBISILVER, HDFCSILVER, AXISILVER, SILVER, ASHAPURMIN, FORTIS, RATEGAIN, BANCOINDIA, QGOLDHALF, HDFCGOLD, SETFGOLD, BSLGOLDETF, GOLD1
2025-03-28 Diversified -11pp added HEG, GABRIEL, ZENTEC, BDL, JSWINFRA, ADANIENSOL, KRISHANA, JYOTICNC, CHOLAFIN, GRSE, SHYAMMETL, TATASTEEL, KIMS, LAURUSLABS . removed AARTIPHARM, GODFRYPHLP, MAFANG, PCJEWELLER, WEBELSOLAR, ASHAPURMIN, SUPRIYA, PAYTM, MANORAMA, EPACK, DEEPINDS, BAJAJFINSV, SETFGOLD, HDFCGOLD
2022-04-01 Diversified +11pp added SDBL, USHAMART, JKPAPER, NIITLTD, INTELLECT, SPIC, GHCL, ADANIPOWER, GSFC, JINDALSTEL, BDL, MAHLIFE, EASEMYTRIP, CREDITACC, DELTACORP, HSCL, INGERRAND, OPTIEMUS, TEXRAIL, TIRUMALCHM, IMFA . removed ZENTEC, POONAWALLA, WEBELSOLAR, NELCO, TANLA, GOKULAGRO
2022-03-04 Diversified -10pp added GNFC, CGPOWER, ZENTEC, VTL, DIACABS, TRIVENI . removed RTNPOWER, PENIND, TEXRAIL, PGEL, GREAVESCOT, TI, LGBBROSLTD, JWL, GOODLUCK

Current Holdings

40 positions as of 2026-05-11 rebalance. Allocation percentages reflect equal-weighted sleeve at rebalance day; current values drift with price.

HFCL

2.5%

STLTECH

2.5%

WEBELSOLAR

2.5%

CUPID

2.5%

QPOWER

2.5%

APOLLO

2.5%

WELCORP

2.5%

JTLIND

2.5%

ADANIPOWER

2.5%

JAYNECOIND

2.5%

GALLANTT

2.5%

TDPOWERSYS

2.5%

PRECWIRE

2.5%

KRN

2.5%

ADANIGREEN

2.5%

ADANIENSOL

2.5%

AEROFLEX

2.5%

BAJAJCON

2.5%

EPIGRAL

2.5%

PAISALO

2.5%

LLOYDSME

2.5%

LLOYDSENT

2.5%

MANINDS

2.5%

IDEAFORGE

2.5%

SUNFLAG

2.5%

BHEL

2.5%

COHANCE

2.5%

HCC

2.5%

CYIENTDLM

2.5%

MANINFRA

2.5%

KIRLPNU

2.5%

BALAMINES

2.5%

JAIBALAJI

2.5%

HSCL

2.5%

KPEL

2.5%

SCI

2.5%

SKYGOLD

2.5%

SKIPPER

2.5%

ELECON

2.5%

FUSION

2.5%

Want live quantities, prices, and book values? View live in the platform →

Why This Strategy

40 stocks pulled from the NSE Universe under 2000, equal-weighted at roughly 2.5 percent each, rotated every two weeks.

The design leans on breadth and hit frequency. Forty names spread single-stock risk thin, and the fortnightly screen keeps the portfolio rotating into whatever the mid and small-cap tape currently rewards. Wins do not need to be huge when they come often enough. Frequency does the compounding work.

The regime risk is real. Mid and small caps correct as a segment, and when they do, this card goes down with them and stays down until the segment turns. Drawdowns here are measured in months, not weeks. That is the price of running the segment pure, with no large-cap ballast.

What you get for sitting through that is the full mid and small-cap engine when the regime is on. The strong stretches on this card have historically been very strong, and the recoveries come from the same breadth that spreads the risk. The yearly numbers above tell the current version of that story.

The card buys only stocks priced under 2000, the practical filter that maps the NSE Universe down to actively-tradeable mid and small-cap names. It rebalances every 2 weeks regardless of regime. It holds 40 names equal-weight. No fixed-income buffer. No gold sleeve. No defensive overlay.

Each rebalance publishes the full list, and the roster typically spans power and renewables, capital goods, metals, pharma, capital markets, and a long tail of smaller names. The current holdings and the next rebalance date sit alongside this card and update on schedule.

This is not a starter card. If you have not lived through a small-cap correction, start with Nifty 50 Equal Weight or a multi-asset card and graduate. This is also not a tax-friendly product if traded in a non-registered account. Fortnightly rebalances on 40 names mean churn, and the cost line above reflects that turnover, not the fee structure.

Sensible sizing for retail allocators is in the 15 to 30 percent of equity range, used as a satellite to a large-cap or multi-asset core.

The numbers beside this card do the talking on performance. They move with each trading day. The structure they measure does not.

Key Takeaways

40 mid and small-cap names spread across the NSE Universe
Pure segment exposure: no large-cap ballast, no defensive sleeve
Fortnightly rotation keeps the portfolio on the current leaders
Built for investors who can hold through a small-cap correction

Frequently Asked Questions

What is the Midcap Smallcap strategy?

40 stocks, fortnightly rotation. Pure mid and small-cap momentum. It selects the top 40 momentum names from NSE Universe (max 2000) and rebalances every 2 weeks.

What is the minimum investment for Midcap Smallcap?

₹79,000. This is enough to hold one share of every name in the current book at present prices. Higher allocations tighten the equal-weight match.

How does Midcap Smallcap compare to the Nifty 50?

Over the rolling 5-year backtest, Midcap Smallcap produced 42.75% CAGR versus Nifty 50's 9.80%. Sharpe ratio 1.63 versus the benchmark's 0.73. Past performance does not guarantee future returns.

What is the worst drawdown Midcap Smallcap has experienced?

26.17% peak-to-trough in the rolling 5-year backtest. The deepest period ran 497 days from 2024-12-20 to 2026-05-01. Drawdowns of similar magnitude can happen again. Position sizing should reflect this.

What are the fees on Midcap Smallcap?

0.2% on traded value per rebalance. No subscription, no AUM fee, no performance fee. With 2 weeks cadence and typical 30 to 50 percent turnover, annual platform fees on the minimum capital work out to under ₹500. See the pricing page for the full worked example.

Can I exit Midcap Smallcap at any time?

Yes. No lock-in. Holdings sit in your own broker demat account and you can sell any name on any market day. Switching strategies or pausing the rebalance is a one-click action on the platform.

Last Rebalance 11 May 2026

Next Rebalance 3 Aug 2026

Documents

View / download factsheet (PDF) Rebalance History CSV

Last rebalance | 2026-05-08

Full history →

vs 2026-04-24 cycle · 17 added · 24 removed · 40 retained

Added (17)

IDEAFORGESUNFLAGBHELCOHANCEHCCCYIENTDLMMANINFRAKIRLPNUBALAMINESJAIBALAJIHSCLKPELSCISKYGOLDSKIPPERELECONFUSION

Removed (24)

DEEPINDSPREMIERENESILVER1SILVERIETFSILVERADDSILVERBEESSBISILVERSILVERCASESILVERAXISILVERHDFCSILVERSMSPHARMAHINDCOPPERSBCZYDUSWELLAETHERGESHIPGOKULAGROVEDLACMESOLARKIRLOSENGNOCILKTKBANKMBAPL

Get notified when Midcap Smallcap rebalances

Free email alert on the morning of every rebalance with the IN / OUT names and rationale. Unsubscribe with one click.

Walk the risk band

Midcap Smallcap sits in the Moderately High bucket. Take one step in either direction:

One step safer (Moderate)

Allcap Multi Asset

CAGR 40.2% · Sharpe 1.81 · Max DD 21.3%

One step bolder (High)

Midcap

CAGR 39.3% · Sharpe 1.49 · Max DD 24.9%

Compare Midcap Smallcap with

4 pre-built head-to-head comparisons with metrics, holdings overlap, and trade-off summary.

Midcap

CAGR 39.3% · Sharpe 1.49

Large Midcap

CAGR 37.6% · Sharpe 1.69

5Paisa Focused Alpha 5

CAGR 53.3% · Sharpe 1.60

Allcap Multi Asset

CAGR 40.2% · Sharpe 1.81

Learn the mechanics behind Midcap Smallcap

4 modules from the RupeeCase Learn library cover the concepts inside this strategy. Free, no sign-up.

Momentum factor | the engine behind these strategies How backtesting works | reading the 5Y numbers honestly Risk metrics that matter | Sharpe, Sortino, max DD Rebalancing strategies | why cadence matters

Hear it on The Tanmay Edge

India's pre-market edge. Daily institutional positioning, options flows, and the levels that matter. Free, on every major podcast platform.

EP88 | 2026-07-24

Four Days Down, Crude At 100, And The Crowd Is Still Selling Puts . 23,800 Is The Line, 23,900 Is The Fresh Resistance,

EP87 | 2026-07-23

Sensex Expiry Day, and It Opened at Its High and Never Looked Up | 24,000 Turns From Support Into Resistance | Pros Long Gamma, FIIs Eleven Shorts Per Long, Clients All-In | Brent 96 and a Rupee at the Edge

EP86 | 2026-07-22

The Pin Printed, Then The Pros Walked | 24,200 Turns From Magnet To Pivot | Oil Back Above 90, Infosys And Sensex Expiry Thursday | The Post Expiry Gamma Reset

All 28+ episodes →

Phase 49B Compare Midcap Smallcap side-by-side Match returns, drawdowns and overlap against any other strategy in the lineup.

Disclaimer: Past performance is not indicative of future returns. All returns shown are from backtests conducted by RupeeCase from 2021-05-07. Actual traded returns may differ. Systematic strategies are subject to market risk, and capital can be lost. Investors should conduct their own research and consult a financial advisor before investing.

Learn the mechanics