Best Mid Cap Funds in India (2026)
Live · updated 2026-09-16 Ranked by data, refreshed from daily NAVs
This is the complete, data-ranked list of mid caps we track - every Direct-Growth scheme in the category with a meaningful track record, ordered by long-term quality (King Score). This page is recomputed from NAV data every day, so it cannot go stale, and every fund on it links to a full research page with returns, risk, SIP outcomes, holdings and manager track record.
Mid cap funds put at least 65% of assets in companies ranked 101st to 250th by market value - businesses that have survived the startup phase but still have room to double and triple. Historically the category has delivered returns closer to small caps with drawdowns somewhat shallower, which is why many investors call it the sweet spot of Indian equity.
The catch is that mid caps fall hard too - the category has seen individual funds lose more than a third of their value from peak to bottom. The honest way to use this ranking: treat the return columns and the worst-fall column as a pair. A mid cap fund that compounds a little slower but has repeatedly protected capital in bad markets is often the better long-term compounder, because its investors actually stay invested.
Tap any column heading to sort. Every fund name links to its full review.
| # | Fund | RS | King | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR | 10Y CAGR | Sharpe | Roll 3Y | Worst fall |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | WhiteOak Capital Mid Cap Fund | 96 | 96 | 4.1% | 18.5% | 12.2% | 21.0% | n/a | n/a | 0.87 | 27.1% | -19.3% |
| 2 | Invesco India Midcap Fund | 86 | 89 | 3.1% | 15.5% | 7.8% | 22.4% | 18.9% | 19.4% | 0.88 | 23.4% | -34.1% |
| 3 | HSBC Midcap Fund | 99 | 84 | 3.5% | 22.8% | 17.2% | 23.0% | n/a | n/a | 0.84 | 26.1% | -26.0% |
| 4 | Edelweiss Mid Cap Fund | 53 | 84 | 0.7% | 9.2% | 5.8% | 20.0% | 17.7% | n/a | 0.78 | 26.2% | -39.2% |
| 5 | Bandhan Midcap Fund | 91 | 80 | 3.5% | 17.9% | 7.6% | 17.4% | n/a | n/a | 0.63 | 21.8% | -22.7% |
| 6 | Canara Robeco Mid Cap Fund | 70 | 80 | 1.7% | 13.1% | 3.9% | 16.2% | n/a | n/a | 0.57 | 21.2% | -21.2% |
| 7 | ICICI Prudential MidCap Fund | 59 | 80 | -2.2% | 10.4% | 11.9% | 20.1% | 16.7% | 16.8% | 0.74 | 21.0% | -44.0% |
| 8 | BARODA BNP PARIBAS Mid Cap Fund | 74 | 77 | 0.8% | 11.0% | 9.2% | 16.2% | n/a | n/a | 0.61 | 21.8% | -18.6% |
| 9 | Kotak Midcap Fund | 49 | 77 | -0.2% | 11.9% | 4.2% | 16.7% | 15.8% | 17.7% | 0.6 | 22.7% | -36.0% |
| 10 | Nippon India Mid Cap Fund | 38 | 77 | -0.5% | 7.8% | 5.7% | 17.3% | 17.2% | 18.1% | 0.62 | 22.0% | -35.3% |
| 11 | Nippon India Mid Cap Fund | 38 | 77 | -0.5% | 7.8% | 5.7% | 17.3% | 17.2% | 18.1% | 0.62 | 22.0% | -35.3% |
| 12 | ITI Mid Cap Fund | 81 | 76 | 1.9% | 13.7% | 9.8% | 19.2% | 15.9% | n/a | 0.67 | 25.4% | -22.7% |
| 13 | HDFC Mid Cap Fund | 60 | 75 | 2.1% | 8.6% | 5.7% | 16.6% | 18.1% | 17.2% | 0.63 | 23.3% | -39.5% |
| 14 | JM Midcap Fund (Direct) | 85 | 74 | 1.9% | 18.1% | 7.4% | 18.0% | n/a | n/a | 0.61 | 25.0% | -22.5% |
| 15 | Sundaram Mid Cap Fund | 54 | 74 | 0.4% | 10.7% | 4.8% | 17.3% | 15.9% | 14.5% | 0.64 | 20.8% | -44.3% |
The category returns: 1 month to 10 years𝕏 Share this statWhatsApp
Over the last 1 year, the category averaged 5.7% - the best, HSBC Midcap Fund, returned 17.2% while the weakest managed -2.2%. That spread is why picking within the category matters. Over 10 years the average compounding rate is 16.2% a year, which turned ₹1 lakh into about ₹448,800.
| Period | Average | Median | Best fund | Weakest |
|---|---|---|---|---|
| 1 month | -3.7% | -3.9% | HSBC Midcap Fund (-1.9%) | -5.7% |
| 3 months | 1.6% | 1.3% | Motilal Oswal Midcap Fund (9.1%) | -2.2% |
| 6 months | 12.1% | 11.1% | HSBC Midcap Fund (22.8%) | 7.0% |
| 1 year | 5.7% | 5.6% | HSBC Midcap Fund (17.2%) | -2.2% |
| 3 years (CAGR) | 16.0% | 16.4% | HSBC Midcap Fund (23.0%) | 8.6% |
| 5 years (CAGR) | 15.0% | 15.1% | Motilal Oswal Midcap Fund (20.6%) | 9.9% |
| 10 years (CAGR) | 16.2% | 16.6% | Invesco India Midcap Fund (19.4%) | 13.5% |
Averages across every qualifying fund, refreshed daily. Best-fund links open that fund's full review.
What ₹1 lakh became
The same returns, translated into money - at the average pace and at the best fund's pace:
| Held for | Average pace | ₹1 lakh → (average) | ₹1 lakh → (best fund) |
|---|---|---|---|
| 1 year | 5.7% a year | ₹105,700 | ₹117,200 |
| 3 years | 16.0% a year | ₹156,100 | ₹186,100 |
| 5 years | 15.0% a year | ₹201,100 | ₹255,100 |
| 10 years | 16.2% a year | ₹448,800 | ₹588,900 |
Pre-tax, from historical returns. The averages smooth over a very bumpy ride - see the worst-fall column in the ranking above for what the journey involved.
The category by the numbers
| Funds that qualify | 30 |
| Combined assets | ₹533,217 Cr |
| Average 3-year return | 16.0% a year (best 23.0%, weakest 8.6%) |
| Average 5-year return | 15.0% a year |
| Average worst-ever fall | -32.6% (deepest: -45.1%) |
| Average expense ratio (Direct) | 0.69% |
| Largest fund by assets | HDFC Mid Cap Fund (₹97,350 Cr) |
Put the risk number in rupees: at the average worst fall of -32.6%, ₹1 lakh temporarily becomes about ₹67,400. That is the stretch every ranked fund's investors had to sit through at some point - the ranking rewards the funds that made that wait worthwhile.
Momentum check: what is hot right now
As of 2026-09-16, 4 of the 30 funds here rate RS 90 or above (top-decile recent momentum versus peers). The strongest momentum belongs to HSBC Midcap Fund (RS 99/99). Average return over the last 3 months: 1.6%; over 6 months: 12.1%. Momentum is a snapshot, not a ranking criterion here - but it tells you whether this corner of the market is currently in favour.
Before you pick a mid cap fund: four checks
- Open the fund's page and look at the worst-fall figure in rupees - decide whether you could genuinely sit through it without selling.
- Check the rolling-return consistency, not just the trailing return: a fund that delivered in most windows beats one lucky streak.
- Compare its expense ratio against the category average shown above - a persistent 0.5% cost gap compounds into lakhs over decades.
- If you already own funds in this category, check the portfolio overlap section on the fund page - two funds owning the same stocks is one bet, not two.
Filter the entire Indian mutual fund universe by 40+ metrics - returns, consistency, drawdown, RS Rating, King Score, cost - then chart, compare and backtest anything you find.
How to read the table
RS (1-99) is recent momentum versus category peers - 99 is the hottest right now. King (0-100) is the long-term quality composite this list is ranked by. 3M/6M are recent returns; 3Y and 5Y CAGR are annualised longer records. Sharpe is return earned per unit of volatility - higher means smoother compounding. Roll 3Y is the median of every 3-year holding period in the fund's history, the fairest single return number a fund has. Worst fall is the deepest peak-to-bottom loss ever - the number that tests whether you would have stayed invested. Missing values show as n/a, usually because the fund is too young for that measurement.
The top 10, decoded𝕏 Share this statWhatsApp
- WhiteOak Capital Mid Cap Fund (Mid Cap Fund) - King Score 96/100, RS 96/99 right now. 3-year return 21.0% a year, against a worst-ever fall of 19.3% (₹1 lakh briefly ₹80,700). Median 3-year rolling return 27.1%, sharpe 0.87.
- Invesco India Midcap Fund (Mid Cap Fund) - King Score 89/100, RS 86/99 right now. 3-year return 22.4% a year, against a worst-ever fall of 34.1% (₹1 lakh briefly ₹65,900). 5-year pace 18.9% a year, median 3-year rolling return 23.4%, sharpe 0.88.
- HSBC Midcap Fund (Mid Cap Fund) - King Score 84/100, RS 99/99 right now. 3-year return 23.0% a year, against a worst-ever fall of 26.0% (₹1 lakh briefly ₹74,000). Median 3-year rolling return 26.1%, sharpe 0.84.
- Edelweiss Mid Cap Fund (Mid Cap Fund) - King Score 84/100, RS 53/99 right now. 3-year return 20.0% a year, against a worst-ever fall of 39.2% (₹1 lakh briefly ₹60,800). 5-year pace 17.7% a year, median 3-year rolling return 26.2%, sharpe 0.78.
- Bandhan Midcap Fund (Mid Cap Fund) - King Score 80/100, RS 91/99 right now. 3-year return 17.4% a year, against a worst-ever fall of 22.7% (₹1 lakh briefly ₹77,300). Median 3-year rolling return 21.8%, sharpe 0.63.
- Canara Robeco Mid Cap Fund (Mid Cap Fund) - King Score 80/100, RS 70/99 right now. 3-year return 16.2% a year, against a worst-ever fall of 21.2% (₹1 lakh briefly ₹78,800). Median 3-year rolling return 21.2%, sharpe 0.57.
- ICICI Prudential MidCap Fund (Mid Cap Fund) - King Score 80/100, RS 59/99 right now. 3-year return 20.1% a year, against a worst-ever fall of 44.0% (₹1 lakh briefly ₹56,000). 5-year pace 16.7% a year, median 3-year rolling return 21.0%, sharpe 0.74.
- BARODA BNP PARIBAS Mid Cap Fund (Mid Cap Fund) - King Score 77/100, RS 74/99 right now. 3-year return 16.2% a year, against a worst-ever fall of 18.6% (₹1 lakh briefly ₹81,400). Median 3-year rolling return 21.8%, sharpe 0.61.
- Kotak Midcap Fund (Mid Cap Fund) - King Score 77/100, RS 49/99 right now. 3-year return 16.7% a year, against a worst-ever fall of 36.0% (₹1 lakh briefly ₹64,000). 5-year pace 15.8% a year, median 3-year rolling return 22.7%, sharpe 0.6.
- Nippon India Mid Cap Fund (Mid Cap Fund) - King Score 77/100, RS 38/99 right now. 3-year return 17.3% a year, against a worst-ever fall of 35.3% (₹1 lakh briefly ₹64,700). 5-year pace 17.2% a year, median 3-year rolling return 22.0%, sharpe 0.62.
Frequently asked questions
Which is the best mid cap fund right now?
On our data-driven ranking as of 2026-09-16, WhiteOak Capital Mid Cap Fund scores highest (King Score 96/100). That is a description of its record versus peers, not a recommendation - rankings move as NAVs update, and the right fund depends on your goals and risk tolerance.
Are mid cap funds risky?
The category's numbers answer this better than adjectives: the average fund here has seen a worst-ever fall of -32.6%, and the deepest fall in the category is -45.1%. If a temporary loss of that size would make you sell, this category (or its allocation size in your portfolio) deserves a rethink. Risk here is not hypothetical - it is a matter of record.
What returns have mid cap funds given historically?
Across the 30 funds we track in this category, the average 3-year return is 16.0% a year, with the best at 23.0% and the weakest at 8.6%. Over 5 years the category average is 15.0% a year. These are records, not projections - the next three years owe nothing to the last three.
What is the average 1-year return of mid cap funds right now?
As of 2026-09-16, the 30 qualifying funds averaged 5.7% over the last year (median 5.6%). The best, HSBC Midcap Fund, returned 17.2%; the weakest returned -2.2%. One year is weather, not climate - check the 5 and 10 year columns before drawing conclusions.
Which mid cap fund gave the highest return in the last 10 years?
Invesco India Midcap Fund leads with 19.4% a year over 10 years - ₹1 lakh became about ₹588,900 pre-tax. The average across funds with a 10-year record is 16.2% a year. A decade-long record says a lot about the past and nothing certain about the next decade.
How is this list ranked?
Funds are ordered by King Score - a 0-100 composite of 3-year returns, rolling consistency, worst drawdown and Sharpe, each measured against category peers. The full formulas are public - see our methodology page. No fund pays to be here and rankings cannot be bought.
Should I invest in the #1 fund on this list?
We cannot tell you that - MF Terminal is descriptive research, not investment advice. A top rank says the past record was strong versus peers. Read the fund's full page, check the drawdowns you would have to sit through, and decide against your own horizon.
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All figures pre-tax, from AMFI NAV history. Rankings are descriptive and change with the data. Nothing here is investment advice or a recommendation to buy, sell or hold any fund. Past performance does not guarantee future returns.