Axis Midcap Fund
Mid Cap Fund · Axis Asset Management Co. Ltd.
Among the 131 similar mid cap funds we track, this one has grown money a bit faster than average. ₹1 lakh invested 5 years ago would be about ₹1.8 lakh today. Investing ₹10,000 every month for the last 10 years would have put in ₹12.1 lakh and grown it to about ₹30.9 lakh. Be warned: in its worst stretch, ₹1 lakh briefly shrank to about ₹70,640. Expect meaningful ups and downs on the way.
New to fund research? Start with the 5-minute guide. The detailed numbers below back all of this up.Axis Midcap Fund is a mid cap fund from Axis Asset Management Co. Ltd.. It has a track record of about 13.7 years. As of the latest data it carries an RS rating of 72/99 (its recent momentum versus category peers) and a King Score of 64/100 (a long-term quality composite). The current NAV is ₹140.21 (as of 2026-09-16).
Growth of ₹100 - last 5 years
Axis Midcap Fund returns: last 1, 3, 5 and 10 years
| Period | This fund | Category average |
|---|---|---|
| 1 month | -2.63% | -3.51% |
| 3 months | 1.87% | 1.68% |
| 6 months | 12.12% | 12.2% |
| 1 year | 5.33% | 5.8% |
| 3 years (CAGR) | 15.54% | 16.0% |
| 5 years (CAGR) | 12.41% | 14.98% |
| 10 years (CAGR) | 17.6% | 16.17% |
The last 10 years return of Axis Midcap Fund works out to 17.6% a year (CAGR) - ₹1 lakh invested 10 years ago would be about ₹5.1 lakh today. The last 5 years return is 12.41% a year (₹1 lakh → ₹1.8 lakh), and the last 3 years return is 15.54% - behind its category's 16.0% average by 0.5 points. Its trailing one-year return is 5.33%. Trailing returns flatter or disappoint depending on the end date you pick - the year-by-year and rolling-return sections below are a fairer read.
Year-by-year returns
| Year | Axis Midcap Fund | Benchmark |
|---|---|---|
| 2018 | +4.6% | n/a |
| 2019 | +12.8% | n/a |
| 2020 | +27.8% | +24.4% |
| 2021 | +41.8% | +46.8% |
| 2022 | -3.9% | +3.0% |
| 2023 | +31.0% | +43.7% |
| 2024 | +31.4% | +23.8% |
| 2025 | +2.0% | +5.4% |
| 2026 | +6.2% | +0.4% |
Axis Midcap Fund beat its benchmark in 3 of the last 7 calendar years. A below-par hit-rate versus its own index is worth weighing against its other strengths. Consistency against the benchmark matters more than any single great year.
Calendar-year returns show how bumpy the ride really was - an average hides the good years and the ugly ones.
What a monthly SIP in Axis Midcap Fund would have made
A ₹10,000-a-month SIP, using this fund's actual NAV history. SIP returns (XIRR) differ from lumpsum CAGR because your money goes in gradually, averaging your entry price.
| SIP duration | You invested | It became | XIRR |
|---|---|---|---|
| 3 years | ₹370,000 | ₹434,911 | 10.78% |
| 5 years | ₹610,000 | ₹876,268 | 14.45% |
| 10 years | ₹1,210,000 | ₹3,087,446 | 17.8% |
Over 10 years, ₹1,210,000 invested in monthly instalments would have grown to about ₹3,087,446 - an XIRR of 17.8%. Figures are pre-tax and assume you stayed invested throughout.
Risk & drawdowns
| Measure | This fund | Category average |
|---|---|---|
| Worst drawdown (lifetime) | -29.36% | -30.01% |
| Worst drawdown (3Y) | -19.52% | -21.13% |
| Volatility (1Y) | 16.72% | 18.79% |
| Sharpe (3Y) | 0.59 | 0.56 |
| Sortino (3Y) | 0.99 | 0.93 |
| Beta (3Y) | 0.84 | 0.93 |
| Alpha (3Y) | 3.24% | 2.98% |
| Up capture | 86.5% | 94.45% |
| Down capture | 77.4% | 87.14% |
| Bull-market return | 31.2% | 35.3% |
| Bear-market return | -21.9% | -27.03% |
Timing matters more than people admit: the best possible 1-year stretch in Axis Midcap Fund (starting 2013-09-03) gained 102.7%, while the worst (starting 2015-02-27) lost 15.5%. The worst peak-to-bottom fall Axis Midcap Fund has ever put investors through is -29.36% - the real test of whether you'd have stayed invested. In falling markets (Nifty below its 200-day average) it has returned about -21.9% annualised, versus 31.2% in rising markets. It has captured roughly 86.5% of its benchmark's up-moves and 77.4% of its down-moves.
How Axis Midcap Fund behaves when markets fall
When the market is falling (the Nifty below its 200-day average), Axis Midcap Fund has historically returned about -21.9% annualised, versus roughly 31.2% when the market is rising. Its deepest fall on record is -29.36%. Right now it sits about 2.93% below its all-time high (last hit 2026-08-13). The real question isn't the average year - it's whether you could hold on through the worst one.
How Axis Midcap Fund ranks in its category
Percentile versus its ~131 category peers - 100th is best-in-class, 50th is average. This is the fairest apples-to-apples read.
Consistency (rolling returns)
| Measure | Value |
|---|---|
| Median 3Y rolling CAGR | 19.52% |
| 3Y windows positive | 100.0% |
| Worst 3Y window | 5.68% |
| 3Y windows beating Nifty 500 | 98.1% |
| Median 5Y rolling CAGR | 20.12% |
| Median 10Y rolling CAGR | 18.87% |
Instead of one lucky start date, rolling returns test every start date. Across all 3-year windows in its history, Axis Midcap Fund returned a median of 19.52% a year, and 100.0% of those windows were positive.
What Axis Midcap Fund holds
Its latest monthly portfolio disclosure. This is what your money actually owns.
Top holdings
Sector allocation
The top 10 holdings make up 26.2% of the portfolio, across 86 stocks. A higher concentration means the fund's fortunes ride on fewer names.
Portfolio overlap with similar funds
Axis Midcap Fund shares WhiteOak Capital Mid Cap Fund (34%), Invesco India Midcap Fund (17%), Edelweiss Mid Cap Fund (3%) of its portfolio with these category peers (overlap = the slice of the two portfolios invested in the same stocks). The lower the overlap, the more genuinely different the portfolios are.
Who manages Axis Midcap Fund - and how good are they?
Axis Midcap Fund is managed by Shreyash Devalkar, Nitin Arora and Krishnaa N. Below is each manager's complete track record - every fund they currently run, judged on the same numbers as everything else on this page - so you can see whether this fund is in strong hands or is the outlier in a weak book.
Shreyash Devalkar's full record
Shreyash Devalkar currently runs 6 funds, across ELSS, FoF Domestic, Large & Mid Cap Fund, Large Cap Fund and more, with about ₹121,071 Cr under management. The book's average King Score is 68.0/100. Their strongest fund by King Score is Axis Multicap Fund (90/100); Axis Midcap Fund ranks #3 of 6 in their book.
Tap any column heading to sort.
| # | Fund | RS | King | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR | 10Y CAGR | Sharpe | Roll 3Y | Worst fall |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Axis Multicap Fund | 90 | 90 | 5.9% | 16.4% | 8.0% | 18.3% | n/a | n/a | 0.77 | 22.8% | -18.1% |
| 2 | Axis Large & Mid Cap Fund | 85 | 78 | 1.4% | 10.4% | 4.7% | 14.4% | 11.8% | n/a | 0.56 | 20.9% | -31.9% |
| 3 | Axis Midcap Fund (this page) | 72 | 64 | 1.9% | 12.1% | 5.3% | 15.5% | 12.4% | 17.6% | 0.59 | 19.5% | -29.4% |
| 4 | Axis Large Cap Fund | 76 | 55 | 0.5% | 3.2% | -3.8% | 8.0% | 5.3% | 12.2% | 0.11 | 13.7% | -30.1% |
| 5 | Axis ELSS Tax Saver Fund | 65 | 53 | 1.7% | 7.1% | -1.5% | 9.9% | 5.3% | 12.0% | 0.24 | 14.3% | -33.5% |
| 6 | Axis Multi-Asset Active FoF | n/a | n/a | 1.8% | 6.6% | n/a | n/a | n/a | n/a | n/a | n/a | -8.6% |
Nitin Arora's full record
Nitin Arora currently runs 4 funds, across Mid Cap Fund, Multi Cap Fund, Sectoral/ Thematic, Value Fund, with about ₹49,720 Cr under management. The book's average King Score is 83.0/100. Their strongest fund by King Score is Axis Value Fund (95/100); Axis Midcap Fund ranks #3 of 4 in their book.
Tap any column heading to sort.
| # | Fund | RS | King | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR | 10Y CAGR | Sharpe | Roll 3Y | Worst fall |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Axis Value Fund | 92 | 95 | 3.6% | 10.3% | 7.0% | 17.1% | n/a | n/a | 0.72 | 23.2% | -20.2% |
| 2 | Axis Multicap Fund | 90 | 90 | 5.9% | 16.4% | 8.0% | 18.3% | n/a | n/a | 0.77 | 22.8% | -18.1% |
| 3 | Axis Midcap Fund (this page) | 72 | 64 | 1.9% | 12.1% | 5.3% | 15.5% | 12.4% | 17.6% | 0.59 | 19.5% | -29.4% |
| 4 | Axis India Manufacturing Fund | 79 | n/a | 4.3% | 16.0% | 12.2% | n/a | n/a | n/a | 0.74 | n/a | -23.0% |
Krishnaa N's full record
Krishnaa N currently runs 19 funds, across Flexi Cap Fund, FoF Domestic, FoF Overseas, Focused Fund and more, with about ₹149,038 Cr under management. The book's average King Score is 60.1/100. Their strongest fund by King Score is Axis Value Fund (95/100); Axis Midcap Fund ranks #8 of 19 in their book.
Tap any column heading to sort.
| # | Fund | RS | King | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR | 10Y CAGR | Sharpe | Roll 3Y | Worst fall |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Axis Value Fund | 92 | 95 | 3.6% | 10.3% | 7.0% | 17.1% | n/a | n/a | 0.72 | 23.2% | -20.2% |
| 2 | Axis NASDAQ 100 US Specific Equity Passive FOF | 71 | 88 | -3.6% | 20.9% | 30.6% | 29.5% | n/a | n/a | 1.14 | 31.8% | -23.1% |
| 3 | Axis Large & Mid Cap Fund | 85 | 78 | 1.4% | 10.4% | 4.7% | 14.4% | 11.8% | n/a | 0.56 | 20.9% | -31.9% |
| 4 | Axis Small Cap Fund | 55 | 74 | 5.9% | 20.0% | 8.7% | 14.7% | 15.5% | 19.3% | 0.53 | 19.9% | -34.6% |
| 5 | Axis Innovation Fund | 95 | 72 | 12.4% | 24.8% | 13.4% | 17.4% | 11.6% | n/a | 0.75 | 15.9% | -23.6% |
| 6 | Axis Global Equity Alpha Fund of Fund | 61 | 66 | 3.4% | 13.2% | 19.1% | 22.9% | 15.3% | n/a | 0.99 | 13.3% | -19.9% |
| 7 | Axis Flexi Cap Fund | 84 | 64 | 4.3% | 13.0% | 3.2% | 12.9% | 8.5% | n/a | 0.43 | 15.4% | -29.9% |
| 8 | Axis Midcap Fund (this page) | 72 | 64 | 1.9% | 12.1% | 5.3% | 15.5% | 12.4% | 17.6% | 0.59 | 19.5% | -29.4% |
| 9 | Axis Retirement Fund - Dynamic | 45 | 62 | 0.5% | 5.6% | -1.7% | 11.0% | 7.7% | n/a | 0.36 | 14.3% | -17.1% |
| 10 | Axis Global Innovation Fund of Fund | 84 | 56 | 1.8% | 21.0% | 23.2% | 24.6% | 13.0% | n/a | 0.88 | 18.6% | -30.8% |
| 11 | Axis Large Cap Fund | 76 | 55 | 0.5% | 3.2% | -3.8% | 8.0% | 5.3% | 12.2% | 0.11 | 13.7% | -30.1% |
| 12 | Axis Retirement Fund - Conservative | 24 | 52 | -0.3% | -0.1% | -0.3% | 7.1% | 6.0% | n/a | 0.1 | 9.7% | -12.7% |
| 13 | Axis Focused Fund | 81 | 49 | 5.1% | 11.8% | -0.2% | 9.5% | 3.9% | 11.9% | 0.21 | 14.6% | -33.7% |
| 14 | Axis Quant Fund | 35 | 42 | -2.4% | 5.8% | 0.8% | 8.1% | 8.6% | n/a | 0.11 | 14.6% | -23.0% |
| 15 | Axis ESG Integration Strategy Fund | 22 | 38 | -1.3% | 3.2% | -4.2% | 7.7% | 5.1% | n/a | 0.1 | 13.3% | -24.3% |
| 16 | Axis Multi Asset Allocation Fund | 72 | 37 | 1.4% | 2.9% | 8.8% | 13.1% | 8.9% | 11.7% | 0.63 | 10.9% | -27.4% |
| 17 | Axis Greater China Equity Fund of Fund | 52 | 30 | -0.3% | 10.9% | 23.3% | 21.6% | 7.3% | n/a | 0.62 | 10.2% | -43.4% |
| 18 | Axis Consumption Fund | 31 | n/a | 0.7% | 6.7% | -7.9% | n/a | n/a | n/a | -0.69 | n/a | -20.0% |
| 19 | Axis Multi-Asset Active FoF | n/a | n/a | 1.8% | 6.6% | n/a | n/a | n/a | n/a | n/a | n/a | -8.6% |
A caveat worth keeping: funds often have co-managers, and results belong to the whole team and process rather than one person. A manager's book tells you about their range and consistency, not a guarantee of skill.
Cost & fund basics
| Detail | Value |
|---|---|
| Expense ratio (Direct) | 0.57% |
| Exit load | ≈1% if redeemed within 1 year (typical) |
| Minimum investment | ₹100 |
| Fund size (AUM) | ₹32,852 Cr |
| Age | 13.7 years |
| Plan / Option | Direct · Growth |
| Benchmark | NIFTY_MIDCAP150 |
How Axis Midcap Fund compares to peers
| Fund | RS | King | 3Y CAGR |
|---|---|---|---|
| WhiteOak Capital Mid Cap Fund | 96 | 96 | 21.0% |
| Invesco India Midcap Fund | 86 | 89 | 22.4% |
| Edelweiss Mid Cap Fund | 53 | 84 | 20.0% |
| HSBC Midcap Fund | 99 | 84 | 23.0% |
| ICICI Prudential MidCap Fund | 59 | 80 | 20.1% |
| Canara Robeco Mid Cap Fund | 70 | 80 | 16.2% |
Overlap warning: funds in the same category often own many of the same stocks - holding several rarely adds the diversification people expect.
What these numbers mean
RS rating (1-99) ranks a fund's recent momentum against its category - higher is stronger right now. King Score (0-100) is a long-term quality composite (returns, consistency, drawdown, risk-adjusted return) versus peers. Max drawdown is the worst peak-to-bottom fall the fund has ever experienced. Rolling returns test every possible start date, so one lucky (or unlucky) entry point can't distort the picture. Every formula behind this page is public - see how we calculate every number.
Axis Midcap Fund review: the bottom line
Related
Frequently asked questions
Is Axis Midcap Fund a good mutual fund?
That depends on your goals and risk tolerance - this is descriptive research, not advice. On the numbers, Axis Midcap Fund scores 64/100 on our King Score and RS 72/99 within its category, has compounded 15.54% a year over three years, and its worst drawdown was -29.36%. Compare those against your needs and the peer table above.
What is the NAV of Axis Midcap Fund today?
The latest NAV is ₹140.21 (as of 2026-09-16). NAV (net asset value) is the per-unit price of the fund, published every business day by the AMC.
What is the last 10 years return of Axis Midcap Fund?
Over the last 10 years Axis Midcap Fund has returned about 17.6% a year (CAGR). In rupees: ₹1 lakh invested 10 years ago would be roughly ₹5.1 lakh today, before tax. See the year-by-year table above for how uneven the ride was.
What is the expense ratio of Axis Midcap Fund?
The Direct-plan expense ratio is 0.57% a year. The Direct plan is cheaper than the Regular plan because it carries no distributor commission - over decades that gap compounds meaningfully.
Who is the fund manager of Axis Midcap Fund?
Axis Midcap Fund is managed by Shreyash Devalkar; Nitin Arora; Krishnaa N.
Is Axis Midcap Fund safe? How risky is it?
No market-linked fund is 'safe' in the fixed-deposit sense - the honest question is how deep its falls get. Its worst historical drawdown was -29.36% - ₹1 lakh briefly becoming about ₹70,640. As a equity fund, its risk profile is typical of that category. Look at the drawdown, volatility and bear-market figures above and ask whether you could stay invested through the bad stretches.
Is Axis Midcap Fund good for SIP?
We can't tell you what to do, but here is what actually happened: a ₹10,000 monthly SIP over the last 10 years grew ₹12.1 lakh into about ₹30.9 lakh (XIRR 17.8%). SIPs average your entry price, which helps most in funds that swing hard - check the crash-behaviour section above to see how it treats investors in bad markets.
What are the SIP returns of Axis Midcap Fund?
A ₹10,000/month SIP over 10 years would have grown to about ₹3,087,446 (an XIRR of 17.8%) on ₹1,210,000 invested, using the fund's actual NAV history. See the SIP table above for other durations.
How does Axis Midcap Fund rank among similar funds?
On 3-year returns it sits around the 65th percentile of its category, and its consistency ranks 56th percentile. 100th is best-in-class, 50th is average. See the category-ranking section above.
Is Axis Midcap Fund tax-efficient / what about capital gains?
As a equity fund, gains follow the rules for its asset class - equity-oriented funds are taxed differently from debt. All returns on this page are pre-tax; your actual post-tax return depends on your holding period and slab. This is descriptive information, not tax advice.
Direct or Regular plan - which is shown here?
All figures on this page are for the Direct-Growth plan (no distributor commission, lower cost). Returns are pre-tax; capital-gains tax depends on your own holding period and slab.
See Axis Midcap Fund live in the MF Terminal
Everything above is a static snapshot. The terminal is where you actually research it:
- Interactive price chart with EMAs & RSI
- The RS line plotted against its benchmark
- Full holdings, sector mix & portfolio overlap
- Point-in-time backtester & portfolio doctor
- Compare it side-by-side with any peer
- Screen 1,600+ funds on the same metrics
Data: AMFI NAV history, NSE indices, BSE StAR and monthly disclosures. All figures are pre-tax. Descriptive research and education only - nothing here is investment advice or a recommendation to buy, sell or hold any fund. Past performance does not guarantee future returns.