Archive · 7 Sep 2026
Only Four Mid-Cap Funds Beat 17% Three-Year SIP Returns
Mid-cap funds invest in medium-sized companies.
Their results for people investing through monthly SIPs were very different over three years.
HSBC Midcap Fund had the best result, earning 20.70% annually in the data.
Only three other funds earned more than 17%.
Some of the biggest funds did not have the best returns.
HDFC Mid Cap Fund was the largest fund listed, but its return was 12.45%.
Quant Mid Cap Fund had the lowest return, at 4.48%.
These figures are based on Value Research data available on 6 September 2026.
HSBC Midcap Fund led the listed funds with a 20.70% three-year annualised SIP return.
Invesco India Mid Cap, WhiteOak Capital Mid Cap and ICICI Prudential Mid Cap also exceeded 17%.
Bandhan, Edelweiss and JM mid-cap funds returned between 14.53% and 14.82%.
Quant Mid Cap Fund had the lowest return at 4.48%, followed by SBI Midcap Fund at 7.04%.
HDFC Mid Cap Fund was the largest listed fund by assets but returned 12.45%; Kotak returned 13.67%.
- Who
- The listed mid-cap mutual funds, including HSBC Midcap Fund, Invesco India Mid Cap Fund, WhiteOak Capital Mid Cap Fund and ICICI Prudential Mid Cap Fund.
- What
- A comparison of three-year annualised SIP returns and assets of mid-cap funds.
- When
- The data was as of 6 September 2026.
- Where
- The comparison covers funds in the Indian mutual fund market.
- Why
- To show how mid-cap funds performed for SIP investors and whether the largest funds also delivered the highest returns.
- Top performer
- HSBC Midcap Fund, with a 20.70% three-year SIP return
- Other funds above 17%
- Invesco India Mid Cap Fund at 18.82%, WhiteOak Capital Mid Cap Fund at 18.39%, and ICICI Prudential Mid Cap Fund at 17.16%
- Lowest performer
- Quant Mid Cap Fund, with a 4.48% three-year SIP return
- Largest listed fund
- HDFC Mid Cap Fund, with net assets of ₹1,05,143 crore
- HDFC return
- 12.45% over three years through SIPs
- Second-largest listed fund
- Kotak Mid Cap Fund, with net assets of ₹69,283 crore
- Data source and date
- Value Research; data as of 6 September 2026