This equity SIP outperformed peers during the turbulent Sept 2024-Apr 2026 phase; check details

Mid-cap mutual funds emerged as the strongest category for SIP investors during the recent 19-month volatile market phase, while large-cap funds remained the weakest segment amid global macroeconomic uncertainty, foreign investor outflows, and rangebound equity markets.

Data for the period between September 26, 2024, and April 30, 2026, showed that category-wise SIP returns varied sharply depending on market capitalisation, sector allocation, and stock selection strategies adopted by fund managers.

The period was marked by tariff-related tensions, sticky global inflation, geopolitical uncertainty, and sustained foreign portfolio investor (FPI) selling in Indian equities. However, consistent domestic institutional investor (DII) inflows continued to provide stability and cushion deeper market corrections.

The returns are based on SIP XIRR, which measures annualised returns by considering the timing and amount of every SIP instalment invested during the period.

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Mid-cap funds outperform

Mid-cap mutual funds delivered the strongest average SIP returns among diversified equity categories. The category generated an average SIP XIRR of 5.6%, although it still trailed the Nifty Midcap 150 TRI benchmark return of 7.7%.

ICICI Prudential Midcap Fund emerged as the top-performing mid-cap scheme with a SIP return of 16.9%. Strong exposure to stocks such as MCX, Hitachi Energy, Nalco, and Navin Fluorine supported returns. MCX and Hitachi Energy delivered sharp rallies during the period, significantly boosting portfolio performance.

HSBC Midcap Fund followed with a SIP return of 14.7%, while WOC Mid Cap, Nippon India Growth Mid Cap, and Baroda BNP Paribas Mid Cap also featured among the top performers.

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On the other hand, Motilal Oswal Midcap Fund emerged as the weakest performer in the category with a negative SIP return of 8.6%, impacted by holdings in stocks such as Trent, Prestige Estates, and Tube Investments.

Large-cap funds lag market recovery

Large-cap funds remained the weakest category during the period, with average SIP returns slipping to negative 1.3%, underperforming the Nifty 100 TRI benchmark return of negative 0.5%.

Bank of India Large Cap Fund topped the category with a SIP return of 4.3%, benefiting from exposure to PSU banks, defence companies, and metals stocks including TD Power Systems and SBI.

However, several large-cap schemes delivered negative returns amid weakness in IT and consumption-heavy portfolios. LIC MF Large Cap Fund emerged as the worst-performing scheme with a negative SIP return of 5%, dragged down by holdings such as ITC, Infosys, TCS, and Hindustan Unilever.

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Small-cap funds

Small-cap mutual funds delivered an average SIP return of 3.9%, outperforming the Nifty Smallcap 250 benchmark return of 2.2%.

Union Small Cap Fund led the category with an 11.7% SIP return, aided by strong gains in stocks such as MCX, GE Vernova, and Gabriel India.

Tata Small Cap Fund was the weakest performer in the category with a negative SIP return of 9.8%, impacted by sharp declines in stocks including Allcargo Logistics, Quess Corp, and Shoppers Stop.

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Mixed trends

Among large & mid-cap funds, Motilal Oswal Large & Midcap Fund delivered the strongest SIP return at 8.8%, supported by holdings in MCX, GE Vernova T&D, BEL, and Amber Enterprises. Tata Large & Midcap Fund remained the weakest scheme with a negative return of 5.9%.

In the flexi-cap category, Quant Flexi Cap Fund emerged as the best performer with an 8.9% SIP return, aided by dynamic sector allocation and exposure to stocks such as Adani Power and Larsen & Toubro. UTI Flexi Cap Fund was the weakest performer with a negative SIP return of 7.9%.

Meanwhile, Bank of India Multi Cap Fund topped the multi-cap category with an 8.3% SIP return, while Invesco India Multicap Fund delivered the weakest performance at negative 5.5%.

The data highlights how SIP investing continued to help investors navigate prolonged volatility, while active portfolio positioning and sectoral bets played a critical role in differentiating fund performance across categories.