Mid-cap funds have delivered mixed returns for over the past three years. Only four funds in the list provided by Value Research delivered more than 17% annualised returns, while several large funds by assets delivered lower returns.
HSBC Midcap Fund topped the list with a 20.70% three-year SIP return. Invesco India Mid Cap Fund, WhiteOak Capital Mid Cap Fund and ICICI Prudential Mid Cap Fund were the other three funds to cross the 17% mark.
HSBC Midcap leads the category with 20.70% SIP return
HSBC Midcap Fund delivered the highest three-year SIP return among the mid-cap funds in the data, at 20.70%. Invesco India Mid Cap Fund followed with 18.82%, while WhiteOak Capital Mid Cap Fund delivered 18.39%. ICICI Prudential Mid Cap Fund was the fourth fund to cross the 17% mark, with a return of 17.16%.
The gap between the top four and the next set of funds was significant. Bandhan Mid Cap Fund delivered 14.82%, followed by Edelweiss Mid Cap Fund at 14.58% and JM Mid Cap Fund at 14.53%.
|
Fund |
3-year SIP return |
| HSBC Midcap Fund | 20.70% |
| Invesco India Mid Cap Fund | 18.82% |
| WhiteOak Capital Mid Cap Fund | 18.39% |
| ICICI Prudential Mid Cap Fund | 17.16% |
| Bandhan Mid Cap Fund | 14.82% |
| Edelweiss Mid Cap Fund | 14.58% |
| JM Mid Cap Fund | 14.53% |
| Source: Value Research. Data as of 6 September 2026. | |
Union Midcap Fund and Mirae Asset Midcap Fund delivered 14.29% and 14.06%, respectively. Kotak Mid Cap Fund returned 13.67%, while ITI Mid Cap Fund delivered 13.54%.
Several other funds were below the 13% mark. Canara Robeco Mid Cap Fund delivered 13.23%, Mahindra Manulife Mid Cap Fund 13.17% and Sundaram Mid Cap Fund 12.86%. Axis Midcap Fund returned 12.71%, while Nippon India Growth Mid Cap Fund delivered 12.67%.
At the lower end, Quant Mid Cap Fund recorded a three-year SIP return of 4.48%, the lowest in the data. SBI Midcap Fund delivered 7.04%, while PGIM India Midcap Fund returned 8.34%.
Largest mid-cap funds fail to match the top performers
The largest mid-cap funds by assets did not necessarily deliver the highest three-year SIP returns. Value Research data shows that HDFC Mid Cap Fund was the largest in the list, with net assets of ₹1,05,143 crore. Its three-year SIP return was 12.45%.
|
Fund |
Net assets |
3-year SIP return |
| HDFC Mid Cap Fund | ₹1,05,143 crore | 12.45% |
| Kotak Mid Cap Fund | ₹69,283 crore | 13.67% |
| Nippon India Growth Mid Cap Fund | ₹50,751 crore | 12.67% |
| Motilal Oswal Midcap Fund | ₹40,036 crore | 11.02% |
| Axis Midcap Fund | ₹34,404 crore | 12.71% |
| Source: Value Research. Data as of 6 September 2026. | ||
Kotak Mid Cap Fund, the second-largest fund in the category with ₹69,283 crore in net assets, delivered a three-year SIP return of 13.67%. Nippon India Growth Mid Cap Fund, with ₹50,751 crore in assets, returned 12.67%.
Motilal Oswal Midcap Fund had ₹40,036 crore in net assets but delivered 11.02%. Axis Midcap Fund, with ₹34,404 crore, returned 12.71%, while SBI Midcap Fund delivered 7.04% despite having ₹24,354 crore in assets.
The data shows that a fund’s size does not necessarily translate into higher recent returns. Investors should therefore avoid choosing a mid-cap fund solely on the basis of or short-term performance. Investment strategy, portfolio construction, risk and performance consistency across market cycles also matter.