As of 8 October 2026, small-cap mutual funds were ahead of mid-caps on year-to-date returns: the small-cap category gained 9.89%, while the mid-cap category fell 1.02%. But the leaders changed with the measurement period. Bank of India Small Cap Fund led its category YTD and over five years; ITI Small Cap Fund led over three years. In mid-caps, HSBC Midcap Fund led YTD and over three years, while Motilal Oswal Midcap Fund led over five years.
The figures below are direct-plan returns attributed to Morningstar by Mint’s comparison, with returns measured through 8 October 2026. YTD is a point-to-date return; three- and five-year figures are annualized compound annual growth rates (CAGRs). They describe a dated performance snapshot, not a forecast or a recommendation.
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How the two categories performed
On the category-level comparison, small caps had the stronger YTD result through 8 October 2026. The longer-period category averages were close over three years, with mid-caps marginally ahead, while small caps were ahead over five years.
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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minute| Period | Small-cap category | Mid-cap category | Measure |
|---|---|---|---|
| YTD through 8 October 2026 | +9.89% | -1.02% | Point-to-date return |
| Three years through 8 October 2026 | 13.81% | 13.89% | Annualized CAGR |
| Five years through 8 October 2026 | 13.99% | 12.69% | Annualized CAGR |
These are category figures, not the returns of a single scheme. Category averages and individual fund rankings answer different questions, so a category’s result should not be read as the return every fund in it earned.
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Which schemes led each period?
The table shows the highest-returning scheme in each category and period in Mint’s Morningstar-attributed direct-plan data, as of 8 October 2026. Three- and five-year returns are CAGRs; YTD is not annualized.
| Category | YTD leader | Three-year CAGR leader | Five-year CAGR leader |
|---|---|---|---|
| Small cap | Bank of India Small Cap Fund — 31.62% | ITI Small Cap Fund — 22.44% | Bank of India Small Cap Fund — 18.95% |
| Mid cap | HSBC Midcap Fund — 11.45% | HSBC Midcap Fund — 21.68% | Motilal Oswal Midcap Fund — 18.86% |
There is no single scheme that led every period in both categories. Bank of India Small Cap Fund led small caps YTD and over five years, but ITI Small Cap Fund topped the three-year ranking. HSBC Midcap Fund led mid-caps YTD and over three years; Motilal Oswal Midcap Fund led the five-year ranking. Mint reported that Bank of India Small Cap and HSBC Midcap were the only schemes among the top five in their respective categories across all three horizons.
What the YTD figures say about dispersion
The category result does not mean every scheme moved in the same direction. Mint reported that 16 mid-cap schemes had negative YTD returns as of 8 October 2026; Franklin India Mid Cap Fund had the largest decline in that category at 5.94% below zero. HDFC Small Cap Fund was the only small-cap scheme reported with a negative YTD return, at 2.64% below zero. These are observations for that cutoff date, not enduring descriptions of either fund.
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How to use the rankings responsibly
Match the period and plan before comparing
Compare funds using the same category, plan type, return period, and end date. A YTD figure measures performance from the start of the calendar year to the stated cutoff; it is not comparable to an annualized three- or five-year CAGR as if all were the same kind of return. The rankings above are for direct plans. They should not be treated as rankings for regular plans.
Do not treat historical leaders as future winners
A top historical return identifies the leader for a particular past window. It does not establish which scheme will lead next, and performance rankings can change as NAVs and markets move. Use these figures as a starting point for comparison, not as a buy signal.
Returns alone do not measure risk
A higher past return does not show that a scheme had lower volatility or better risk-adjusted performance. A meaningful risk comparison would need comparable measures, such as standard deviation, for the same funds and measurement period. No same-date risk-adjusted comparison for these October leaders is established by the cited snapshot, so the return table cannot answer which fund was less volatile.
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Keep different cutoff dates separate
Financial Express published direct-growth small-cap returns through 31 July 2026, including ITI Small Cap Fund at 22.44% three-year CAGR and Bank of India Small Cap Fund at 18.95% five-year CAGR. Those figures provide earlier corroborating context for those small-cap leaders, but the July cutoff is not interchangeable with Mint’s 8 October snapshot. Do not combine figures with different end dates into one ranking.
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