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Strategy against strategy

Midcap Smallcap vs Allcap Multi Asset

Midcap Smallcap (momentum, NSE Universe) against Allcap Multi Asset (multi asset, Nifty Total Market): two model curves on one chart, every risk figure side by side, the holdings they share and who each is written for.

  • 42.6%Midcap Smallcap, CAGR
  • 40.5%Allcap Multi Asset, CAGR
  • −26.2%Midcap Smallcap, deepest fall
  • −21.3%Allcap Multi Asset, deepest fall

Model, back tested. As of 27 Apr 2026. After charges. Not a promise of future returns.

01Two model curves

₹100 in each, May 2021 to Jul 2026.

Midcap Smallcap₹737Allcap Multi Asset₹598Nifty 50 TRI, 9.8% CAGR line₹162
150 200 300 500 700

Both models rebased to 100 at their common first month, log scale, with the Nifty 50 TRI drawn as its 9.8% CAGR line. Model, back tested. As of 27 Apr 2026. After charges.

02Every figure

14 rows, side by side.

A tick marks the better figure of the two: higher return and ratios, shallower fall, lower volatility, lower entry. The Nifty 50 column is the index over the same window.

MetricMidcap SmallcapAllcap Multi AssetNifty 50 TRI
CAGR42.64%40.47%9.8%
Sharpe ratio1.631.810.73
Sortino ratio1.481.710.70
Calmar ratio1.912.060.58
Max drawdown−26.17%−21.32%−16.92%
Volatility, a year27.02%21.41%14.04%
Net return, cumulative+527.87%+490.16%+59.62%
Back test windowrolling 5 yearsrolling 5 years
Minimum capitalAbout ₹80,000About ₹2,81,000
Stocks held405250
RebalanceEvery 2 weeksEvery 2 weeks
UniverseNSE UniverseNifty Total MarketNifty 50
Risk bandModerately HighModerate
TierGrowth coreMulti asset core

CAGR, Sharpe and max drawdown: Model, back tested. As of 27 Apr 2026. Sortino, Calmar, volatility and net return: model, back tested over each strategy's own window, to 27 Apr 2026. Minimum capital as of 8 Aug 2026. Not a promise of future returns.

03Holdings overlap

16 names in both lists.

16 of the 40 names in Midcap Smallcap also sit in Allcap Multi Asset (49 names): 33% of the larger list. Lists as of 11 May 2026 and 11 May 2026.

Held by both16

  • HFCL
  • STLTECH
  • WEBELSOLAR
  • CUPID
  • QPOWER
  • APOLLO
  • WELCORP
  • ADANIPOWER
  • JAYNECOIND
  • GALLANTT
  • TDPOWERSYS
  • KRN
  • ADANIGREEN
  • ADANIENSOL
  • LLOYDSME
  • LLOYDSENT

Only in Midcap Smallcap24

  • JTLIND
  • PRECWIRE
  • AEROFLEX
  • BAJAJCON
  • EPIGRAL
  • PAISALO
  • MANINDS
  • IDEAFORGE
  • SUNFLAG
  • BHEL
  • COHANCE
  • HCC
  • CYIENTDLM
  • MANINFRA
  • KIRLPNU
  • BALAMINES
  • JAIBALAJI
  • HSCL
  • KPEL
  • SCI
  • SKYGOLD
  • SKIPPER
  • ELECON
  • FUSION

Only in Allcap Multi Asset33

  • GOLDBEES
  • LIQUIDCASE
  • OLAELEC
  • EIEL
  • ANGELONE
  • PFOCUS
  • NATIONALUM
  • AVANTIFEED
  • LLOYDSENGG
  • ABDL
  • THERMAX
  • AZAD
  • KSB
  • ATHERENERG
  • INOXINDIA
  • DEEPAKFERT
  • HINDCOPPER
  • KAJARIACER
  • THANGAMAYL
  • ACUTAAS
  • ACMESOLAR
  • KIRLOSENG
  • OSWALPUMPS
  • SANSERA
  • +9 more

Model portfolios on the published lists; tickers are not recommendations. Holding both means the shared names carry weight twice.

04The trade off

Who each is written for.

  • Higher model growth: Midcap Smallcap (42.64% against 40.47%)
  • Better risk adjusted return: Allcap Multi Asset (Sharpe 1.81 against Sharpe 1.63)
  • Shallower deepest fall: Allcap Multi Asset (21.32% against 26.17%)
  • Lower entry: Midcap Smallcap (₹80,000 against ₹2,81,000)

Midcap Smallcap

Moderately High risk band

Written for
Investors who want growth but read a 25% drawdown as opportunity, not panic
Time horizon
5 years or longer. Drawdowns of 26% have happened in the backtest and can happen again. Capital you might need within 12 months should not be here.
Capital
About ₹80,000, one share of every holding at recent prices
Midcap Smallcap strategy page

Allcap Multi Asset

Moderate risk band

Written for
Investors who want a balanced equity tilt with a built-in volatility cushion
Time horizon
5 years or longer. Drawdowns of 21% have happened in the backtest and can happen again. Capital you might need within 12 months should not be here.
Capital
About ₹2,81,000, one share of every holding at recent prices
Allcap Multi Asset strategy page

A description of each strategy, not a recommendation. Decide your own allocation, or ask a SEBI registered investment adviser. Model, back tested. As of 27 Apr 2026.

05Next

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06Questions

Midcap Smallcap vs Allcap Multi Asset,
in plain words.

Which has the higher model CAGR, Midcap Smallcap or Allcap Multi Asset?

Midcap Smallcap: 42.64% against 40.47%, with the Nifty 50 TRI line at 9.8%. Model, back tested. As of 27 Apr 2026. After charges; past performance does not guarantee future returns.

Which fell less in the back test, Midcap Smallcap or Allcap Multi Asset?

Allcap Multi Asset: a deepest model fall of 21.32% against 26.17%. Midcap Smallcap's deepest daily drawdown ran 497 days from 20 Dec 2024. Allcap Multi Asset's ran 371 days from 20 Dec 2024. Model, back tested. As of 27 Apr 2026. Drawdowns of similar size can happen again.

Can I hold Midcap Smallcap and Allcap Multi Asset together?

Yes, each is a separate rules based index in your own demat, and 16 names sit in both lists today, so they carry weight twice. Minimum capital is about ₹80,000 and ₹2,81,000; the fee is 0.2% of traded value per rebalance on each. RupeeCase is not an investment adviser; decide your own allocation.

Explore next

Go deeper on both strategies.

Midcap Smallcap or Allcap Multi Asset.
Read both, then decide.

Invest in Midcap SmallcapInvest in Allcap Multi Asset

0.2% of traded value per rebalance. No AUM fee, no lock in. Model, back tested. As of 27 Apr 2026.