--- title: "Midcap Smallcap vs Allcap Multi Asset | RupeeCase Strategies" description: "Midcap Smallcap vs Allcap Multi Asset: model CAGR 42.6% against 40.5%, back tested as of 27 Apr 2026, shared holdings and who each suits." source_url: "https://www.rupeecase.com/strategies/compare/midcap-smallcap-vs-allcap-multi-asset" --- 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**₹737**Allcap Multi Asset**₹598**Nifty 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 forInvestors who want growth but read a 25% drawdown as opportunity, not panic Time horizon5 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. CapitalAbout ₹80,000, one share of every holding at recent prices [Midcap Smallcap strategy page](/strategies/midcap-smallcap) ### Allcap Multi Asset **Moderate** risk band Written forInvestors who want a balanced equity tilt with a built-in volatility cushion Time horizon5 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. CapitalAbout ₹2,81,000, one share of every holding at recent prices [Allcap Multi Asset strategy page](/strategies/allcap-multi-asset) 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 ## Change the pair, or go deeper. [Pick any two strategies](/compare#pairs) * [Strategy pageMidcap SmallcapFour numbers, the factsheet, Invest](/strategies/midcap-smallcap) * [Strategy pageAllcap Multi AssetFour numbers, the factsheet, Invest](/strategies/allcap-multi-asset) * [FactsheetMidcap SmallcapPrint first, every month and holding](/strategies/factsheets/midcap-smallcap) * [FactsheetAllcap Multi AssetPrint first, every month and holding](/strategies/factsheets/allcap-multi-asset) ### More pairs * [vsMidcap vs Midcap SmallcapCAGR 38.8% and 42.6%](/strategies/compare/midcap-vs-midcap-smallcap) * [vsMidcap Smallcap vs Large MidcapCAGR 42.6% and 37.8%](/strategies/compare/midcap-smallcap-vs-large-midcap) * [vsAllcap Multi Asset vs TotalMarket HybridCAGR 40.5% and 39.5%](/strategies/compare/allcap-multi-asset-vs-totalmarket-hybrid) * [vsAllcap Multi Asset vs Large Mid Multi AssetCAGR 40.5% and 34.3%](/strategies/compare/allcap-multi-asset-vs-largemid-multi-asset) * [vs5Paisa Focused Alpha 5 vs Midcap SmallcapCAGR 54.1% and 42.6%](/strategies/compare/5paisa-focused-alpha-5-vs-midcap-smallcap) * [vsAllcap vs Allcap Multi AssetCAGR 44.7% and 40.5%](/strategies/compare/allcap-vs-allcap-multi-asset) 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. * [Free module 2.3Risk Metrics That Matter8 min read](/learn/path-2/module-2-3-risk-metrics-that-matter) * [StrategyMidcap Smallcap strategyNSE Universe, 40 stocks, every 2 weeks](/strategies/midcap-smallcap) * [StrategyAllcap Multi Asset strategyNifty Total Market, 52 stocks, every 2 weeks](/strategies/allcap-multi-asset) * [FactsheetMidcap Smallcap factsheetOne page, print ready, model back test](/strategies/factsheets/midcap-smallcap) * [FactsheetAllcap Multi Asset factsheetOne page, print ready, model back test](/strategies/factsheets/allcap-multi-asset) * [Head to headCompare Midcap with Midcap SmallcapTwo model curves, every risk figure](/strategies/compare/midcap-vs-midcap-smallcap) ## Midcap Smallcap or Allcap Multi Asset. Read both, then decide. [Invest in Midcap Smallcap](https://invest.rupeecase.com/signup?strategy=midcap-smallcap)[Invest in Allcap Multi Asset](https://invest.rupeecase.com/signup?strategy=allcap-multi-asset) 0.2% of traded value per rebalance. No AUM fee, no lock in. Model, back tested. As of 27 Apr 2026.