--- title: "Midcap Smallcap vs Large Midcap | RupeeCase Strategies" description: "Midcap Smallcap vs Large Midcap: model CAGR 42.6% against 37.8%, back tested as of 27 Apr 2026, shared holdings and who each suits." source_url: "https://www.rupeecase.com/strategies/compare/midcap-smallcap-vs-large-midcap" --- Strategy against strategy # Midcap Smallcap vs Large Midcap Midcap Smallcap (momentum, NSE Universe) against Large Midcap (momentum, Nifty LargeMidCap 250): 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 * **37.8%**Large Midcap, CAGR * **−26.2%**Midcap Smallcap, deepest fall * **−19.3%**Large Midcap, 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**Large Midcap**₹538**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 SmallcapLarge MidcapNifty 50 TRI CAGR42.64%37.83%9.8% Sharpe ratio1.631.690.73 Sortino ratio1.481.600.70 Calmar ratio1.912.080.58 Max drawdown−26.17%−19.31%−16.92% Volatility, a year27.02%21.36%14.04% Net return, cumulative+527.87%+384.75%+59.62% Back test windowrolling 5 yearsrolling 5 years Minimum capitalAbout ₹80,000About ₹1,99,000 Stocks held404050 RebalanceEvery 2 weeksEvery 2 weeks UniverseNSE UniverseNifty LargeMidCap 250Nifty 50 Risk bandModerately HighModerately High TierGrowth coreGrowth 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 ## 5 names in both lists. 5 of the 40 names in Midcap Smallcap also sit in Large Midcap (40 names): 13% of the larger list. Lists as of 11 May 2026 and 11 May 2026. ### Held by both5 * ADANIPOWER * ADANIGREEN * ADANIENSOL * LLOYDSME * BHEL ### Only in Midcap Smallcap35 * HFCL * STLTECH * WEBELSOLAR * CUPID * QPOWER * APOLLO * WELCORP * JTLIND * JAYNECOIND * GALLANTT * TDPOWERSYS * PRECWIRE * KRN * AEROFLEX * BAJAJCON * EPIGRAL * PAISALO * LLOYDSENT * MANINDS * IDEAFORGE * SUNFLAG * COHANCE * HCC * CYIENTDLM * +11 more ### Only in Large Midcap35 * SUZLON * MAHABANK * NTPCGREEN * COCHINSHIP * ADANIENT * IDEA * NATIONALUM * PREMIERENE * SAIL * NLCINDIA * VEDL * HUDCO * VBL * ATGL * TATAPOWER * THERMAX * JSWENERGY * HAL * AUROPHARMA * NESTLEIND * LODHA * GODREJIND * GVT&D * CGPOWER * +11 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 37.83%) * **Better risk adjusted return:** Large Midcap (Sharpe 1.69 against Sharpe 1.63) * **Shallower deepest fall:** Large Midcap (19.31% against 26.17%) * **Lower entry:** Midcap Smallcap (₹80,000 against ₹1,99,000) ### 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) ### Large Midcap **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 19% have happened in the backtest and can happen again. Capital you might need within 12 months should not be here. CapitalAbout ₹1,99,000, one share of every holding at recent prices [Large Midcap strategy page](/strategies/large-midcap) 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 pageLarge MidcapFour numbers, the factsheet, Invest](/strategies/large-midcap) * [FactsheetMidcap SmallcapPrint first, every month and holding](/strategies/factsheets/midcap-smallcap) * [FactsheetLarge MidcapPrint first, every month and holding](/strategies/factsheets/large-midcap) ### More pairs * [vsMidcap vs Midcap SmallcapCAGR 38.8% and 42.6%](/strategies/compare/midcap-vs-midcap-smallcap) * [vsLarge Midcap vs MidcapCAGR 37.8% and 38.8%](/strategies/compare/large-midcap-vs-midcap) * [vs5Paisa Focused Alpha 5 vs Midcap SmallcapCAGR 54.1% and 42.6%](/strategies/compare/5paisa-focused-alpha-5-vs-midcap-smallcap) * [vsMidcap Smallcap vs Allcap Multi AssetCAGR 42.6% and 40.5%](/strategies/compare/midcap-smallcap-vs-allcap-multi-asset) 06Questions ## Midcap Smallcap vs Large Midcap, in plain words. ### Which has the higher model CAGR, Midcap Smallcap or Large Midcap? Midcap Smallcap: 42.64% against 37.83%, 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 Large Midcap? Large Midcap: a deepest model fall of 19.31% against 26.17%. Midcap Smallcap's deepest daily drawdown ran 497 days from 20 Dec 2024. Large Midcap's ran 378 days from 27 Sep 2024. Model, back tested. As of 27 Apr 2026. Drawdowns of similar size can happen again. ### Can I hold Midcap Smallcap and Large Midcap together? Yes, each is a separate rules based index in your own demat, and 5 names sit in both lists today, so they carry weight twice. Minimum capital is about ₹80,000 and ₹1,99,000; 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) * [StrategyLarge Midcap strategyNifty LargeMidCap 250, 40 stocks, every 2 weeks](/strategies/large-midcap) * [FactsheetMidcap Smallcap factsheetOne page, print ready, model back test](/strategies/factsheets/midcap-smallcap) * [FactsheetLarge Midcap factsheetOne page, print ready, model back test](/strategies/factsheets/large-midcap) * [Head to headCompare Midcap with Midcap SmallcapTwo model curves, every risk figure](/strategies/compare/midcap-vs-midcap-smallcap) ## Midcap Smallcap or Large Midcap. Read both, then decide. [Invest in Midcap Smallcap](https://invest.rupeecase.com/signup?strategy=midcap-smallcap)[Invest in Large Midcap](https://invest.rupeecase.com/signup?strategy=large-midcap) 0.2% of traded value per rebalance. No AUM fee, no lock in. Model, back tested. As of 27 Apr 2026.