RupeeCase | Systematic Quantitative Investing Terminal by QC AlphaRupeeCase | Systematic Quantitative Investing Terminal by QC Alpha
Start free

Strategy against strategy

Midcap vs Midcap Smallcap

Midcap (momentum, Nifty Midcap 150) against Midcap Smallcap (momentum, NSE Universe): two model curves on one chart, every risk figure side by side, the holdings they share and who each is written for.

  • 38.8%Midcap, CAGR
  • 42.6%Midcap Smallcap, CAGR
  • −24.9%Midcap, deepest fall
  • −26.2%Midcap Smallcap, 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₹560Midcap Smallcap₹737Nifty 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.

MetricMidcapMidcap SmallcapNifty 50 TRI
CAGR38.75%42.64%9.8%
Sharpe ratio1.491.630.73
Sortino ratio1.461.480.70
Calmar ratio1.661.910.58
Max drawdown−24.87%−26.17%−16.92%
Volatility, a year25.44%27.02%14.04%
Net return, cumulative+423.17%+527.87%+59.62%
Back test windowrolling 5 yearsrolling 5 years
Minimum capitalAbout ₹90,000About ₹80,000
Stocks held204050
RebalanceEvery 2 weeksEvery 2 weeks
UniverseNifty Midcap 150NSE UniverseNifty 50
Risk bandHighModerately 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

2 names in both lists.

2 of the 20 names in Midcap also sit in Midcap Smallcap (40 names): 5% of the larger list. Lists as of 11 May 2026 and 11 May 2026.

Held by both2

  • BHEL
  • LLOYDSME

Only in Midcap18

  • SUZLON
  • HUDCO
  • IDEA
  • THERMAX
  • MAHABANK
  • NATIONALUM
  • SAIL
  • TORNTPOWER
  • NLCINDIA
  • GVT&D
  • ATGL
  • NAM-INDIA
  • BSE
  • BHARATFORG
  • PREMIERENE
  • RADICO
  • COCHINSHIP
  • MCX

Only in Midcap Smallcap38

  • HFCL
  • STLTECH
  • WEBELSOLAR
  • CUPID
  • QPOWER
  • APOLLO
  • WELCORP
  • JTLIND
  • ADANIPOWER
  • JAYNECOIND
  • GALLANTT
  • TDPOWERSYS
  • PRECWIRE
  • KRN
  • ADANIGREEN
  • ADANIENSOL
  • AEROFLEX
  • BAJAJCON
  • EPIGRAL
  • PAISALO
  • LLOYDSENT
  • MANINDS
  • IDEAFORGE
  • SUNFLAG
  • +14 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 38.75%)
  • Better risk adjusted return: Midcap Smallcap (Sharpe 1.63 against Sharpe 1.49)
  • Shallower deepest fall: Midcap (24.87% against 26.17%)
  • Lower entry: Midcap Smallcap (₹80,000 against ₹90,000)

Midcap

High risk band

Written for
Growth-oriented investors comfortable with double-digit drawdowns
Time horizon
5 years or longer. Drawdowns of 25% have happened in the backtest and can happen again. Capital you might need within 12 months should not be here.
Capital
About ₹90,000, one share of every holding at recent prices
Midcap strategy page

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

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

More pairs

06Questions

Midcap vs Midcap Smallcap,
in plain words.

Which has the higher model CAGR, Midcap or Midcap Smallcap?

Midcap Smallcap: 42.64% against 38.75%, 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 or Midcap Smallcap?

Midcap: a deepest model fall of 24.87% against 26.17%. Midcap's deepest daily drawdown ran 322 days from 20 Dec 2024. Midcap Smallcap's ran 497 days from 20 Dec 2024. Model, back tested. As of 27 Apr 2026. Drawdowns of similar size can happen again.

Can I hold Midcap and Midcap Smallcap together?

Yes, each is a separate rules based index in your own demat, and 2 names sit in both lists today, so they carry weight twice. Minimum capital is about ₹90,000 and ₹80,000; 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 or Midcap Smallcap.
Read both, then decide.

Invest in MidcapInvest in Midcap Smallcap

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