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

Strategy against strategy

Smallcap vs Microcap

Smallcap (momentum, Nifty Smallcap 250) against Microcap (momentum, Nifty Microcap 250): two model curves on one chart, every risk figure side by side, the holdings they share and who each is written for.

  • 37.4%Smallcap, CAGR
  • 37.3%Microcap, CAGR
  • −22.3%Smallcap, deepest fall
  • −26.4%Microcap, 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.

Smallcap₹541Microcap₹534Nifty 50 TRI, 9.8% CAGR line₹162
150 200 300 500

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.

MetricSmallcapMicrocapNifty 50 TRI
CAGR37.40%37.33%9.8%
Sharpe ratio1.591.520.73
Sortino ratio1.451.420.70
Calmar ratio1.851.520.58
Max drawdown−22.34%−26.43%−16.92%
Volatility, a year23.51%24.09%14.04%
Net return, cumulative+407.11%+431.21%+59.62%
Back test windowrolling 5 yearsrolling 5 years
Minimum capitalAbout ₹2,19,000About ₹2,25,000
Stocks held505050
RebalanceEvery 2 weeksEvery 2 weeks
UniverseNifty Smallcap 250Nifty Microcap 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

No name in both lists.

0 of the 48 names in Smallcap also sit in Microcap (48 names): 0% of the larger list. Lists as of 11 May 2026 and 11 May 2026.

Held by both0

None on the latest lists.

Only in Smallcap48

  • BANDHANBNK
  • ANGELONE
  • JINDALSAW
  • JPPOWER
  • OLAELEC
  • BLUEJET
  • CESC
  • GESHIP
  • ABDL
  • HFCL
  • HSCL
  • SCI
  • SYRMA
  • FINCABLES
  • ENGINERSIN
  • APTUS
  • JUBLINGREA
  • BELRISE
  • GRANULES
  • ACMESOLAR
  • J&KBANK
  • VTL
  • INOXWIND
  • COHANCE
  • +24 more

Only in Microcap48

  • JAYNECOIND
  • HCC
  • JAIBALAJI
  • LLOYDSENT
  • LLOYDSENGG
  • EIEL
  • EMIL
  • DBREALTY
  • STLTECH
  • WEBELSOLAR
  • CUPID
  • APOLLO
  • BALAMINES
  • SKIPPER
  • DIACABS
  • GOKULAGRO
  • INOXINDIA
  • PFOCUS
  • PRAJIND
  • KTKBANK
  • PRUDENT
  • TMB
  • SHAILY
  • LXCHEM
  • +24 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: Smallcap (37.40% against 37.33%)
  • Better risk adjusted return: Smallcap (Sharpe 1.59 against Sharpe 1.52)
  • Shallower deepest fall: Smallcap (22.34% against 26.43%)
  • Lower entry: Smallcap (₹2,19,000 against ₹2,25,000)

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 22% have happened in the backtest and can happen again. Capital you might need within 12 months should not be here.
Capital
About ₹2,19,000, one share of every holding at recent prices
Smallcap strategy page

Microcap

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 ₹2,25,000, one share of every holding at recent prices
Microcap 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

Smallcap vs Microcap,
in plain words.

Which has the higher model CAGR, Smallcap or Microcap?

Smallcap: 37.40% against 37.33%, 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, Smallcap or Microcap?

Smallcap: a deepest model fall of 22.34% against 26.43%. Smallcap's deepest daily drawdown ran 70 days from 21 Jan 2022. Microcap's ran 210 days from 21 Jan 2022. Model, back tested. As of 27 Apr 2026. Drawdowns of similar size can happen again.

Can I hold Smallcap and Microcap together?

Yes, each is a separate rules based index in your own demat, and no name sits in both lists today. Minimum capital is about ₹2,19,000 and ₹2,25,000; 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.

Smallcap or Microcap.
Read both, then decide.

Invest in SmallcapInvest in Microcap

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