---
title: "Midcap Smallcap Factsheet | Model Back Test | RupeeCase"
description: "Midcap Smallcap factsheet: model CAGR 42.64%, max drawdown −26.17%, back tested as of 27 Apr 2026. Holdings, months, falls, costs. Print or save as PDF."
source_url: "https://www.rupeecase.com/strategies/factsheets/midcap-smallcap"
---

Factsheet, model back tested

# Midcap Smallcap factsheet

      40 stocks, fortnightly rotation. Momentum on the NSE Universe under 2000. Momentum on the NSE Universe, 40 holdings, rebalanced every 2 weeks. Every figure below is model, back tested and after charges; each block names its date.

        * **42.64%**CAGR, model, as of 27 Apr 2026

        * **−26.17%**deepest model fall

        * **1.63**Sharpe ratio, model

        * **₹80K**minimum, about ₹80,000

        Print or save as PDF
        Email me the PDF

      [Read the Midcap Smallcap strategy page](/strategies/midcap-smallcap)

            CAGR**42.64%**Nifty 50 TRI line 9.8%

            Max drawdown**−26.17%**peak to trough, model

            Sharpe ratio**1.63**Nifty 50 0.73

            Minimum capital**₹80K**about ₹80,000

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

            Midcap Smallcap, model**₹737**Nifty 50 TRI, 9.8% CAGR line**₹162**

              150
              200
              300
              500
              700

          ₹100 in the model in May 2021 became ₹737 by Jul 2026; the Nifty 50 TRI line reached ₹162. Log scale. Model, back tested. As of 27 Apr 2026.

### Performance, risk, efficiency

              * Metric**Midcap Smallcap***Nifty 50*

              * Performance

              * CAGR**42.64%***9.8%*

              * Cumulative return**+527.87%***+59.62%*
* Sharpe ratio**1.63***0.73*
* Sortino ratio**1.48***0.70*
* Calmar ratio**1.91***0.58*

              * Risk

              * Max drawdown**−26.17%***−16.92%*

              * Volatility, a year**27.02%***14.04%*
* Best week**+9.60%***+6.36%*
* Worst week**−13.44%***−6.33%*

              * Efficiency

              * Weeks up**65.13%***57.47%*
* Average up week**+2.98%***+1.49%*
* Average down week**−3.13%***−1.57%*

            Model, back tested, after charges, weekly figures over the rolling 5 years window to 27 Apr 2026; the Nifty 50 over the same window. CAGR and max drawdown as of 27 Apr 2026.

### Configuration

            UniverseNSE Universe (max 2000)
TypeMomentum
SleevesEquity 100
Holdings40, equal weight in the equity sleeve
RebalanceEvery 2 weeks, 26 a year
Max stock price₹2,000
Risk bandModerately High
TierGrowth core
BenchmarkNifty 50
Minimum capitalAbout ₹80,000, as of 8 Aug 2026
Back test from7 May 2021
Metrics windowRolling 5 years
Fee0.2% of traded value per rebalance, nothing else

### Calendar year returns

* 2021from May**+56.9%**
* 2022**+26.9%**
* 2023**+98.3%**
* 2024**+86.0%**
* 2025**−8.7%**
* 2026to May**+13.0%**

            Model, back tested, after charges, 2021 to May 2026.

### Deepest falls

1. **−11.45%**6 Aug 2021 to 3 Sep 2021*28 days*
2. **−11.45%**6 Aug 2021 to 3 Sep 2021*28 days*
3. **−11.45%**6 Aug 2021 to 3 Sep 2021*28 days*
4. **−11.45%**6 Aug 2021 to 3 Sep 2021*28 days*
5. **−11.45%**6 Aug 2021 to 3 Sep 2021*28 days*

            Model, back tested, daily record over rolling 5 years: peak to low, and the days until the record was back at that peak.

### Monthly returns

* **2021**Janno dataFebno dataMarno dataAprno dataMay3.1Jun16.7Jul8.7Aug−4.5Sep7.0Oct0.9Nov−0.3Dec16.8**Year+56.9%**
* **2022**Jan2.7Feb−12.0Mar5.8Apr4.5May−7.7Jun1.4Jul10.3Aug7.1Sep−0.4Oct3.3Nov6.4Dec4.9**Year+26.9%**
* **2023**Jan−8.2Feb−6.6Mar2.4Apr9.2May6.2Jun11.7Jul16.9Aug13.4Sep2.0Oct4.6Nov12.5Dec9.7**Year+98.3%**
* **2024**Jan11.3Feb2.2Mar−3.8Apr12.0May7.3Jun12.0Jul3.5Aug7.9Sep7.2Oct−5.8Nov8.5Dec3.2**Year+86.0%**
* **2025**Jan−10.9Feb−14.1Mar5.2Apr−0.1May10.9Jun1.9Jul−2.6Aug2.8Sep−2.7Oct−1.6Nov−2.1Dec7.1**Year−8.7%**
* **2026**Jan−1.3Feb5.7Mar−12.1Apr17.4May5.0Junno dataJulno dataAugno dataSepno dataOctno dataNovno dataDecno data**YTD+13.0%**

            Model, back tested, after charges. Each cell is one calendar month, in percent.

### 40 holdings

* Equity**100%**

* HFCL**2.5%**
* STLTECH**2.5%**
* WEBELSOLAR**2.5%**
* CUPID**2.5%**
* QPOWER**2.5%**
* APOLLO**2.5%**
* WELCORP**2.5%**
* JTLIND**2.5%**
* ADANIPOWER**2.5%**
* JAYNECOIND**2.5%**
* GALLANTT**2.5%**
* TDPOWERSYS**2.5%**
* PRECWIRE**2.5%**
* KRN**2.5%**
* ADANIGREEN**2.5%**
* ADANIENSOL**2.5%**
* AEROFLEX**2.5%**
* BAJAJCON**2.5%**
* EPIGRAL**2.5%**
* PAISALO**2.5%**
* LLOYDSME**2.5%**
* LLOYDSENT**2.5%**
* MANINDS**2.5%**
* IDEAFORGE**2.5%**
* SUNFLAG**2.5%**
* BHEL**2.5%**
* COHANCE**2.5%**
* HCC**2.5%**
* CYIENTDLM**2.5%**
* MANINFRA**2.5%**
* KIRLPNU**2.5%**
* BALAMINES**2.5%**
* JAIBALAJI**2.5%**
* HSCL**2.5%**
* KPEL**2.5%**
* SCI**2.5%**
* SKYGOLD**2.5%**
* SKIPPER**2.5%**
* ELECON**2.5%**
* FUSION**2.5%**

            Weights on the rebalance day, 11 May 2026; they drift with prices until the next rebalance. Model portfolio, not a recommendation to buy or sell any stock.

### Sector allocation

* Other, not yet mapped**27.5%**
* Power & Utilities**17.5%**
* Chemicals**10.0%**
* Metals & Mining**10.0%**
* Capital Goods**10.0%**
* IT & Technology**7.5%**
* FMCG & Consumer**7.5%**
* Pharma & Healthcare**2.5%**
* Banking & Financial**2.5%**
* Realty & Construction**2.5%**
* Energy & Oil & Gas**2.5%**

            11 sectors in the equity sleeve, mapped against NSE listings; names not yet in the map are counted as other.

### How it works

1. 4**Rebalance**Every 2 weeks the model runs again; names that fall out are sold, entrants bought, the full list published.

2. 4**Rebalance**Every 2 weeks the model runs again; names that fall out are sold, entrants bought, the full list published.

3. 4**Rebalance**Every 2 weeks the model runs again; names that fall out are sold, entrants bought, the full list published.

4. 4**Rebalance**Every 2 weeks the model runs again; names that fall out are sold, entrants bought, the full list published.

### Costs

            Platform fee0.2% of traded value per rebalance; no subscription, no AUM fee, no performance fee, no lock in
A year on the minimum, about₹1,250 (1.56% of capital): 26 rebalances a year, 30% of the book traded each time, an assumption
Inside the back testGross +787.03%, estimated costs −128.94 pts, net +658.09%, cumulative over rolling 5 years to 27 Apr 2026
Broker sideBrokerage, STT, exchange charges and GST are paid to your broker

### Rebalance record

            Published rebalances131, from 14 May 2021 to 8 May 2026
CadenceEvery 2 weeks, 26 a year, on a fixed calendar
Names on the latest list57, which can differ from the 40 stock target

            Model portfolio, back tested rebalance record. Every list is public, with the names that came in and went out.

          RupeeCase is a technology platform, not a fund, a PMS or a SEBI registered investment adviser. Model figures are back tested, after estimated charges, and are not actual client returns or a promise of future returns; capital can be lost. Prices: NSE BhavCopy; the back test deducts brokerage, STT, exchange charges and GST. https://www.rupeecase.com/strategies/factsheets/midcap-smallcap

          02The PDF

## Email me the PDF.

          Reading needs no sign up: everything is on this page, and Print saves it as a PDF. Leave an email to get a copy, and a note when Midcap Smallcap rebalances or the figures change. Two emails a month at most.

          Noted on this device. Print saves the PDF any time.

          03Documents

## Everything behind the sheet.

          * [Midcap Smallcap strategy pageFour numbers, the full factsheet with the stress test, the FAQ and Invest.](/strategies/midcap-smallcap)

          * [Rebalance historyEvery published list, 131 rebalances, 14 May 2021 to 8 May 2026.](/rebalance/midcap-smallcap/)

          * [Rebalance history, CSVThe record as a file.](/data/rebalances/midcap-smallcap.csv)

          * [Midcap Smallcap as plain textMarkdown, for reading tools and AI assistants.](/strategies/midcap-smallcap.md)

          * [Growth core tierPure equity momentum across mid, small and micro caps.](/strategies/by-tier/mid-aggressive)

          * [DisclaimersHow the model figures are made and what they are not.](/disclaimers)

### Compare Midcap Smallcap with

* [vsMidcapCAGR 38.8%, Sharpe 1.49](/strategies/compare/midcap-vs-midcap-smallcap)
* [vsLarge MidcapCAGR 37.8%, Sharpe 1.69](/strategies/compare/midcap-smallcap-vs-large-midcap)
* [vs5Paisa Focused Alpha 5CAGR 54.1%, Sharpe 1.60](/strategies/compare/5paisa-focused-alpha-5-vs-midcap-smallcap)
* [vsAllcap Multi AssetCAGR 40.5%, Sharpe 1.81](/strategies/compare/midcap-smallcap-vs-allcap-multi-asset)

### Other factsheets

* [higher CAGRAllcapCAGR 44.7%, max drawdown −22.7%](/strategies/factsheets/allcap)
* [lower CAGRAllcap Multi AssetCAGR 40.5%, max drawdown −21.3%](/strategies/factsheets/allcap-multi-asset)
* [Mid and smallMidcapCAGR 38.8%, max drawdown −24.9%](/strategies/factsheets/midcap)
* [Mid and smallSmallcapCAGR 37.4%, max drawdown −22.3%](/strategies/factsheets/smallcap)

        CAGR and max drawdown on the cards: Model, back tested. As of 27 Apr 2026.

          04Questions

## The Midcap Smallcap factsheet,
in plain words.

### What does the Midcap Smallcap factsheet show?
The model, back tested record of Midcap Smallcap: a CAGR of 42.64%, a deepest fall of −26.17% and a Sharpe ratio of 1.63 as of 27 Apr 2026, with 40 holdings rebalanced every 2 weeks. Every figure is after estimated charges and names its date.

### What does it cost to run Midcap Smallcap?
0.2% of traded value per rebalance, nothing else: no subscription, no AUM fee, no performance fee and no lock in. On the minimum that is about ₹1,250 a year (1.56% of capital), assuming 26 rebalances a year with 30% of the book traded each time. Brokerage, STT, exchange charges and GST are paid to your broker.

### How much capital does Midcap Smallcap need?
About ₹80,000, enough to hold one share of every name at recent prices, as of 8 Aug 2026. More capital tracks the model weights more closely.

### Are these actual returns?
No. RupeeCase is a technology platform, not a fund, a PMS or a SEBI registered investment adviser. Model figures are back tested, after estimated charges, and are not actual client returns or a promise of future returns; capital can be lost.

    Explore next

## Read the record behind the factsheet.

* [Free module 3.1The Momentum Factor11 min read](/learn/path-3/module-3-1-momentum-factor-deep-dive)
* [Blog noteMidcap Smallcap: breadth is not diversificationStrategy notes, a short note](/blog/2026-06-30-evening-midcap-smallcap-breadth/)
* [SectorCapital Goods stocksNSE sector across the 18 index algos](/sectors/capital-goods)
* [Free module 2.4How Backtesting Works8 min read](/learn/path-2/module-2-4-how-backtesting-works)

## Midcap Smallcap.
Read the rules, then decide.

        [Invest in Midcap Smallcap](https://invest.rupeecase.com/signup?strategy=midcap-smallcap)[Compare with Midcap](/strategies/compare/midcap-vs-midcap-smallcap)

        42.64% CAGR, model, back tested as of 27 Apr 2026. About ₹80K to start. 0.2% of traded value per rebalance, no lock in.