---
title: "Midcap Factsheet | Model Back Test | RupeeCase"
description: "Midcap factsheet: model CAGR 38.75%, max drawdown −24.87%, Sharpe 1.49, 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"
---

Factsheet, model back tested

# Midcap factsheet

      20 stocks from the Nifty Midcap 150. Fortnightly rotation. Momentum on the Nifty Midcap 150, 20 holdings, rebalanced every 2 weeks. Every figure below is model, back tested and after charges; each block names its date.

        * **38.75%**CAGR, model, as of 27 Apr 2026

        * **−24.87%**deepest model fall

        * **1.49**Sharpe ratio, model

        * **₹90K**minimum, about ₹90,000

        Print or save as PDF
        Email me the PDF

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

            CAGR**38.75%**Nifty 50 TRI line 9.8%

            Max drawdown**−24.87%**peak to trough, model

            Sharpe ratio**1.49**Nifty 50 0.73

            Minimum capital**₹90K**about ₹90,000

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

            Midcap, model**₹560**Nifty 50 TRI, 9.8% CAGR line**₹162**

              150
              200
              300
              500

          ₹100 in the model in May 2021 became ₹560 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***Nifty 50*

              * Performance

              * CAGR**38.75%***9.8%*

              * Cumulative return**+423.17%***+59.62%*
* Sharpe ratio**1.49***0.73*
* Sortino ratio**1.46***0.70*
* Calmar ratio**1.66***0.58*

              * Risk

              * Max drawdown**−24.87%***−16.92%*

              * Volatility, a year**25.44%***14.04%*
* Best week**+9.45%***+6.36%*
* Worst week**−10.41%***−6.33%*

              * Efficiency

              * Weeks up**60.92%***57.47%*
* Average up week**+2.92%***+1.49%*
* Average down week**−2.69%***−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

            UniverseNifty Midcap 150
TypeMomentum
SleevesEquity 100
Holdings20, equal weight in the equity sleeve
RebalanceEvery 2 weeks, 26 a year
Max stock price₹5,000
Risk bandHigh
TierGrowth core
BenchmarkNifty 50
Minimum capitalAbout ₹90,000, 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**+37.5%**
* 2022**+41.3%**
* 2023**+79.4%**
* 2024**+51.1%**
* 2025**+5.6%**
* 2026to May**+1.3%**

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

### Deepest falls

1. **−11.35%**21 Jan 2022 to 25 Mar 2022*63 days*
2. **−11.35%**21 Jan 2022 to 25 Mar 2022*63 days*
3. **−11.35%**21 Jan 2022 to 25 Mar 2022*63 days*
4. **−11.35%**21 Jan 2022 to 25 Mar 2022*63 days*
5. **−11.35%**21 Jan 2022 to 25 Mar 2022*63 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 dataMay0.4Jun1.9Jul8.2Aug0.4Sep11.2Oct1.4Nov−6.5Dec17.4**Year+37.5%**
* **2022**Jan−0.1Feb−7.5Mar8.2Apr1.8May−6.2Jun−3.6Jul9.1Aug2.3Sep−1.5Oct6.9Nov13.6Dec14.9**Year+41.3%**
* **2023**Jan−10.8Feb−5.3Mar4.1Apr11.4May−1.1Jun12.5Jul6.7Aug10.0Sep10.4Oct−2.1Nov15.4Dec12.4**Year+79.4%**
* **2024**Jan10.5Feb4.6Mar−0.5Apr10.7May8.4Jun2.8Jul3.0Aug2.8Sep−1.9Oct−4.2Nov2.3Dec4.5**Year+51.1%**
* **2025**Jan−15.5Feb−9.8Mar9.7Apr4.3May8.7Jun4.1Jul−5.1Aug3.9Sep−0.3Oct3.5Nov3.7Dec1.5**Year+5.6%**
* **2026**Jan−2.8Feb4.9Mar−14.8Apr13.4May2.8Junno dataJulno dataAugno dataSepno dataOctno dataNovno dataDecno data**YTD+1.3%**

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

### 20 holdings

* Equity**89%**

* SUZLON**5.0%**
* HUDCO**5.0%**
* IDEA**5.0%**
* THERMAX**4.9%**
* MAHABANK**4.9%**
* NATIONALUM**4.8%**
* SAIL**4.8%**
* BHEL**4.7%**
* TORNTPOWER**4.7%**
* NLCINDIA**4.7%**
* GVT&D**4.6%**
* ATGL**4.5%**
* NAM-INDIA**4.5%**
* BSE**4.2%**
* BHARATFORG**4.2%**
* PREMIERENE**4.1%**
* LLOYDSME**3.8%**
* RADICO**3.7%**
* COCHINSHIP**3.5%**
* MCX**3.4%**

            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**25.5%**
* Power & Utilities**20.8%**
* Banking & Financial**19.1%**
* Capital Goods**14.9%**
* Metals & Mining**10.8%**
* Auto & Components**4.7%**
* FMCG & Consumer**4.2%**

            7 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₹1,400 (1.56% of capital): 26 rebalances a year, 30% of the book traded each time, an assumption
Inside the back testGross +531.34%, estimated costs −67.63 pts, net +463.71%, cumulative over rolling 5 years to 27 Apr 2026
Broker sideBrokerage, STT, exchange charges and GST are paid to your broker

### Rebalance record

            Published rebalances132, from 14 May 2021 to 11 May 2026
CadenceEvery 2 weeks, 26 a year, on a fixed calendar
Names on the latest list20, which can differ from the 20 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

          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 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 strategy pageFour numbers, the full factsheet with the stress test, the FAQ and Invest.](/strategies/midcap)

          * [Rebalance historyEvery published list, 132 rebalances, 14 May 2021 to 11 May 2026.](/rebalance/midcap/)

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

          * [Midcap as plain textMarkdown, for reading tools and AI assistants.](/strategies/midcap.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 with

* [vsMidcap SmallcapCAGR 42.6%, Sharpe 1.63](/strategies/compare/midcap-vs-midcap-smallcap)
* [vsSmallcapCAGR 37.4%, Sharpe 1.59](/strategies/compare/midcap-vs-smallcap)
* [vsLarge MidcapCAGR 37.8%, Sharpe 1.69](/strategies/compare/large-midcap-vs-midcap)
* [vsEnergy BasketCAGR 33.1%, Sharpe 1.12](/strategies/compare/midcap-vs-energy-basket)
* [vsAllcapCAGR 44.7%, Sharpe 1.68](/strategies/compare/midcap-vs-allcap)

### Other factsheets

* [higher CAGRTotalMarket HybridCAGR 39.5%, max drawdown −21.8%](/strategies/factsheets/totalmarket-hybrid)
* [lower CAGRLarge MidcapCAGR 37.8%, max drawdown −19.3%](/strategies/factsheets/large-midcap)
* [Mid and smallSmallcapCAGR 37.4%, max drawdown −22.3%](/strategies/factsheets/smallcap)
* [Mid and smallMicrocapCAGR 37.3%, max drawdown −26.4%](/strategies/factsheets/microcap)

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

          04Questions

## The Midcap factsheet,
in plain words.

### What does the Midcap factsheet show?
The model, back tested record of Midcap: a CAGR of 38.75%, a deepest fall of −24.87% and a Sharpe ratio of 1.49 as of 27 Apr 2026, with 20 holdings rebalanced every 2 weeks. Every figure is after estimated charges and names its date.

### What does it cost to run Midcap?
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 ₹1,400 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 need?
About ₹90,000, 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: the 41 percent and the 322 daysStrategy notes, a short note](/blog/2026-07-20-evening-midcap-drawdown/)
* [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.
Read the rules, then decide.

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

        38.75% CAGR, model, back tested as of 27 Apr 2026. About ₹90K to start. 0.2% of traded value per rebalance, no lock in.