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Momentum, Nifty Smallcap 250

Smallcap momentum strategy

50 stocks from the Nifty Smallcap 250. Fortnightly rotation.

Written for investors who want growth but read a 25% drawdown as opportunity, not panic.

Moderately High risk band

Invest in Smallcap Compare with Midcap

01At a glance

Smallcap in four numbers.

CAGR
37.40%Model, back tested
Max drawdown
−22.34%Model, back tested
Minimum investment
₹2.19LAbout ₹2,19,000
Fee per rebalance
0.2%Of traded value, nothing else
Smallcap, model₹541Nifty 50 TRI, 9.80% CAGR line₹162
150 200 300 500

₹100 in the model in May 2021 became ₹541 by Jul 2026; the Nifty 50 TRI line reached ₹162. Model, back tested. As of 27 Apr 2026. After charges, log scale. Not a promise of future returns.

02Three steps

Compare. Validate. Invest.

  1. Compare

    Line Smallcap up against the other 17 strategies, and against funds, PMS and AIF.

    Compare strategies

  2. Validate the back test

    Every year, month, fall, holding and rebalance is in the factsheet below.

    Open the factsheet

  3. Invest

    Link your broker and approve each rebalance. Stocks stay in your own demat; RupeeCase never holds your money.

    Invest in Smallcap
Get the next rebalance by emailThe names in and out, on the morning Smallcap rebalances. Every 2 weeks. Free, one click to stop.

03Factsheet

Smallcap factsheet

Every figure behind the four numbers, in seven parts. Return figures are model, back tested and after charges; each block names its date.

PDF factsheet

Performance

Calendar year returns

  • 2021from May+39.2%
  • 2022+28.2%
  • 2023+112.7%
  • 2024+55.2%
  • 2025−8.7%
  • 2026to May+4.7%

Model, back tested, after charges, 2021 to May 2026. Not a promise of future returns.

What an amount would have become

You put in
₹2,19,000
Model value
 
Gain
 

Model, back tested: the published monthly model returns after charges, May 2021 to May 2026 (61 months). A back test, not a promise of future returns.

Stress test: drag through the falls

Move across the record to read how far the model sat below its last peak, and how long it took to climb back.

MonthFeb 2025
Below the last peak−21.4%
Back to the peak 
Model value, log scaleBelow the last peak
Deepest falls, daily record

Model, back tested. As of 27 Apr 2026. The scrub reads month end model values from May 2021 to Jul 2026, so its falls read shallower than the daily figures on the buttons; days are counted between month ends. Drawdowns of similar size can happen again. Moderately High risk band.

Monthly returns

Smallcap: monthly model returns, percent, after charges
YearJanFebMarAprMayJunJulAugSepOctNovDecYear
2021Janno dataFebno dataMarno dataAprno dataMay3.7Jun9.1Jul11.4Aug−4.4Sep4.9Oct3.7Nov−2.6Dec8.9Year+39.2%
2022Jan3.2Feb−7.7Mar7.4Apr6.5May−6.7Jun−0.7Jul11.3Aug3.0Sep2.0Oct4.2Nov3.3Dec0.6Year+28.2%
2023Jan−3.3Feb−1.5Mar6.9Apr7.8May5.5Jun11.3Jul13.5Aug8.1Sep5.5Oct1.0Nov13.1Dec11.6Year+112.7%
2024Jan13.6Feb3.0Mar−4.7Apr7.6May6.2Jun7.8Jul3.8Aug2.3Sep4.3Oct−4.4Nov4.9Dec1.8Year+55.2%
2025Jan−11.4Feb−11.3Mar8.6Apr1.7May6.3Jun2.0Jul−4.9Aug0.3Sep0.7Oct4.0Nov−2.7Dec−0.2Year−8.7%
2026Jan−6.3Feb3.6Mar−6.4Apr12.7May2.2Junno dataJulno dataAugno dataSepno dataOctno dataNovno dataDecno dataYear to date+4.7%

Model, back tested, after charges. Each cell is one calendar month, in percent. Not a promise of future returns.

Rolling returns

Any 1 year
Worst
−8.7%
Median
+28.7%
Best
+161.3%
Positive
86%of 51 windows

Return over each 12 month window.

Any 3 years
Worst
+29.2%
Median
+49.8%
Best
+66.8%
Positive
100%of 27 windows

CAGR over each 36 month window.

Model, back tested, from the month end model values, May 2021 to Jul 2026. Not a promise of future returns.

Deepest falls

  1. −14.32%21 Jan 2022 to 1 Apr 202270 days
  2. −14.31%22 Apr 2022 to 15 Jul 202284 days
  3. −11.89%23 Feb 2024 to 19 Apr 202456 days
  4. −9.38%6 Aug 2021 to 3 Sep 202128 days
  5. −7.83%22 Oct 2021 to 24 Dec 202163 days

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

Holdings and sectors

48 holdings

  • Equity91%
  • BANDHANBNK2.1%
  • ANGELONE2.1%
  • JINDALSAW2.1%
  • JPPOWER2.1%
  • OLAELEC2.1%
  • BLUEJET2.1%
  • CESC2.1%
  • GESHIP2.1%
  • ABDL2.1%
  • HFCL2.0%
  • HSCL2.0%
  • SCI2.0%
  • SYRMA2.0%
  • FINCABLES2.0%
  • ENGINERSIN2.0%
  • APTUS2.0%
  • JUBLINGREA2.0%
  • BELRISE2.0%
  • GRANULES2.0%
  • ACMESOLAR2.0%
  • J&KBANK2.0%
  • VTL2.0%
  • INOXWIND2.0%
  • COHANCE1.9%
  • DATAPATTNS1.9%
  • ELECON1.9%
  • PNBHOUSING1.9%
  • AARTIIND1.9%
  • HINDCOPPER1.9%
  • NAVA1.9%
  • WELCORP1.8%
  • GALLANTT1.8%
  • NETWEB1.8%
  • RRKABEL1.8%
  • GMDCLTD1.8%
  • TRITURBINE1.8%
  • OLECTRA1.8%
  • ABREL1.8%
  • TITAGARH1.8%
  • ATHERENERG1.7%
  • DEEPAKFERT1.7%
  • DEEPAKNTR1.7%
  • VIJAYA1.7%
  • BEML1.7%
  • ONESOURCE1.6%
  • KIRLOSENG1.5%
  • ACUTAAS1.3%
  • GRSE1.3%

Live quantities, prices and book values are in the app

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 mapped37.4%
  • Metals & Mining10.5%
  • IT & Technology8.5%
  • Auto & Components8.4%
  • Capital Goods7.6%
  • Banking & Financial6.6%
  • Chemicals5.3%
  • Power & Utilities4.5%
  • Energy & Oil & Gas4.5%
  • Pharma & Healthcare4.4%
  • Textiles2.2%

11 sectors in the equity sleeve; the largest mapped sector is Metals & Mining at 10.5%, and 37.4% of the sleeve is not yet in the sector map. Broad small-cap spectrum across power, renewables, metals, pharma, capital goods, and micro-cap names. Sector map curated against NSE listings.

Sector weight by year

Average sector weight of the equity sleeve in each year, percent, and the weight on the latest published list
Sector202120222023202420252026Now
Other, not yet mapped67706969684438
Metals & Mining9710671110
IT & Technology4335468
Capital Goods3454248
Auto & Components2111038
Banking & Financial3354586
Chemicals3211126
Power & Utilities3323334
Energy & Oil & Gas1433264
Pharma & Healthcare21134104
Textiles1110132
FMCG & Consumer110011out
Realty & Construction000010out

132 published rebalances, 13 sectors touched, 11 held on the latest list (11 May 2026). Each cell is the average weight that year, equal weighted at the stock level; darker is a higher weight.

Rebalances

The rebalance record

published rebalances
132
first in the record
14 May 2021
26 a year
Every 2 weeks
latest published
11 May 2026

Rebalances run on a fixed calendar; you approve each one before your broker places the orders.

Latest rebalance, 11 May 2026

Against the list of 8 May 2026: 0 in, 19 out, 48 held, 48 on the list.

Out
  • KAJARIACER
  • FIVESTAR
  • HEG
  • ANANDRATHI
  • HONASA
  • ZYDUSWELL
  • RPOWER
  • ABSLAMC
  • NATCOPHARM
  • CARBORUNIV
  • GPIL
  • ZENTEC
  • GRAPHITE
  • HBLENGINE
  • WOCKPHARMA
  • SONACOMS
  • AAVAS
  • SARDAEN
  • HOMEFIRST
Held
  • HFCL
  • WELCORP
  • COHANCE
  • GALLANTT
  • HSCL
  • DATAPATTNS
  • SCI
  • ELECON
  • PNBHOUSING
  • ACUTAAS
  • SYRMA
  • ATHERENERG
  • NETWEB
  • KIRLOSENG
  • FINCABLES
  • BANDHANBNK
  • RRKABEL
  • ANGELONE
  • JINDALSAW
  • ENGINERSIN
  • DEEPAKFERT
  • ONESOURCE
  • DEEPAKNTR
  • VIJAYA
  • JPPOWER
  • OLAELEC
  • GRSE
  • GMDCLTD
  • APTUS
  • TRITURBINE
  • BLUEJET
  • JUBLINGREA
  • BELRISE
  • GRANULES
  • CESC
  • ACMESOLAR
  • AARTIIND
  • GESHIP
  • OLECTRA
  • HINDCOPPER
  • NAVA
  • ABREL
  • J&KBANK
  • TITAGARH
  • VTL
  • BEML
  • INOXWIND
  • ABDL

Model portfolio, back tested rebalance record. Entered plus held is that date's list size, which can differ from the 50 stock target. Tickers are not recommendations.

Recent rebalances

The latest 12 rebalances: names on the list, names in and names out
DateOn the listInOut
11 May 2026480−19
8 May 202667+16−18
24 Apr 202669+20−10
10 Apr 202659+13−5
27 Mar 202651+7−11
13 Mar 202655+8−16
27 Feb 202663+16−13
13 Feb 202660+14−7
30 Jan 202653+7−5
16 Jan 202651+5−5
2 Jan 202651+7−9
19 Dec 202553+7−3

Every rebalance with its namesRebalance history, CSV

Names on the list, names in and names out at each date; the history page and the CSV have every name.

Sector shifts of 10 points or more

  1. Other, not yet mapped +11 pts
  2. Other, not yet mapped −12 pts
  3. Other, not yet mapped −10 pts
  4. Other, not yet mapped −11 pts

4 such shifts in 132 rebalances; the latest six. Equity sleeve, equal weighted at the stock level.

Get the next rebalance by email

The names in and out, on the morning Smallcap rebalances. Every 2 weeks. Free, one click to stop.

Risk metrics

Smallcap against the Nifty 50

Risk and efficiency figures, model, back tested, against the Nifty 50
MetricSmallcapNifty 50
Sharpe ratio1.590.73
Sortino ratio1.450.70
Calmar ratio1.850.58
Volatility, a year23.51%14.04%
Max drawdown−22.34%−16.92%
Best week+9.04%+6.36%
Worst week−9.84%−6.33%
Weeks up62.84%57.47%
Average up week+2.68%+1.49%
Average down week−2.59%−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. Not a promise of future returns.

Risk band

Moderately High on a scale from Low to Very High

Deepest model fall
−22.34%
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.
Walk the risk band
One step safer (Moderate)Allcap Multi AssetCAGR 40.5%, Sharpe 1.81, max drawdown −21.3%One step bolder (High)MidcapCAGR 38.8%, Sharpe 1.49, max drawdown −24.9%

CAGR, Sharpe and max drawdown on the cards: Model, back tested. As of 27 Apr 2026. Take the risk profile to see which bands sit within yours.

Methodology

How it works

  1. 1
    Universe

    Start from the Nifty Smallcap 250, filtered to stocks priced under ₹5,000.

  2. 2
    Rank

    Score every stock in the universe by a momentum composite: price trend over several look backs, risk adjusted. The top names by score become the candidate list.

  3. 3
    Select

    Hold the top 50 names by score, equal weighted so no single name dominates.

  4. 4
    Rebalance

    Every 2 weeks the model runs again end to end. Names that fall out of the top 50 are sold; new entrants are bought. The full list is published at every rebalance.

Configuration

Universe
Nifty Smallcap 250
Type
Momentum
Sleeves
Equity 100
Holdings
50, equal weight
Rebalance
Every 2 weeks, 26 a year
Max stock price
₹5,000
Risk band
Moderately High
Benchmark
Nifty 50; charts draw the Nifty 50 TRI as a CAGR line
Minimum capital
About ₹2,19,000
Back test from
7 May 2021
Metrics window
Rolling 5 years
Prices
NSE BhavCopy; the back test deducts brokerage, STT, exchange charges and GST

Why Smallcap

Server racks lit in blue
Where the models run

Fifty stocks from the Nifty Smallcap 250 universe, equal-weighted at roughly 2% each, rebalanced every 2 weeks. Pure small-cap momentum with no large-cap or mid-cap dilution.

Breadth is the built-in defence. Fifty names from a 250-stock universe spread single-name accidents thin, in a segment famous for violence in both directions.

Small-cap regime drawdowns are real, and this card takes them when they come. What the structure offers in exchange is exposure to the smallcap segment, screened fortnightly so the portfolio stays with the current leaders rather than yesterday's.

This is the smallcap-only conviction trade. For an investor who wants the 250-ranked-and-below names, India's emerging-leader pipeline, 50 stocks rotated every 2 weeks is the smallcap-only expression on the lineup.

Key takeaways
  • Pure small-cap momentum from the Nifty Smallcap 250
  • 50 stocks equal-weighted, rebalanced fortnightly
  • Breadth does the risk work in a volatile segment
  • Smallcap momentum, screened fortnightly

A description of the strategy, not a recommendation. Decide your own allocation, or ask a SEBI registered investment adviser.

Who it is written for

Written for
Investors who want growth but read a 25% drawdown as opportunity, not panic
Capital
About ₹2,19,000, one share of every holding at recent prices. More capital buys more of each holding and tracks the model weights more closely.

How the rule was built

Machine learning is used in research to search and optimise the model behind each strategy: which signals rank the universe, how many names to hold and how often to rebalance, tested out of sample. The rule that ships is then frozen and published, so the live strategy is a fixed, readable algorithm, not a black box that changes on its own.

The engine, tick by tick execution data and the audit trail

Learn the mechanics

Free modules from the RupeeCase Learn library. No sign up.

Costs

One fee per rebalance

0.2%of traded value, charged only when a rebalance trades

  • No subscription, no AUM fee, no performance fee.
  • No lock in: the stocks sit in your own demat and you can sell any day the market is open.
  • Broker side charges (brokerage, STT, exchange charges, GST) are separate and paid to your broker.

A year on the minimum

Minimum capital
₹2,19,000
Rebalances a year
26, every 2 weeks
Book traded each time
30%, an assumption
Platform fee a year, about
₹3,4201.56% of capital

Higher turnover or more capital raises the fee in proportion.

Costs inside the back test

Gross return
+536.88%before costs
Estimated costs
−73.95 ptsbrokerage, STT and taxes
Net return
+462.93%after costs
Nifty 50, same window
+59.62%cumulative

Model, back tested, cumulative over the rolling 5 years window to 27 Apr 2026. Net is gross minus estimated costs, as on the current factsheet. Not a promise of future returns.

Work it out for your amount

Fee calculatorPricing, with a worked example

RupeeCase is a technology platform, not a fund, a PMS or a SEBI registered investment adviser. Model, back tested. As of 27 Apr 2026. Model figures are after estimated charges and are not actual client returns. Past performance does not guarantee future returns; capital can be lost.

04Questions

Before you
commit capital.

What is the Smallcap strategy?

50 stocks from the Nifty Smallcap 250. Fortnightly rotation. It selects the top 50 momentum names from Nifty Smallcap 250 and rebalances every 2 weeks.

What is the minimum investment for Smallcap?

About ₹2,19,000, enough to hold one share of every name in the current book at recent prices. The figure moves with the prices of the holdings.

How does Smallcap compare to the Nifty 50?

Smallcap shows a model CAGR of 37.40% against 9.80% for the Nifty 50 TRI CAGR line (Jan 2021 to Jul 2026), with a Sharpe ratio of 1.59. Model, back tested. As of 27 Apr 2026. Past performance does not guarantee future returns.

What is the worst drawdown Smallcap has experienced?

22.34% peak to trough in the model record. The deepest period ran 70 days, from 21 Jan 2022 to 1 Apr 2022. Model, back tested. As of 27 Apr 2026. Drawdowns of similar size can happen again, so size the position for it.

What are the fees on Smallcap?

0.2% of traded value per rebalance. No subscription, no AUM fee, no performance fee. On the minimum capital of ₹2,19,000, the platform fee works out to about ₹3,420 a year (1.56% of capital). Assumptions: 26 rebalances a year (every 2 weeks), 30% of the book traded at each rebalance, 0.2% of traded value. Higher turnover or more capital raises the fee in proportion. Broker side charges (brokerage, STT, exchange charges, GST) are separate.

Can I exit Smallcap at any time?

Yes. No lock-in. Holdings sit in your own broker demat account and you can sell any name on any market day. Switching strategies or pausing the rebalance is a one-click action on the platform.

05Same family

Mid and small: Midcap 150, Smallcap 250, Microcap.

All 18 strategies
HighMomentum Midcap Nifty Midcap 150, 20 stocks, every 2 weeks CAGR, model38.75%Max DD−24.9%From₹90K High risk, momentum Moderately HighMomentum Microcap Nifty Microcap 250, 50 stocks, every 2 weeks CAGR, model37.33%Max DD−26.4%From₹2.25L Moderately High risk, momentum Moderately HighMomentum Midcap Smallcap NSE Universe, 40 stocks, every 2 weeks CAGR, model42.64%Max DD−26.2%From₹80K Moderately High risk, momentum

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

Compare Smallcap with

Explore next

Go deeper on this strategy.

Ready when you are

Smallcap

37.40% CAGR, model, back tested. About ₹2.19L to start. Every 2 weeks, you approve each one.

Invest in Smallcap Compare with Midcap

0.2% of traded value per rebalance. No AUM fee, no lock in. Line behind: the Smallcap model record, after charges, as of 27 Apr 2026. Not a promise of future returns.