--- title: "Smallcap Momentum Strategy | Nifty Smallcap 250 | RupeeCase" description: "50 momentum stocks from the Nifty Smallcap 250, equal weight, rotated every 2 weeks. A rules based index in your own demat, 0.2% of traded value per rebalance." source_url: "https://www.rupeecase.com/strategies/smallcap" --- 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](https://invest.rupeecase.com/signup?strategy=smallcap) [Compare with Midcap](/strategies/compare/midcap-vs-smallcap) 01At a glance ## Smallcap in four numbers. CAGR**37.40%**Model, back tested Max drawdown**−22.34%**Model, back tested Minimum investment**₹2.19L**About ₹2,19,000 Fee per rebalance**0.2%**Of traded value, nothing else Smallcap, model**₹541**Nifty 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. ### Invest Link your broker and approve each rebalance. Stocks stay in your own demat; RupeeCase never holds your money. [Invest in Smallcap](https://invest.rupeecase.com/signup?strategy=smallcap) 2. ### Invest Link your broker and approve each rebalance. Stocks stay in your own demat; RupeeCase never holds your money. [Invest in Smallcap](https://invest.rupeecase.com/signup?strategy=smallcap) 3. ### Invest Link your broker and approve each rebalance. Stocks stay in your own demat; RupeeCase never holds your money. [Invest in Smallcap](https://invest.rupeecase.com/signup?strategy=smallcap) 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. Print [PDF factsheet](https://www.rupeecase.com/strategies/factsheets/smallcap) Performance Holdings and sectors Rebalances Risk metrics Methodology Costs Documents ### PerformanceYears, months, rolling returns, falls, the stress test ### 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 One time Every month Amount, ₹ 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. Month**Feb 2025** Below the last peak**−21.4%** Back to the peak Model value, log scaleBelow the last peak Month on the record Deepest falls, daily record **−14.3%**Jan 2022, 70 days to recover **−14.3%**Apr 2022, 84 days to recover **−11.9%**Feb 2024, 56 days to recover **−9.4%**Aug 2021, 28 days to recover 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 | Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2021 | Janno data | Febno data | Marno data | Aprno data | May3.7 | Jun9.1 | Jul11.4 | Aug−4.4 | Sep4.9 | Oct3.7 | Nov−2.6 | Dec8.9 | Year+39.2% | | 2022 | Jan3.2 | Feb−7.7 | Mar7.4 | Apr6.5 | May−6.7 | Jun−0.7 | Jul11.3 | Aug3.0 | Sep2.0 | Oct4.2 | Nov3.3 | Dec0.6 | Year+28.2% | | 2023 | Jan−3.3 | Feb−1.5 | Mar6.9 | Apr7.8 | May5.5 | Jun11.3 | Jul13.5 | Aug8.1 | Sep5.5 | Oct1.0 | Nov13.1 | Dec11.6 | Year+112.7% | | 2024 | Jan13.6 | Feb3.0 | Mar−4.7 | Apr7.6 | May6.2 | Jun7.8 | Jul3.8 | Aug2.3 | Sep4.3 | Oct−4.4 | Nov4.9 | Dec1.8 | Year+55.2% | | 2025 | Jan−11.4 | Feb−11.3 | Mar8.6 | Apr1.7 | May6.3 | Jun2.0 | Jul−4.9 | Aug0.3 | Sep0.7 | Oct4.0 | Nov−2.7 | Dec−0.2 | Year−8.7% | | 2026 | Jan−6.3 | Feb3.6 | Mar−6.4 | Apr12.7 | May2.2 | Junno data | Julno data | Augno data | Sepno data | Octno data | Novno data | Decno data | Year 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% Positive86%of 51 windows Return over each 12 month window. ##### Any 3 years Worst+29.2% Median+49.8% Best+66.8% Positive100%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. **−7.83%**22 Oct 2021 to 24 Dec 2021*63 days* 2. **−7.83%**22 Oct 2021 to 24 Dec 2021*63 days* 3. **−7.83%**22 Oct 2021 to 24 Dec 2021*63 days* 4. **−7.83%**22 Oct 2021 to 24 Dec 2021*63 days* 5. **−7.83%**22 Oct 2021 to 24 Dec 2021*63 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 sectors48 holdings, 11 sectors ### Holdings and sectors #### 48 holdings * Equity**91%** * BANDHANBNK**2.1%** * ANGELONE**2.1%** * JINDALSAW**2.1%** * JPPOWER**2.1%** * OLAELEC**2.1%** * BLUEJET**2.1%** * CESC**2.1%** * GESHIP**2.1%** * ABDL**2.1%** * HFCL**2.0%** * HSCL**2.0%** * SCI**2.0%** * SYRMA**2.0%** * FINCABLES**2.0%** * ENGINERSIN**2.0%** * APTUS**2.0%** * JUBLINGREA**2.0%** * BELRISE**2.0%** * GRANULES**2.0%** * ACMESOLAR**2.0%** * J&KBANK**2.0%** * VTL**2.0%** * INOXWIND**2.0%** * COHANCE**1.9%** * DATAPATTNS**1.9%** * ELECON**1.9%** * PNBHOUSING**1.9%** * AARTIIND**1.9%** * HINDCOPPER**1.9%** * NAVA**1.9%** * WELCORP**1.8%** * GALLANTT**1.8%** * NETWEB**1.8%** * RRKABEL**1.8%** * GMDCLTD**1.8%** * TRITURBINE**1.8%** * OLECTRA**1.8%** * ABREL**1.8%** * TITAGARH**1.8%** * ATHERENERG**1.7%** * DEEPAKFERT**1.7%** * DEEPAKNTR**1.7%** * VIJAYA**1.7%** * BEML**1.7%** * ONESOURCE**1.6%** * KIRLOSENG**1.5%** * ACUTAAS**1.3%** * GRSE**1.3%** [Live quantities, prices and book values are in the app](https://invest.rupeecase.com/signup?strategy=smallcap) 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**37.4%** * Metals & Mining**10.5%** * IT & Technology**8.5%** * Auto & Components**8.4%** * Capital Goods**7.6%** * Banking & Financial**6.6%** * Chemicals**5.3%** * Power & Utilities**4.5%** * Energy & Oil & Gas**4.5%** * Pharma & Healthcare**4.4%** * Textiles**2.2%** 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 | Sector | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Now | | --- | --- | --- | --- | --- | --- | --- | --- | | Other, not yet mapped | 67 | 70 | 69 | 69 | 68 | 44 | 38 | | Metals & Mining | 9 | 7 | 10 | 6 | 7 | 11 | 10 | | IT & Technology | 4 | 3 | 3 | 5 | 4 | 6 | 8 | | Capital Goods | 3 | 4 | 5 | 4 | 2 | 4 | 8 | | Auto & Components | 2 | 1 | 1 | 1 | 0 | 3 | 8 | | Banking & Financial | 3 | 3 | 5 | 4 | 5 | 8 | 6 | | Chemicals | 3 | 2 | 1 | 1 | 1 | 2 | 6 | | Power & Utilities | 3 | 3 | 2 | 3 | 3 | 3 | 4 | | Energy & Oil & Gas | 1 | 4 | 3 | 3 | 2 | 6 | 4 | | Pharma & Healthcare | 2 | 1 | 1 | 3 | 4 | 10 | 4 | | Textiles | 1 | 1 | 1 | 0 | 1 | 3 | 2 | | FMCG & Consumer | 1 | 1 | 0 | 0 | 1 | 1 | out | | Realty & Construction | 0 | 0 | 0 | 0 | 1 | 0 | out | 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. ### Rebalances132 published, latest 11 May 2026 ### Rebalances #### The rebalance record published rebalances132 first in the record14 May 2021 26 a yearEvery 2 weeks latest published11 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 | Date | On the list | In | Out | | --- | --- | --- | --- | | 11 May 2026 | 48 | 0 | −19 | | 8 May 2026 | 67 | +16 | −18 | | 24 Apr 2026 | 69 | +20 | −10 | | 10 Apr 2026 | 59 | +13 | −5 | | 27 Mar 2026 | 51 | +7 | −11 | | 13 Mar 2026 | 55 | +8 | −16 | | 27 Feb 2026 | 63 | +16 | −13 | | 13 Feb 2026 | 60 | +14 | −7 | | 30 Jan 2026 | 53 | +7 | −5 | | 16 Jan 2026 | 51 | +5 | −5 | | 2 Jan 2026 | 51 | +7 | −9 | | 19 Dec 2025 | 53 | +7 | −3 | [Every rebalance with its names](/rebalance/smallcap/)[Rebalance history, CSV](/data/rebalances/smallcap.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. 23 Jun 2023Other, not yet mapped **−11 pts** 2. 23 Jun 2023Other, not yet mapped **−11 pts** 3. 23 Jun 2023Other, not yet mapped **−11 pts** 4. 23 Jun 2023Other, not yet mapped **−11 pts** 4 such shifts in 132 rebalances; the latest six. Equity sleeve, equal weighted at the stock level. ### Risk metricsSharpe 1.59, volatility 23.51% ### Risk metrics #### Smallcap against the Nifty 50 | Metric | Smallcap | Nifty 50 | | --- | --- | --- | | Sharpe ratio | 1.59 | 0.73 | | Sortino ratio | 1.45 | 0.70 | | Calmar ratio | 1.85 | 0.58 | | Volatility, a year | 23.51% | 14.04% | | Max drawdown | −22.34% | −16.92% | | Best week | +9.04% | +6.36% | | Worst week | −9.84% | −6.33% | | Weeks up | 62.84% | 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 horizon5 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%](/strategies/allcap-multi-asset)[One step bolder (High)MidcapCAGR 38.8%, Sharpe 1.49, max drawdown −24.9%](/strategies/midcap) CAGR, Sharpe and max drawdown on the cards: Model, back tested. As of 27 Apr 2026. [Take the risk profile](/risk-profile) to see which bands sit within yours. ### MethodologyNifty Smallcap 250, every 2 weeks ### Methodology #### How it works 1. 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. 2. 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. 3. 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. 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 UniverseNifty Smallcap 250 TypeMomentum SleevesEquity 100 Holdings50, equal weight RebalanceEvery 2 weeks, 26 a year Max stock price₹5,000 Risk bandModerately High BenchmarkNifty 50; charts draw the Nifty 50 TRI as a CAGR line Minimum capitalAbout ₹2,19,000 Back test from7 May 2021 Metrics windowRolling 5 years PricesNSE BhavCopy; the back test deducts brokerage, STT, exchange charges and GST #### Why Smallcap 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 forInvestors who want growth but read a 25% drawdown as opportunity, not panic CapitalAbout ₹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](/technology) #### Learn the mechanics * [Momentum factorthe engine behind these strategies](/learn/path-3/module-3-1-momentum-factor-deep-dive) * [How back testing worksreading the five year numbers honestly](/learn/path-2/module-2-4-how-backtesting-works) * [Risk metrics that matterSharpe, Sortino, max drawdown](/learn/path-2/module-2-3-risk-metrics-that-matter) * [Rebalancingwhy cadence matters](/learn/path-4/module-4-3-rebalancing-strategies) Free modules from the RupeeCase Learn library. No sign up. ### Costs0.2% of traded value per rebalance ### 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 year26, every 2 weeks Book traded each time30%, 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 calculator](/fee-calculator)[Pricing, with a worked example](/pricing) ### DocumentsPrint, PDF factsheet, rebalance CSV ### Documents #### Download and print * **Print this factsheet**Or save it as a PDF from the print dialog. Every section above, on clean pages. * [Download the PDF factsheetThe two page factsheet on the current site; enter your email to have a copy sent.](https://www.rupeecase.com/strategies/factsheets/smallcap) * [Rebalance history, CSVEvery published list, 132 rebalances, 14 May 2021 to 11 May 2026.](/data/rebalances/smallcap.csv) * [Rebalance history pageEach rebalance with what came in and what went out.](/rebalance/smallcap/) * [This strategy as plain textMarkdown, for reading tools and AI assistants.](/strategies/smallcap.md) * [DisclaimersHow the model figures are made and what they are not.](/disclaimers) 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](/strategies/#sxPick) [HighMomentum Midcap Nifty Midcap 150, 20 stocks, every 2 weeks CAGR, model38.75%Max DD−24.9%From₹90K High risk, momentum](/strategies/midcap) [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](/strategies/microcap) [Moderately HighMomentum Midcap Smallcap NSE Universe, 40 stocks, every 2 weeks CAGR, model42.64%Max DD−26.2%From₹80K Moderately High risk, momentum](/strategies/midcap-smallcap) CAGR and Max DD on the cards: Model, back tested. As of 27 Apr 2026. ### Compare Smallcap with * [vsMidcapCAGR 38.8%, Sharpe 1.49](/strategies/compare/midcap-vs-smallcap) * [vsMicrocapCAGR 37.3%, Sharpe 1.52](/strategies/compare/smallcap-vs-microcap) * [vsMicrocapCAGR 37.3%, Sharpe 1.52](/strategies/compare/microcap-vs-smallcap) Explore next ## Go deeper on this strategy. * [Free module 3.5The Size Factor7 min read](/learn/path-3/module-3-5-size-factor-deep-dive) * [TierGrowth core tier strategies5 strategies grouped by job](/strategies/by-tier/mid-aggressive) * [Blog noteSmallcap: the honest yearStrategy notes, a short note](/blog/2026-05-04-evening-smallcap-honest-year/) * [Blog noteThe size myth on our own shelfFactors, a short note](/blog/2026-07-21-morning-size-factor/) * [SectorCapital Goods stocksNSE sector across the 18 index algos](/sectors/capital-goods) * [StockHFCL, HFCLOn 6 of 18 latest lists](/stocks/HFCL) 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](https://invest.rupeecase.com/signup?strategy=smallcap) [Compare with Midcap](/strategies/compare/midcap-vs-smallcap) 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.