7 midcap mutual funds that beat their indices over 1, 3 and 5 years

Midcap Mutual Funds invest mostly in companies ranked 101 to 250 in terms of market capitalisation. This segment offers the potential for higher growth, but the risk of investing in such stocks is equally high. This article lists midcap mutual funds that have outperformed their underlying indices over a period of 1, 3 and 5 years, according to data on the Association of Mutual Funds in India (AMFI) website as of November 19, 2025.

Midcap funds that outperform their indices in 1 year

Canara Robecco Midcap Fund: The direct plan of this scheme delivered a return of 12.61%, while the regular plan delivered 11.15% return over one year. The scheme tracks BSE Midcap 150 TRI, which returned 9.91% return during the same period.

HDFC Midcap Fund: The direct plan of this scheme delivered a return of 13.25%, while the regular plan delivered 12.55% returns over one year. The scheme tracks Nifty Midcap 150 TRI, which returned 12.36% return during the same period.

ICICI Prudential Midcap Fund: The direct plan of this scheme has given a 15.52% return, while the regular plan has given a 14.61% return in a year. The scheme tracks Nifty Midcap 150 TRI.

Invesco India Midcap Fund: The direct plan of this scheme has given an 18.24% return, while the regular plan has given a 16.84% return in a year. The scheme tracks Nifty Midcap 150 TRI.

Mirae Asset Midcap Fund: The direct plan of this scheme has given a 15.24% return, while the regular plan has given a 14% return in a year. The scheme tracks Nifty Midcap 150 TRI.

Union Midcap Fund: The direct plan of this scheme has given a 11.66% return, while the regular plan has given a 10.11% return in a year. The scheme tracks BSE Midcap 150 TRI.

White Oak Capital Midcap Fund: The direct plan of this scheme has given a 15.74% return, while the regular plan has given a 14.09% return in a year. The scheme tracks BSE Midcap 150 TRI.

Midcap funds that outperform their indices over 3 years

Motilal Oswal Midcap Fund: The direct plan of this scheme has given 28.14% annualised returns, while the regular plan has given 26.81% returns in 3 years. The scheme tracks Nifty Midcap 150 TRI, which has given 24.79% annualised returns in 3 years.

Edelweiss Midcap Fund: The direct plan of this scheme has given 27.16% annualised returns, while the regular plan has given 25.41% returns in 3 years. The scheme tracks Nifty Midcap 150 TRI.

HDFC Midcap Fund: The direct plan of this scheme has given 27.39% annualised returns, while the regular plan has given 26.56% returns in 3 years. The scheme tracks Nifty Midcap 150 TRI.

HSBC Midcap Fund: The direct plan of this scheme has given 27.02% annualised returns, while the regular plan has given 25.67% returns in 3 years. The scheme tracks Nifty Midcap 150 TRI.

Invesco India Midcap Fund: The direct plan of this scheme has given 29.3% annualised returns, while the regular plan has given 27.7% returns in 3 years. The scheme tracks BSE Midcap 150 TRI, which has given 24.22% annualised returns in 3 years.

Nippon India Midcap Fund: The direct plan of this scheme has given 26.91% annualised returns, while the regular plan has given 25.90% returns in 3 years. The scheme tracks Nifty Midcap 150 TRI.

White Oak Capital Midcap Fund: The direct plan of this scheme has given 28.56% annualised returns, while the regular plan has given 2653% returns in 3 years. The scheme tracks BSE Midcap 150 TRI.

Midcap funds that outperform their indices over 5 years

Edelweiss Mid Cap Fund: The direct plan of this scheme has given 29.47% annualised returns, while the regular plan has given 27.63% returns in 5 years. The scheme tracks Nifty Midcap 150 TRI, which has given 26.96% annualised returns in 5 years

HDFC Midcap Fund: The direct plan of this scheme has given 29.05% annualised returns, while the regular plan has given 28.18% returns in 5 years. The scheme tracks Nifty Midcap 150 TRI.

Invesco India Mid Cap Fund: The direct plan of this scheme has given 28.55% annualised returns, while the regular plan has given 26.84% returns in 5 years. The scheme tracks BSE Midcap 150 TRI, which has given 26.30% annualised returns in 5 years.

Mahindra Manulife Mid Cap Fund: The direct plan of this scheme has given 28.71% annualised returns, while the regular plan has given 26.71% returns in 5 years. The scheme tracks Nifty Midcap 150 TRI.

Motilal Oswal Midcap Fund: The direct plan of this scheme has given 32.43% annualised returns, while the regular plan has given 30.97% returns in 5 years. The scheme tracks Nifty Midcap 150 TRI.

Nippon India Growth Mid Cap Fund: The direct plan of this scheme has given 28.81% annualised returns, while the regular plan has given 27.8% returns in 5 years. The scheme tracks Nifty Midcap 150 TRI.

Quant Midcap Fund: The direct plan of this scheme has given 28.18% annualised returns, while the regular plan has given 26.12% returns in 5 years. The scheme tracks Nifty Midcap 150 TRI.

Key observations

The above list is based on AMFI data on the past performance of midcap mutual funds till November 17, 2025 (accessed on November 19 on the AMFI website). Past performance may not repeat in the future.

Data shows that the performance of a mutual fund scheme is not consistent across different time periods.

Investors often make the mistake of considering only the recent performance of a scheme. However, this approach is risky because past performance does not guarantee future returns.

Very few funds manage to consistently beat their respective indices over multiple time frames. Based on the fund manager's investment strategy and the performance of underlying stocks, mutual fund returns can vary from one year to another or across market cycles.

The above analysis shows that only two midcap funds have managed to beat their underlying indices consistently over 1-, 3-, and 5-year timeframes.