Franklin India Mid Cap Fund vs Franklin India Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Franklin India Mid Cap Fund is a Mid Cap fund and Franklin India Small Cap Fund is a Small Cap fund. In the 3 years to 30-10-2026, Franklin India Mid Cap Fund (Direct) returned 13.4% a year and Franklin India Small Cap Fund (Direct) returned 9.8% a year. Franklin India Mid Cap Fund charges 1.14% a year and Franklin India Small Cap Fund 1.06% (Direct plans). Their portfolios overlap 21.1%: they hold 19 of the same securities.
Franklin India Mid Cap Fund
Mid Cap
- 3 year return
- 13.4%
- Expense ratio
- 1.14%
- NAV
- ₹2,903.85
Franklin India Small Cap Fund
Small Cap
- 3 year return
- 9.8%
- Expense ratio
- 1.06%
- NAV
- ₹185.20
Which is better, Franklin India Mid Cap or Franklin India Small Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Franklin India Small Cap returned more over 5 years: 13.5% a year against 11.5%.
- Franklin India Mid Cap returned more over 3 years: 13.4% a year against 9.8%.
- Franklin India Small Cap costs less: 1.06% a year against 1.14% (Direct plans).
- Franklin India Mid Cap swung less over 3 years: a standard deviation of 15.5% a year against 16.2%.
- Franklin India Mid Cap fell less in its worst fall since 01-01-2013: −36.6% against −49.9%.
- Franklin India Small Cap is the larger fund: ₹14,257 Cr against ₹12,156 Cr.
- Their portfolios overlap 21.1%: 19 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | Franklin India Mid Cap Fund | Franklin India Small Cap Fund |
|---|---|---|
| Fund house | Franklin Templeton Mutual Fund | Franklin Templeton Mutual Fund |
| Category | Mid Cap | Small Cap |
| AUM | ₹12,156 Cr (30-09-2026) | ₹14,257 Cr (30-09-2026) |
| NAV | ₹2,903.85 (Direct) | ₹185.20 (Direct) |
| Expense ratio (Direct) | 1.14% | 1.06% |
| Expense ratio (Regular) | 1.92% | 1.87% |
| Riskometer | Not available | Not available |
| Benchmark | Nifty Midcap 150 TRI | Nifty Smallcap 250 TRI |
| Launch date | 01-12-1993 | 13-01-2006 |
| Minimum investment | 5000/1 | 5000/1 |
| Lock in | None | None |
| Fund managers | Janakiraman Rengaraju, Akhil Kalluri, Sandeep Manam | Janakiraman Rengaraju, Akhil Kalluri, Sandeep Manam |
| Exit load | Exit load of 1% if redeemed within 1 year | Exit load of 1% if redeemed within 1 year. |
Franklin India Mid Cap vs Franklin India Small Cap: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Franklin India Mid Cap Fund (Direct) | −4.32% | −9.38% | −3.37% | −8.42% | +13.45% | +11.51% | +13.22% |
| Franklin India Small Cap Fund (Direct) | −6.78% | −7.95% | −4.62% | −5.60% | +9.83% | +13.53% | +13.87% |
| Mid Cap average | −3.36% | −6.03% | −0.14% | −2.17% | +14.75% | +12.95% | +14.07% |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | +14.51% | +16.19% |
Category average: the average of the 34 Mid Cap funds and the 36 Small Cap funds, same plan type.
Franklin India Mid Cap vs Franklin India Small Cap: Year-wise Returns
| Year | MidFranklin India Mid Cap | SmallFranklin India Small Cap |
|---|---|---|
| 2026to date | −8.29% | −0.91% |
| 2025 | +2.42% | −7.63% |
| 2024 | +32.89% | +24.20% |
| 2023 | +37.97% | +53.48% |
| 2022 | +3.00% | +4.43% |
| 2021 | +33.67% | +57.68% |
Franklin India Mid Cap vs Franklin India Small Cap: Rolling Returns
Every holding period of both funds, against Nifty Midcap 150 TRI, the benchmark of Franklin India Mid Cap Fund
Rolling returns
Every 3-year holding period, 2,667 of them, one for each trading day from 01-01-2016 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Franklin India Mid Cap Fund (Direct)
Franklin India Small Cap Fund (Direct)
Nifty Midcap 150 TRI
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Franklin India Mid Cap | 3.8 | 3.9 | 7.3 | 17.4 | 20.1 | 26.5 | 21.1 | 18.7% | 19.3% | −7.5% | 42.6% | 19% |
| Franklin India Small Cap | 8.4 | 6.3 | 4.6 | 10.4 | 14.2 | 18.9 | 37.1 | 20.8% | 21.6% | −13.4% | 49.2% | 37% |
| Nifty Midcap 150 TRI | 5.4 | 7.2 | 6.3 | 10.4 | 10.9 | 28.5 | 31.2 | 19.4% | 22.1% | −8.3% | 40.6% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is Nifty Midcap 150 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 01-01-2013. Past returns do not promise future returns.
Franklin India Mid Cap vs Franklin India Small Cap: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 01-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Franklin India Mid CapFranklin India Mid Cap Fund (Direct) | ₹16,60,000 | ₹52,86,016 | ₹36,26,016 | 15.4% |
| Franklin India Small CapFranklin India Small Cap Fund (Direct) | ₹16,60,000 | ₹59,41,184 | ₹42,81,184 | 16.9% |
Franklin India Mid CapFranklin India Mid Cap Fund (Direct)
Franklin India Small CapFranklin India Small Cap Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Franklin India Mid Cap vs Franklin India Small Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Franklin India Mid Cap Fund (Direct) | Franklin India Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.42% | −5.60% |
| Standard deviation | 15.59% | 16.87% |
| Sharpe ratio | -0.88 | -0.64 |
| Sortino ratio | -1.16 | -0.87 |
| Maximum drawdown | −15.5% (31-03-2026) | −16.0% (31-03-2026) |
| Beta | 0.91 | 0.91 |
| Alpha | −4.89% | −3.23% |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Franklin India Mid Cap Fund (Direct) | Franklin India Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.45% | +9.83% |
| Standard deviation | 15.52% | 16.22% |
| Sharpe ratio | 0.48 | 0.23 |
| Sortino ratio | 0.65 | 0.31 |
| Maximum drawdown | −18.3% (28-02-2025) | −24.1% (03-03-2025) |
| Beta | 0.89 | 0.82 |
| Alpha | +0.53% | −1.41% |
From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Franklin India Mid Cap Fund (Direct) | Franklin India Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.51% | +13.53% |
| Standard deviation | 15.36% | 15.85% |
| Sharpe ratio | 0.37 | 0.49 |
| Sortino ratio | 0.50 | 0.65 |
| Maximum drawdown | −22.7% (20-06-2022) | −24.1% (03-03-2025) |
| Beta | 0.89 | 0.82 |
| Alpha | −1.47% | +1.72% |
From daily NAVs, 29-10-2021 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Franklin India Mid Cap Fund (Direct) | Franklin India Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.95% | +18.75% |
| Standard deviation | 15.17% | 15.61% |
| Sharpe ratio | 0.72 | 0.81 |
| Sortino ratio | 0.96 | 1.08 |
| Maximum drawdown | −36.6% (23-03-2020) | −49.9% (24-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 01-01-2013 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
Franklin India Mid Cap Fund (Direct)
Franklin India Small Cap Fund (Direct)
Nifty Midcap 150 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Franklin India Mid Cap Fund (Direct) | −36.6% | 23-01-2018 | 23-03-2020 | 13-11-2020 | 8 months | −11.4% |
| Franklin India Small Cap Fund (Direct) | −49.9% | 09-01-2018 | 24-03-2020 | 03-02-2021 | 10 months | −12.4% |
| Nifty Midcap 150 TRI | −43.1% | 08-01-2018 | 23-03-2020 | 23-11-2020 | 8 months | −10.5% |
From daily values since 01-01-2013, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Franklin India Mid Cap Fund (Direct)
Franklin India Small Cap Fund (Direct)
Nifty Midcap 150 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Franklin India Mid Cap Fund (Direct)
Franklin India Small Cap Fund (Direct)
Nifty Midcap 150 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Franklin India Mid Cap Fund (Direct)
Franklin India Small Cap Fund (Direct)
Nifty Midcap 150 TRI
Against Nifty Midcap 150 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Franklin India Mid Cap Fund (Direct) | 86% | 86% | 4.62% |
| Franklin India Small Cap Fund (Direct) | 93% | 94% | 6.50% |
From month-end values since 01-01-2013. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
Franklin India Mid Cap vs Franklin India Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Franklin India Mid Cap Fund, September 2026; Franklin India Small Cap Fund, September 2026
Holdings in common
- Overlap
- 21.1%
- Held by both
- 19
- Only in Franklin India Mid Cap
- 60
- Only in Franklin India Small Cap
- 70
| Security | % of Franklin India Mid Cap | % of Franklin India Small Cap |
|---|---|---|
| Hindustan Aeronautics Ltd | 1.77% | 1.85% |
| Kalyan Jewellers India Ltd | 2.87% | 1.73% |
| MTAR Technologies Ltd | 1.51% | 1.68% |
| Tata Steel Ltd | 1.49% | 1.62% |
| Deepak Nitrite Ltd | 1.38% | 1.76% |
| RBL Bank Ltd | 1.37% | 1.69% |
| Equitas Small Finance Bank Ltd | 1.34% | 2.32% |
| Angel One Ltd | 1.18% | 1.87% |
| PNB Housing Finance Ltd | 1.11% | 1.85% |
| K.P.R. Mill Ltd | 1.09% | 1.48% |
| Hexaware Technologies Ltd | 1.02% | 1.15% |
| Exide Industries Ltd | 0.95% | 1.16% |
| Aster DM Quality Care Ltd | 0.92% | 0.89% |
| Crompton Greaves Consumer Electricals Ltd | 0.84% | 1.18% |
| Tata Power Co Ltd | 0.95% | 0.77% |
| The Ramco Cements Ltd | 0.75% | 0.77% |
| Motherson Sumi Wiring India Ltd | 0.73% | 0.91% |
| Kajaria Ceramics Ltd | 0.62% | 2.43% |
| City Union Bank Ltd | 0.58% | 1.00% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 21.1% means 21.1% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in Franklin India Mid Cap Fund
| Security | % of fund |
|---|---|
| Biocon Ltd | 2.47% |
| Federal Bank Ltd | 2.39% |
| One 97 Communications Ltd | 2.29% |
| IDFC First Bank Ltd | 2.20% |
| APL Apollo Tubes Ltd | 2.16% |
Largest holdings only in Franklin India Small Cap Fund
| Security | % of fund |
|---|---|
| Pine Labs Ltd | 2.82% |
| Eris Lifesciences Ltd | 2.00% |
| Brigade Enterprises Ltd | 2.00% |
| Metropolis Healthcare Ltd | 1.91% |
| DCB Bank Ltd | 1.74% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Franklin India Mid Cap | Franklin India Small Cap |
|---|---|---|
| Equity | 98.1% | 96.7% |
| Debt | 0.2% | 0.2% |
| Cash and others | 1.7% | 3.1% |
Market cap of stocks
| Market cap | Franklin India Mid Cap | Franklin India Small Cap |
|---|---|---|
| Large Cap | 9.8% | 8.4% |
| Mid Cap | 66.8% | 4.6% |
| Small Cap | 20.1% | 82.5% |
| Not on AMFI's list | 1.3% | 1.2% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | Franklin India Mid Cap | Franklin India Small Cap |
|---|---|---|
| Banks | 9.4% | 11.7% |
| Auto Components | 5.0% | 9.4% |
| Consumer Durables | 7.1% | 8.2% |
| Industrial Products | 6.5% | 6.2% |
| Pharmaceuticals & Biotechnology | 6.1% | 5.2% |
| Finance | 6.0% | 4.1% |
| Retailing | 5.8% | 4.7% |
| Chemicals & Petrochemicals | 2.6% | 5.0% |
The six largest sectors of each fund's stocks, % of the fund.
Franklin India Mid Cap vs Franklin India Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Franklin India Mid Cap Fund | Franklin India Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.14% | 1.06% |
| Base expense ratio (Direct) | 0.81% | 0.76% |
| Total expense ratio (Regular) | 1.92% | 1.87% |
| Base expense ratio (Regular) | 1.48% | 1.46% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare Franklin India Mid Cap with
Franklin India Mid Cap Fund vs Franklin India Small Cap Fund: Frequently Asked Questions
What is the difference between Franklin India Mid Cap Fund and Franklin India Small Cap Fund?
Franklin India Mid Cap Fund is a Mid Cap fund, Franklin India Small Cap Fund is a Small Cap fund, run by Franklin Templeton Mutual Fund. Their portfolios overlap 21.1%. Franklin India Mid Cap Fund charges 1.14% a year and Franklin India Small Cap Fund 1.06%.
Which has given higher returns, Franklin India Mid Cap Fund or Franklin India Small Cap Fund?
Over 1 year: Franklin India Mid Cap Fund −8.42%, Franklin India Small Cap Fund −5.60%. Over 3 years: Franklin India Mid Cap Fund +13.45% a year, Franklin India Small Cap Fund +9.83% a year. Over 5 years: Franklin India Mid Cap Fund +11.51% a year, Franklin India Small Cap Fund +13.53% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Franklin India Mid Cap Fund or Franklin India Small Cap Fund?
Franklin India Small Cap Fund charges less: 1.06% a year against 1.14%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Franklin India Mid Cap Fund and Franklin India Small Cap Fund overlap?
21.1%. They hold 19 of the same securities, the largest shared ones being HAL, KALYANKJIL, MTARTECH. From each fund's latest monthly portfolio.
Which is better for SIP, Franklin India Mid Cap Fund or Franklin India Small Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,00,153 in Franklin India Mid Cap Fund (XIRR 10.6% a year) and ₹7,98,464 in Franklin India Small Cap Fund (XIRR 10.5% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Franklin India Mid Cap Fund and Franklin India Small Cap Fund?
Yes. 21.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Franklin India Mid Cap Fund and Franklin India Small Cap Fund?
Franklin India Mid Cap Fund: Janakiraman Rengaraju, Akhil Kalluri, Sandeep Manam. Franklin India Small Cap Fund: Janakiraman Rengaraju, Akhil Kalluri, Sandeep Manam.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.