JM Mid Cap Fund vs JM Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM Mid Cap Fund is a Mid Cap fund and JM Small Cap Fund is a Small Cap fund. In the year to 30-10-2026, JM Mid Cap Fund (Direct) returned −0.1% and JM Small Cap Fund (Direct) returned 4.6%. JM Mid Cap Fund charges 0.96% a year and JM Small Cap Fund 1.00% (Direct plans). Their portfolios overlap 18.1%: they hold 19 of the same securities.
Which is better, JM Mid Cap or JM 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.
- JM Small Cap returned more over 1 year: 4.6% against −0.1%.
- JM Mid Cap costs less: 0.96% a year against 1.00% (Direct plans).
- JM Mid Cap fell less in its worst fall since 24-06-2024: −22.5% against −24.4%.
- JM Mid Cap is the larger fund: ₹1,303 Cr against ₹941 Cr.
- Their portfolios overlap 18.1%: 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 | JM Mid Cap Fund | JM Small Cap Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | JM Financial Mutual Fund |
| Category | Mid Cap | Small Cap |
| AUM | ₹1,303 Cr (30-09-2026) | ₹941 Cr (30-09-2026) |
| NAV | ₹20.79 (Direct) | ₹11.04 (Direct) |
| Expense ratio (Direct) | 0.96% | 1.00% |
| Expense ratio (Regular) | 2.47% | 2.56% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Midcap 150 TRI | Nifty Smallcap 250 TRI |
| Launch date | 21-11-2022 | 18-06-2024 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar | Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar |
| Exit load | In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed/ switched-out within 180 days from the date of allotment, No Exit Load is payable if Units are redeemed / switched-out after 180 days from the date of allotment, No Entry / Exit Load shall be levied on units allotted on Reinvestment of Income Distribution cum Capital Withdrawal Option, In respect of Systematic Transactions such as SIP,STP, SWP, Exit Load, if any, prevailing on the date of registration / enrolment for SIP/STP/SWP shall be levied for all the opted Installments. | In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed/ switched-out within 180 days from the date of allotment, No Exit Load is payable if Units are redeemed / switched-out after 180 days from the date of allotment, No Entry / Exit Load shall be levied on units allotted on Reinvestment of Income Distribution cum Capital Withdrawal Option, In respect of Systematic Transactions such as SIP,STP, SWP, Exit Load, if any, prevailing on the date of registration / enrolment for SIP/STP/SWP shall be levied for all the opted Installments. |
JM Mid Cap vs JM 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 |
|---|---|---|---|---|---|---|---|
| JM Mid Cap Fund (Direct) | −5.08% | −5.86% | +3.24% | −0.08% | +17.31% | -- | -- |
| JM Small Cap Fund (Direct) | −6.82% | −4.39% | +9.64% | +4.61% | -- | -- | -- |
| Mid Cap average | −3.36% | −6.03% | −0.14% | −2.17% | +14.75% | -- | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | -- | -- | -- |
Category average: the average of the 34 Mid Cap funds and the 36 Small Cap funds, same plan type.
JM Mid Cap vs JM Small Cap: Year-wise Returns
| Year | MidJM Mid Cap | SmallJM Small Cap |
|---|---|---|
| 2026to date | +3.57% | +11.18% |
| 2025 | −1.16% | −6.87% |
| 2024 | +37.77% | -- |
| 2023 | +47.33% | -- |
JM Mid Cap vs JM Small Cap: Rolling Returns
Every holding period of both funds, against Nifty Midcap 150 TRI, the benchmark of JM Mid Cap Fund
Rolling returns
Every 1-year holding period, 333 of them, one for each trading day from 24-06-2025 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.
JM Mid Cap Fund (Direct)
JM Small Cap Fund (Direct)
Nifty Midcap 150 TRI
to
Aug 2025Oct 2024
to
Oct 2025Jan 2025
to
Jan 2026Apr 2025
to
Apr 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 2026
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JM Mid Cap | 31.2 | 19.2 | 27.9 | 17.7 | 3.9 | 0.0 | 0.0 | 4.8% | 4.7% | −6.4% | 17.4% | 35% |
| JM Small Cap | 36.6 | 20.1 | 15.9 | 12.0 | 10.5 | 4.8 | 0.0 | 4.2% | 3.6% | −11.1% | 23.1% | 33% |
| Nifty Midcap 150 TRI | 16.5 | 23.7 | 34.5 | 17.1 | 6.0 | 2.1 | 0.0 | 6.4% | 6.0% | −5.7% | 21.8% | -- |
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 24-06-2024. Past returns do not promise future returns.
JM Mid Cap vs JM 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 03-06-2024 to 30-10-2026: 29 instalments, ₹2,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| JM Mid CapJM Mid Cap Fund (Direct) | ₹2,90,000 | ₹3,02,193 | ₹12,193 | 3.3% |
| JM Small CapJM Small Cap Fund (Direct) | ₹2,90,000 | ₹3,14,827 | ₹24,827 | 6.8% |
JM Mid CapJM Mid Cap Fund (Direct)
JM Small CapJM 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.
JM Mid Cap vs JM Small Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | JM Mid Cap Fund (Direct) | JM Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.08% | +4.61% |
| Standard deviation | 18.23% | 20.91% |
| Sharpe ratio | -0.29 | -0.03 |
| Sortino ratio | -0.40 | -0.04 |
| Maximum drawdown | −15.2% (23-03-2026) | −21.0% (23-03-2026) |
| Beta | 1.06 | 1.10 |
| Alpha | +4.83% | +8.58% |
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 | JM Mid Cap Fund (Direct) | JM Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +20.35% | +4.36% |
| Standard deviation | 16.62% | 20.66% |
| Sharpe ratio | 0.85 | -0.07 |
| Sortino ratio | 1.15 | -0.09 |
| Maximum drawdown | −22.5% (28-02-2025) | −24.4% (03-03-2025) |
| Beta | 0.99 | 1.06 |
| Alpha | +4.21% | +4.77% |
From daily NAVs, 25-11-2022 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.
JM Mid Cap Fund (Direct)
JM 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 |
|---|---|---|---|---|---|---|
| JM Mid Cap Fund (Direct) | −22.5% | 24-09-2024 | 28-02-2025 | 15-06-2026 | 16 months | −10.1% |
| JM Small Cap Fund (Direct) | −24.4% | 24-09-2024 | 03-03-2025 | 17-06-2026 | 15 months | −9.6% |
| Nifty Midcap 150 TRI | −20.9% | 24-09-2024 | 28-02-2025 | 12-11-2025 | 8 months | −10.5% |
From daily values since 24-06-2024, 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.
JM Mid Cap Fund (Direct)
JM Small Cap Fund (Direct)
Nifty Midcap 150 TRI
Against Nifty Midcap 150 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| JM Mid Cap Fund (Direct) | 102% | 98% | 5.30% |
| JM Small Cap Fund (Direct) | 131% | 116% | 9.97% |
From month-end values since 24-06-2024. 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.
JM Mid Cap vs JM Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: JM Mid Cap Fund, September 2026; JM Small Cap Fund, September 2026
Holdings in common
- Overlap
- 18.1%
- Held by both
- 19
- Only in JM Mid Cap
- 53
- Only in JM Small Cap
- 69
| Security | % of JM Mid Cap | % of JM Small Cap |
|---|---|---|
| Acutaas Chemicals Limited | 2.28% | 2.91% |
| AVALON TECHNOLOGIES LIMITED | 3.08% | 2.07% |
| SYRMA SGS TECHNOLOGY LIMITED | 2.19% | 1.61% |
| Godfrey Phillips India Limited | 2.86% | 1.58% |
| One Source Specialty Pharma Ltd | 1.26% | 1.95% |
| Garware Hi-Tech Films Ltd | 1.23% | 4.50% |
| CarTrade Tech Limited | 1.22% | 1.16% |
| TITAGARH RAIL SYSTEMS LIMITED | 1.01% | 0.96% |
| Motilal Oswal Financial Services Limited | 2.28% | 0.94% |
| WeWork India Management Limited | 1.39% | 0.84% |
| Jana Small Finance Bank Ltd | 0.80% | 2.00% |
| Jyoti Cnc Automation Ltd | 0.68% | 1.21% |
| Tinna Rubber and Infrastructure Limited | 0.64% | 0.94% |
| Navin Fluorine International Limited | 0.58% | 2.99% |
| Horizon Industrial Parks Limited | 0.53% | 0.73% |
| LEAP India Limited | 0.40% | 0.46% |
| Varmora Granito Limited | 0.29% | 0.49% |
| Gaja Alternative AMC Limited | 0.23% | 0.58% |
| ESDS Software Solution Limited | 0.01% | 0.02% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 18.1% means 18.1% 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 JM Mid Cap Fund
| Security | % of fund |
|---|---|
| One 97 Communications Limited | 3.60% |
| Mankind Pharma Limited | 2.89% |
| IDFC First Bank Limited | 2.84% |
| Bank of Maharashtra | 2.81% |
| Marico Limited | 2.74% |
Largest holdings only in JM Small Cap Fund
| Security | % of fund |
|---|---|
| FIVE-STAR BUSINESS FINANCE LIMITED | 2.69% |
| Shaily Engineering Plastics Limited | 2.45% |
| Fusion Finance Limited | 2.30% |
| TD Power Systems Limited | 2.13% |
| Pine Labs Limited | 1.98% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM Mid Cap | JM Small Cap |
|---|---|---|
| Equity | 98.4% | 97.3% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.6% | 2.7% |
Market cap of stocks
| Market cap | JM Mid Cap | JM Small Cap |
|---|---|---|
| Large Cap | 4.9% | 0.0% |
| Mid Cap | 67.6% | 3.1% |
| Small Cap | 24.4% | 88.3% |
| Not on AMFI's list | 1.5% | 5.9% |
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 | JM Mid Cap | JM Small Cap |
|---|---|---|
| Industrial Products | 1.9% | 14.5% |
| Pharmaceuticals & Biotechnology | 12.4% | 6.9% |
| Auto Components | 10.1% | 9.3% |
| Electrical Equipment | 9.1% | 6.8% |
| Capital Markets | 8.7% | 2.1% |
| Banks | 7.9% | 5.1% |
| Finance | 4.2% | 7.7% |
| Consumer Durables | 1.8% | 7.3% |
| Retailing | 5.0% | 1.2% |
The six largest sectors of each fund's stocks, % of the fund.
JM Mid Cap vs JM Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM Mid Cap Fund | JM Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.96% | 1.00% |
| Base expense ratio (Direct) | 0.57% | 0.63% |
| Total expense ratio (Regular) | 2.47% | 2.56% |
| Base expense ratio (Regular) | 1.87% | 1.98% |
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 JM Mid Cap with
JM Mid Cap Fund vs JM Small Cap Fund: Frequently Asked Questions
What is the difference between JM Mid Cap Fund and JM Small Cap Fund?
JM Mid Cap Fund is a Mid Cap fund, JM Small Cap Fund is a Small Cap fund, run by JM Financial Mutual Fund. Their portfolios overlap 18.1%. JM Mid Cap Fund charges 0.96% a year and JM Small Cap Fund 1.00%.
Which has given higher returns, JM Mid Cap Fund or JM Small Cap Fund?
Over 1 year: JM Mid Cap Fund −0.08%, JM Small Cap Fund +4.61%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, JM Mid Cap Fund or JM Small Cap Fund?
JM Mid Cap Fund charges less: 0.96% a year against 1.00%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM Mid Cap Fund and JM Small Cap Fund overlap?
18.1%. They hold 19 of the same securities, the largest shared ones being ACUTAAS, AVALON, SYRMA. From each fund's latest monthly portfolio.
Which is riskier, JM Mid Cap Fund or JM Small Cap Fund?
On SEBI's riskometer, JM Mid Cap Fund is rated Very High and JM Small Cap Fund Very High. Over 1 years, the standard deviation of daily returns was 18.23% and 20.91% a year.
Can I invest in both JM Mid Cap Fund and JM Small Cap Fund?
Yes. 18.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages JM Mid Cap Fund and JM Small Cap Fund?
JM Mid Cap Fund: Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar. JM Small Cap Fund: Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar.
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.