JM Small Cap Fund vs JM Value Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM Small Cap Fund is a Small Cap fund and JM Value Fund is a Value and Contra fund. In the year to 30-10-2026, JM Small Cap Fund (Direct) returned 4.6% and JM Value Fund (Direct) returned −9.6%. JM Small Cap Fund charges 1.00% a year and JM Value Fund 1.59% (Direct plans). Their portfolios overlap 22.3%: they hold 25 of the same securities.
Which is better, JM Small Cap or JM Value? 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 −9.6%.
- JM Small Cap costs less: 1.00% a year against 1.59% (Direct plans).
- JM Small Cap fell less in its worst fall since 24-06-2024: −24.4% against −26.1%.
- JM Value holds more in large companies: 32.3% of the fund in large caps against 0.0%.
- JM Small Cap is the larger fund: ₹941 Cr against ₹780 Cr.
- Their portfolios overlap 22.3%: 25 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 Small Cap Fund | JM Value Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | JM Financial Mutual Fund |
| Category | Small Cap | Value and Contra |
| AUM | ₹941 Cr (30-09-2026) | ₹780 Cr (30-09-2026) |
| NAV | ₹11.04 (Direct) | ₹100.86 (Direct) |
| Expense ratio (Direct) | 1.00% | 1.59% |
| Expense ratio (Regular) | 2.56% | 2.75% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Smallcap 250 TRI | BSE 500 TRI |
| Launch date | 18-06-2024 | 02-06-1997 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar | Satish Ramanathan, Asit Bhandarkar, 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. | Exit load of 1%, if redeemed within 30 days. |
JM Small Cap vs JM Value: 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 Small Cap Fund (Direct) | −6.82% | −4.39% | +9.64% | +4.61% | -- | -- | -- |
| JM Value Fund (Direct) | −6.48% | −5.75% | −2.96% | −9.64% | +9.77% | +12.34% | +14.15% |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | -- | -- | -- |
| Value and Contra average | −2.09% | −5.76% | −3.23% | −5.72% | +11.83% | +11.08% | +12.63% |
Category average: the average of the 36 Small Cap funds and the 30 Value and Contra funds, same plan type.
JM Small Cap vs JM Value: Year-wise Returns
| Year | Small CapJM Small Cap | ValueJM Value |
|---|---|---|
| 2026to date | +11.18% | −7.28% |
| 2025 | −6.87% | −3.20% |
| 2024 | -- | +26.72% |
| 2023 | -- | +48.68% |
| 2022 | -- | +6.05% |
| 2021 | -- | +37.17% |
JM Small Cap vs JM Value: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of JM Small 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 Small Cap Fund (Direct)
JM Value Fund (Direct)
Nifty Smallcap 250 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 Small Cap | 36.6 | 20.1 | 15.9 | 12.0 | 10.5 | 4.8 | 0.0 | 4.2% | 3.6% | −11.1% | 23.1% | 65% |
| JM Value | 71.8 | 23.1 | 5.1 | 0.0 | 0.0 | 0.0 | 0.0 | −3.0% | −3.2% | −12.8% | 9.0% | 14% |
| Nifty Smallcap 250 TRI | 40.5 | 31.5 | 18.6 | 8.7 | 0.6 | 0.0 | 0.0 | 1.2% | 1.3% | −11.9% | 15.5% | -- |
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 Smallcap 250 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 Small Cap vs JM Value: 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 24-06-2024 to 30-10-2026: 29 instalments, ₹2,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| JM Small CapJM Small Cap Fund (Direct) | ₹2,90,000 | ₹3,14,827 | ₹24,827 | 6.8% |
| JM ValueJM Value Fund (Direct) | ₹2,90,000 | ₹2,71,272 | −₹18,728 | −5.3% |
JM Small CapJM Small Cap Fund (Direct)
JM ValueJM Value 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 Small Cap vs JM Value: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | JM Small Cap Fund (Direct) | JM Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.61% | −9.64% |
| Standard deviation | 20.91% | 17.60% |
| Sharpe ratio | -0.03 | -0.85 |
| Sortino ratio | -0.04 | -1.12 |
| Maximum drawdown | −21.0% (23-03-2026) | −18.5% (31-03-2026) |
| Beta | 1.10 | 1.15 |
| Alpha | +8.58% | +0.02% |
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 Small Cap Fund (Direct) | JM Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.36% | +14.98% |
| Standard deviation | 20.66% | 18.46% |
| Sharpe ratio | -0.07 | 0.48 |
| Sortino ratio | -0.09 | 0.66 |
| Maximum drawdown | −24.4% (03-03-2025) | −37.9% (23-03-2020) |
| Beta | 1.06 | 1.11 |
| Alpha | +4.77% | +1.44% |
From daily NAVs, 24-06-2024 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 Small Cap Fund (Direct)
JM Value Fund (Direct)
Nifty Smallcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| JM Small Cap Fund (Direct) | −24.4% | 24-09-2024 | 03-03-2025 | 17-06-2026 | 15 months | −9.6% |
| JM Value Fund (Direct) | −26.1% | 05-09-2024 | 31-03-2026 | Not yet | -- | −18.1% |
| Nifty Smallcap 250 TRI | −26.0% | 23-09-2024 | 03-03-2025 | 26-08-2026 | 18 months | −9.4% |
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 Small Cap Fund (Direct)
JM Value Fund (Direct)
Nifty Smallcap 250 TRI
Against Nifty Smallcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| JM Small Cap Fund (Direct) | 122% | 104% | 6.28% |
| JM Value Fund (Direct) | 75% | 94% | 6.74% |
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 Small Cap vs JM Value: Portfolio Overlap
From each fund's latest monthly portfolio: JM Small Cap Fund, September 2026; JM Value Fund, September 2026
Holdings in common
- Overlap
- 22.3%
- Held by both
- 25
- Only in JM Small Cap
- 63
- Only in JM Value
- 49
| Security | % of JM Small Cap | % of JM Value |
|---|---|---|
| Jana Small Finance Bank Ltd | 2.00% | 2.55% |
| Pine Labs Limited | 1.98% | 2.09% |
| Godfrey Phillips India Limited | 1.58% | 2.14% |
| Creditaccess Grameen Limited | 1.38% | 1.63% |
| INDO COUNT INDUSTRIES LIMITED | 1.32% | 1.77% |
| Restaurant Brands Asia Limited | 1.22% | 2.23% |
| Jyoti Cnc Automation Ltd | 1.21% | 1.67% |
| Amber Enterprises India Limited | 1.41% | 1.16% |
| Carraro India Ltd | 0.98% | 1.53% |
| TITAGARH RAIL SYSTEMS LIMITED | 0.96% | 1.50% |
| Motilal Oswal Financial Services Limited | 0.94% | 1.66% |
| Hero Motors Limited | 0.96% | 0.93% |
| Suraksha Diagnostic Limited | 0.87% | 0.88% |
| OPTIEMUS INFRACOM LIMITED | 0.86% | 1.58% |
| Diamond Power Infrastructure Limited | 0.78% | 0.80% |
| Bharat Bijlee Ltd. | 0.61% | 0.80% |
| EPL Limited | 0.61% | 1.52% |
| POWER MECH PROJECTS LIMITED | 0.89% | 0.57% |
| Horizon Industrial Parks Limited | 0.73% | 0.53% |
| EQUITAS SMALL FINANCE BANK LIMITED | 0.51% | 1.64% |
| TD Power Systems Limited | 2.13% | 0.48% |
| M&B Engineering Limited | 0.34% | 0.48% |
| Varmora Granito Limited | 0.49% | 0.24% |
| OnEMI Technology Solutions Limited | 0.61% | 0.14% |
| Gaja Alternative AMC Limited | 0.58% | 0.12% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 22.3% means 22.3% 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 Small Cap Fund
| Security | % of fund |
|---|---|
| Garware Hi-Tech Films Ltd | 4.50% |
| Navin Fluorine International Limited | 2.99% |
| Acutaas Chemicals Limited | 2.91% |
| FIVE-STAR BUSINESS FINANCE LIMITED | 2.69% |
| Shaily Engineering Plastics Limited | 2.45% |
Largest holdings only in JM Value Fund
| Security | % of fund |
|---|---|
| Redington Limited | 4.70% |
| ICICI Bank Limited | 3.78% |
| Shriram Finance Limited | 3.40% |
| Larsen & Toubro Limited | 3.38% |
| Bharti Airtel Limited | 2.70% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM Small Cap | JM Value |
|---|---|---|
| Equity | 97.3% | 98.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.7% | 1.2% |
Market cap of stocks
| Market cap | JM Small Cap | JM Value |
|---|---|---|
| Large Cap | 0.0% | 32.3% |
| Mid Cap | 3.1% | 7.0% |
| Small Cap | 88.3% | 55.7% |
| Not on AMFI's list | 5.9% | 3.8% |
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 Small Cap | JM Value |
|---|---|---|
| Industrial Products | 14.5% | 4.5% |
| Banks | 5.1% | 11.3% |
| Finance | 7.7% | 10.8% |
| Auto Components | 9.3% | 7.9% |
| Consumer Durables | 7.3% | 2.5% |
| Pharmaceuticals & Biotechnology | 6.9% | 2.9% |
| Electrical Equipment | 6.8% | 5.2% |
| Construction | 2.4% | 5.6% |
| IT - Software | 0.9% | 4.9% |
The six largest sectors of each fund's stocks, % of the fund.
JM Small Cap vs JM Value: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM Small Cap Fund | JM Value Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.00% | 1.59% |
| Base expense ratio (Direct) | 0.63% | 1.04% |
| Total expense ratio (Regular) | 2.56% | 2.75% |
| Base expense ratio (Regular) | 1.98% | 2.04% |
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 Small Cap with
JM Small Cap Fund vs JM Value Fund: Frequently Asked Questions
What is the difference between JM Small Cap Fund and JM Value Fund?
JM Small Cap Fund is a Small Cap fund, JM Value Fund is a Value and Contra fund, run by JM Financial Mutual Fund. Their portfolios overlap 22.3%. JM Small Cap Fund charges 1.00% a year and JM Value Fund 1.59%.
Which has given higher returns, JM Small Cap Fund or JM Value Fund?
Over 1 year: JM Small Cap Fund +4.61%, JM Value Fund −9.64%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, JM Small Cap Fund or JM Value Fund?
JM Small Cap Fund charges less: 1.00% a year against 1.59%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM Small Cap Fund and JM Value Fund overlap?
22.3%. They hold 25 of the same securities, the largest shared ones being JSFB, PINELABS, GODFRYPHLP. From each fund's latest monthly portfolio.
Which is riskier, JM Small Cap Fund or JM Value Fund?
On SEBI's riskometer, JM Small Cap Fund is rated Very High and JM Value Fund Very High. Over 1 years, the standard deviation of daily returns was 20.91% and 17.60% a year.
Can I invest in both JM Small Cap Fund and JM Value Fund?
Yes. 22.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages JM Small Cap Fund and JM Value Fund?
JM Small Cap Fund: Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar. JM Value Fund: Satish Ramanathan, Asit Bhandarkar, 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.