JM Small Cap Fund vs TRUSTMF Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM Small Cap Fund and TRUSTMF Small Cap Fund are both Small Cap funds. In the year to 30-10-2026, JM Small Cap Fund (Direct) returned 4.6% and TRUSTMF Small Cap Fund (Direct) returned 20.0%. JM Small Cap Fund charges 1.00% a year and TRUSTMF Small Cap Fund 1.47% (Direct plans). Their portfolios overlap 19.6%: they hold 17 of the same securities.
TRUSTMF Small Cap Fund
Small Cap
- 1 year return
- 20.0%
- Expense ratio
- 1.47%
- NAV
- ₹13.33
Which is better, JM Small Cap or TRUSTMF 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.
- TRUSTMF Small Cap returned more over 1 year: 20.0% against 4.6%.
- JM Small Cap costs less: 1.00% a year against 1.47% (Direct plans).
- TRUSTMF Small Cap fell less in its worst fall since 05-11-2024: −24.0% against −24.1%.
- TRUSTMF Small Cap is the larger fund: ₹3,877 Cr against ₹941 Cr.
- Their portfolios overlap 19.6%: 17 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 | TRUSTMF Small Cap Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | Trust Mutual Fund |
| Category | Small Cap | Small Cap |
| AUM | ₹941 Cr (30-09-2026) | ₹3,877 Cr (30-09-2026) |
| NAV | ₹11.04 (Direct) | ₹13.33 (Direct) |
| Expense ratio (Direct) | 1.00% | 1.47% |
| Expense ratio (Regular) | 2.56% | 2.85% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Smallcap 250 TRI | Nifty Smallcap 250 TRI |
| Launch date | 18-06-2024 | 04-11-2024 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar | Mihir Vora, Aakash Manghani |
| 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. | 1% - If redeemed/switched out within 180 days from the date of allotment. Nil - if redeemed/switched out after 180 days from the date of allotment. |
JM Small Cap vs TRUSTMF 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 Small Cap Fund (Direct) | −6.82% | −4.39% | +9.64% | +4.61% | -- | -- | -- |
| TRUSTMF Small Cap Fund (Direct) | −3.27% | +1.83% | +14.62% | +19.98% | -- | -- | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | -- | -- | -- |
Category average: the average of the 36 Small Cap funds, same plan type.
JM Small Cap vs TRUSTMF Small Cap: Year-wise Returns
| Year | JMJM Small Cap | TRUSTMFTRUSTMF Small Cap | Nifty Smallcap 250 TRI |
|---|---|---|---|
| 2026to date | +11.18% | +22.18% | +1.00% |
| 2025 | −6.87% | +1.11% | −5.48% |
JM Small Cap vs TRUSTMF Small Cap: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 242 of them, one for each trading day from 06-11-2025 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)
TRUSTMF Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
to
Dec 2025Feb 2025
to
Feb 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Aug 2025
to
Aug 2026Oct 2025
to
Oct 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 | 26.0 | 15.3 | 21.1 | 16.5 | 14.5 | 6.6 | 0.0 | 6.7% | 7.1% | −11.1% | 23.1% | 64% |
| TRUSTMF Small Cap | 3.3 | 10.3 | 8.7 | 9.1 | 11.2 | 23.1 | 34.3 | 19.5% | 21.9% | −2.0% | 36.4% | 100% |
| Nifty Smallcap 250 TRI | 29.8 | 31.8 | 25.6 | 12.0 | 0.8 | 0.0 | 0.0 | 2.7% | 3.0% | −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 05-11-2024. Past returns do not promise future returns.
JM Small Cap vs TRUSTMF 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 04-11-2024 to 30-10-2026: 24 instalments, ₹2,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| JM Small CapJM Small Cap Fund (Direct) | ₹2,40,000 | ₹2,61,899 | ₹21,899 | 8.7% |
| TRUSTMF Small CapTRUSTMF Small Cap Fund (Direct) | ₹2,40,000 | ₹2,97,773 | ₹57,773 | 22.4% |
JM Small CapJM Small Cap Fund (Direct)
TRUSTMF Small CapTRUSTMF 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 Small Cap vs TRUSTMF Small Cap: 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) | TRUSTMF Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.61% | +19.98% |
| Standard deviation | 20.91% | 17.68% |
| Sharpe ratio | -0.03 | 0.83 |
| Sortino ratio | -0.04 | 1.15 |
| Maximum drawdown | −21.0% (23-03-2026) | −14.0% (23-03-2026) |
| Beta | 1.10 | 0.91 |
| Alpha | +8.58% | +22.38% |
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) | TRUSTMF Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.36% | +15.26% |
| Standard deviation | 20.66% | 18.55% |
| Sharpe ratio | -0.07 | 0.52 |
| Sortino ratio | -0.09 | 0.70 |
| Maximum drawdown | −24.4% (03-03-2025) | −24.0% (03-03-2025) |
| Beta | 1.06 | 0.92 |
| Alpha | +4.77% | +16.77% |
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)
TRUSTMF Small Cap 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) | −24.1% | 11-12-2024 | 03-03-2025 | 15-06-2026 | 15 months | −9.6% |
| TRUSTMF Small Cap Fund (Direct) | −24.0% | 03-01-2025 | 03-03-2025 | 23-10-2025 | 8 months | −6.5% |
| Nifty Smallcap 250 TRI | −25.6% | 11-12-2024 | 03-03-2025 | 06-08-2026 | 17 months | −9.4% |
From daily values since 05-11-2024, 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)
TRUSTMF Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
Against Nifty Smallcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| JM Small Cap Fund (Direct) | 120% | 105% | 6.65% |
| TRUSTMF Small Cap Fund (Direct) | 125% | 74% | 7.11% |
From month-end values since 05-11-2024. 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 TRUSTMF Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: JM Small Cap Fund, September 2026; TRUSTMF Small Cap Fund, September 2026
Holdings in common
- Overlap
- 19.6%
- Held by both
- 17
- Only in JM Small Cap
- 71
- Only in TRUSTMF Small Cap
- 55
| Security | % of JM Small Cap | % of TRUSTMF Small Cap |
|---|---|---|
| Navin Fluorine International Limited | 2.99% | 1.79% |
| City Union Bank Limited | 1.84% | 1.61% |
| Ather Energy Limited | 1.68% | 1.40% |
| AVALON TECHNOLOGIES LIMITED | 2.07% | 1.34% |
| Acutaas Chemicals Limited | 2.91% | 1.32% |
| Shaily Engineering Plastics Limited | 2.45% | 1.29% |
| SYRMA SGS TECHNOLOGY LIMITED | 1.61% | 1.28% |
| Sansera Engineering Limited | 1.25% | 2.16% |
| Jyoti Cnc Automation Ltd | 1.21% | 2.05% |
| CarTrade Tech Limited | 1.16% | 1.46% |
| TD Power Systems Limited | 2.13% | 1.15% |
| Inox India Limited | 1.11% | 1.55% |
| Neuland Laboratories Ltd | 0.91% | 1.19% |
| WeWork India Management Limited | 0.84% | 0.80% |
| Diamond Power Infrastructure Limited | 0.78% | 1.18% |
| Manorama Industries Limited | 1.58% | 0.69% |
| S.J.S. Enterprises Limited | 0.53% | 1.04% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 19.6% means 19.6% 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% |
| FIVE-STAR BUSINESS FINANCE LIMITED | 2.69% |
| Fusion Finance Limited | 2.30% |
| Jana Small Finance Bank Ltd | 2.00% |
| Pine Labs Limited | 1.98% |
Largest holdings only in TRUSTMF Small Cap Fund
| Security | % of fund |
|---|---|
| Lenskart Solutions Limited | 2.40% |
| RBL Bank Limited | 2.24% |
| Shadowfax Technologies Limited | 2.13% |
| Multi Commodity Exchange of India Limited | 2.12% |
| Karur Vysya Bank Limited | 2.12% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM Small Cap | TRUSTMF Small Cap |
|---|---|---|
| Equity | 97.3% | 94.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.7% | 5.8% |
Market cap of stocks
| Market cap | JM Small Cap | TRUSTMF Small Cap |
|---|---|---|
| Large Cap | 0.0% | 1.0% |
| Mid Cap | 3.1% | 19.0% |
| Small Cap | 88.3% | 67.6% |
| Not on AMFI's list | 5.9% | 6.6% |
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 | TRUSTMF Small Cap |
|---|---|---|
| Industrial Products | 14.5% | 7.3% |
| Pharmaceuticals & Biotechnology | 6.9% | 11.8% |
| Auto Components | 9.3% | 7.6% |
| Finance | 7.7% | 3.1% |
| Consumer Durables | 7.3% | 5.6% |
| Banks | 5.1% | 7.2% |
| Electrical Equipment | 6.8% | 6.8% |
The six largest sectors of each fund's stocks, % of the fund.
JM Small Cap vs TRUSTMF Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM Small Cap Fund | TRUSTMF Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.00% | 1.47% |
| Base expense ratio (Direct) | 0.63% | 0.42% |
| Total expense ratio (Regular) | 2.56% | 2.85% |
| Base expense ratio (Regular) | 1.98% | 1.64% |
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 TRUSTMF Small Cap Fund: Frequently Asked Questions
What is the difference between JM Small Cap Fund and TRUSTMF Small Cap Fund?
Both are Small Cap funds, run by JM Financial Mutual Fund and Trust Mutual Fund. Their portfolios overlap 19.6%. JM Small Cap Fund charges 1.00% a year and TRUSTMF Small Cap Fund 1.47%.
Which has given higher returns, JM Small Cap Fund or TRUSTMF Small Cap Fund?
Over 1 year: JM Small Cap Fund +4.61%, TRUSTMF Small Cap Fund +19.98%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, JM Small Cap Fund or TRUSTMF Small Cap Fund?
JM Small Cap Fund charges less: 1.00% a year against 1.47%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM Small Cap Fund and TRUSTMF Small Cap Fund overlap?
19.6%. They hold 17 of the same securities, the largest shared ones being NAVINFLUOR, CUB, ATHERENERG. From each fund's latest monthly portfolio.
Which is riskier, JM Small Cap Fund or TRUSTMF Small Cap Fund?
On SEBI's riskometer, JM Small Cap Fund is rated Very High and TRUSTMF Small Cap Fund Very High. Over 1 years, the standard deviation of daily returns was 20.91% and 17.68% a year.
Can I invest in both JM Small Cap Fund and TRUSTMF Small Cap Fund?
Yes. 19.6% 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 TRUSTMF Small Cap Fund?
JM Small Cap Fund: Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar. TRUSTMF Small Cap Fund: Mihir Vora, Aakash Manghani.
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.