quant Business Cycle Fund vs Quant Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
quant Business Cycle Fund is a Thematic fund and Quant Small Cap Fund is a Small Cap fund. In the 3 years to 30-10-2026, quant Business Cycle Fund (Direct) returned 10.5% a year and Quant Small Cap Fund (Direct) returned 16.1% a year. quant Business Cycle Fund charges 1.45% a year and Quant Small Cap Fund 0.92% (Direct plans). Their portfolios overlap 27.6%: they hold 17 of the same securities.
quant Business Cycle Fund
Thematic
- 3 year return
- 10.5%
- Expense ratio
- 1.45%
- NAV
- ₹16.33
Which is better, quant Business Cycle or Quant 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.
- Quant Small Cap returned more over 3 years: 16.1% a year against 10.5%.
- Quant Small Cap returned more over 1 year: 4.3% against 0.1%.
- Quant Small Cap costs less: 0.92% a year against 1.45% (Direct plans).
- Quant Small Cap swung less over 3 years: a standard deviation of 17.6% a year against 17.8%.
- Quant Small Cap fell less in its worst fall since 31-05-2023: −24.4% against −29.3%.
- quant Business Cycle holds more in large companies: 31.1% of the fund in large caps against 11.9%.
- Quant Small Cap is the larger fund: ₹35,572 Cr against ₹930 Cr.
- Their portfolios overlap 27.6%: 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 | quant Business Cycle Fund | Quant Small Cap Fund |
|---|---|---|
| Fund house | quant Mutual Fund | quant Mutual Fund |
| Category | Thematic | Small Cap |
| AUM | ₹930 Cr (30-09-2026) | ₹35,572 Cr (30-09-2026) |
| NAV | ₹16.33 (Direct) | ₹297.72 (Direct) |
| Expense ratio (Direct) | 1.45% | 0.92% |
| Expense ratio (Regular) | 3.00% | 1.74% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty Smallcap 250 TRI |
| Launch date | 05-06-2025 | 10-05-1998 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Sandeep Tandon, Ankit Pande, Sanjeev Sharma, Varun Pattani, Ayusha Kumbhat, Yug Tibrewal, Sameer Kate | Ankit Pande, Sanjeev Sharma, Sandeep Tandon, Ayusha Kumbhat |
| Exit load | NIL | Exit load of 1% if redeemed within 1 year |
quant Business Cycle vs Quant 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 |
|---|---|---|---|---|---|---|---|
| quant Business Cycle Fund (Direct) | −2.16% | −5.45% | −0.24% | +0.11% | +10.47% | -- | -- |
| Quant Small Cap Fund (Direct) | −5.76% | −2.99% | +6.15% | +4.26% | +16.13% | +17.15% | +19.94% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | +14.51% | +16.19% |
Category average: the average of the 235 Thematic funds and the 36 Small Cap funds, same plan type.
quant Business Cycle vs Quant Small Cap: Year-wise Returns
| Year | Business Cyclequant Business Cycle | Small CapQuant Small Cap |
|---|---|---|
| 2026to date | +0.38% | +7.57% |
| 2025 | −5.01% | −1.36% |
| 2024 | +20.95% | +23.50% |
| 2023 | -- | +48.05% |
| 2022 | -- | +11.20% |
| 2021 | -- | +91.73% |
quant Business Cycle vs Quant Small Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of quant Business Cycle Fund
Rolling returns
Every 3-year holding period, 104 of them, one for each trading day from 01-06-2026 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.
quant Business Cycle Fund (Direct)
Quant Small Cap Fund (Direct)
Nifty 500 TRI
to
Jun 2026Jul 2023
to
Jul 2026Aug 2023
to
Aug 2026Aug 2023
to
Aug 2026Sept 2023
to
Sept 2026Oct 2023
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| quant Business Cycle | 0.0 | 0.0 | 2.9 | 43.3 | 48.1 | 5.8 | 0.0 | 15.2% | 15.2% | 9.6% | 20.3% | 100% |
| Quant Small Cap | 0.0 | 0.0 | 0.0 | 0.0 | 65.4 | 34.6 | 0.0 | 19.1% | 19.0% | 15.7% | 22.2% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 18.3 | 81.7 | 0.0 | 0.0 | 0.0 | 11.9% | 12.5% | 8.8% | 14.1% | -- |
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 500 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 31-05-2023. Past returns do not promise future returns.
quant Business Cycle vs Quant 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 31-05-2023 to 30-10-2026: 42 instalments, ₹4,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| quant Business Cyclequant Business Cycle Fund (Direct) | ₹4,20,000 | ₹4,53,105 | ₹33,105 | 4.3% |
| Quant Small CapQuant Small Cap Fund (Direct) | ₹4,20,000 | ₹4,99,194 | ₹79,194 | 9.9% |
quant Business Cyclequant Business Cycle Fund (Direct)
Quant Small CapQuant 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.
quant Business Cycle vs Quant Small Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | quant Business Cycle Fund (Direct) | Quant Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +0.11% | +4.26% |
| Standard deviation | 17.03% | 16.28% |
| Sharpe ratio | -0.30 | -0.06 |
| Sortino ratio | -0.41 | -0.08 |
| Maximum drawdown | −16.7% (30-03-2026) | −16.0% (31-03-2026) |
| Beta | 1.05 | 0.86 |
| Alpha | +8.03% | +6.25% |
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 | quant Business Cycle Fund (Direct) | Quant Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.47% | +16.13% |
| Standard deviation | 17.79% | 17.60% |
| Sharpe ratio | 0.25 | 0.57 |
| Sortino ratio | 0.34 | 0.77 |
| Maximum drawdown | −29.3% (30-03-2026) | −24.4% (03-03-2025) |
| Beta | 1.12 | 0.88 |
| Alpha | −0.24% | +4.53% |
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 | quant Business Cycle Fund (Direct) | Quant Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.40% | +16.99% |
| Standard deviation | 17.27% | 15.26% |
| Sharpe ratio | 0.54 | 0.72 |
| Sortino ratio | 0.73 | 0.97 |
| Maximum drawdown | −29.3% (30-03-2026) | −46.7% (24-03-2020) |
| Beta | 1.11 | -- |
| Alpha | +3.65% | -- |
From daily NAVs, 31-05-2023 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.
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.
quant Business Cycle Fund (Direct)
Quant Small Cap Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| quant Business Cycle Fund (Direct) | −29.3% | 27-09-2024 | 30-03-2026 | Not yet | -- | −17.6% |
| Quant Small Cap Fund (Direct) | −24.4% | 27-09-2024 | 03-03-2025 | 22-06-2026 | 16 months | −8.3% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 31-05-2023, 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.
quant Business Cycle Fund (Direct)
Quant Small Cap Fund (Direct)
Nifty 500 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.
quant Business Cycle Fund (Direct)
Quant Small Cap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| quant Business Cycle Fund (Direct) | 120% | 103% | 9.50% |
| Quant Small Cap Fund (Direct) | 131% | 99% | 11.00% |
From month-end values since 31-05-2023. 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.
quant Business Cycle vs Quant Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: quant Business Cycle Fund, September 2026; Quant Small Cap Fund, September 2026
Holdings in common
- Overlap
- 27.6%
- Held by both
- 17
- Only in quant Business Cycle
- 5
- Only in Quant Small Cap
- 98
| Security | % of quant Business Cycle | % of Quant Small Cap |
|---|---|---|
| TREPS 01-Oct-2026 DEPO 10 | 23.09% | 10.48% |
| Adani Enterprises Limited | 5.11% | 4.36% |
| Adani Power Limited | 3.43% | 3.56% |
| Adani Green Energy Limited | 9.07% | 2.61% |
| Piramal Finance Ltd | 9.23% | 2.49% |
| Zydus Wellness Ltd | 3.24% | 1.30% |
| Samvardhana Motherson International Ltd | 4.85% | 1.22% |
| Aurobindo Pharma Limited | 10.38% | 0.42% |
| Lloyds Metals And Energy Limited | 4.65% | 0.41% |
| 91 Days Treasury Bill 22-Oct-2026 | 0.86% | 0.15% |
| 91 Days Treasury Bill 24-Dec-2026 | 0.74% | 0.14% |
| 91 Days Treasury Bill 10-Dec-2026 | 0.75% | 0.14% |
| 91 Days Treasury Bill 19-Nov-2026 | 0.75% | 0.13% |
| 91 Days Treasury Bill 27-Nov-2026 | 0.80% | 0.11% |
| 91 Days Treasury Bill 17-Dec-2026 | 0.74% | 0.10% |
| 91 Days Treasury Bill 03-Dec-2026 | 0.75% | 0.08% |
| 91 Days Treasury Bill 15-Oct-2026 | 0.64% | 0.08% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 27.6% means 27.6% 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 quant Business Cycle Fund
| Security | % of fund |
|---|---|
| Indus Towers Limited | 8.70% |
| LG Electronics India Limited | 5.65% |
| Premier Energies Limited | 4.23% |
| BROOKS Laboratories Limited | 1.75% |
| 91 Days Treasury Bill 05-Nov-2026 | 0.80% |
Largest holdings only in Quant Small Cap Fund
| Security | % of fund |
|---|---|
| HFCL Limited | 6.10% |
| RBL Bank Limited | 4.78% |
| Aegis Logistics Limited | 3.50% |
| Sona BLW Precision Forgings Limited | 3.11% |
| Anand Rathi Wealth Limited | 2.83% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | quant Business Cycle | Quant Small Cap |
|---|---|---|
| Equity | 70.3% | 88.3% |
| Debt | 29.9% | 11.6% |
| Cash and others | -0.2% | 0.1% |
Market cap of stocks
| Market cap | quant Business Cycle | Quant Small Cap |
|---|---|---|
| Large Cap | 31.1% | 11.9% |
| Mid Cap | 34.1% | 8.7% |
| Small Cap | 5.0% | 67.6% |
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 | quant Business Cycle | Quant Small Cap |
|---|---|---|
| N.A. | 70.3% | 88.3% |
The six largest sectors of each fund's stocks, % of the fund.
quant Business Cycle vs Quant Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | quant Business Cycle Fund | Quant Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.45% | 0.92% |
| Base expense ratio (Direct) | 0.66% | 0.63% |
| Total expense ratio (Regular) | 3.00% | 1.74% |
| Base expense ratio (Regular) | 1.98% | 1.33% |
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 quant Business Cycle with
quant Business Cycle Fund vs Quant Small Cap Fund: Frequently Asked Questions
What is the difference between quant Business Cycle Fund and Quant Small Cap Fund?
quant Business Cycle Fund is a Thematic fund, Quant Small Cap Fund is a Small Cap fund, run by quant Mutual Fund. Their portfolios overlap 27.6%. quant Business Cycle Fund charges 1.45% a year and Quant Small Cap Fund 0.92%.
Which has given higher returns, quant Business Cycle Fund or Quant Small Cap Fund?
Over 1 year: quant Business Cycle Fund +0.11%, Quant Small Cap Fund +4.26%. Over 3 years: quant Business Cycle Fund +10.47% a year, Quant Small Cap Fund +16.13% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, quant Business Cycle Fund or Quant Small Cap Fund?
Quant Small Cap Fund charges less: 0.92% a year against 1.45%. These are the Direct plans' total expense ratios reported to AMFI.
How much do quant Business Cycle Fund and Quant Small Cap Fund overlap?
27.6%. They hold 17 of the same securities, the largest shared ones being TREPS 01-Oct-2026 DEPO 10, ADANIENT, ADANIPOWER. From each fund's latest monthly portfolio.
Which is riskier, quant Business Cycle Fund or Quant Small Cap Fund?
On SEBI's riskometer, quant Business Cycle Fund is rated Very High and Quant Small Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 17.79% and 17.60% a year.
Which is better for SIP, quant Business Cycle Fund or Quant Small Cap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,76,664 in quant Business Cycle Fund (XIRR 1.1% a year) and ₹4,13,655 in Quant Small Cap Fund (XIRR 7.2% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both quant Business Cycle Fund and Quant Small Cap Fund?
Yes. 27.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages quant Business Cycle Fund and Quant Small Cap Fund?
quant Business Cycle Fund: Sandeep Tandon, Ankit Pande, Sanjeev Sharma, Varun Pattani, Ayusha Kumbhat, Yug Tibrewal, Sameer Kate. Quant Small Cap Fund: Ankit Pande, Sanjeev Sharma, Sandeep Tandon, Ayusha Kumbhat.
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.