MIDCAP - SMALLCAP

Midcap Smallcap

40 stocks. Fortnightly rotation. CAGR 48.98%.

Updated 6 May 2026 Rebalances 2 weeks Next: 2026-05-11

CAGR

48.98%

Sharpe Ratio

1.61

Max Drawdown

-26.17%

Min Capital

₹70000

How It Works

Step 1 | Universe Start from NSE Universe (max 2000) filtered to stocks priced under ₹2000.
Step 2 | Rank Score every stock in the universe by a momentum composite (price trend over multiple lookbacks, risk-adjusted). The top names by score become the candidate list.
Step 3 | Select Hold the top 40 names by score. Equal-weight across the book so no single name dominates.
Step 4 | Rebalance Every 2 weeks the model re-runs end-to-end. Names that fall out of the top 40 are sold; new entrants are bought. You see the full holdings list at every rebalance.

Who This Is For

Suitable for

growth-oriented investors comfortable with double-digit drawdowns

Suggested allocation

15 to 25 percent of equity capital

Time horizon

5 years or longer. Drawdowns of 26% have happened in the backtest and can happen again. Capital you might need within 12 months should not be here.

Capital required

₹70000 minimum. This buys roughly one share of every holding at current prices. Investing more buys fractions of additional units and tightens the model's expected behaviour.

Strategy Configuration

Universe

NSE Universe (max 2000)

Holdings

40 stocks

Rebalance

2 weeks

Risk Level

High

Benchmark

Nifty 50

Max Stock Price

₹2000

Live NAV | Backtested 2021 onwards

Midcap Smallcap vs Nifty 50

Both indexed to 100 on inception. Hover for date-by-date NAV. Range chips to zoom; expand button for full window.

NAV indexed to 100 on inception (Jan 2021 or later). Backtested returns include realistic transaction costs. Past performance is not indicative of future results. Source: NSE BhavCopy.

Performance Metrics

Metric	Midcap Smallcap	Nifty 50
CAGR	48.98%	10.68%
Cumulative Return	634.43%	66.10%
Sharpe Ratio	1.61	0.79
Max Drawdown	-26.17%	-16.92%
Volatility	27.09%	14.03%

Cost Decomposition

Gross Return

764.68%

Total Cost

130.25%

Net Return

634.43%

Worst 5 Drawdowns

Started	Recovered	Max DD	Duration (days)
2022-01-21	2022-08-19	-18.12%	210
2022-12-23	2023-05-19	-17.78%	147
2024-02-09	2024-03-29	-12.18%	49
2021-08-06	2021-09-03	-11.47%	28
2024-10-04	2024-10-04	-7.33%	0

Yearly Returns

2021

+62.4%

2022

+27.0%

2023

+98.4%

2024

+86.0%

2025

-8.7%

2026

+5.6%

Sector allocation

11 sectors represented in the equity sleeve. Largest concentration: Capital Goods at 20.0%. Equal-weighted at the stock level, so sector weights drift with which momentum names rank highest.

Capital Goods 20.0%

Power & Utilities 15.0%

Metals & Mining 15.0%

IT & Technology 10.0%

Chemicals 10.0%

FMCG & Consumer 10.0%

Pharma & Healthcare 5.0%

Auto & Components 5.0%

Banking & Financial 5.0%

Realty & Construction 2.5%

Diversified 2.5%

Current Holdings

40 positions as of 2026-04-24 rebalance. Allocation percentages reflect equal-weighted sleeve at rebalance day; current values drift with price.

STLTECH

2.5%

CUPID

2.5%

BAJAJCON

2.5%

ADANIPOWER

2.5%

WEBELSOLAR

2.5%

LLOYDSME

2.5%

AEROFLEX

2.5%

PRECWIRE

2.5%

PFOCUS

2.5%

NATIONALUM

2.5%

BLISSGVS

2.5%

AVANTIFEED

2.5%

AGIIL

2.5%

TDPOWERSYS

2.5%

KSB

2.5%

ATHERENERG

2.5%

OLAELEC

2.5%

GALLANTT

2.5%

QPOWER

2.5%

LLOYDSENT

2.5%

MANINDS

2.5%

EIEL

2.5%

WELCORP

2.5%

KRN

2.5%

JTLIND

2.5%

VENUSPIPES

2.5%

EPIGRAL

2.5%

ANGELONE

2.5%

HFCL

2.5%

ADANIGREEN

2.5%

APOLLO

2.5%

JAYNECOIND

2.5%

LLOYDSENGG

2.5%

ABDL

2.5%

KRISHANA

2.5%

MONQ50

2.5%

GOLDIAM

2.5%

PAISALO

2.5%

ADANIENSOL

2.5%

SAMBHV

2.5%

Want live quantities, prices, and book values? View live in the platform →

Why This Strategy

40 stocks pulled from the NSE Universe under 2000, equal-weighted at roughly 2.5 percent each, rotated every two weeks.

The 5-year backtest produced a cumulative return of 634.43% against the Nifty 50's 66.10%. CAGR 48.98%. Sharpe 1.61. 47%. You will be right roughly two weeks out of every three. The 3.11 percent average loss is slightly larger than the 3.01 percent average win, but the higher hit frequency does the compounding work.

The portfolio swings less than Alpha 5 but the regime risk is real. Annualised volatility 27.09%, roughly twice the Nifty's. The deepest drawdown was 26.17%. The two longest drawdown episodes ran 210 days and 147 days back-to-back through 2022 and into mid-2023, which is what investors actually experienced during the small-cap correction of that year.

What you got for sitting through that: 2021 returned 62.4 percent in 9 months, 2023 returned 98.4 percent, 2024 added another 86.0 percent. 2025 was the only down year at minus 8.7 percent, and the card is currently digging out of that drawdown with +5.6 percent year-to-date through April 2026.

The card buys only stocks priced under 2000, the practical filter that maps the NSE Universe down to actively-tradeable mid and small-cap names. It rebalances every 2 weeks regardless of regime. It holds 40 names equal-weight. No fixed-income buffer. No gold sleeve. No defensive overlay.

The 27 April 2026 rebalance brought in a portfolio spread across power and renewables (OLAELEC, ADANIGREEN, ADANIENSOL, ATHERENERG, QPOWER, TDPOWERSYS, JAYNECOIND), capital goods (AEROFLEX, KSB, LLOYDSME, LLOYDSENT, LLOYDSENGG, AGIIL, EIEL, PRECWIRE, MANINDS, SAMBHV), metals (NATIONALUM, GALLANTT, KRISHANA, WELCORP), telecom (HFCL, STLTECH), pharma and consumer (BLISSGVS, ABDL, AVANTIFEED, BAJAJCON), capital markets (PFOCUS), NBFC (PAISALO), and a long tail of small/mid-cap names. Next rebalance is 11 May 2026.

This is not a starter card. If you have not lived through a small-cap correction, start with RupeeCase Nifty 10 or a multi-asset card and graduate. This is also not a tax-friendly product if traded in a non-registered account. The cost ratio of 17 percent of gross over 5 years is the highest on the lineup, and that reflects the turnover, not the fee structure.

Sensible sizing for retail allocators is in the 15 to 30 percent of equity range, used as a satellite to a large-cap or multi-asset core.

CAGR 48.98% versus Nifty's 10.68%. Sharpe 1.61. Sortino 1.47. Calmar 1.87. Max drawdown 26.17%. Volatility 27.09%. Best week 9.61%. Worst week 13.44%.

Key Takeaways

Highest win rate in the marketplace (64.37%)
40 mid and small-cap names spread across NSE Universe
CAGR 48.98% with Sharpe 1.61
Max drawdown 26.17%

Frequently Asked Questions

What is the Midcap Smallcap strategy?

40 stocks. Fortnightly rotation. CAGR 48.98%. It selects the top 40 momentum names from NSE Universe (max 2000) and rebalances every 2 weeks.

What is the minimum investment for Midcap Smallcap?

₹70000. This is enough to hold one share of every name in the current book at present prices. Higher allocations tighten the equal-weight match.

How does Midcap Smallcap compare to the Nifty 50?

Over the 5-year backtest, Midcap Smallcap produced 48.98% CAGR versus Nifty 50's 10.68%. Sharpe ratio 1.61 versus the benchmark's 0.79. Past performance does not guarantee future returns.

What is the worst drawdown Midcap Smallcap has experienced?

26.17% peak-to-trough in the 5-year backtest. The deepest period ran 210 days from 2022-01-21 to 2022-08-19. Drawdowns of similar magnitude can happen again. Position sizing should reflect this.

What are the fees on Midcap Smallcap?

0.2% on traded value per rebalance. No subscription, no AUM fee, no performance fee. With 2 weeks cadence and typical 30 to 50 percent turnover, annual platform fees on the minimum capital work out to under ₹500. See the pricing page for the full worked example.

Can I exit Midcap Smallcap at any time?

Yes. No lock-in. Holdings sit in your own broker demat account and you can sell any name on any market day. Switching strategies or pausing the rebalance is a one-click action on the platform.

Last Rebalance 2026-04-24

Next Rebalance 2026-05-11

Documents

Download Factsheet Rebalance History CSV

Last rebalance | 2026-04-24

Full history →

vs 2026-04-10 cycle · 23 added · 14 removed · 41 retained

Added (23)

OLAELECGALLANTTQPOWERLLOYDSENTMANINDSEIELWELCORPJTLINDVENUSPIPESEPIGRALANGELONEHFCLADANIGREENAPOLLOJAYNECOINDLLOYDSENGGABDLKRISHANAMONQ50GOLDIAMPAISALOADANIENSOLSAMBHV

Removed (14)

BHARATFORGVTLQGOLDHALFGOLDCASEBELRISEBSLGOLDETFGOLDETFGOLD1TATAGOLDSETFGOLDGOLDBEESHDFCGOLDGOLDIETFGROWWGOLD

Get notified when Midcap Smallcap rebalances

Free email alert on the morning of every rebalance with the IN / OUT names and rationale. Unsubscribe with one click.

Walk the risk band

Midcap Smallcap sits in the High bucket. Take one step in either direction:

One step safer (Moderately High)

Smallcap

CAGR 41.0% · Sharpe 1.58 · Max DD 22.4%

One step bolder (Very High)

5Paisa Focused Alpha 5

CAGR 58.3% · Sharpe 1.61 · Max DD 24.7%

Compare Midcap Smallcap with

4 pre-built head-to-head comparisons with metrics, holdings overlap, and trade-off summary.

Midcap

CAGR 41.2% · Sharpe 1.48

Large Midcap

CAGR 40.9% · Sharpe 1.71

5Paisa Focused Alpha 5

CAGR 58.3% · Sharpe 1.61

Allcap Multi Asset

CAGR 43.6% · Sharpe 1.79

Learn the mechanics behind Midcap Smallcap

4 modules from the RupeeCase Learn library cover the concepts inside this strategy. Free, no sign-up.

Momentum factor | the engine behind these strategies How backtesting works | reading the 5Y numbers honestly Risk metrics that matter | Sharpe, Sortino, max DD Rebalancing strategies | why cadence matters

Hear it on The Tanmay Edge

India's pre-market edge. Daily institutional positioning, options flows, and the levels that matter. Free, on every major podcast platform.

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All 28+ episodes →

Phase 49B Compare Midcap Smallcap side-by-side Match returns, drawdowns and overlap against any other strategy in the lineup.

Disclaimer: Past performance is not indicative of future returns. All returns shown are from backtests conducted by RupeeCase from 2021-04-23. Actual traded returns may differ. Systematic strategies are subject to market risk, and capital can be lost. Investors should conduct their own research and consult a financial advisor before investing.

Learn the mechanics