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Main article: about 4 minutes; detailed calculations below
The return looked good. What was the journey like?
This comparison covers Axis, DSP, HDFC, Nippon India and SBI Small Cap Fund from 27 October 2016 to 27 October 2026. All are Direct Growth; no Regular or IDCW series are mixed in. These five surviving schemes are an illustrative selection, not the whole category or a survivorship-bias-free study. The dates are identical for every fund; changing the period can change the picture.
On mobile, swipe the tables horizontally to see every column.
| Small Cap Fund | CAGR | Total NAV return | Max drawdown |
|---|---|---|---|
| Axis | 18.43% | 442.61% | −34.64% |
| DSP | 15.80% | 333.53% | −49.06% |
| HDFC | 16.60% | 364.32% | −48.26% |
| Nippon India | 19.43% | 490.10% | −48.58% |
| SBI | 17.22% | 389.66% | −40.26% |
CAGR converts the endpoint return into an equivalent annualised rate; it does not mean that return arrived every year. Maximum drawdown is the deepest fall from a prior observed NAV peak within this study, not the worst since inception or a ceiling on future loss. These are lump-sum NAV returns, not your SIP XIRR.
When did the old peak return?
| Fund | Peak → recovery | Days |
|---|---|---|
| Axis | 2020-02-11 → 2020-11-13 | 276 |
| DSP | 2018-01-09 → 2021-01-04 | 1091 |
| HDFC | 2018-04-30 → 2021-01-04 | 980 |
| Nippon India | 2018-01-15 → 2020-12-14 | 1064 |
| SBI | 2018-01-08 → 2020-11-17 | 1044 |
The trough of all five worst-drawdown episodes was 24 March 2020. The durations above run from peak to recovery, including both the fall and the climb back—not just the rebound from the bottom. Recovery means the first subsequent observed NAV at or above that episode’s original peak.
This does not mean all five were at new highs at the cutoff. On 27 October 2026, Axis was 7.77%, DSP 7.53%, HDFC 9.14%, Nippon India 8.17% and SBI 8.67% below their later peaks. Recovery of those later episodes had not been observed by the cutoff; no future recovery date is assumed.
Beyond one start date: monthly rolling returns
We selected each completed month’s last NAV date shared by all five funds. The 120 anchors from October 2016 through September 2026 produce 84 overlapping 3-year windows and 60 overlapping 5-year windows. Incomplete October 2026 is excluded from rolling endpoints. These are not daily rolling returns. All figures below are annualised CAGRs; mean is their arithmetic average.
| Fund | Minimum | Mean | Maximum |
|---|---|---|---|
| Axis | 1.42% | 22.99% | 40.03% |
| DSP | −11.75% | 20.17% | 42.67% |
| HDFC | −7.06% | 20.49% | 48.53% |
| Nippon India | −6.69% | 24.52% | 50.89% |
| SBI | 1.16% | 20.68% | 40.27% |
| Fund | Minimum | Mean | Maximum |
|---|---|---|---|
| Axis | 15.78% | 24.38% | 33.72% |
| DSP | 10.67% | 21.95% | 36.41% |
| HDFC | 12.68% | 22.45% | 38.30% |
| Nippon India | 15.37% | 26.65% | 41.88% |
| SBI | 13.61% | 22.34% | 32.16% |
Negative 3-year windows were Axis 0/84, DSP 8/84, HDFC 6/84, Nippon India 6/84 and SBI 0/84. Every fund had 0/60 negative 5-year windows in this sample. Zero negative sampled windows does not make capital safe or guarantee a positive return over the next five years. Overlapping windows are not independent trials, and their loss frequency is not a probability of future loss.
What can you take away?
- Read same-period returns alongside drawdowns; do not select a winner solely from the highest CAGR.
- A historical recovery time is not a deadline for the next recovery.
- These figures do not establish your risk capacity, goal, emergency reserve or suitable allocation. Current scheme documents and, where needed, a SEBI-registered Investment Adviser address different questions.
Calculation method and limitations
The endpoints are 3,652 actual calendar days apart. Total return = ending NAV / starting NAV − 1. CAGR = (ending NAV / starting NAV)^(365.25 / actual days) − 1. Figures are rounded to two decimals only for display.
Drawdown uses each fund’s own complete daily series: NAV / highest NAV observed so far within the study − 1. Rolling returns join common monthly anchors 36 or 60 months apart, annualised using actual days/365.25. There is no interpolation or forward-filling; month-end calendar/business dates vary.
NAV already reflects recurring scheme expenses. Investor-specific tax, exit loads and transaction costs are not deducted, and returns are not inflation-adjusted. Do not subtract today’s TER again. Historical scheme names, mandates and managers can change; NAV continuity does not prove an unchanged strategy. This article does not include a benchmark comparison.
Primary sources and exact plan mapping
Official AMFI historical NAV responses for the three non-overlapping periods below were checked against the complete daily series. These sources verify NAV observations and scheme identity, not current purchase availability or an unchanged mandate throughout history.
| Scheme | AMFI / ISIN | AMFI NAV JSON |
|---|---|---|
| Axis Small Cap Fund – Direct Plan – Growth | 125354 INF846K01K35 |
2016–17 · 2018–21 · 2022–26 |
| DSP Small Cap Fund – Direct Plan – Growth | 119212 INF740K01QD1 |
2016–17 · 2018–21 · 2022–26 |
| HDFC Small Cap Fund – Direct Plan – Growth | 130503 INF179KA1RW5 |
2016–17 · 2018–21 · 2022–26 |
| Nippon India Small Cap Fund – Direct Plan Growth Plan – Growth Option | 118778 INF204K01K15 |
2016–17 · 2018–21 · 2022–26 |
| SBI SMALL CAP FUND – Direct Plan – Growth | 125497 INF200K01T51 |
2016–17 · 2018–21 · 2022–26 |
AMFI NAVAll: code / ISIN / plan mapping
Sources and calculations rechecked: 29 October 2026 (UTC). The 15 linked AMFI historical NAV responses were retained, and the return, drawdown, recovery and rolling-return tables were matched using two independent calculations. Analysis cutoff: 27 October 2026; later NAVs were not substituted.
This is general financial education, not personalised advice to buy, sell or hold any fund. Mutual funds carry market risk; past performance does not guarantee future results.
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