JM Small Cap Fund
Direct · GrowthAI Summary
JM Small Cap Fund's 1Y SIP XIRR of 11.88% trails the category average SIP XIRR of 17.76% by nearly 6 percentage points, indicating below-average SIP outcomes versus peers. However, the fund has generated positive alpha against the NIFTY SmallCap 250 across all periods, including 9.80% over 1Y (Fund CAGR 10.89% vs benchmark 1.56%). Calendar year returns have been uneven, with 17.2% in 2026 but a -7.92% loss in 2025.
The fund's beta of 1.05-1.10 shows it moves slightly more than the benchmark in both directions, with a 1Y Calmar ratio of just 0.1716 indicating modest risk-adjusted returns. Its single major drawdown event took 160 days to reach its trough and 471 days to recover, reflecting the extended recovery periods typical of small caps. Downside capture above 100% (107.19% over 1Y) means the fund falls slightly more than the index in down markets, though upside capture of 116.22% more than compensates in rallies.
Detailed holdings and sector allocation data were not provided for this fund, so concentration and diversification cannot be assessed from the available information. Investors should review the fund's latest factsheet or portfolio disclosure to evaluate top holdings and sector exposure before investing. As a small cap mandate, the portfolio is inherently exposed to higher single-stock and sector volatility.
The fund lags the category on SIP XIRR at every available horizon, with its 11.88% 1Y XIRR well below the 17.76% category average. Against its own benchmark, however, it shows consistent outperformance, with positive alpha at every measured period from 1Y through 15Y. This suggests competent benchmark-relative stock selection but overall returns that have not kept pace with typical small cap peers.
This fund suits investors with a high risk tolerance and a long horizon of at least 7-10 years, given the extended drawdown recovery of 471 days and small cap volatility. It may appeal to those seeking benchmark-beating returns within the small cap category rather than top-quartile absolute performance. Investors prioritizing category-leading SIP returns should compare against higher-ranked small cap peers first.
- Consistent positive alpha versus the NIFTY SmallCap 250 across all periods, including 9.80% over 1Y and 4.38% over 3Y
- Strong upside capture of 116.22% over 1Y, meaning the fund participates meaningfully more than the index in rallies
- Competitive expense ratio of 0.79% for a direct small cap plan
- 1Y SIP XIRR of 11.88% significantly trails the category average of 17.76%, indicating weak peer-relative SIP performance
- Downside capture above 100% (107.19% over 1Y) and a low 1Y Calmar ratio of 0.1716 point to unimpressive downside protection and risk-adjusted returns
Generated on 21-10-2026, 3:10 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.45 L | 10.3% | -28.9% | 42.5% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY SMALLCAP 250 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 10.3% | 21.9% | 17.8% | -11.6% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 4.2% | 3.5% | -11.1% | 23.1% | -0.26 | -0.31 | 63% | — | — |
Calmar Ratio by Duration
Compared against NIFTY SMALLCAP 250
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +9.80 | 1.10 | 116.2% | 107.2% | 10.9% | 1.6% |
| 3 Years | +4.38 | 1.05 | 107.0% | 102.0% | 4.8% | 0.7% |
| 5 Years | +2.74 | 1.05 | 107.0% | 102.0% | 2.9% | 0.4% |
| 7 Years | +2.06 | 1.05 | 107.0% | 102.0% | 2.0% | 0.3% |
| 10 Years | +1.53 | 1.05 | 107.0% | 102.0% | 1.4% | 0.2% |
| 12 Years | +1.35 | 1.05 | 107.0% | 102.0% | 1.2% | 0.2% |
| 15 Years | +1.14 | 1.05 | 107.0% | 102.0% | 0.9% | 0.1% |