Mirae Asset Small Cap Fund
Direct · GrowthAI Summary
Mirae Asset Small Cap Fund has delivered consistent alpha over its benchmark, with the fund's CAGR exceeding NIFTY SMALLCAP 250 across the 1Y (−0.38% vs −4.38%), 3Y (5.41% vs 1.48%), 5Y (3.21% vs 0.89%), and 7Y (2.28% vs 0.63%) horizons. However, its 1Y SIP XIRR of 9.38% trails the category average SIP XIRR of 17.6%, indicating underperformance versus peers on SIP returns. Calendar year returns show recovery momentum, with 16.63% in 2025 following a weak 2026 start at 0.9%.
The fund exhibits defensive characteristics with a beta of roughly 0.82–0.86 and downside capture of 77–82%, meaning it has historically fallen less than the benchmark in weak markets. The maximum drawdown of −0.15% with a 140-day duration and 87-day recovery suggests contained recent losses, though 3 drawdown events exceeding 10% highlight the inherent volatility of small caps. A 1Y Calmar ratio of 0.76 reflects moderate risk-adjusted efficiency relative to the drawdown experienced.
Detailed holdings and sector allocation data were not provided for this fund, so concentration and diversification cannot be assessed from the available metrics. Investors should review the latest factsheet for top holdings and sector exposure before investing. As a small cap mandate, the portfolio is likely to carry higher single-stock and sector concentration risk than large cap funds.
The fund's alpha of 3.02% over 3Y and 1.30% over 5Y demonstrates benchmark-beating consistency across most horizons, though alpha narrows to 0.05% at 10Y and turns negative at 12Y (−0.16%) and 15Y (−0.35%). Against category peers, its 1Y SIP XIRR of 9.38% lags the category average of 17.6% by a wide margin. The persistent upside capture of 83.7% suggests it sacrifices some rally participation in exchange for lower downside.
This fund suits investors with high risk tolerance and a long time horizon of at least 7–10 years, given small cap volatility and the long periods needed for alpha to compound. It is appropriate as a satellite allocation within a diversified portfolio rather than a core holding. Investors should be prepared for drawdowns exceeding 10% and avoid investing money needed in the short term.
- Consistent alpha versus NIFTY SMALLCAP 250 across 1Y, 3Y, 5Y, and 7Y horizons, including 3.02% alpha over 3Y
- Low downside capture of 77.06% (3Y and beyond) and beta of 0.82, indicating better-than-benchmark loss protection
- Low expense ratio of 0.3% for the direct plan, keeping costs competitive within the small cap category
- 1Y SIP XIRR of 9.38% significantly trails the category average SIP XIRR of 17.6%, signaling recent underperformance versus peers
- Alpha fades over longer horizons, turning negative at 12Y (−0.16%) and 15Y (−0.35%), raising questions about very long-term outperformance
- Three drawdown events exceeding 10% underscore the high volatility inherent in small cap investing
Generated on 29-10-2026, 2:13 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 | ₹12.57 L | 9.6% | -18.4% | 26.1% |
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 | 9.6% | 21.9% | 17.5% | -12.3% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 11.4% | 11.0% | -0.3% | 23.8% | 0.96 | 3.88 | 99% | — | — |
Calmar Ratio by Duration
Compared against NIFTY SMALLCAP 250
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +2.00 | 0.86 | 84.3% | 81.7% | 1.3% | -1.9% |
| 3 Years | +2.88 | 0.82 | 83.4% | 77.1% | 6.2% | 2.5% |
| 5 Years | +1.21 | 0.82 | 83.4% | 77.1% | 3.6% | 1.5% |
| 7 Years | +0.52 | 0.82 | 83.4% | 77.1% | 2.6% | 1.1% |
| 10 Years | +0.01 | 0.82 | 83.4% | 77.1% | 1.8% | 0.8% |
| 12 Years | -0.20 | 0.82 | 83.4% | 77.1% | 1.5% | 0.6% |
| 15 Years | -0.40 | 0.82 | 83.4% | 77.1% | 1.2% | 0.5% |