PGIM India Small Cap Fund
Direct · GrowthAI Summary
PGIM India Small Cap Fund has delivered SIP XIRR of 13.62% (1Y), 15.73% (3Y), and 15.55% (5Y), but these trail the category average SIP XIRR of 17.76%, 20.23%, and 22.87% respectively across all periods. Against the NIFTY SmallCap 250 benchmark, the fund shows meaningful alpha over 1Y (5.31%) and 3Y (3.89%), though alpha is nearly flat over 5Y (0.05%) and turns negative over longer horizons (12Y: -0.22%, 15Y: -0.44%). Lump-sum performance mirrors this pattern, with Fund CAGR beating the benchmark over 1Y (7.67% vs 1.56%) and 3Y (14.37% vs 11.73%) but lagging slightly over 5Y (11.07% vs 12.15%).
The fund exhibits a defensive risk profile with beta consistently below 0.85 (0.76-0.84) and downside capture of 73.91-79.21% across horizons, meaning it falls less than the benchmark in corrections. It has experienced 3 drawdown events exceeding 10%, with the maximum drawdown lasting 154 days and requiring 392 days for recovery, which is a meaningful wait for investors. Calmar ratios of 0.55-0.64 across 1Y, 3Y, and 5Y indicate moderate risk-adjusted returns relative to drawdown risk.
Portfolio composition data such as top holdings and sector allocation was not provided in this analysis, so concentration and diversification cannot be assessed from the available metrics. Investors should review the latest factsheet to evaluate stock-level and sector concentration before investing. The low beta and downside capture suggest the fund likely maintains some defensive positioning within the small cap category.
The fund underperforms category average SIP XIRR by roughly 4-7 percentage points across 1Y, 3Y, and 5Y horizons, placing it in the lower half of small cap peers on SIP returns. Calendar year returns show inconsistency, ranging from -4.7% in 2022 to 25.51% in 2023, with a weak 0.41% in 2025. Its consistent alpha over the benchmark in the 1Y and 3Y windows is a positive, but the fading alpha over longer periods suggests benchmark-relative outperformance has not been sustained.
This fund suits investors with high risk tolerance and a long time horizon of at least 5-7 years, given small cap volatility and the 392-day recovery from maximum drawdown. It may appeal to conservative small cap investors due to its below-1 beta and lower downside capture, offering a smoother ride than the benchmark. However, investors seeking category-leading SIP returns should note the persistent gap versus category averages and consider it as part of a diversified small cap allocation rather than a standalone pick.
- Consistently low beta (0.76-0.84) and downside capture below 80% across all horizons, indicating better downside protection than the NIFTY SmallCap 250 benchmark
- Strong alpha versus benchmark over 1Y (5.31%) and 3Y (3.89%), with Fund CAGR beating the benchmark in both periods
- Low expense ratio of 0.61% for the direct plan, keeping costs competitive within the small cap category
- SIP XIRR trails category averages by 4-7 percentage points across 1Y (13.62% vs 17.76%), 3Y (15.73% vs 20.23%), and 5Y (15.55% vs 22.87%)
- Alpha fades to near zero over 5Y (0.05%) and turns negative over 12Y (-0.22%) and 15Y (-0.44%), showing no sustained long-term outperformance versus the benchmark
- Maximum drawdown recovery took 392 days against a 154-day drawdown duration, and 2025 delivered only 0.41%, highlighting weak recent momentum
Generated on 23-10-2026, 2:58 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 | ₹12.80 L | 15.2% | -24.7% | 50.4% |
| 3 Years | ₹36.00 L | ₹44.99 L | 15.9% | 1.3% | 28.9% |
| 5 Years | ₹60.00 L | ₹86.58 L | 15.3% | 11.7% | 17.2% |
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 | 15.2% | 21.9% | 17.6% | -6.7% |
| 3 Years | 15.9% | 15.2% | 20.1% | +0.7% |
| 5 Years | 15.3% | 14.3% | 22.9% | +1.0% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 13.6% | 10.5% | -9.3% | 42.6% | 0.56 | 1.81 | 89% | — | — |
| 3 Years | 15.7% | 16.0% | 7.8% | 21.7% | 3.45 | — | 100% | — | — |
| 5 Years | 13.8% | 14.3% | 10.8% | 15.7% | 4.82 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY SMALLCAP 250
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +5.01 | 0.84 | 85.4% | 79.3% | 1.9% | -5.0% |
| 3 Years | +3.53 | 0.76 | 78.4% | 74.1% | 13.6% | 11.2% |
| 5 Years | +0.31 | 0.80 | 79.7% | 78.3% | 11.2% | 12.0% |
| 7 Years | +0.60 | 0.80 | 80.2% | 77.8% | 8.8% | 8.6% |
| 10 Years | +0.00 | 0.80 | 80.2% | 77.8% | 6.1% | 6.0% |
| 12 Years | -0.23 | 0.80 | 80.2% | 77.8% | 5.0% | 4.9% |
| 15 Years | -0.45 | 0.80 | 80.2% | 77.8% | 4.0% | 3.9% |