The 9 SIPs That Delivered Over 1.6x Returns

An analysis of 219 equity mutual funds by ETMutualFunds has found that nine schemes multiplied investors' monthly SIP investments by more than 1.6 times over the five‑year period ending July 2026. All 219 funds delivered positive SIP returns, but the top performers clustered heavily in the mid‑cap and small‑cap categories.

Invesco India Midcap Fund topped the list, turning a ₹10,000 monthly SIP into approximately ₹10.25 lakh, with an XIRR of 21.66%. Bandhan Small Cap Fund and ITI Small Cap Fund followed with multipliers of 1.70x and 1.67x, generating XIRRs of 21.52% and 20.68% respectively.

Other notable performers included Invesco India Smallcap Fund (1.66x, 20.49% XIRR), HSBC Midcap Fund (1.66x, 20.40%), and Invesco India Large & Mid Cap Fund—the only large & mid‑cap fund in the group—which multiplied the investment 1.63 times at an XIRR of 19.73%. Bank of India Small Cap Fund and HDFC Mid Cap Fund rounded out the top nine with multipliers of 1.62x and 1.61x.

For perspective, the analysis also highlighted wider performers: popular funds such as Parag Parikh Flexi Cap Fund returned a multiplier of 1.34x, while the lowest-ranked funds delivered around 1.15‑1.16x over the same period, underscoring the wide dispersion in outcomes even among actively managed equity schemes.

What the Numbers Reveal About Mid and Small Caps

Why Mid and Small Caps Dominated

The list is overwhelmingly made up of funds focused on smaller companies, a segment that has historically delivered higher returns over medium to long periods but comes with significantly greater volatility. The five‑year period captured by this analysis likely included a strong rally in broader market indices, which boosted small‑ and mid‑cap NAVs disproportionately compared to large‑cap‑oriented funds.

It’s important to note that the data reflects a specific, non‑recurring window. Funds that multiplied wealth by over 1.6x today might not sustain that pace in the next five years. The analysis excluded sectoral and thematic funds, but within diversified equity, the gap between the top (1.71x) and the bottom (1.15x) was still substantial—over 48 percentage points.

The presence of only one large & mid cap fund in the top nine (Invesco India Large & Mid Cap) suggests that even a partial tilt toward larger companies dampened the SIP multiplier during this high‑growth period for smaller stocks. For investors currently holding large‑cap‑heavy portfolios, this explains much of the relative underperformance they may have observed.

What This Means for Your SIP Portfolio

  • Past performance is not a signal for future returns: These nine funds delivered exceptional results over a specific five‑year period that may not be repeated. Chasing the top performers without understanding the underlying risk could lead to disappointment if market conditions change.
  • Assess your current exposure: If your portfolio is concentrated in large‑cap funds and you’ve felt returns were modest, the 1.34x multiplier of Parag Parikh Flexi Cap Fund or the 1.15x of the bottom funds indicates that many investors experienced much lower wealth multiplication. Review whether your asset allocation still aligns with your risk tolerance and long‑term goals.
  • Small‑cap funds require staying power: The standout multipliers came from small‑ and mid‑cap funds, which can experience prolonged drawdowns. Ensure any allocation to these categories is money you won’t need for at least five to seven years, and be prepared for sharp interim declines.