Nifty Midcap 150 Historical Returns
The Nifty Midcap 150 holds the 150 companies ranked 101 to 250 by full market value: India's mid-sized listed companies. Figures come from the NAV of a fund that tracks it, so returns include dividends and are after fund costs.
Price history
Month-end values, on a log scale (equal distances are equal percentage changes). Hover a year-end point for its value.
About Nifty Midcap 150
The Nifty Midcap 150 holds the 150 companies ranked 101 to 250 by full market value: India's mid-sized listed companies.
What it means for investors. Mid-caps have historically moved more than large-caps in both directions. The falls-and-recoveries and rolling-return views show how uneven the path has been, not only the average.
Returns over time
| Series | 1Y | 3Y | 5Y | 10Y | 15Y | 20Y | Max fall | Data to |
|---|---|---|---|---|---|---|---|---|
| Nifty Midcap 150 | −5.6% | 12.7% | 12.7% | n/a | n/a | n/a | −38% | 23 Oct 2026 |
Annualised (CAGR) for periods of a year or more, ending on each series' latest date. “n/a” means the series does not go back that far. Max fall: the largest fall from a previous peak over the whole history.
AMFI NAV history (daily NAV file; earlier history via mfapi.in, which republishes AMFI NAVs), stored and cleaned by MFIC. Proxy: Nippon India ETF Nifty Midcap 150 (total return after fund costs (proxy)). Data 1 Feb 2019 to 23 Oct 2026. Latest level: NSE daily index closing values. Returns use the fund NAV history, which includes dividends.
Mutual funds linked to Nifty Midcap 150
MFIC groups that invest in this market, with medians for each group (medians across open-ended schemes, regular plans (etfs for etf categories), growth option, from amfi navs; NAVs as of 23 Oct 2026).
| Fund group | Link | Schemes | 1Y median | 3Y CAGR median | 5Y CAGR median | Ahead of benchmark TRI, 3Y |
|---|---|---|---|---|---|---|
| Equity ETF: Mid cap index (ETFs) | Track this market | 13 | −5.6% | +12.8% | +12.7% | – |
| Index Fund: Mid cap index | Track this market | 19 | −6.4% | +11.9% | +11.9% | – |
| Mid Cap | Main market of active funds | 34 | −5.0% | +13.0% | +11.1% | 10 of 23 |
Groups follow AMFI categories; theme groups are MFIC's own grouping from scheme names. "Ahead of benchmark TRI" compares each scheme's 3-year return with its own benchmark's total return index as published by AMFI; it is not shown for index funds and ETFs, which aim to match their index. Listed by how closely the group follows this market, not ranked. Open a group for every scheme in it.
Calendar-year returns
| Year | Return |
|---|---|
| 2026 to 23 Oct | −7.2% |
| 2025 | 5.8% |
| 2024 | 24.1% |
| 2023 | 44.3% |
| 2022 | 3.6% |
| 2021 | 47.6% |
| 2020 | 25.3% |
| 2019 part year | 4.2% |
Over 6 complete calendar years since 2020, Nifty Midcap 150 rose in 6. Best: 2021 (+47.6%). Worst: 2022 (+3.6%).
Year-end to year-end, from AMFI NAV history (daily NAV file; earlier history via mfapi.in, which republishes AMFI NAVs), stored and cleaned by MFIC.
Falls from peak and recovery
| Peak | Bottom | Fall | Months down | Back to peak | Months to recover | Events in the fall |
|---|---|---|---|---|---|---|
| Aug 2026 | Oct 2026 | −12.5% | 2 | not yet | — | — |
| Jan 2026 | Mar 2026 | −13.9% | 3 | May 2026 | 1 | — |
| Sep 2024 | Feb 2025 | −21.0% | 5 | Nov 2025 | 9 | — |
| Dec 2022 | Mar 2023 | −10.3% | 3 | May 2023 | 2 | — |
| Oct 2021 | Jun 2022 | −21.2% | 8 | Sep 2022 | 3 | Russia–Ukraine war begins; RBI off-cycle rate hike |
| Feb 2020 | Mar 2020 | −38.3% | 1 | Nov 2020 | 7 | COVID-19 declared a pandemic |
| Apr 2019 | Aug 2019 | −14.4% | 5 | Jan 2020 | 5 | General election results 2019 |
Each fall of 10% or more from a previous high, measured on daily data. The 7 deepest are shown. “Back to peak” is the first date it regained the previous high.
Rolling returns: the range of outcomes
| Holding period | Periods | Median | Worst | Best | Middle half | Positive |
|---|---|---|---|---|---|---|
| 1 year | 80 | 12.9% | −30.4% | 101.0% | 5.5% to 44.6% | 89% |
| 3 years | 56 | 24.4% | 13.4% | 36.9% | 21.7% to 28.1% | 100% |
| 5 years | 32 | 25.3% | 14.5% | 34.2% | 22.2% to 28.7% | 100% |
Every holding period starting at a month-end in the history (overlapping). Annualised for periods over a year.
How it has moved with other assets
| Compared with | Correlation | Months |
|---|---|---|
| Nifty 50 | 0.90 | 91 |
| Gold (domestic, ₹) | −0.13 | 91 |
| 10-year G-Sec (bond fund) | 0.08 | 91 |
| USD/INR | −0.47 | 91 |
| BSE Sensex | 0.88 | 91 |
Correlation of monthly returns over the months both series have: +1 moves together, 0 unrelated, −1 opposite. Relationships change over time.
Questions
- What has Nifty Midcap 150 returned over the long run?
- Calculated from Nippon India ETF Nifty Midcap 150, Nifty Midcap 150 returned 12.7% a year over the 5 years to 23 Oct 2026, and 12.7% a year over 3 years. Past returns do not indicate future returns.
- What was the biggest fall in Nifty Midcap 150?
- In the data available from Feb 2019, the largest fall from a previous peak was −38.3%, from Feb 2020 to Mar 2020, and it regained the peak in Nov 2020 (7 months after the bottom). There were 7 falls of 10% or more, 3 of them 20% or more.
- How often has Nifty Midcap 150 been positive over one year?
- Across 80 one-year periods starting at month-ends, 89% were positive; the range was −30.4% to 101.0%. Over five-year periods (32), 100% were positive, with annualised returns from 14.5% to 34.2%.
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