Top Performing Mutual Funds 2026

The strongest funds in each category by 5-year CAGR — and what those returns would do to a monthly SIP.

Best 5-yr CAGR 23.2% (Motilal Oswal Midcap)
Categories 6
Data as of 17 July 2026
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Top funds by 5-year CAGR (direct plans, % p.a., as of 17 July 2026)

Motilal Oswal MidcapTopMid Cap23.2%
Quant Small CapSmall Cap19.8%
Nippon India Small CapSmall Cap19.7%
Edelweiss Mid CapMid Cap19.6%
HDFC Flexi CapFlexi Cap18.6%
SBI ELSS Tax SaverELSS (tax saver)17.0%
Quant ELSS Tax SaverELSS (tax saver)16.4%
Nippon India Large CapLarge Cap15.9%

Flexi Cap funds

Go-anywhere equity funds — the manager moves across large, mid and small caps.

Flexi Cap — annualised returns, direct plans
Fund	3-yr CAGR	5-yr CAGR	Project it
HDFC Flexi Cap	17.6%	18.6%	SIP at 19% →
Parag Parikh Flexi Cap	14.6%	13.8%	SIP at 14% →

Large Cap funds

India's 100 biggest companies — the steadiest equity category.

Large Cap — annualised returns, direct plans
Fund	3-yr CAGR	5-yr CAGR	Project it
Nippon India Large Cap	13.5%	15.9%	SIP at 16% →
ICICI Prudential Large Cap	13.1%	13.8%	SIP at 14% →

Mid Cap funds

Companies ranked 101–250 by size — higher growth, higher swings.

Mid Cap — annualised returns, direct plans
Fund	3-yr CAGR	5-yr CAGR	Project it
Motilal Oswal Midcap	19.8%	23.2%	SIP at 23% →
Edelweiss Mid Cap	23.7%	19.6%	SIP at 20% →

Small Cap funds

The riskiest mainstream equity category — long horizons only.

Small Cap — annualised returns, direct plans
Fund	3-yr CAGR	5-yr CAGR	Project it
Quant Small Cap	20.7%	19.8%	SIP at 20% →
Nippon India Small Cap	17.8%	19.7%	SIP at 20% →

ELSS (tax saver) funds

Equity funds with a 3-year lock-in and Section 80C benefit under the old regime.

ELSS (tax saver) — annualised returns, direct plans
Fund	3-yr CAGR	5-yr CAGR	Project it
Quant ELSS Tax Saver	17.5%	16.4%	SIP at 16% →
SBI ELSS Tax Saver	17.5%	17.0%	SIP at 17% →

Index funds

No manager, no stock calls — just the Nifty 50 at near-zero cost.

Index — annualised returns, direct plans
Fund	3-yr CAGR	5-yr CAGR	Project it
UTI Nifty 50 Index	8.3%	9.9%	SIP at 10% →

How to read a “top performers” list

A 5-year CAGR compresses five very different years into one number. The current window includes a strong bull run, which flatters every equity fund — especially small and mid caps. That is why an index fund at ~15% and a small cap fund at ~30% are not directly comparable: they carry very different drawdowns. Compare funds within their category, not across categories, and treat any single-window ranking as a starting point, not a verdict.

Past performance is not a prediction

Fund rankings churn: the top fund of one five-year window is frequently mid-table in the next. Costs, fund size, and manager changes all move future returns. The one decision that reliably compounds in your favour is starting early and staying invested — the specific fund matters less than the habit. Project what a steady SIP does at these return levels with the SIP calculator, or see how equity compares with FD and PPF on the investment comparison page.

Top mutual fund FAQs

Which mutual fund category has given the highest returns?

Over the last five years small and mid cap funds have led — several with 25–30% CAGR — but they also fall hardest in corrections. Large cap and index funds returned less with far smaller swings. Category risk and category return move together.

Is a fund with a higher 5-year CAGR always better?

No. A 5-year window can flatter a fund that had one great stretch. Compare a fund against its own category, check longer periods where available, and remember that past performance does not predict future returns.

What is CAGR?

Compound annual growth rate — the single yearly rate that would turn the starting value into the ending value over the period. A 20% 5-year CAGR means money roughly multiplied 2.5× in five years.

Should I pick direct or regular plans?

Direct plans skip distributor commission, so their expense ratio is lower and returns are typically 0.5–1% a year higher than the same fund’s regular plan. The figures here are for direct plans.

Can AtFinance tell me which fund to buy?

No — we are not an investment adviser and this page is information, not a recommendation. For fund selection matched to your situation, talk to a SEBI-registered, fee-only planner.

Mutual fund investments are subject to market risk. Read all scheme-related documents carefully. Returns shown are historical, for direct plans, and are not guarantees. Source: AMFI daily NAVs (via mfapi.in). This page is information, not investment advice.