Top 8 equity MFs offer double-digit gains on SIP investments since last Diwali. Do you own any?

The top eight equity mutual funds delivered double-digit gains on SIP investments made since last Diwali celebrated on October 20, 2025, an analysis by ETMutualFunds showed. There were 295 funds in the said time period.

A further deep dive into the data showed that out of 295 funds, 40 funds gave positive returns and the top three funds delivered over 20% return in the said time period. Around 255 funds gave negative returns.

Samco Small Cap Fund delivered the highest return on SIP investments of around 30.85% made since last Diwali celebrated. A monthly SIP of Rs 10,000 made on October 20, 2025 in this fund would have been Rs 1.12 lakh now.


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Motilal Oswal Focused Fund delivered a return of 23.16% on SIP investments in the said time period. This was followed by two small caps - Bank of India Small Cap Fund and TRUSTMF Small Cap Fund that gave 20.92% and 19.93% return on SIP investments since the last Diwali.

The next two funds were from Motilal Oswal Mutual Fund. Motilal Oswal Multi Cap Fund and Motilal Oswal Small Cap Fund delivered a return of 15.42% and 12.90% respectively on SIP investments.

The other two funds to offer double-digit gains were small cap funds. ITI Small Cap Fund and Helios Small Cap Fund gave 10.56% and 10.01% returns respectively on SIP investments made on last Diwali.

How did other mutual funds perform since last Diwali?

Union Small Cap Fund offered a gain of 9.48% on SIP investments made on October 20, 2025. Invesco India Smallcap Fund delivered 5.43% return on SIP investments in the said time period. Bandhan Small Cap Fund posted a gain of 4.02% in the said time period.

TRUSTMF Flexi Cap Fund delivered a gain of 2.18% in the mentioned time period. This was followed by Quant Large & Mid Cap Fund that gave 1.79% return on SIP in the said time period. Motilal Oswal Large & Midcap Fund was the last one to deliver positive returns on SIP investments. The fund gave a return of 0.21% in the said time period.

Out of 255 funds that delivered negative returns, 83 funds lost in double-digits in the mentioned time frame. Samco Flexi Cap Fund lost the most of around 20.32% on SIP investments in the said time period. A monthly SIP of Rs 10,000 made in this fund would have been Rs 1.06 lakh now.

Franklin India Focused Equity Fund delivered a negative return of 16.69% on SIP investments since the last Diwali. This was followed by Tata Large & Mid Cap Fund, The Wealth Company Flexi Cap Fund and Nippon India Value Fund that lost 16.40%, 16.08% and 16.05% respectively on SIP investments.

Three funds from Sundaram Mutual Fund - Sundaram Value Fund, Sundaram Flexi Cap Fund and Sundaram ELSS Tax Saver Fund delivered a negative return of 14.48%, 14.32% and 14.18% respectively on SIP investments made in the said time period.

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SBI ELSS Tax Saver Fund, the oldest ELSS fund, delivered a negative return of 13.66% in the said time period on SIP investments made. SBI Contra Fund, the largest and oldest contra fund, lost 12.35% on SIP investments.

Two funds by HDFC Mutual Fund - HDFC Large Cap Fund and HDFC Multi Cap Fund lost 12.23% and 12.17% respectively on SIP investments. Three ELSS funds - Aditya Birla SL ELSS Tax Saver Fund, Parag Parikh ELSS Tax Saver Fund and Shriram ELSS Tax Saver Fund lost 11.05%, 11% and 10.99% respectively on SIP investments.

Two large cap funds - JM Large Cap Fund and SBI Large Cap Fund delivered negative returns of 10.34% each on SIP investments in the said time period. Nippon India Flexi Cap Fund was the last one in the list to deliver negative returns on SIP investments. The fund lost 10.06% in the said time period. ICICI Pru Mid Cap Fund lost 9.96% in the said time period.

The multi cap fund and large cap fund from Baroda BNP Paribas Mutual Fund lost 8.81% each in the mentioned period. HDFC Mid Cap Fund delivered a negative return of 7.13% on SIP investments.

Axis ELSS-Tax Saver Fund, the largest ELSS fund based on assets managed, lost 6.23% on SIP investments. This was followed by HDFC Flexi Cap Fund, the second largest flexi cap fund based on assets managed, that lost 6.21% in the same time period.

Parag Parikh Flexi Cap Fund, the largest active fund and flexi cap fund based on the assets managed, lost 5.16% on SIP investments since the last Diwali. Three funds from Quant Mutual Fund - Quant Large Cap Fund, Quant Value Fund and Quant Flexi Cap Fund lost 3.87%, 3.86% and 3.41% respectively.

Abakkus Flexi Cap Fund delivered a negative return of 1.70% on SIP investments in the said time period. Nippon India Small Cap Fund, the largest small cap fund based on assets managed, lost 1.11% in the mentioned time period. Bank of India Flexi Cap Fund lost the lowest of around 0.02% since the last Diwali celebrated on October 20, 2025.

What strategy should mutual fund investors follow this Diwali?

Rajan Sarkar, Director & Unit Head, Anand Rathi Wealth Limited told ETMutualFunds that for investors starting their SIP journey this Diwali, the focus should be on building a habit that can be sustained over the long term, rather than worrying about finding the perfect time to enter the market and investors who are already investing through SIPs should avoid getting distracted by market noise and short-term volatility, and continue investing as long as their SIPs remain aligned with their goals and risk appetite.

He further said that, “As income grows, gradually increasing the SIP amount can also help investors work towards their goals. This Diwali, start with a plan that is realistic, stay consistent, and give investments sufficient time to grow. Equity markets will have their ups and downs, but investors with a clear goal and a well-planned investment strategy are better placed to navigate those phases without losing sight of what they are investing for.”

Another expert, Rajesh Minocha, a Certified Financial Planner (CFP), Founder of Financial Radiance shared with ETMutualFunds that the discipline to hold the SIP should not be based on the returns for the year.

Also Read | Worried about long-term returns? No equity mutual fund lost money on 5- and 7-year SIPs

This Diwali, I will suggest continuing with the SIPs, and additionally, if cashflows allow, to continue to step up your investments as your income grows, and to use market volatility as an opportunity to build a corpus, Minocha further said.

The analysis covered all equity and equity-oriented mutual funds, excluding sectoral, thematic and equity-oriented hybrid funds. Only regular and growth options were considered. SIP returns were calculated since the last Diwali celebrated on October 20, 2025.

Note: the above exercise is not a recommendation. The exercise was done to find how equity mutual funds have performed on SIP investments since last Diwali.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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