Best flexi-cap funds October 2026: Bank of India leads YTD, 3-year and 5-year returns. Here are the top performers

Flexi-cap funds give investors the flexibility to invest across large-, mid- and small-cap stocks, but their performance can vary sharply across different market cycles. In 2026, some funds have stayed in positive territory while several established schemes have seen significant declines.

Bank of India Flexi Cap Fund is leading the category across all three periods in our comparison. It has delivered 8.39% so far in 2026, while its three-year and five-year annualised returns stand at 18.68% and 15.98%, respectively.

The rankings, however, change beyond the top spot. ITI Flexi Cap and 360 ONE Flexicap feature among the three-year leaders, while HDFC Flexi Cap and JM Flexicap rank among the strongest over five years.

We compared direct-growth flexi-cap funds across YTD, three-year and five-year returns, including only funds with at least one year of track record as of 6 October 2026.

Bank of India leads, with Taurus and ITI close behind in 2026

Bank of India Flexi Cap Fund has delivered the highest YTD return at 8.39%. Taurus Flexi Cap Fund follows with 6.94%, narrowly ahead of ITI Flexi Cap Fund at 6.92%.

360 ONE Flexicap and Quant Flexi Cap complete the top five, with returns of 6.70% and 6.01%, respectively.

The gap between the leaders and laggards is wide. Sundaram Flexi Cap Fund has fallen 10.41% YTD, followed by Tata Flexi Cap Fund at -9.76% and Franklin India Flexi Cap Fund at -9.14%.

Bank of India and ITI lead the three-year rankings

Bank of India continues to top the rankings over three years, with an annualised return of 18.68%. ITI Flexi Cap Fund follows closely at 18.15%, while Motilal Oswal Flexi Cap Fund ranks third with 17.58%.

360 ONE Flexicap and Invesco India Flexi Cap Fund complete the top five.

The three-year ranking differs from the YTD table. Motilal Oswal and Invesco India are among the strongest performers over three years but do not feature in the top five for 2026 so far.

Motilal Oswal has returned 3.23% YTD, while Invesco India Flexi Cap Fund is down 0.20%. This highlights how a fund’s short-term performance can differ considerably from its longer-term record.

Bank of India, HDFC and JM lead over five years

Bank of India Flexi Cap Fund also tops the five-year ranking with an annualised return of 15.98%. HDFC Flexi Cap Fund is second at 15.15%, followed by JM Flexicap Fund at 14.19%.

ICICI Prudential Flexicap Fund and Quant Flexi Cap Fund complete the top five.

The five-year numbers show why investors should not judge a flexi-cap fund only by its latest performance. HDFC Flexi Cap Fund, for instance, is down 5.18% in 2026 so far but has delivered 15.15% annually over five years.

JM Flexicap has returned only 0.35% YTD, yet its five-year annualised return is 14.19%. ICICI Prudential Flexicap is almost flat this year at 0.05%, while its five-year annualised return is 13.94%.

What the three periods tell investors

Bank of India Flexi Cap Fund is the clear standout because it leads the YTD, three-year and five-year rankings. Its performance is therefore not limited to a single period.

Quant Flexi Cap Fund also features consistently, ranking among the top five on both the YTD and five-year measures and delivering a 14.89% annualised return over three years.

ITI Flexi Cap and 360 ONE Flexicap have been particularly strong over three years and also feature among the YTD leaders. However, they do not have five-year track record, so their longer-term performance cannot be compared with older funds.

The comparison also shows that recent underperformance does not necessarily mean a fund has a weak long-term record. HDFC, JM and ICICI Prudential are examples of funds with modest 2026 returns but strong five-year performance.

For investors, the key takeaway is to look across multiple time periods rather than choosing a flexi-cap fund solely because it tops the latest return chart. Past performance, however, does not guarantee future returns.