Flexi-cap vs multi-cap mutual fund returns race 2026: Which category leads across 1, 3 and 5 years? Check top schemes
Flexi-cap and multi-cap funds are both types of equity mutual funds, but they differ in their portfolio composition rules. According to SEBI regulations, flexi-cap funds must invest at least 65% of their assets in equity and equity-related instruments.
However, multi-cap funds must invest at least 75% in equities, with a minimum allocation of 25% each to large-cap, mid-cap and small-cap stocks.
This means flexi-cap fund managers can allocate their equity portfolios across market capitalisations based on their investment strategy, while multi-cap fund managers must maintain the prescribed allocation to all three segments.
Here’s how the two categories performed over one, three and five years, and which schemes delivered consistent positive returns across all three periods.
How have flexi-cap and multi-cap funds performed?
The Nifty 500, a key benchmark for diversified equity funds, is down more than 9% as of 28 October 2026. In the 1-year period, flexi-cap funds delivered average category returns of -5.36%, while multi-cap funds recorded -3.58%.
Over 3 years, flexi-cap funds returned 11.25%, compared with 12.75% for multi-cap funds. Over 5 years, the respective returns stood at 8.72% and 10.50%.
Multi-cap funds have outperformed flexi-cap funds across all three periods on a category-average basis. However, individual schemes have delivered different results.
Against this backdrop, it is worth examining which schemes have generated positive returns over the one-, three-, and five-year periods. Consistency across these horizons can help investors assess how funds have performed across different market conditions.
According to the latest AMFI monthly data, there are 47 flexi-cap funds and 33 multi-cap schemes as of 30 September 2026.
Which flexi-cap funds delivered positive returns over 1, 3 and 5 years?
The table below lists the top 5 flexi-cap funds by 1-year returns. It includes only those schemes that have also delivered positive returns over the 3-year and 5-year periods.
| Flexi-cap funds | 1-year return | 3-year CAGR | 5-year CAGR |
| Quant Flexi Cap Fund | 2.98% | 14.75% | 12.88% |
| Navi Flexi Cap Fund | 2.95% | 11.25% | 9.38% |
| Bank of India Flexi Cap Fund | 2.27% | 18.17% | 14.61% |
| Taurus Flexi Cap Fund | 0.62% | 11.14% | 8.56% |
| Aditya Birla Sun Life Flexi Cap Fund | 0.28% | 14.95% | 10.11% |
Source: Morningstar; Direct-growth plans; Returns as of 27 October 2026; Only schemes with available data across all three periods are included.
Quant Flexi Cap Fund topped the list on one-year returns at 2.98%. However, Bank of India Flexi Cap Fund recorded the highest three-year and five-year returns among these five schemes, at 18.17% and 14.61%, respectively.
Which multi-cap funds delivered positive returns over 1, 3 and 5 years?
Only four multi-cap funds have given positive one-year returns with the available performance figures across all three time horizons.
| Multi-cap funds | 1-year return | 3-year CAGR | 5-year CAGR |
| ITI Multi Cap Fund | 5.80% | 16.04% | 12.72% |
| Mahindra Manulife Multi Cap Fund | 2.91% | 15.80% | 13.20% |
| Quant Multi Cap Fund | 0.18% | 9.67% | 9.60% |
| Aditya Birla Sun Life Multi-Cap Fund | 0.09% | 13.59% | 10.97% |
Source: Morningstar; Direct-growth plans; Returns as of 27 October 2026; Only schemes with available data across all three periods are included.
ITI Multi Cap Fund led the list on one-year returns at 5.80%, while Mahindra Manulife Multi Cap Fund delivered the highest five-year return at 13.20%. ITI Multi Cap Fund also recorded the highest three-year return among these four schemes, at 16.04%.
Disclaimer: This is purely for educational/informational purposes and should not be taken as any sort of investment advice. Always consult a SEBI-registered advisor before making any investment decisions.
