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Beta

How strongly a scheme's monthly returns have moved with its benchmark.

Formula

β = covariance(r_fund, r_benchmark) ÷ variance(r_benchmark)

How MFIC calculates it

36 month-end returns of the scheme and its benchmark proxy.

How to read it

A beta of 1.1 means that in the window, a 1% benchmark move was on average accompanied by a 1.1% move in the scheme. Below 1 means less sensitive. Beta is neither good nor bad by itself.

Limitations

Only meaningful when the scheme actually tracks the benchmark's market; low R² makes beta unreliable.

Beta by category today

Spread of beta across Regular-plan schemes in each category, calculated by MFIC from AMFI NAVs as of 1 Oct 2026. The middle half of schemes falls between the 25th and 75th percentiles.

Category (Regular plans)	Schemes	25th percentile	Median	75th percentile
Large Cap	32	0.98	1.00	1.04
Large & Mid Cap	26	0.93	0.97	1.01
Flexi Cap	36	0.92	0.96	1.00
Multi Cap	23	0.98	1.00	1.05
Mid Cap	29	0.91	0.95	0.98
Small Cap	24	0.81	0.86	0.89
ELSS	38	0.92	0.96	1.01
Focused	27	0.90	0.94	1.01
Value	21	0.91	0.96	1.03

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Disclosure. Educational content. Figures are historical calculations from AMFI NAV data and may differ from other sources because of methodology. Past performance does not guarantee future results. Mutual fund investments are subject to market risks; read all scheme-related documents carefully. Integrato Financial Services Pvt. Ltd. is an AMFI-registered Mutual Fund Distributor (ARN-173155); this page is not investment advice. Questions? Book a consultation.