Upside and downside capture
How much of the benchmark's rises and falls a scheme has participated in.
Formula
downside capture = annualised fund return in benchmark down-months ÷ annualised benchmark return in those months × 100
Upside capture is the same for benchmark up-months.
How MFIC calculates it
36 month-end returns; months are classified by the benchmark proxy's return.
How to read it
Downside capture below 100 means the scheme fell less than the benchmark in its down-months; upside capture above 100 means it rose more in up-months.
Limitations
Few down-months in a strong market make downside capture unstable.
Upside and downside capture by category today
Spread of upside and downside capture 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.
Use it in MFIC
Screen: “Equity funds with downside capture below 90” Open the screener Ask the AI Analyst
Related: Beta · Maximum drawdown · Sortino ratio · Methodology