Diversification comparison: checked 17 October 2026

1. Main chart and current fund comparison
One lump sum on 3 January 2022 (first trading day that month), valued at 16 October 2026. This matches the start month of the SIP illustration, but is NOT a SIP calculation. The fund was recommended over the last three years according to the author; its longer return history is not a claim that the author recommended it in January 2022 or that clients earned this return.

NSE Indices official historical-data endpoint: https://www.niftyindices.com/reports/historical-data
NIFTY 50 TRI: 25298.63 -> 35178.68
NIFTY Midcap 150 TRI: 14454.27 -> 27789.96
NIFTY Smallcap 250 TRI: 12308.71 -> 22535.33
Total return indices reinvest dividends but have no investable fund expenses.

Anonymous fund: actual Regular Plan Growth NAVs, after recurring expenses. History retrieved via MFapi and BOTH main endpoints independently verified in AMFI records. No Direct Plan returns substituted. Source: https://www.amfiindia.com/net-asset-value and https://portal.amfiindia.com/DownloadNAVHistoryReport_Po.aspx
Fund name and scheme identifiers are withheld at the author's request; full primary records and identity are retained in the private research folder.
Cumulative growth factor = ending NAV / starting NAV = 2.21624674196351. No dividends or notional fees added back. Before investor tax and any applicable exit load.
End value = 100000 * growth factor. Cumulative percentage = (growth factor - 1)*100. This comparison is not an equal-risk claim or a record of an actual investor account.

2. Fund versus its designated benchmark (separate earlier window)
Three years ending 27 February 2026, per the issuer's published performance table, page 3 (PDF page index 1): Regular Growth fund 29.93% annualised; BSE 250 SmallCap TRI 20.15% annualised. This is a separately dated published comparison, NOT an October 2026 result. The BSE benchmark differs from the NSE NIFTY Smallcap 250 comparator used in the main chart. Original source retained internally because its URL names the fund. One selected fund and one observed period cannot establish that all active managers outperform, or guarantee future results.

3. Recent weakness comparison
Same TRI method, 26 September 2024 -> 16 October 2026. Cumulative returns: NIFTY 50 -9.605%, Midcap 150 -1.672%, Smallcap 250 -3.228%. These are changes from one common date, not each index's maximum drawdown.

4. Valuation context
Official NSE historical P/E and P/B observations, 26 September 2024 -> 16 October 2026: NIFTY 50 P/E 24.38 -> 19.77 and P/B 3.87 -> 2.84; Midcap 150 P/E 45.15 -> 28.12 and P/B 5.36 -> 3.81. These support more modest valuations in parts of the market, not a claim that everything is cheap. Smallcap 250 P/E instead rose from 31.82 to 33.68. Its current P/B 3.39 compares with 1.12 on 23 March 2020. A blanket near-COVID valuation claim is not supported. Historical P/E methodology changed in March 2021, so pre/post change comparisons require care. Lower valuation does not determine future returns.

Download diversification-returns.csv for the chart calculation summary and diversification-index-data.csv for the full common-period TRI observations. Past performance does not guarantee future returns.