Systematic investment plans (SIPs) across major equity fund categories have delivered returns over the past two years even as most benchmark indices struggled during the period. Read more: Goldman Sachs identifies 42 Indian stocks riding AI build-out Small-cap funds delivered the highest average returns, with two-year SIPs generating 14.25%, followed by multi-asset allocation funds at 8.51% and midcap funds at 7.85%. Multi-cap funds returned 6.25%, while large-and-mid-cap funds averaged 4.13%. Large-cap and flexi-cap funds returned 3.83% each, while focused funds averaged 3.79%. Read more: Sebi clears Gautam, Vinod Adani of MPS norm violation Barring large-cap funds, most schemes across categories outperformed SIP investments in their respective benchmark indices. The resilience of SIP returns comes amid a sharp increase in monthly contributions by retail investors. Monthly SIP flows stood at Rs 32,297 crore in August 2026, compared with Rs 23,547 crore in August 2024, an increase of about 37%. Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel)