New Delhi, Nov. 30 -- Mid-cap mutual funds are finding it increasingly hard to stay ahead. Fresh data shows that most active mid-cap fund managers are struggling to beat the very benchmark they're supposed to outperform, intensifying the active vs passive investing debate in one of the market's most dynamic segments.

Data collated by DSP Mutual Fund shows that, on average, just 34% of actively managed mid-cap funds have outperformed the benchmark index - Nifty Midcap 150 TRI (total return index) over the last six years.

A five-year rolling return analysis (rolled daily from 1 April 2010 to 31 October 2025) reveals a clear trend: since 2018, both the magnitude of alpha and the proportion of outperformers have steadily declined.

This rai...