What is down capture?
The mirror of up capture: look only at months the benchmark fell. Down capture is what percentage of that loss the fund suffered - below 100% means the fund cushioned the decline, above 100% means it fell harder than the market.
Down Capture = Rp,down / Rm,down × 100
Lower is better here - unlike almost every other metric on this page, a smaller number is the good outcome.
Real comparison across 6 funds
CHART
3Y Down Capture Ratio - 6 real funds
All 6 funds fall less than their benchmark in down months (all below 100%) - genuine downside cushioning, not just a coincidence of the sample.
Funds compared: Parag Parikh Flexi Cap · DSP Value · ICICI Prudential Value · SBI Focused · Parag Parikh ELSS Tax Saver · SBI Multicap
WHAT THIS MEANS FOR YOU The best combination is low down capture with high up capture - a fund that falls less but still keeps up in rallies. Check both together, never one alone. See Up Capture Ratio.
METHODOLOGY Computed over a trailing 3-year window as of 2026-08-31, using monthly return periods where the benchmark was negative. Data: Punji risk analytics. Not investment advice.