What is up capture?
Look only at the months the benchmark went up. Up capture is what percentage of that gain the fund captured on average - 100% means it matched the benchmark exactly in rising months, below 100% means it lagged.
Up Capture = Rp,up / Rm,up × 100
Read this together with down capture below - the gap between the two is the real story.
Real comparison across 6 funds
CHART
3Y Up Capture Ratio - 6 real funds
Every fund here captures 73-81% of benchmark upside - none amplify rallies, all are somewhat defensive by construction.
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 A low up capture isn’t a red flag by itself - it only becomes a concern if down capture is just as high, meaning the fund lags in good markets without protecting in bad ones. See Down Capture Ratio.
METHODOLOGY Computed over a trailing 3-year window as of 2026-08-31, using monthly return periods where the benchmark was positive. Data: Punji risk analytics. Not investment advice.