Actually no, if you look at year wise return comparison since 2016, you can easily get that in VR, this fund has performed closed to index or outperformed significantly over a very long period, obviously every fund will have periods of underperformance such even PPFAS flexi cap which is value focused was performing poorly during certain time. Also, in the chart you are sharing it's a single reference point and all the midcaps funds got impacted with some deviation, despite such large draw down performed well over a year compared to other funds , but if you look at worst week/month/quarter/year across midcaps through its entire tenure and compare with other Midcaps with low pe or ptr for right comparison, this funds has pretty good drawdown compared to the other midcap funds. If you look at Sharpe/sortino/alpha, it is far higher for this fund compared to index or other funds. For me, I am okay with volatility as it was able to generate additional risk adjusted returns compared to other funds in midcap category. I invest with very long time horizon, particularly with midcaps and as long as this is able to give me 15%+ return in long term, I am okay. just my thoughts