Small-cap mutual fund (MF) schemes have fallen by nearly 10 percent on an average so far this year. This is completely opposite to how they behaved in 2021, when these funds gave more than 60 percent returns, on an average, on the back of rising equity markets. So far this year, the BSE Sensex TRI index is down roughly 5 percent, but the BSE 250 Small Cap index is down about 12.5 percent.