Nearly 90% of small-cap mutual funds have recorded smaller declines than the BSE SmallCap index since December 2024, Moneycontrol reported. However, it noted that not a single small-cap fund delivered a positive return. The index, which has dipped nearly 20% since its all-time high of 57827.69 on December 12, 2024, ended at 46,825.31 on Friday.