The Motilal Oswal Midcap Fund experienced a significant negative return of -11.82% over the past year, making it the worst performer in its category. However, this short-term underperformance contrasts sharply with its strong long-term results. The fund ranks as the top performer in the midcap category over 3-year and 5-year periods, with annualized returns of 28.9% and 23.8% respectively, significantly outperforming its benchmark index over these longer durations.