AlphaGrep Flexi Cap Fund vs Zerodha Nifty MidSmallcap400 50:50 Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
AlphaGrep Flexi Cap Fund is a Flexi Cap fund and Zerodha Nifty MidSmallcap400 50:50 Index Fund is an Index fund. AlphaGrep Flexi Cap Fund charges 2.80% a year and Zerodha Nifty MidSmallcap400 50:50 Index Fund 0.86% (Direct plans). Their portfolios overlap 25.2%: they hold 115 of the same securities.
Zerodha Nifty MidSmallcap400 50:50 Index Fund
Index
- Expense ratio
- 0.86%
- NAV
- ₹10.41
Which is better, AlphaGrep Flexi Cap or Zerodha Nifty MidSmallcap400 50:50 Index? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Zerodha Nifty MidSmallcap400 50:50 Index costs less: 0.86% a year against 2.80% (Direct plans).
- AlphaGrep Flexi Cap fell less in its worst fall since 13-08-2026: −7.6% against −12.0%.
- AlphaGrep Flexi Cap holds more in large companies: 16.7% of the fund in large caps against 2.9%.
- AlphaGrep Flexi Cap is the larger fund: ₹80 Cr against ₹19 Cr.
- Their portfolios overlap 25.2%: 115 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | AlphaGrep Flexi Cap Fund | Zerodha Nifty MidSmallcap400 50:50 Index Fund |
|---|---|---|
| Fund house | AlphaGrep Mutual Fund | Zerodha Mutual Fund |
| Category | Flexi Cap | Index |
| AUM | ₹80 Cr (30-09-2026) | ₹19 Cr (30-09-2026) |
| NAV | ₹9.59 (Direct) | ₹10.41 (Direct) |
| Expense ratio (Direct) | 2.80% | 0.86% |
| Expense ratio (Regular) | 4.66% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty MidSmallcap400 50:50 TRI |
| Launch date | 11-08-2026 | 09-04-2026 |
| Minimum investment | ₹500 | ₹100 |
| Lock in | None | None |
| Fund managers | Ravneet Singh | Kedarnath Mirajkar |
| Exit load | Exit load of 1%, if redeemed within 15 Days. | Nil |
AlphaGrep Flexi Cap vs Zerodha Nifty MidSmallcap400 50:50 Index: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| AlphaGrep Flexi Cap Fund (Direct) | −3.35% | -- | -- | -- | -- | -- | -- |
| Zerodha Nifty MidSmallcap400 50:50 Index Fund (Direct) | −4.73% | −7.35% | −1.96% | -- | -- | -- | -- |
| Flexi Cap average | −1.62% | -- | -- | -- | -- | -- | -- |
Category average: the average of the 46 Flexi Cap funds, same plan type.
AlphaGrep Flexi Cap vs Zerodha Nifty MidSmallcap400 50:50 Index: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of AlphaGrep Flexi Cap Fund
AlphaGrep Flexi Cap vs Zerodha Nifty MidSmallcap400 50:50 Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | AlphaGrep Flexi Cap Fund (Direct) | Zerodha Nifty MidSmallcap400 50:50 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −22.07% | +5.82% |
| Standard deviation | 11.03% | 14.76% |
| Sharpe ratio | -2.48 | 0.04 |
| Sortino ratio | -2.84 | 0.05 |
| Maximum drawdown | −7.6% (23-10-2026) | −12.0% (23-10-2026) |
| Beta | 0.83 | 1.00 |
| Alpha | +1.93% | −0.71% |
From daily NAVs, 13-08-2026 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
AlphaGrep Flexi Cap Fund (Direct)
Zerodha Nifty MidSmallcap400 50:50 Index Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| AlphaGrep Flexi Cap Fund (Direct) | −7.6% | 28-08-2026 | 23-10-2026 | Not yet | -- | −6.0% |
| Zerodha Nifty MidSmallcap400 50:50 Index Fund (Direct) | −12.0% | 28-08-2026 | 23-10-2026 | Not yet | -- | −10.0% |
| Nifty 500 TRI | −9.3% | 13-08-2026 | 23-10-2026 | Not yet | -- | −7.4% |
From daily values since 13-08-2026, the first day every fund has.
AlphaGrep Flexi Cap vs Zerodha Nifty MidSmallcap400 50:50 Index: Portfolio Overlap
From each fund's latest monthly portfolio: AlphaGrep Flexi Cap Fund, September 2026; Zerodha Nifty MidSmallcap400 50:50 Index Fund, September 2026
Holdings in common
- Overlap
- 25.2%
- Held by both
- 115
- Only in AlphaGrep Flexi Cap
- 48
- Only in Zerodha Nifty MidSmallcap400 50:50 Index
- 283
| Security | % of AlphaGrep Flexi Cap | % of Zerodha Nifty MidSmallcap400 50:50 Index |
|---|---|---|
| AU Small Finance Bank Ltd. | 0.77% | 0.72% |
| Karur Vysya Bank Ltd. | 1.10% | 0.69% |
| Dixon Technologies (India) Ltd. | 1.46% | 0.67% |
| Lupin Ltd. | 0.97% | 0.60% |
| AnandRathi Wealth Ltd. | 1.15% | 0.44% |
| Kirloskar Oil Engines Ltd. | 1.50% | 0.43% |
| Aditya Birla Capital Ltd. | 0.54% | 0.41% |
| TD Power Systems Ltd. | 1.18% | 0.40% |
| Gland Pharma Ltd. | 0.37% | 0.52% |
| Sundaram Finance Ltd. | 0.48% | 0.37% |
| National Aluminium Company Ltd. | 0.39% | 0.37% |
| Swiggy Ltd. | 0.37% | 0.46% |
| Poonawalla Fincorp Ltd. | 0.90% | 0.36% |
| 360 ONE WAM Ltd. | 0.58% | 0.34% |
| Info Edge (India) Ltd. | 0.34% | 0.59% |
| Lloyds Metals And Energy Ltd. | 0.49% | 0.33% |
| Lodha Developers Ltd. | 0.33% | 0.41% |
| Steel Authority of India Ltd. | 0.55% | 0.32% |
| Laurus Labs Ltd. | 0.32% | 0.95% |
| Redington Ltd. | 0.32% | 0.54% |
| Cholamandalam Financial Holdings Ltd. | 0.51% | 0.31% |
| Havells India Ltd. | 0.46% | 0.31% |
| Hero MotoCorp Ltd. | 0.30% | 0.84% |
| PTC Industries Ltd. | 0.38% | 0.30% |
| Jindal Stainless Ltd. | 0.43% | 0.29% |
| City Union Bank Ltd. | 0.27% | 0.49% |
| Tata Technologies Ltd. | 0.59% | 0.27% |
| The Federal Bank Ltd. | 0.27% | 0.97% |
| Bharat Forge Ltd. | 0.26% | 0.66% |
| GE Vernova T&D India Ltd. | 0.26% | 0.65% |
| United Spirits Ltd. | 0.26% | 0.49% |
| Kaynes Technology India Ltd. | 0.31% | 0.25% |
| Timken India Ltd. | 0.26% | 0.25% |
| Indus Towers Ltd. | 0.24% | 0.59% |
| ZF Commercial Vehicle Control Systems India Ltd. | 1.01% | 0.24% |
| Blue Star Ltd. | 0.47% | 0.24% |
| The Ramco Cements Ltd. | 0.47% | 0.24% |
| Tata Communications Ltd. | 0.27% | 0.24% |
| Max Financial Services Ltd. | 0.24% | 0.44% |
| RBL Bank Ltd. | 0.23% | 0.56% |
| Indraprastha Gas Ltd. | 1.05% | 0.23% |
| Aster DM Quality Care Ltd. | 0.78% | 0.23% |
| Gujarat Fluorochemicals Ltd. | 0.74% | 0.23% |
| PI Industries Ltd. | 0.27% | 0.23% |
| AFFLE 3I Ltd. | 0.56% | 0.22% |
| AWL Agri Business Ltd. | 0.41% | 0.22% |
| Capri Global Capital Ltd. | 0.26% | 0.22% |
| Jubilant Foodworks Ltd. | 0.24% | 0.22% |
| KEI Industries Ltd. | 0.21% | 0.34% |
| Delhivery Ltd. | 0.21% | 0.57% |
| Balkrishna Industries Ltd. | 0.88% | 0.21% |
| Castrol India Ltd. | 0.40% | 0.21% |
| Fortis Healthcare Ltd. | 0.21% | 0.50% |
| Kajaria Ceramics Ltd. | 0.21% | 0.23% |
| PVR Inox Ltd. | 0.85% | 0.20% |
| Motherson Sumi Wiring India Ltd. | 0.85% | 0.20% |
| Ola Electric Mobility Ltd. | 0.71% | 0.20% |
| HBL Engineering Ltd. | 0.38% | 0.20% |
| Jyoti CNC Automation Ltd. | 0.26% | 0.20% |
| Page Industries Ltd. | 0.20% | 0.27% |
| Sai Life Sciences Ltd. | 0.19% | 0.47% |
| Engineers India Ltd. | 0.59% | 0.19% |
| Deepak Nitrite Ltd. | 0.19% | 0.24% |
| Petronet LNG Ltd. | 0.19% | 0.26% |
| Aurobindo Pharma Ltd. | 0.18% | 0.56% |
| Bharat Heavy Electricals Ltd. | 0.18% | 0.75% |
| Sagility Ltd. | 0.17% | 0.22% |
| BEML Ltd. | 1.34% | 0.17% |
| Aditya Birla Sun Life Amc Ltd. | 0.79% | 0.17% |
| Emami Ltd. | 0.42% | 0.17% |
| UPL Ltd. | 0.16% | 0.37% |
| Premier Energies Ltd | 1.18% | 0.16% |
| IRB Infrastructure Developers Ltd. | 0.96% | 0.16% |
| Syngene International Ltd. | 0.47% | 0.16% |
| Ramkrishna Forgings Ltd. | 0.20% | 0.16% |
| Titagarh Rail Systems Ltd. | 0.67% | 0.15% |
| Honasa Consumer Ltd. | 0.61% | 0.15% |
| Triveni Turbine Ltd. | 0.57% | 0.15% |
| Narayana Hrudayalaya Ltd. | 0.31% | 0.15% |
| Zen Technologies Ltd. | 0.15% | 0.17% |
| Mahanagar Gas Ltd. | 1.01% | 0.14% |
| Can Fin Homes Ltd. | 0.38% | 0.14% |
| Dabur India Ltd. | 0.13% | 0.27% |
| Sun TV Network Ltd. | 1.26% | 0.13% |
| TBO Tek Ltd. | 0.51% | 0.13% |
| Minda Corporation Ltd. | 0.31% | 0.13% |
| LT Foods Ltd. | 0.29% | 0.13% |
| Intellect Design Arena Ltd. | 0.17% | 0.13% |
| UNO Minda Ltd. | 0.13% | 0.26% |
| Schaeffler India Ltd. | 0.13% | 0.19% |
| Honeywell Automation India Ltd. | 0.12% | 0.16% |
| Bharti Hexacom Ltd. | 0.12% | 0.13% |
| Syrma SGS Technology Ltd. | 0.12% | 0.31% |
| NLC India Ltd. | 0.46% | 0.12% |
| Tenneco Clean Air India Ltd. | 0.41% | 0.12% |
| Jubilant Ingrevia Ltd. | 0.29% | 0.12% |
| Sumitomo Chemical India Ltd. | 0.22% | 0.12% |
| LIC Housing Finance Ltd. | 0.11% | 0.19% |
| CIE Automotive India Ltd. | 1.95% | 0.11% |
| NTPC Green Energy Ltd. | 0.83% | 0.11% |
| Endurance Technologies Ltd. | 0.69% | 0.11% |
| Aadhar Housing Finance Ltd. | 0.38% | 0.11% |
| Concord Biotech Ltd. | 0.37% | 0.11% |
| Indian Renewable Energy Development Agency Ltd. | 0.33% | 0.11% |
| NMDC Steel Ltd. | 0.28% | 0.11% |
| KEC International Ltd. | 0.26% | 0.11% |
| Prestige Estates Projects Ltd. | 0.11% | 0.30% |
| Elecon Engineering Company Ltd. | 0.58% | 0.10% |
| KSB Ltd. | 0.41% | 0.10% |
| Anupam Rasayan India Ltd. | 0.18% | 0.08% |
| Nuvoco Vistas Corporation Ltd. | 0.17% | 0.08% |
| Trident Ltd. | 0.13% | 0.07% |
| UCO Bank | 0.14% | 0.06% |
| Indian Overseas Bank | 0.35% | 0.05% |
| Afcons Infrastructure Ltd. | 0.01% | 0.09% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 25.2% means 25.2% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in AlphaGrep Flexi Cap Fund
| Security | % of fund |
|---|---|
| DSP Mutual Fund - DSP Gold ETF | 3.81% |
| 91 DAY T-BILL 24.12.26 | 1.78% |
| Bharat Electronics Ltd. | 1.58% |
| Niva Bupa Health Insurance Company Ltd. | 1.41% |
| NTPC Ltd. | 1.24% |
Largest holdings only in Zerodha Nifty MidSmallcap400 50:50 Index Fund
| Security | % of fund |
|---|---|
| Multi Commodity Exchange of India Limited | 1.04% |
| One 97 Communications Limited | 0.89% |
| Sona BLW Precision Forgings Limited | 0.84% |
| WELSPUN CORP LTD | 0.81% |
| The Indian Hotels Company Limited | 0.78% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | AlphaGrep Flexi Cap | Zerodha Nifty MidSmallcap400 50:50 Index |
|---|---|---|
| Equity | 81.5% | 97.7% |
| Debt | 1.8% | 0.0% |
| Cash and others | 16.8% | 2.3% |
Market cap of stocks
| Market cap | AlphaGrep Flexi Cap | Zerodha Nifty MidSmallcap400 50:50 Index |
|---|---|---|
| Large Cap | 16.7% | 2.9% |
| Mid Cap | 21.7% | 46.6% |
| Small Cap | 41.8% | 47.9% |
| Not on AMFI's list | 1.2% | 0.5% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | AlphaGrep Flexi Cap | Zerodha Nifty MidSmallcap400 50:50 Index |
|---|---|---|
| Pharmaceuticals & Biotechnology | 6.1% | 8.4% |
| Auto Components | 7.6% | 6.5% |
| Finance | 4.2% | 7.3% |
| Banks | 3.3% | 6.9% |
| Electrical Equipment | 5.8% | 4.3% |
| Industrial Products | 3.5% | 5.7% |
| Capital Markets | 3.0% | 5.0% |
| Consumer Durables | 4.8% | 3.6% |
The six largest sectors of each fund's stocks, % of the fund.
AlphaGrep Flexi Cap vs Zerodha Nifty MidSmallcap400 50:50 Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | AlphaGrep Flexi Cap Fund | Zerodha Nifty MidSmallcap400 50:50 Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 2.80% | 0.86% |
| Base expense ratio (Direct) | 0.50% | 0.25% |
| Total expense ratio (Regular) | 4.66% | Not available |
| Base expense ratio (Regular) | 2.08% | 0.00% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
AlphaGrep Flexi Cap Fund vs Zerodha Nifty MidSmallcap400 50:50 Index Fund: Frequently Asked Questions
What is the difference between AlphaGrep Flexi Cap Fund and Zerodha Nifty MidSmallcap400 50:50 Index Fund?
AlphaGrep Flexi Cap Fund is a Flexi Cap fund, Zerodha Nifty MidSmallcap400 50:50 Index Fund is an Index fund, run by AlphaGrep Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 25.2%. AlphaGrep Flexi Cap Fund charges 2.80% a year and Zerodha Nifty MidSmallcap400 50:50 Index Fund 0.86%.
Which has the lower expense ratio, AlphaGrep Flexi Cap Fund or Zerodha Nifty MidSmallcap400 50:50 Index Fund?
Zerodha Nifty MidSmallcap400 50:50 Index Fund charges less: 0.86% a year against 2.80%. These are the Direct plans' total expense ratios reported to AMFI.
How much do AlphaGrep Flexi Cap Fund and Zerodha Nifty MidSmallcap400 50:50 Index Fund overlap?
25.2%. They hold 115 of the same securities, the largest shared ones being AUBANK, KARURVYSYA, DIXON. From each fund's latest monthly portfolio.
Which is riskier, AlphaGrep Flexi Cap Fund or Zerodha Nifty MidSmallcap400 50:50 Index Fund?
On SEBI's riskometer, AlphaGrep Flexi Cap Fund is rated Very High and Zerodha Nifty MidSmallcap400 50:50 Index Fund Very High. Over their common history, the standard deviation of daily returns was 11.03% and 14.76% a year.
Can I invest in both AlphaGrep Flexi Cap Fund and Zerodha Nifty MidSmallcap400 50:50 Index Fund?
Yes. 25.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages AlphaGrep Flexi Cap Fund and Zerodha Nifty MidSmallcap400 50:50 Index Fund?
AlphaGrep Flexi Cap Fund: Ravneet Singh. Zerodha Nifty MidSmallcap400 50:50 Index Fund: Kedarnath Mirajkar.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.