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    Axis NIFTY Midcap 50 Index Fund vs ICICI Prudential BSE Midcap Select ETF

    Direct Plan where a fund has one, Growth option · Data as on 30-10-2026

    Axis NIFTY Midcap 50 Index Fund is an Index fund and ICICI Prudential BSE Midcap Select ETF is an ETF fund. In the 3 years to 30-10-2026, Axis NIFTY Midcap 50 Index Fund (Direct) returned 14.6% a year and ICICI Prudential BSE Midcap Select ETF returned 15.3% a year. Axis NIFTY Midcap 50 Index Fund charges 0.37% a year and ICICI Prudential BSE Midcap Select ETF 0.25%. Their portfolios overlap 51.7%: they hold 23 of the same securities.

    Axis NIFTY Midcap 50 Index Fund

    Index

    3 year return
    14.6%
    Expense ratio
    0.37%
    NAV
    ₹20.10
    See Axis NIFTY Midcap 50 Index Fund

    ICICI Prudential BSE Midcap Select ETF

    ETF

    3 year return
    15.3%
    Expense ratio
    0.25%
    NAV
    ₹18.15
    See ICICI Prudential BSE Midcap Select ETF

    Which is better, Axis NIFTY Midcap 50 Index or ICICI Prudential BSE Midcap Select ETF? Key differences

    It depends on what you want from the fund. These are the differences in numbers, from the data on this page.

    • ICICI Prudential BSE Midcap Select ETF returned more over 3 years: 15.3% a year against 14.6%.
    • ICICI Prudential BSE Midcap Select ETF returned more over 1 year: −1.6% against −2.9%.
    • ICICI Prudential BSE Midcap Select ETF costs less: 0.25% a year against 0.37%.
    • Axis NIFTY Midcap 50 Index swung less over 3 years: a standard deviation of 17.9% a year against 18.5%.
    • Axis NIFTY Midcap 50 Index fell less in its worst fall since 31-03-2022: −20.3% against −22.4%.
    • Axis NIFTY Midcap 50 Index is the larger fund: ₹732 Cr against ₹112 Cr.
    • Their portfolios overlap 51.7%: 23 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

    FactAxis NIFTY Midcap 50 Index FundICICI Prudential BSE Midcap Select ETF
    Fund houseAxis Mutual FundICICI Prudential Mutual Fund
    CategoryIndexETF
    AUM₹732 Cr (30-09-2026)₹112 Cr (30-09-2026)
    NAV₹20.10 (Direct)₹18.15
    Expense ratio (Direct)0.37%Not available
    Expense ratio (Regular)1.16%Not available
    RiskometerVery HighNot available
    BenchmarkNIFTY Midcap 50 TRIBSE Midcap Select TRI
    Launch date28-03-202204-07-2016
    Minimum investment₹100During Ongoing/Continuous Offer: On Stock Exchanges: Investors can buy/sell units of the Scheme in round lot of 1 unit and in multiples thereof. Directly with the Mutual Fund: Investors can buy or sell units of the scheme in creation unit size and its mul
    Lock inNoneNone
    Fund managersNandik Malik, Rohit GautamNishit Patel, Ajaykumar Solanki, Ashwini Bharucha, Venus Ahuja
    Exit load0.25% if redeemed / switched out within 7 days from the date of allotment/ Investment w.e.f., 24/03/2022Nil

    Axis NIFTY Midcap 50 Index vs ICICI Prudential BSE Midcap Select ETF: Returns Comparison

    Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.

    Fund1M3M6M1Y3Y5Y10Y
    Axis NIFTY Midcap 50 Index Fund (Direct)−3.00%−8.36%−1.97%−2.86%+14.59%----
    ICICI Prudential BSE Midcap Select ETF−1.98%−6.75%+1.99%−1.63%+15.31%+11.56%+12.17%

    Axis NIFTY Midcap 50 Index vs ICICI Prudential BSE Midcap Select ETF: Year-wise Returns

    YearAxis NIFTY Midcap 50 IndexAxis NIFTY Midcap 50 IndexICICI Prudential BSE Midcap Select ETFICICI Prudential BSE Midcap Select ETF
    2026to date−4.07%−1.82%
    2025+8.32%+0.48%
    2024+21.56%+31.97%
    2023+50.07%+39.36%
    2022--−3.54%
    2021--+32.52%

    Axis NIFTY Midcap 50 Index vs ICICI Prudential BSE Midcap Select ETF: Rolling Returns

    Every holding period of both funds, against Nifty Midcap 50 TRI, the benchmark of Axis NIFTY Midcap 50 Index Fund

    Rolling returns

    Every 3-year holding period, 396 of them, one for each trading day from 31-03-2025 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.

    0%10%20%30%40%
    May 2022
    to
    May 2025    Aug 2022
    to
    Aug 2025    Nov 2022
    to
    Nov 2025    Mar 2023
    to
    Mar 2026    Jun 2023
    to
    Jun 2026    Sept 2023
    to
    Sept 2026
    Axis NIFTY Midcap 50 Index Fund (Direct)ICICI Prudential BSE Midcap Select ETFNifty Midcap 50 TRI

    How the periods spread

    FundBelow 0%0-5%5-10%10-15%15-20%20-25%Above 25%MeanMedianLowestHighestBeat benchmark
    Axis NIFTY Midcap 50 Index0.00.00.06.112.646.035.423.4%24.1%12.9%32.5%0%
    ICICI Prudential BSE Midcap Select ETF0.00.00.03.838.156.02.020.3%20.4%11.7%25.4%16%
    Nifty Midcap 50 TRI0.00.00.04.512.934.148.524.1%24.9%13.4%33.5%--

    The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is Nifty Midcap 50 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 31-03-2022. Past returns do not promise future returns.

    Axis NIFTY Midcap 50 Index vs ICICI Prudential BSE Midcap Select ETF: SIP and Lumpsum Returns

    What the same monthly or one-time investment would be worth in each fund today, from their own NAV history

    Growth of an investment

    Step up each year
    PeriodFor

    ₹10,000 on the first trading day of every month, from 31-03-2022 to 30-10-2026: 56 instalments, ₹5,60,000 in all.

    InvestmentInvestedValue nowGainReturn a year
    Axis NIFTY Midcap 50 IndexAxis NIFTY Midcap 50 Index Fund (Direct) ₹5,60,000 ₹7,59,496 ₹1,99,496 13.1%
    ICICI Prudential BSE Midcap Select ETFICICI Prudential BSE Midcap Select ETF ₹5,60,000 ₹7,41,053 ₹1,81,053 12.0%
    ₹0₹2.0 L₹4.0 L₹6.0 L₹8.0 L₹10.0 L
    2023202420252026
    Axis NIFTY Midcap 50 IndexAxis NIFTY Midcap 50 Index Fund (Direct)ICICI Prudential BSE Midcap Select ETFICICI Prudential BSE Midcap Select ETFAmount invested

    From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.

    Axis NIFTY Midcap 50 Index vs ICICI Prudential BSE Midcap Select ETF: Risk and Drawdowns

    How much each fund swings, and the worst fall over the same days

    Risk and return

    MeasureAxis NIFTY Midcap 50 Index Fund (Direct)ICICI Prudential BSE Midcap Select ETF
    Return (CAGR)+14.59%+15.32%
    Standard deviation17.85%18.50%
    Sharpe ratio0.480.50
    Sortino ratio0.650.69
    Maximum drawdown−20.3% (28-02-2025)−22.4% (07-04-2025)
    Beta1.001.00
    Alpha−0.46%−0.27%

    From daily NAVs, 30-10-2023 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.

    −25%−20%−15%−10%−5%0%
    2023202420252026
    Axis NIFTY Midcap 50 Index Fund (Direct)ICICI Prudential BSE Midcap Select ETFNifty Midcap 50 TRI
    FundWorst fallHigh before itBottomBack at the highTime to climb backBelow its high today
    Axis NIFTY Midcap 50 Index Fund (Direct)−20.3%24-09-202428-02-202529-10-20258 months−10.7%
    ICICI Prudential BSE Midcap Select ETF−22.4%24-09-202407-04-202522-06-202614 months−9.9%
    Nifty Midcap 50 TRI−20.2%24-09-202428-02-202527-10-20258 months−10.6%

    From daily values since 31-03-2022, the first day every fund has.

    Rolling standard deviation

    Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.

    0%5%10%15%20%
    2026
    Axis NIFTY Midcap 50 Index Fund (Direct)ICICI Prudential BSE Midcap Select ETFNifty Midcap 50 TRI

    Against Nifty Midcap 50 TRI

    FundUp captureDown captureTracking error
    Axis NIFTY Midcap 50 Index Fund (Direct)99%102%0.63%
    ICICI Prudential BSE Midcap Select ETF91%102%5.36%

    From month-end values since 31-03-2022. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.

    Axis NIFTY Midcap 50 Index vs ICICI Prudential BSE Midcap Select ETF: Portfolio Overlap

    From each fund's latest monthly portfolio: Axis NIFTY Midcap 50 Index Fund, September 2026; ICICI Prudential BSE Midcap Select ETF, September 2026

    Holdings in common

    Overlap
    51.7%
    Held by both
    23
    Only in Axis NIFTY Midcap 50 Index
    27
    Only in ICICI Prudential BSE Midcap Select ETF
    7
    Security% of Axis NIFTY Midcap 50 Index% of ICICI Prudential BSE Midcap Select ETF
    Multi Commodity Exchange of India Limited3.92%6.31%
    The Federal Bank Limited3.65%5.89%
    Laurus Labs Limited3.59%5.78%
    One 97 Communications Limited3.36%5.40%
    AU Small Finance Bank Limited2.73%4.28%
    Persistent Systems Limited2.67%4.31%
    Dixon Technologies (India) Limited2.54%4.09%
    IDFC First Bank Limited2.52%4.06%
    Bharat Forge Limited2.49%3.86%
    Suzlon Energy Limited2.24%3.58%

    Overlap: for each holding both funds own, the smaller of its two weights, added up. 51.7% means 51.7% 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 Axis NIFTY Midcap 50 Index Fund

    Security% of fund
    Hero MotoCorp Limited3.17%
    The Indian Hotels Company Limited2.98%
    Bharat Heavy Electricals Limited2.82%
    IndusInd Bank Limited2.76%
    GE Vernova T&D India Limited2.42%

    Largest holdings only in ICICI Prudential BSE Midcap Select ETF

    Security% of fund
    COFORGE Ltd.4.54%
    Alkem Laboratories Ltd.2.26%
    Sundaram Finance Ltd.2.25%
    Mphasis Ltd.2.13%
    KEI Industries Ltd.2.05%

    Asset and sector split

    Share of each fund, from its latest monthly portfolio

    Asset allocation

    AssetAxis NIFTY Midcap 50 IndexICICI Prudential BSE Midcap Select ETF
    Equity100.1%100.0%
    Debt0.0%0.0%
    Cash and others-0.1%0.0%

    Market cap of stocks

    Market capAxis NIFTY Midcap 50 IndexICICI Prudential BSE Midcap Select ETF
    Large Cap5.1%0.0%
    Mid Cap95.1%100.0%
    Small Cap0.0%0.0%

    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

    SectorAxis NIFTY Midcap 50 IndexICICI Prudential BSE Midcap Select ETF
    Banks13.4%17.0%
    Pharmaceuticals & Biotechnology11.0%14.1%
    It - Software0.0%11.0%
    Electrical Equipment8.5%3.6%
    Financial Technology (Fintech)5.1%8.3%
    Retailing7.3%3.3%
    Capital Markets3.9%6.3%
    Consumer Durables3.7%5.9%

    The six largest sectors of each fund's stocks, % of the fund.

    Axis NIFTY Midcap 50 Index vs ICICI Prudential BSE Midcap Select ETF: Expense Ratio

    What each plan charges a year, from AMFI's expense ratio file

    ChargeAxis NIFTY Midcap 50 Index FundICICI Prudential BSE Midcap Select ETF
    Total expense ratio (Direct)0.37%Not available
    Base expense ratio (Direct)0.20%0.00%
    Total expense ratio (Regular)1.16%Not available
    Base expense ratio (Regular)0.89%0.13%

    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.

    Axis NIFTY Midcap 50 Index Fund vs ICICI Prudential BSE Midcap Select ETF: Frequently Asked Questions

    What is the difference between Axis NIFTY Midcap 50 Index Fund and ICICI Prudential BSE Midcap Select ETF?

    Axis NIFTY Midcap 50 Index Fund is an Index fund, ICICI Prudential BSE Midcap Select ETF is an ETF fund, run by Axis Mutual Fund and ICICI Prudential Mutual Fund. Their portfolios overlap 51.7%. Axis NIFTY Midcap 50 Index Fund charges 0.37% a year and ICICI Prudential BSE Midcap Select ETF 0.25%.

    Which has given higher returns, Axis NIFTY Midcap 50 Index Fund or ICICI Prudential BSE Midcap Select ETF?

    Over 1 year: Axis NIFTY Midcap 50 Index Fund −2.86%, ICICI Prudential BSE Midcap Select ETF −1.63%. Over 3 years: Axis NIFTY Midcap 50 Index Fund +14.59% a year, ICICI Prudential BSE Midcap Select ETF +15.31% a year. As on 30-10-2026. Past returns do not promise future returns.

    Which has the lower expense ratio, Axis NIFTY Midcap 50 Index Fund or ICICI Prudential BSE Midcap Select ETF?

    ICICI Prudential BSE Midcap Select ETF charges less: 0.25% a year against 0.37%. These are the total expense ratios reported to AMFI.

    How much do Axis NIFTY Midcap 50 Index Fund and ICICI Prudential BSE Midcap Select ETF overlap?

    51.7%. They hold 23 of the same securities, the largest shared ones being MCX, FEDERALBNK, LAURUSLABS. From each fund's latest monthly portfolio.

    Which is better for SIP, Axis NIFTY Midcap 50 Index Fund or ICICI Prudential BSE Midcap Select ETF?

    Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,99,164 in Axis NIFTY Midcap 50 Index Fund (XIRR 4.9% a year) and ₹4,03,076 in ICICI Prudential BSE Midcap Select ETF (XIRR 5.5% a year). Both received 37 instalments. Past returns do not promise future returns.

    Can I invest in both Axis NIFTY Midcap 50 Index Fund and ICICI Prudential BSE Midcap Select ETF?

    Yes. 51.7% of each fund's money sits in the same holdings, so a large part of the two investments would move together.

    Who manages Axis NIFTY Midcap 50 Index Fund and ICICI Prudential BSE Midcap Select ETF?

    Axis NIFTY Midcap 50 Index Fund: Nandik Malik, Rohit Gautam. ICICI Prudential BSE Midcap Select ETF: Nishit Patel, Ajaykumar Solanki, Ashwini Bharucha, Venus Ahuja.

    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.

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