Axis NIFTY Smallcap 50 Index Fund vs Zerodha Nifty Smallcap 100 ETF

Direct Plan, Growth option · Data as on 30-10-2026

Axis NIFTY Smallcap 50 Index Fund is an Index fund and Zerodha Nifty Smallcap 100 ETF is an ETF fund. In the year to 30-10-2026, Axis NIFTY Smallcap 50 Index Fund (Direct) returned 5.1% and Zerodha Nifty Smallcap 100 ETF (Direct) returned 0.7%. Axis NIFTY Smallcap 50 Index Fund charges 0.45% a year and Zerodha Nifty Smallcap 100 ETF 0.35% (Direct plans). Their portfolios overlap 65.4%: they hold 48 of the same securities.

Axis NIFTY Smallcap 50 Index Fund

Index

1 year return: 5.1%
Expense ratio: 0.45%
NAV: ₹19.84

See Axis NIFTY Smallcap 50 Index Fund

Zerodha Nifty Smallcap 100 ETF

ETF

1 year return: 0.7%
Expense ratio: 0.35%
NAV: ₹10.48

See Zerodha Nifty Smallcap 100 ETF

Which is better, Axis NIFTY Smallcap 50 Index or Zerodha Nifty Smallcap 100 ETF? Key differences

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

Axis NIFTY Smallcap 50 Index returned more over 1 year: 5.1% against 0.7%.
Zerodha Nifty Smallcap 100 ETF costs less: 0.35% a year against 0.45% (Direct plans).
Axis NIFTY Smallcap 50 Index fell less in its worst fall since 12-09-2025: −17.1% against −18.1%.
Axis NIFTY Smallcap 50 Index is the larger fund: ₹778 Cr against ₹101 Cr.
Their portfolios overlap 65.4%: 48 of the same holdings.

Past returns do not promise future returns. This page is information, not investment advice.

NAV comparison

How each fund's NAV moved over the same days, as % change since the first day of the range

Axis NIFTY Smallcap 50 Index Fund (Direct)
+4.9%
Zerodha Nifty Smallcap 100 ETF (Direct)
+3.4%

Change in NAV from 12-09-2025 to 30-10-2026

−10%0%+10%+20%

Key facts

From each fund's scheme summary document and AMFI

Fact	Axis NIFTY Smallcap 50 Index Fund	Zerodha Nifty Smallcap 100 ETF
Fund house	Axis Mutual Fund	Zerodha Mutual Fund
Category	Index	ETF
AUM	₹778 Cr (30-09-2026)	₹101 Cr (30-09-2026)
NAV	₹19.84 (Direct)	₹10.48 (Direct)
Expense ratio (Direct)	0.45%	0.35%
Expense ratio (Regular)	1.22%	Not available
Riskometer	Very High	Very High
Benchmark	NIFTY Smallcap 50 TRI	Nifty Smallcap 100 TRI
Launch date	10-03-2022	09-09-2025
Minimum investment	₹100	In creation unit size of 1,50,000 Units and in multiples of 10 units thereof
Lock in	None	None
Fund managers	Nandik Malik, Rohit Gautam	Kedarnath Mirajkar
Exit load	Nil	Nil

Axis NIFTY Smallcap 50 Index vs Zerodha Nifty Smallcap 100 ETF: 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
Axis NIFTY Smallcap 50 Index Fund (Direct)	−2.99%	−2.80%	+6.31%	+5.13%	+16.77%	--	--
Zerodha Nifty Smallcap 100 ETF (Direct)	−4.23%	−4.17%	+2.78%	+0.72%	--	--	--

Axis NIFTY Smallcap 50 Index vs Zerodha Nifty Smallcap 100 ETF: Year-wise Returns

Year	Axis NIFTY Smallcap 50 IndexAxis NIFTY Smallcap 50 Index	Zerodha Nifty Smallcap 100 ETFZerodha Nifty Smallcap 100 ETF
2026to date	+8.50%	+4.86%
2025	−3.78%	--
2024	+25.22%	--
2023	+63.22%	--

Axis NIFTY Smallcap 50 Index vs Zerodha Nifty Smallcap 100 ETF: Rolling Returns

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

Rolling returns

Every 1-year holding period, 30 of them, one for each trading day from 15-09-2026 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.

−5%0%5%10%15%20%

Sept 2025
to
Sept 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 2026Oct 2025
to
Oct 2026Oct 2025
to
Oct 2026Oct 2025
to
Oct 2026

Axis NIFTY Smallcap 50 Index Fund (Direct)Zerodha Nifty Smallcap 100 ETF (Direct)Nifty Smallcap 50 TRI

How the periods spread

Fund	Below 0%	0-5%	5-10%	10-15%	15-20%	Mean	Median	Lowest	Highest	Beat benchmark
Axis NIFTY Smallcap 50 Index	0.0	13.3	16.7	66.7	3.3	10.6%	11.7%	1.0%	15.2%	0%
Zerodha Nifty Smallcap 100 ETF	6.7	13.3	60.0	20.0	0.0	6.9%	8.0%	−2.3%	11.3%	0%
Nifty Smallcap 50 TRI	0.0	6.7	13.3	70.0	10.0	11.3%	12.3%	1.9%	15.6%	--

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 Smallcap 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 12-09-2025. Past returns do not promise future returns.

Axis NIFTY Smallcap 50 Index vs Zerodha Nifty Smallcap 100 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

Every month₹

Step up each year

PeriodFor

₹10,000 on the first trading day of every month, from 01-09-2025 to 30-10-2026: 14 instalments, ₹1,40,000 in all.

Investment	Invested	Value now	Gain	Return a year
Axis NIFTY Smallcap 50 IndexAxis NIFTY Smallcap 50 Index Fund (Direct)	₹1,40,000	₹1,49,147	₹9,147	10.7%
Zerodha Nifty Smallcap 100 ETFZerodha Nifty Smallcap 100 ETF (Direct)	₹1,40,000	₹1,44,600	₹4,600	5.4%

₹0₹50,000₹1.0 L₹1.5 L₹2.0 L

2026

Axis NIFTY Smallcap 50 IndexAxis NIFTY Smallcap 50 Index Fund (Direct)Zerodha Nifty Smallcap 100 ETFZerodha Nifty Smallcap 100 ETF (Direct)Amount 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 Smallcap 50 Index vs Zerodha Nifty Smallcap 100 ETF: Risk and Drawdowns

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

Risk and return

Measure	Axis NIFTY Smallcap 50 Index Fund (Direct)	Zerodha Nifty Smallcap 100 ETF (Direct)
Return (CAGR)	+5.13%	+0.72%
Standard deviation	19.25%	19.18%
Sharpe ratio	-0.01	-0.24
Sortino ratio	-0.01	-0.32
Maximum drawdown	−17.1% (23-03-2026)	−18.1% (23-03-2026)
Beta	1.00	1.00
Alpha	−0.93%	+0.14%

From daily NAVs, 30-10-2025 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.

Measure	Axis NIFTY Smallcap 50 Index Fund (Direct)	Zerodha Nifty Smallcap 100 ETF (Direct)
Return (CAGR)	+16.09%	+3.02%
Standard deviation	19.36%	18.41%
Sharpe ratio	0.52	-0.12
Sortino ratio	0.70	-0.17
Maximum drawdown	−27.7% (20-06-2022)	−18.1% (23-03-2026)
Beta	0.99	1.00
Alpha	−1.06%	+0.11%

From daily NAVs, 15-03-2022 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.

−20%−15%−10%−5%0%

2026

Axis NIFTY Smallcap 50 Index Fund (Direct)Zerodha Nifty Smallcap 100 ETF (Direct)Nifty Smallcap 50 TRI

Fund	Worst fall	High before it	Bottom	Back at the high	Time to climb back	Below its high today
Axis NIFTY Smallcap 50 Index Fund (Direct)	−17.1%	03-11-2025	23-03-2026	06-05-2026	44 days	−7.4%
Zerodha Nifty Smallcap 100 ETF (Direct)	−18.1%	03-11-2025	23-03-2026	06-05-2026	44 days	−8.5%
Nifty Smallcap 50 TRI	−17.0%	03-11-2025	23-03-2026	06-05-2026	44 days	−6.9%

From daily values since 12-09-2025, 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 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.

0%5%10%15%20%

Axis NIFTY Smallcap 50 Index Fund (Direct)Zerodha Nifty Smallcap 100 ETF (Direct)Nifty Smallcap 50 TRI

Against Nifty Smallcap 50 TRI

Fund	Up capture	Down capture	Tracking error
Axis NIFTY Smallcap 50 Index Fund (Direct)	99%	103%	0.31%
Zerodha Nifty Smallcap 100 ETF (Direct)	92%	111%	2.45%

From month-end values since 12-09-2025. 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 Smallcap 50 Index vs Zerodha Nifty Smallcap 100 ETF: Portfolio Overlap

From each fund's latest monthly portfolio: Axis NIFTY Smallcap 50 Index Fund, September 2026; Zerodha Nifty Smallcap 100 ETF, September 2026

Holdings in common

Overlap: 65.4%
Held by both: 48
Only in Axis NIFTY Smallcap 50 Index: 1
Only in Zerodha Nifty Smallcap 100 ETF: 50

Security	% of Axis NIFTY Smallcap 50 Index	% of Zerodha Nifty Smallcap 100 ETF
Sona BLW Precision Forgings Limited	4.39%	3.01%
Welspun Corp Limited	4.18%	2.87%
Karur Vysya Bank Limited	3.61%	2.47%
Navin Fluorine International Limited	3.57%	2.45%
Ather Energy Limited	3.18%	2.18%
RBL Bank Limited	2.93%	2.01%
Delhivery Limited	2.90%	1.99%
Redington Limited	2.84%	1.95%
Gland Pharma Limited	2.72%	1.86%
Central Depository Services (India) Limited	2.65%	1.81%
City Union Bank Limited	2.56%	1.75%
PNB Housing Finance Limited	2.48%	1.70%
Sai Life Sciences Limited	2.48%	1.70%
Anand Rathi Wealth Limited	2.28%	1.56%
Kirloskar Oil Engines Limited	2.26%	1.55%
Neuland Laboratories Limited	2.16%	1.48%
TD Power Systems Limited	2.11%	1.44%
Angel One Limited	2.10%	1.44%
Bandhan Bank Limited	2.06%	1.42%
Wockhardt Limited	2.05%	1.41%
Aegis Logistics Limited	2.04%	1.40%
Manappuram Finance Limited	2.04%	1.40%
Acutaas Chemicals Limited	2.00%	1.37%
Computer Age Management Services Limited	1.90%	1.30%
Himadri Speciality Chemical Limited	1.88%	1.29%
Poonawalla Fincorp Limited	1.86%	1.27%
Dr. Lal Path Labs Limited	1.82%	1.25%
The Great Eastern Shipping Company Limited	1.82%	1.25%
Amber Enterprises India Limited	1.71%	1.18%
IIFL Finance Limited	1.65%	1.13%
Crompton Greaves Consumer Electricals Limited	1.58%	1.08%
Apollo Tyres Limited	1.54%	1.05%
Piramal Pharma Limited	1.51%	1.03%
Tata Technologies Limited	1.43%	0.98%
Onesource Specialty Pharma Limited	1.41%	0.97%
KFin Technologies Limited	1.32%	0.91%
Kaynes Technology India Limited	1.29%	0.88%
Tata Elxsi Limited	1.25%	0.86%
Indraprastha Gas Limited	1.20%	0.82%
Affle 3i Limited	1.13%	0.77%
Tata Chemicals Limited	1.12%	0.77%
Amara Raja Energy & Mobility Ltd	1.09%	0.74%
KPIT Technologies Limited	0.98%	0.67%
NBCC (India) Limited	0.96%	0.66%
PG Electroplast Limited	0.94%	0.64%
Natco Pharma Limited	0.87%	0.60%
Syngene International Limited	0.82%	0.56%
Inox Wind Limited	0.79%	0.54%

Overlap: for each holding both funds own, the smaller of its two weights, added up. 65.4% means 65.4% 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 Smallcap 50 Index Fund

Security	% of fund
MTAR Technologies Limited	2.00%

Largest holdings only in Zerodha Nifty Smallcap 100 ETF

Security	% of fund
Cupid Ltd.	1.69%
Cholamandalam Financial Holdings Limited	1.11%
SYRMA SGS TECHNOLOGY LIMITED	1.11%
Nuvama Wealth Management Limited	1.07%
Data Patterns (India) Limited	1.05%

Asset and sector split

Share of each fund, from its latest monthly portfolio

Asset allocation

Asset	Axis NIFTY Smallcap 50 Index	Zerodha Nifty Smallcap 100 ETF
Equity	97.5%	95.0%
Debt	0.0%	0.0%
Cash and others	2.5%	5.0%

Market cap of stocks

Market cap	Axis NIFTY Smallcap 50 Index	Zerodha Nifty Smallcap 100 ETF
Large Cap	0.0%	0.0%
Mid Cap	6.3%	4.7%
Small Cap	89.1%	88.9%
Not on AMFI's list	2.1%	1.4%

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	Axis NIFTY Smallcap 50 Index	Zerodha Nifty Smallcap 100 ETF
Pharmaceuticals & Biotechnology	15.2%	11.0%
Banks	11.2%	8.0%
Capital Markets	10.3%	8.1%
Finance	8.0%	9.2%
Auto Components	7.0%	6.1%
Chemicals & Petrochemicals	6.6%	6.0%
Industrial Products	6.4%	6.4%

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

Axis NIFTY Smallcap 50 Index vs Zerodha Nifty Smallcap 100 ETF: Expense Ratio

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

Charge	Axis NIFTY Smallcap 50 Index Fund	Zerodha Nifty Smallcap 100 ETF
Total expense ratio (Direct)	0.45%	0.35%
Base expense ratio (Direct)	0.23%	0.18%
Total expense ratio (Regular)	1.22%	Not available
Base expense ratio (Regular)	0.90%	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.

Axis NIFTY Smallcap 50 Index Fund vs Zerodha Nifty Smallcap 100 ETF: Frequently Asked Questions

What is the difference between Axis NIFTY Smallcap 50 Index Fund and Zerodha Nifty Smallcap 100 ETF?

Axis NIFTY Smallcap 50 Index Fund is an Index fund, Zerodha Nifty Smallcap 100 ETF is an ETF fund, run by Axis Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 65.4%. Axis NIFTY Smallcap 50 Index Fund charges 0.45% a year and Zerodha Nifty Smallcap 100 ETF 0.35%.

Which has given higher returns, Axis NIFTY Smallcap 50 Index Fund or Zerodha Nifty Smallcap 100 ETF?

Over 1 year: Axis NIFTY Smallcap 50 Index Fund +5.13%, Zerodha Nifty Smallcap 100 ETF +0.72%. As on 30-10-2026. Past returns do not promise future returns.

Which has the lower expense ratio, Axis NIFTY Smallcap 50 Index Fund or Zerodha Nifty Smallcap 100 ETF?

Zerodha Nifty Smallcap 100 ETF charges less: 0.35% a year against 0.45%. These are the Direct plans' total expense ratios reported to AMFI.

How much do Axis NIFTY Smallcap 50 Index Fund and Zerodha Nifty Smallcap 100 ETF overlap?

65.4%. They hold 48 of the same securities, the largest shared ones being SONACOMS, WELCORP, KARURVYSYA. From each fund's latest monthly portfolio.

Which is riskier, Axis NIFTY Smallcap 50 Index Fund or Zerodha Nifty Smallcap 100 ETF?

On SEBI's riskometer, Axis NIFTY Smallcap 50 Index Fund is rated Very High and Zerodha Nifty Smallcap 100 ETF Very High. Over 1 years, the standard deviation of daily returns was 19.25% and 19.18% a year.

Can I invest in both Axis NIFTY Smallcap 50 Index Fund and Zerodha Nifty Smallcap 100 ETF?

Yes. 65.4% 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 Smallcap 50 Index Fund and Zerodha Nifty Smallcap 100 ETF?

Axis NIFTY Smallcap 50 Index Fund: Nandik Malik, Rohit Gautam. Zerodha Nifty Smallcap 100 ETF: 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.