Axis Small Cap Fund vs Nippon India Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Small Cap Fund and Nippon India Small Cap Fund are both Small Cap funds. In the 3 years to 30-10-2026, Axis Small Cap Fund (Direct) returned 13.2% a year and Nippon India Small Cap Fund (Direct) returned 13.0% a year. Axis Small Cap Fund charges 0.69% a year and Nippon India Small Cap Fund 0.69% (Direct plans). Their portfolios overlap 28.3%: they hold 64 of the same securities.
Nippon India Small Cap Fund
Small Cap
- 3 year return
- 13.0%
- Expense ratio
- 0.69%
- NAV
- ₹192.76
Which is better, Axis Small Cap or Nippon India Small Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Nippon India Small Cap returned more over 5 years: 17.1% a year against 14.4%.
- Axis Small Cap returned more over 3 years: 13.2% a year against 13.0%.
- Axis Small Cap swung less over 3 years: a standard deviation of 15.0% a year against 16.5%.
- Axis Small Cap fell less in its worst fall since 05-12-2013: −34.6% against −48.6%.
- Nippon India Small Cap is the larger fund: ₹80,906 Cr against ₹30,678 Cr.
- Their portfolios overlap 28.3%: 64 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 | Axis Small Cap Fund | Nippon India Small Cap Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Nippon India Mutual Fund |
| Category | Small Cap | Small Cap |
| AUM | ₹30,678 Cr (30-09-2026) | ₹80,906 Cr (30-09-2026) |
| NAV | ₹126.97 (Direct) | ₹192.76 (Direct) |
| Expense ratio (Direct) | 0.69% | 0.69% |
| Expense ratio (Regular) | 1.68% | 1.41% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Smallcap 250 TRI | Nifty Smallcap 250 TRI |
| Launch date | 29-11-2013 | 16-09-2010 |
| Minimum investment | ₹100 | Not available |
| Lock in | None | None |
| Fund managers | Tejas Sheth, Mayank Hyanki, Krishnaa N | Samir Rachh |
| Exit load | Exit load of 1% for investments beyond 10% if redeemed within 12 months | Exit load of 1% if redeemed within 1 year. |
Axis Small Cap vs Nippon India Small Cap: 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 Small Cap Fund (Direct) | −5.18% | −4.11% | +3.40% | +1.02% | +13.23% | +14.44% | +18.24% |
| Nippon India Small Cap Fund (Direct) | −5.79% | −4.50% | +0.35% | −0.23% | +12.97% | +17.08% | +19.26% |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | +14.51% | +16.19% |
Category average: the average of the 36 Small Cap funds, same plan type.
Axis Small Cap vs Nippon India Small Cap: Year-wise Returns
| Year | AxisAxis Small Cap | Nippon IndiaNippon India Small Cap | Nifty Smallcap 250 TRI |
|---|---|---|---|
| 2026to date | +4.39% | +3.07% | +1.00% |
| 2025 | −0.95% | −4.02% | −5.48% |
| 2024 | +26.40% | +27.06% | +27.21% |
| 2023 | +35.57% | +50.17% | +49.09% |
| 2022 | +4.11% | +7.53% | −2.64% |
| 2021 | +60.71% | +75.87% | +63.34% |
Axis Small Cap vs Nippon India Small Cap: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 2,449 of them, one for each trading day from 05-12-2016 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.
Axis Small Cap Fund (Direct)
Nippon India Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
to
Sept 2017May 2016
to
May 2019Jan 2018
to
Jan 2021Oct 2019
to
Oct 2022Jun 2021
to
Jun 2024Jan 2023
to
Jan 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Axis Small Cap | 0.0 | 2.7 | 4.4 | 19.6 | 25.0 | 12.7 | 35.6 | 21.3% | 19.5% | −0.0% | 41.3% | 58% |
| Nippon India Small Cap | 4.1 | 5.0 | 5.2 | 7.6 | 11.1 | 20.2 | 46.7 | 24.1% | 24.1% | −8.3% | 54.5% | 95% |
| Nifty Smallcap 250 TRI | 16.1 | 8.1 | 3.7 | 4.3 | 13.9 | 21.7 | 32.3 | 17.3% | 21.1% | −17.5% | 44.7% | -- |
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 250 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 05-12-2013. Past returns do not promise future returns.
Axis Small Cap vs Nippon India Small Cap: 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
₹10,000 on the first trading day of every month, from 05-12-2013 to 30-10-2026: 155 instalments, ₹15,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis Small CapAxis Small Cap Fund (Direct) | ₹15,50,000 | ₹59,20,716 | ₹43,70,716 | 19.1% |
| Nippon India Small CapNippon India Small Cap Fund (Direct) | ₹15,50,000 | ₹67,18,009 | ₹51,68,009 | 20.8% |
Axis Small CapAxis Small Cap Fund (Direct)
Nippon India Small CapNippon India Small Cap Fund (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 Small Cap vs Nippon India Small Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Small Cap Fund (Direct) | Nippon India Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +1.02% | −0.23% |
| Standard deviation | 15.51% | 16.03% |
| Sharpe ratio | -0.27 | -0.34 |
| Sortino ratio | -0.37 | -0.46 |
| Maximum drawdown | −14.7% (23-03-2026) | −14.7% (31-03-2026) |
| Beta | 0.84 | 0.87 |
| Alpha | +2.83% | +1.81% |
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 Small Cap Fund (Direct) | Nippon India Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.23% | +12.97% |
| Standard deviation | 15.00% | 16.46% |
| Sharpe ratio | 0.48 | 0.42 |
| Sortino ratio | 0.65 | 0.56 |
| Maximum drawdown | −19.4% (03-03-2025) | −24.2% (03-03-2025) |
| Beta | 0.76 | 0.85 |
| Alpha | +2.41% | +1.59% |
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.
| Measure | Axis Small Cap Fund (Direct) | Nippon India Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.44% | +17.08% |
| Standard deviation | 14.23% | 16.33% |
| Sharpe ratio | 0.61 | 0.69 |
| Sortino ratio | 0.81 | 0.91 |
| Maximum drawdown | −19.4% (03-03-2025) | −24.2% (03-03-2025) |
| Beta | 0.73 | 0.86 |
| Alpha | +3.27% | +4.97% |
From daily NAVs, 29-10-2021 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 Small Cap Fund (Direct) | Nippon India Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +21.76% | +23.01% |
| Standard deviation | 14.59% | 17.11% |
| Sharpe ratio | 1.09 | 0.99 |
| Sortino ratio | 1.46 | 1.32 |
| Maximum drawdown | −34.6% (24-03-2020) | −48.6% (24-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 05-12-2013 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.
Axis Small Cap Fund (Direct)
Nippon India Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis Small Cap Fund (Direct) | −34.6% | 11-02-2020 | 24-03-2020 | 13-11-2020 | 8 months | −8.3% |
| Nippon India Small Cap Fund (Direct) | −48.6% | 15-01-2018 | 24-03-2020 | 14-12-2020 | 9 months | −8.7% |
| Nifty Smallcap 250 TRI | −59.8% | 15-01-2018 | 24-03-2020 | 03-05-2021 | 13 months | −9.4% |
From daily values since 05-12-2013, 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.
Axis Small Cap Fund (Direct)
Nippon India Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
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.
Axis Small Cap Fund (Direct)
Nippon India Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Axis Small Cap Fund (Direct)
Nippon India Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
Against Nifty Smallcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis Small Cap Fund (Direct) | 80% | 56% | 8.85% |
| Nippon India Small Cap Fund (Direct) | 98% | 76% | 5.09% |
From month-end values since 05-12-2013. 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 Small Cap vs Nippon India Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Small Cap Fund, September 2026; Nippon India Small Cap Fund, September 2026
Holdings in common
- Overlap
- 28.3%
- Held by both
- 64
- Only in Axis Small Cap
- 64
- Only in Nippon India Small Cap
- 192
| Security | % of Axis Small Cap | % of Nippon India Small Cap |
|---|---|---|
| Karur Vysya Bank Limited | 1.28% | 1.28% |
| HDFC Bank Limited | 1.26% | 1.75% |
| Sai Life Sciences Limited | 1.84% | 1.24% |
| Multi Commodity Exchange of India Limited | 1.16% | 1.14% |
| Avalon Technologies Limited | 1.51% | 1.10% |
| Kirloskar Oil Engines Limited | 1.29% | 0.97% |
| Craftsman Automation Limited | 1.33% | 0.77% |
| TBO Tek Limited | 1.10% | 0.71% |
| Radico Khaitan Limited | 0.79% | 0.69% |
| Union Bank of India | 0.69% | 0.87% |
| PNB Housing Finance Limited | 1.24% | 0.66% |
| Gland Pharma Limited | 1.22% | 0.66% |
| Carborundum Universal Limited | 0.74% | 0.63% |
| Balrampur Chini Mills Limited | 0.63% | 0.91% |
| Kalpataru Projects International Limited | 1.15% | 0.62% |
| Navin Fluorine International Limited | 1.40% | 0.58% |
| Apar Industries Limited | 0.58% | 1.74% |
| Krishna Institute Of Medical Sciences Limited | 2.46% | 0.56% |
| Rategain Travel Technologies Limited | 0.77% | 0.56% |
| Timken India Limited | 0.63% | 0.54% |
| Fine Organic Industries Limited | 1.06% | 0.50% |
| Affle 3i Limited | 0.63% | 0.48% |
| Sansera Engineering Limited | 1.86% | 0.47% |
| Coal India Limited | 0.46% | 0.58% |
| Gokaldas Exports Limited | 0.46% | 0.46% |
| Galaxy Surfactants Limited | 1.07% | 0.45% |
| RBL Bank Limited | 1.03% | 0.45% |
| Grindwell Norton Limited | 0.58% | 0.45% |
| Delhivery Limited | 0.43% | 0.53% |
| KFin Technologies Limited | 0.66% | 0.41% |
| Central Depository Services (India) Limited | 0.43% | 0.40% |
| Crompton Greaves Consumer Electricals Limited | 0.63% | 0.39% |
| City Union Bank Limited | 1.94% | 0.38% |
| Blue Star Limited | 1.20% | 0.38% |
| Cyient Limited | 0.90% | 0.38% |
| Sudarshan Chemical Industries Limited | 0.76% | 0.38% |
| Healthcare Global Enterprises Limited | 0.71% | 0.38% |
| Orient Electric Limited | 0.35% | 0.37% |
| Pine Labs Limited | 0.68% | 0.34% |
| Tata Consumer Products Limited | 0.34% | 0.43% |
| Aarti Industries Limited | 0.31% | 0.33% |
| Torrent Pharmaceuticals Limited | 2.32% | 0.30% |
| Data Patterns (India) Limited | 0.78% | 0.28% |
| CIE Automotive India Limited | 0.44% | 0.24% |
| Narayana Hrudayalaya Limited | 0.97% | 0.21% |
| Kaynes Technology India Limited | 0.69% | 0.21% |
| PG Electroplast Limited | 0.60% | 0.21% |
| RHI Magnesita India Limited | 0.55% | 0.21% |
| Piramal Finance Limited | 0.78% | 0.20% |
| CESC Limited | 0.26% | 0.19% |
| Brigade Enterprises Limited | 1.54% | 0.17% |
| Doms Industries Limited | 0.81% | 0.17% |
| CreditAccess Grameen Limited | 0.71% | 0.16% |
| Computer Age Management Services Limited | 0.58% | 0.16% |
| Bharat Dynamics Limited | 0.18% | 0.16% |
| Vesuvius India Limited | 0.95% | 0.15% |
| Can Fin Homes Limited | 0.78% | 0.15% |
| Rainbow Childrens Medicare Limited | 0.46% | 0.13% |
| Equitas Small Finance Bank Limited | 0.60% | 0.12% |
| India Shelter Finance Corporation Limited | 0.50% | 0.10% |
| Birlasoft Limited | 0.30% | 0.10% |
| Aditya Birla Real Estate Limited | 0.09% | 0.24% |
| JK Lakshmi Cement Limited | 0.69% | 0.06% |
| PNC Infratech Limited | 0.17% | 0.05% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 28.3% means 28.3% 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 Small Cap Fund
| Security | % of fund |
|---|---|
| CCL Products (India) Limited | 2.24% |
| Welspun Corp Limited | 1.51% |
| Syrma SGS Technology Limited | 1.45% |
| Minda Corporation Limited | 1.30% |
| Cholamandalam Financial Holdings Limited | 1.25% |
Largest holdings only in Nippon India Small Cap Fund
| Security | % of fund |
|---|---|
| TD Power Systems Limited | 1.88% |
| Bharat Heavy Electricals Limited | 1.77% |
| Acme Solar Holdings Ltd | 1.33% |
| Sundram Fasteners Limited | 1.20% |
| State Bank of India | 1.19% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Small Cap | Nippon India Small Cap |
|---|---|---|
| Equity | 90.3% | 97.4% |
| Debt | 0.5% | 0.0% |
| Cash and others | 9.2% | 2.6% |
Market cap of stocks
| Market cap | Axis Small Cap | Nippon India Small Cap |
|---|---|---|
| Large Cap | 6.3% | 14.3% |
| Mid Cap | 9.4% | 13.1% |
| Small Cap | 74.1% | 66.6% |
| Not on AMFI's list | 0.5% | 3.5% |
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 | Axis Small Cap | Nippon India Small Cap |
|---|---|---|
| Electrical Equipment | 2.8% | 9.5% |
| Chemicals & Petrochemicals | 8.5% | 5.0% |
| Industrial Products | 8.2% | 6.8% |
| Auto Components | 7.9% | 7.7% |
| Banks | 7.7% | 7.6% |
| Pharmaceuticals & Biotechnology | 7.6% | 5.4% |
| Finance | 6.0% | 4.0% |
| Consumer Durables | 3.7% | 5.4% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Small Cap vs Nippon India Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Small Cap Fund | Nippon India Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.69% | 0.69% |
| Base expense ratio (Direct) | 0.51% | 0.53% |
| Total expense ratio (Regular) | 1.68% | 1.41% |
| Base expense ratio (Regular) | 1.35% | 1.14% |
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
Compare Axis Small Cap with
Axis Small Cap Fund vs Nippon India Small Cap Fund: Frequently Asked Questions
What is the difference between Axis Small Cap Fund and Nippon India Small Cap Fund?
Both are Small Cap funds, run by Axis Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 28.3%. Axis Small Cap Fund charges 0.69% a year and Nippon India Small Cap Fund 0.69%.
Which has given higher returns, Axis Small Cap Fund or Nippon India Small Cap Fund?
Over 1 year: Axis Small Cap Fund +1.02%, Nippon India Small Cap Fund −0.23%. Over 3 years: Axis Small Cap Fund +13.23% a year, Nippon India Small Cap Fund +12.97% a year. Over 5 years: Axis Small Cap Fund +14.44% a year, Nippon India Small Cap Fund +17.08% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Small Cap Fund or Nippon India Small Cap Fund?
Both charge 0.69% a year.
How much do Axis Small Cap Fund and Nippon India Small Cap Fund overlap?
28.3%. They hold 64 of the same securities, the largest shared ones being KARURVYSYA, HDFCBANK, SAILIFE. From each fund's latest monthly portfolio.
Which is riskier, Axis Small Cap Fund or Nippon India Small Cap Fund?
On SEBI's riskometer, Axis Small Cap Fund is rated Very High and Nippon India Small Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 15.00% and 16.46% a year.
Which is better for SIP, Axis Small Cap Fund or Nippon India Small Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,44,565 in Axis Small Cap Fund (XIRR 12.8% a year) and ₹8,66,032 in Nippon India Small Cap Fund (XIRR 13.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Axis Small Cap Fund and Nippon India Small Cap Fund?
Yes. 28.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Axis Small Cap Fund and Nippon India Small Cap Fund?
Axis Small Cap Fund: Tejas Sheth, Mayank Hyanki, Krishnaa N. Nippon India Small Cap Fund: Samir Rachh.
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.