Bandhan Nifty 100 Index Fund vs Zerodha Nifty 100 ETF
Direct Plan, Growth option · Data as on 30-10-2026
Bandhan Nifty 100 Index Fund is an Index fund and Zerodha Nifty 100 ETF is an ETF fund. In the year to 30-10-2026, Bandhan Nifty 100 Index Fund (Direct) returned −8.8% and Zerodha Nifty 100 ETF (Direct) returned −8.7%. Bandhan Nifty 100 Index Fund charges 0.18% a year and Zerodha Nifty 100 ETF 0.28% (Direct plans). Their portfolios overlap 96.2%: they hold 95 of the same securities.
Bandhan Nifty 100 Index Fund
Index
- 1 year return
- −8.8%
- Expense ratio
- 0.18%
- NAV
- ₹14.41
Which is better, Bandhan Nifty 100 Index or Zerodha Nifty 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.
- Zerodha Nifty 100 ETF returned more over 1 year: −8.7% against −8.8%.
- Bandhan Nifty 100 Index costs less: 0.18% a year against 0.28% (Direct plans).
- Zerodha Nifty 100 ETF fell less in its worst fall since 18-06-2024: −17.2% against −17.3%.
- Bandhan Nifty 100 Index is the larger fund: ₹266 Cr against ₹165 Cr.
- Their portfolios overlap 96.2%: 95 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 | Bandhan Nifty 100 Index Fund | Zerodha Nifty 100 ETF |
|---|---|---|
| Fund house | Bandhan Mutual Fund | Zerodha Mutual Fund |
| Category | Index | ETF |
| AUM | ₹266 Cr (31-08-2026) | ₹165 Cr (30-09-2026) |
| NAV | ₹14.41 (Direct) | ₹10.09 (Direct) |
| Expense ratio (Direct) | 0.18% | 0.28% |
| Expense ratio (Regular) | 0.68% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 100 TRI | Nifty 100 TRI |
| Launch date | 24-02-2022 | 12-06-2024 |
| Minimum investment | ₹1,000 | In creation unit size of 765,000 units and in multiples thereafter |
| Lock in | None | None |
| Fund managers | Abhishek Jain | Kedarnath Mirajkar |
| Exit load | Nil | Not available |
Bandhan Nifty 100 Index vs Zerodha Nifty 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 |
|---|---|---|---|---|---|---|---|
| Bandhan Nifty 100 Index Fund (Direct) | +1.03% | −5.35% | −3.06% | −8.85% | +8.87% | -- | -- |
| Zerodha Nifty 100 ETF (Direct) | +1.04% | −5.28% | −2.92% | −8.69% | -- | -- | -- |
Bandhan Nifty 100 Index vs Zerodha Nifty 100 ETF: Year-wise Returns
| Year | Bandhan Nifty 100 IndexBandhan Nifty 100 Index | Zerodha Nifty 100 ETFZerodha Nifty 100 ETF | Nifty 100 TRI |
|---|---|---|---|
| 2026to date | −9.46% | −9.32% | −9.32% |
| 2025 | +10.06% | +10.15% | +10.24% |
| 2024 | +12.69% | -- | +12.95% |
| 2023 | +21.06% | -- | +21.24% |
Bandhan Nifty 100 Index vs Zerodha Nifty 100 ETF: Rolling Returns
Every holding period of both funds, against Nifty 100 TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 342 of them, one for each trading day from 18-06-2025 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.
Bandhan Nifty 100 Index Fund (Direct)
Zerodha Nifty 100 ETF (Direct)
Nifty 100 TRI
to
Jul 2025Oct 2024
to
Oct 2025Jan 2025
to
Jan 2026Apr 2025
to
Apr 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bandhan Nifty 100 Index | 41.5 | 27.2 | 19.3 | 11.1 | 0.9 | 0.0 | 0.0 | 2.2% | 1.3% | −10.6% | 16.2% | 0% |
| Zerodha Nifty 100 ETF | 40.8 | 27.5 | 19.2 | 11.8 | 0.6 | 0.0 | 0.0 | 2.2% | 1.3% | −10.5% | 15.2% | 6% |
| Nifty 100 TRI | 40.6 | 27.2 | 19.3 | 12.0 | 0.9 | 0.0 | 0.0 | 2.4% | 1.4% | −10.5% | 16.4% | -- |
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 100 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 18-06-2024. Past returns do not promise future returns.
Bandhan Nifty 100 Index vs Zerodha Nifty 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
₹10,000 on the first trading day of every month, from 03-06-2024 to 30-10-2026: 29 instalments, ₹2,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bandhan Nifty 100 IndexBandhan Nifty 100 Index Fund (Direct) | ₹2,90,000 | ₹2,80,263 | −₹9,737 | −2.7% |
| Zerodha Nifty 100 ETFZerodha Nifty 100 ETF (Direct) | ₹2,90,000 | ₹2,80,663 | −₹9,337 | −2.6% |
Bandhan Nifty 100 IndexBandhan Nifty 100 Index Fund (Direct)
Zerodha Nifty 100 ETFZerodha Nifty 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.
Bandhan Nifty 100 Index vs Zerodha Nifty 100 ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bandhan Nifty 100 Index Fund (Direct) | Zerodha Nifty 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | −8.85% | −8.69% |
| Standard deviation | 13.89% | 14.04% |
| Sharpe ratio | -1.02 | -0.99 |
| Sortino ratio | -1.35 | -1.32 |
| Maximum drawdown | −14.9% (30-03-2026) | −14.9% (30-03-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.17% | −0.01% |
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 | Bandhan Nifty 100 Index Fund (Direct) | Zerodha Nifty 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | +8.81% | −0.19% |
| Standard deviation | 13.41% | 13.27% |
| Sharpe ratio | 0.21 | -0.45 |
| Sortino ratio | 0.29 | -0.62 |
| Maximum drawdown | −17.3% (28-02-2025) | −17.2% (28-02-2025) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.20% | −0.06% |
From daily NAVs, 25-02-2022 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.
Bandhan Nifty 100 Index Fund (Direct)
Zerodha Nifty 100 ETF (Direct)
Nifty 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bandhan Nifty 100 Index Fund (Direct) | −17.3% | 26-09-2024 | 28-02-2025 | Not yet | -- | −10.3% |
| Zerodha Nifty 100 ETF (Direct) | −17.2% | 26-09-2024 | 28-02-2025 | Not yet | -- | −10.1% |
| Nifty 100 TRI | −17.2% | 26-09-2024 | 28-02-2025 | 02-01-2026 | 10 months | −10.1% |
From daily values since 18-06-2024, 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.
Bandhan Nifty 100 Index Fund (Direct)
Zerodha Nifty 100 ETF (Direct)
Nifty 100 TRI
Against Nifty 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Bandhan Nifty 100 Index Fund (Direct) | 99% | 100% | 0.02% |
| Zerodha Nifty 100 ETF (Direct) | 100% | 100% | 0.04% |
From month-end values since 18-06-2024. 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.
Bandhan Nifty 100 Index vs Zerodha Nifty 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Bandhan Nifty 100 Index Fund, August 2026; Zerodha Nifty 100 ETF, September 2026
Holdings in common
- Overlap
- 96.2%
- Held by both
- 95
- Only in Bandhan Nifty 100 Index
- 5
- Only in Zerodha Nifty 100 ETF
- 5
| Security | % of Bandhan Nifty 100 Index | % of Zerodha Nifty 100 ETF |
|---|---|---|
| HDFC Bank Limited | 8.13% | 8.41% |
| ICICI Bank Limited | 7.80% | 7.34% |
| Reliance Industries Limited | 6.46% | 6.15% |
| Bharti Airtel Limited | 4.12% | 4.14% |
| Larsen & Toubro Limited | 3.54% | 3.41% |
| State Bank of India | 3.28% | 3.07% |
| Axis Bank Limited | 2.80% | 2.73% |
| Infosys Limited | 2.98% | 2.72% |
| Kotak Mahindra Bank Limited | 2.31% | 2.38% |
| Mahindra & Mahindra Limited | 2.19% | 2.04% |
| Bajaj Finance Limited | 2.12% | 2.03% |
| ITC Limited | 1.84% | 1.96% |
| Eternal Limited | 1.78% | 1.80% |
| Tata Consultancy Services Limited | 1.83% | 1.62% |
| Sun Pharmaceutical Industries Limited | 1.57% | 1.49% |
| Titan Company Limited | 1.58% | 1.47% |
| Hindustan Unilever Limited | 1.31% | 1.29% |
| Maruti Suzuki India Limited | 1.32% | 1.21% |
| NTPC Limited | 1.16% | 1.19% |
| Tata Steel Limited | 1.14% | 1.18% |
| Bharat Electronics Limited | 1.11% | 1.08% |
| Shriram Finance Limited | 1.16% | 1.07% |
| Hindalco Industries Limited | 1.10% | 1.06% |
| HCL Technologies Limited | 1.04% | 1.00% |
| UltraTech Cement Limited | 1.01% | 1.00% |
| Bajaj Auto Limited | 1.01% | 0.92% |
| JSW Steel Limited | 0.92% | 0.93% |
| Divi's Laboratories Limited | 0.90% | 0.91% |
| Grasim Industries Limited | 0.95% | 0.89% |
| Power Grid Corporation of India Limited | 0.89% | 0.91% |
| Adani Ports and Special Economic Zone Limited | 0.88% | 1.09% |
| InterGlobe Aviation Limited | 0.89% | 0.87% |
| Asian Paints Limited | 0.90% | 0.84% |
| Bajaj Finserv Limited | 0.88% | 0.78% |
| Eicher Motors Limited | 0.82% | 0.76% |
| Tech Mahindra Limited | 0.77% | 0.75% |
| TVS Motor Company Limited | 0.76% | 0.75% |
| Nestle India Limited | 0.80% | 0.73% |
| Coal India Limited | 0.72% | 0.79% |
| Tata Motors Ltd | 0.74% | 0.68% |
| Trent Limited | 0.72% | 0.68% |
| Hindustan Aeronautics Limited | 0.68% | 0.69% |
| Oil & Natural Gas Corporation Limited | 0.67% | 0.68% |
| Apollo Hospitals Enterprise Limited | 0.69% | 0.65% |
| Adani Power Limited | 0.62% | 0.66% |
| Adani Enterprises Limited | 0.62% | 0.76% |
| SBI Life Insurance Company Limited | 0.59% | 0.59% |
| Cipla Limited | 0.59% | 0.59% |
| Samvardhana Motherson International Limited | 0.56% | 0.56% |
| Jio Financial Services Limited | 0.59% | 0.55% |
| Torrent Pharmaceuticals Limited | 0.56% | 0.55% |
| Cholamandalam Investment and Finance Company Ltd | 0.60% | 0.54% |
| Max Healthcare Institute Limited | 0.58% | 0.53% |
| Dr. Reddy's Laboratories Limited | 0.53% | 0.58% |
| Cummins India Limited | 0.52% | 0.50% |
| Bharat Petroleum Corporation Limited | 0.49% | 0.47% |
| Avenue Supermarts Limited | 0.47% | 0.47% |
| Tata Consumer Products Limited | 0.51% | 0.46% |
| Tata Motors Passenger Vehicles Limited | 0.48% | 0.46% |
| CG Power and Industrial Solutions Limited | 0.47% | 0.45% |
| Britannia Industries Limited | 0.46% | 0.44% |
| HDFC Life Insurance Company Limited | 0.44% | 0.43% |
| Tata Power Company Limited | 0.43% | 0.47% |
| Varun Beverages Limited | 0.41% | 0.46% |
| Indian Oil Corporation Limited | 0.39% | 0.39% |
| Solar Industries India Limited | 0.37% | 0.37% |
| Power Finance Corporation Limited | 0.37% | 0.37% |
| Bajaj Holdings & Investment Limited | 0.38% | 0.36% |
| GAIL (India) Limited | 0.36% | 0.36% |
| HDFC Asset Management Company Limited | 0.40% | 0.35% |
| Pidilite Industries Limited | 0.39% | 0.35% |
| Vedanta Limited | 0.35% | 0.35% |
| Wipro Limited | 0.37% | 0.33% |
| Adani Energy Solutions Limited | 0.35% | 0.33% |
| Bank of Baroda | 0.33% | 0.33% |
| DLF Limited | 0.33% | 0.33% |
| Jindal Steel Limited | 0.33% | 0.33% |
| Bosch Limited | 0.33% | 0.31% |
| Canara Bank | 0.32% | 0.31% |
| Adani Green Energy Limited | 0.30% | 0.33% |
| LTM Limited | 0.32% | 0.29% |
| Punjab National Bank | 0.29% | 0.30% |
| ABB India Limited | 0.30% | 0.28% |
| Godrej Consumer Products Limited | 0.27% | 0.26% |
| Siemens Limited | 0.27% | 0.25% |
| Union Bank of India | 0.27% | 0.25% |
| Muthoot Finance Limited | 0.24% | 0.23% |
| Hyundai Motor India Ltd | 0.24% | 0.22% |
| Zydus Lifesciences Limited | 0.22% | 0.22% |
| Hindustan Zinc Limited | 0.21% | 0.21% |
| Siemens Energy India Limited | 0.21% | 0.22% |
| Ambuja Cements Limited | 0.19% | 0.18% |
| Tata Capital Limited | 0.14% | 0.14% |
| Mazagon Dock Shipbuilders Limited | 0.14% | 0.12% |
| Indian Railway Finance Corporation Limited | 0.13% | 0.12% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 96.2% means 96.2% 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 Bandhan Nifty 100 Index Fund
| Security | % of fund |
|---|---|
| The Indian Hotels Company Limited | 0.49% |
| United Spirits Limited | 0.33% |
| REC Limited | 0.30% |
| Lodha Developers Limited | 0.25% |
| Shree Cement Limited | 0.23% |
Largest holdings only in Zerodha Nifty 100 ETF
| Security | % of fund |
|---|---|
| BSE Ltd | 0.98% |
| Vedanta Aluminium Metal Limited | 0.55% |
| Polycab India Limited | 0.34% |
| Hitachi Energy India Limited | 0.31% |
| Vodafone Idea Limited | 0.28% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bandhan Nifty 100 Index | Zerodha Nifty 100 ETF |
|---|---|---|
| Equity | 101.5% | 99.9% |
| Debt | 0.0% | 0.0% |
| Cash and others | -1.5% | 0.1% |
Market cap of stocks
| Market cap | Bandhan Nifty 100 Index | Zerodha Nifty 100 ETF |
|---|---|---|
| Large Cap | 97.9% | 97.9% |
| Mid Cap | 3.6% | 2.0% |
| Small Cap | 0.0% | 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
| Sector | Bandhan Nifty 100 Index | Zerodha Nifty 100 ETF |
|---|---|---|
| Banks | 25.5% | 25.1% |
| Petroleum Products | 7.3% | 7.0% |
| IT - Software | 7.3% | 6.7% |
| Finance | 6.9% | 6.2% |
| Automobiles | 6.8% | 6.4% |
| Telecom - Services | 4.1% | 4.4% |
| Pharmaceuticals & Biotechnology | 4.4% | 4.3% |
The six largest sectors of each fund's stocks, % of the fund.
Bandhan Nifty 100 Index vs Zerodha Nifty 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bandhan Nifty 100 Index Fund | Zerodha Nifty 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | 0.18% | 0.28% |
| Base expense ratio (Direct) | 0.08% | 0.22% |
| Total expense ratio (Regular) | 0.68% | Not available |
| Base expense ratio (Regular) | 0.51% | 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.
Bandhan Nifty 100 Index Fund vs Zerodha Nifty 100 ETF: Frequently Asked Questions
What is the difference between Bandhan Nifty 100 Index Fund and Zerodha Nifty 100 ETF?
Bandhan Nifty 100 Index Fund is an Index fund, Zerodha Nifty 100 ETF is an ETF fund, run by Bandhan Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 96.2%. Bandhan Nifty 100 Index Fund charges 0.18% a year and Zerodha Nifty 100 ETF 0.28%.
Which has given higher returns, Bandhan Nifty 100 Index Fund or Zerodha Nifty 100 ETF?
Over 1 year: Bandhan Nifty 100 Index Fund −8.85%, Zerodha Nifty 100 ETF −8.69%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Bandhan Nifty 100 Index Fund or Zerodha Nifty 100 ETF?
Bandhan Nifty 100 Index Fund charges less: 0.18% a year against 0.28%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Bandhan Nifty 100 Index Fund and Zerodha Nifty 100 ETF overlap?
96.2%. They hold 95 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Bandhan Nifty 100 Index Fund or Zerodha Nifty 100 ETF?
On SEBI's riskometer, Bandhan Nifty 100 Index Fund is rated Very High and Zerodha Nifty 100 ETF Very High. Over 1 years, the standard deviation of daily returns was 13.89% and 14.04% a year.
Can I invest in both Bandhan Nifty 100 Index Fund and Zerodha Nifty 100 ETF?
Yes. 96.2% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Bandhan Nifty 100 Index Fund and Zerodha Nifty 100 ETF?
Bandhan Nifty 100 Index Fund: Abhishek Jain. Zerodha Nifty 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.