Bandhan Small Cap Fund vs Zerodha Nifty MidSmallcap400 50:50 Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
Bandhan Small Cap Fund is a Small Cap fund and Zerodha Nifty MidSmallcap400 50:50 Index Fund is an Index fund. Bandhan Small Cap Fund charges 0.65% a year and Zerodha Nifty MidSmallcap400 50:50 Index Fund 0.86% (Direct plans). Their portfolios overlap 18.0%: they hold 91 of the same securities.
Zerodha Nifty MidSmallcap400 50:50 Index Fund
Index
- Expense ratio
- 0.86%
- NAV
- ₹10.41
Which is better, Bandhan Small 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.
- Bandhan Small Cap costs less: 0.65% a year against 0.86% (Direct plans).
- Bandhan Small Cap fell less in its worst fall since 13-04-2026: −8.4% against −12.0%.
- Bandhan Small Cap is the larger fund: ₹34,176 Cr against ₹19 Cr.
- Their portfolios overlap 18.0%: 91 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 Small Cap Fund | Zerodha Nifty MidSmallcap400 50:50 Index Fund |
|---|---|---|
| Fund house | Bandhan Mutual Fund | Zerodha Mutual Fund |
| Category | Small Cap | Index |
| AUM | ₹34,176 Cr (31-08-2026) | ₹19 Cr (30-09-2026) |
| NAV | ₹53.23 (Direct) | ₹10.41 (Direct) |
| Expense ratio (Direct) | 0.65% | 0.86% |
| Expense ratio (Regular) | 1.73% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | BSE 250 Smallcap TRI | Nifty MidSmallcap400 50:50 TRI |
| Launch date | 25-02-2020 | 09-04-2026 |
| Minimum investment | ₹1,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Manish Gunwani, Kirthi Jain, Ritika Behera, Gaurav Satra | Kedarnath Mirajkar |
| Exit load | 1% if redeemed/switched out within 1 year from the date of allotment | Nil |
Bandhan Small 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 |
|---|---|---|---|---|---|---|---|
| Bandhan Small Cap Fund (Direct) | −6.09% | −4.37% | +2.04% | +0.99% | +21.67% | +18.08% | -- |
| Zerodha Nifty MidSmallcap400 50:50 Index Fund (Direct) | −4.73% | −7.35% | −1.96% | -- | -- | -- | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | +14.51% | -- |
Category average: the average of the 36 Small Cap funds, same plan type.
Bandhan Small Cap vs Zerodha Nifty MidSmallcap400 50:50 Index: Year-wise Returns
| Year | Bandhan Small CapBandhan Small Cap | Zerodha Nifty MidSmallcap400 50:50 IndexZerodha Nifty MidSmallcap400 50:50 Index |
|---|---|---|
| 2026to date | +4.61% | -- |
| 2025 | +0.12% | -- |
| 2024 | +45.18% | -- |
| 2023 | +55.85% | -- |
| 2022 | −4.58% | -- |
| 2021 | +55.38% | -- |
Bandhan Small Cap vs Zerodha Nifty MidSmallcap400 50:50 Index: Rolling Returns
Every holding period of both funds, against BSE 250 SmallCap Index TRI, the benchmark of Bandhan Small Cap Fund
Bandhan Small 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 | Bandhan Small Cap Fund (Direct) | Zerodha Nifty MidSmallcap400 50:50 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +28.47% | +5.82% |
| Standard deviation | 17.05% | 14.76% |
| Sharpe ratio | 1.37 | 0.04 |
| Sortino ratio | 1.85 | 0.05 |
| Maximum drawdown | −24.3% (20-06-2022) | −12.0% (23-10-2026) |
| Beta | 0.81 | 1.00 |
| Alpha | +11.47% | −0.71% |
From daily NAVs, 26-02-2020 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 Small Cap Fund (Direct)
Zerodha Nifty MidSmallcap400 50:50 Index Fund (Direct)
BSE 250 SmallCap Index TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bandhan Small Cap Fund (Direct) | −8.4% | 23-09-2026 | 30-10-2026 | Not yet | -- | −8.4% |
| Zerodha Nifty MidSmallcap400 50:50 Index Fund (Direct) | −12.0% | 28-08-2026 | 23-10-2026 | Not yet | -- | −10.0% |
| BSE 250 SmallCap Index TRI | −11.7% | 08-09-2026 | 23-10-2026 | Not yet | -- | −10.1% |
From daily values since 13-04-2026, the first day every fund has.
Bandhan Small Cap vs Zerodha Nifty MidSmallcap400 50:50 Index: Portfolio Overlap
From each fund's latest monthly portfolio: Bandhan Small Cap Fund, August 2026; Zerodha Nifty MidSmallcap400 50:50 Index Fund, September 2026
Holdings in common
- Overlap
- 18.0%
- Held by both
- 91
- Only in Bandhan Small Cap
- 164
- Only in Zerodha Nifty MidSmallcap400 50:50 Index
- 307
| Security | % of Bandhan Small Cap | % of Zerodha Nifty MidSmallcap400 50:50 Index |
|---|---|---|
| One 97 Communications Limited | 1.00% | 0.89% |
| Info Edge (India) Limited | 0.85% | 0.59% |
| ICICI Lombard General Insurance Company Limited | 0.67% | 0.48% |
| PNB Housing Finance Limited | 1.36% | 0.47% |
| REC Limited | 2.42% | 0.46% |
| Glenmark Pharmaceuticals Limited | 0.67% | 0.43% |
| Kirloskar Oil Engines Limited | 0.42% | 0.43% |
| Angel One Limited | 0.62% | 0.40% |
| Apar Industries Limited | 0.63% | 0.39% |
| Manappuram Finance Limited | 0.39% | 0.39% |
| Redington Limited | 0.39% | 0.54% |
| IndusInd Bank Limited | 0.37% | 0.73% |
| Neuland Laboratories Limited | 0.36% | 0.41% |
| The Great Eastern Shipping Company Limited | 0.77% | 0.35% |
| Cholamandalam Financial Holdings Limited | 1.63% | 0.31% |
| Steel Authority of India Limited | 0.31% | 0.32% |
| Crompton Greaves Consumer Electricals Limited | 0.76% | 0.30% |
| Prestige Estates Projects Limited | 0.58% | 0.30% |
| Nuvama Wealth Management Limited | 0.31% | 0.30% |
| Wockhardt Limited | 0.30% | 0.39% |
| Piramal Pharma Limited | 0.62% | 0.29% |
| National Aluminium Company Limited | 0.29% | 0.37% |
| Tata Communications Limited | 0.27% | 0.24% |
| Onesource Specialty Pharma Limited | 0.23% | 0.27% |
| KFin Technologies Limited | 0.23% | 0.25% |
| AWL Agri Business Limited | 0.96% | 0.22% |
| Sagility Limited | 0.25% | 0.22% |
| Amara Raja Energy & Mobility Ltd | 0.27% | 0.21% |
| Oil India Limited | 0.21% | 0.30% |
| Sansera Engineering Limited | 0.21% | 0.45% |
| Deepak Fertilizers and Petrochemicals Corporation Limited | 0.32% | 0.20% |
| Acme Solar Holdings Ltd | 0.24% | 0.20% |
| Star Health And Allied Insurance Company Limited | 0.20% | 0.28% |
| Krishna Institute Of Medical Sciences Limited | 0.20% | 0.45% |
| Cyient Limited | 1.66% | 0.19% |
| LIC Housing Finance Limited | 0.51% | 0.19% |
| Aptus Value Housing Finance India Limited | 0.49% | 0.19% |
| Hindustan Petroleum Corporation Limited | 0.18% | 0.41% |
| eClerx Services Limited | 1.09% | 0.17% |
| Aditya Birla Sun Life AMC Limited | 0.35% | 0.17% |
| Usha Martin Limited | 0.17% | 0.21% |
| General Insurance Corporation of India | 0.72% | 0.16% |
| Cohance Lifesciences Limited | 0.41% | 0.16% |
| Inox Wind Limited | 0.37% | 0.16% |
| Petronet LNG Limited | 0.16% | 0.26% |
| Aurobindo Pharma Limited | 0.16% | 0.56% |
| Emami Limited | 0.16% | 0.17% |
| Computer Age Management Services Limited | 0.16% | 0.36% |
| Paradeep Phosphates Limited | 1.38% | 0.15% |
| Zee Entertainment Enterprises Limited | 0.15% | 0.15% |
| Aarti Industries Limited | 0.15% | 0.22% |
| PCBL Chemical Limited | 0.61% | 0.14% |
| Can Fin Homes Limited | 0.25% | 0.14% |
| The Jammu & Kashmir Bank Limited | 0.16% | 0.14% |
| LT Foods Limited | 2.10% | 0.13% |
| Aditya Birla Real Estate Limited | 0.92% | 0.13% |
| Godawari Power And Ispat limited | 0.67% | 0.13% |
| Syrma SGS Technology Limited | 0.13% | 0.31% |
| Bagmane Prime Office REIT | 0.13% | 0.14% |
| The Ramco Cements Limited | 0.13% | 0.24% |
| Narayana Hrudayalaya Limited | 0.13% | 0.15% |
| Sobha Limited | 2.40% | 0.12% |
| Jubilant Ingrevia Limited | 0.64% | 0.12% |
| NCC Limited | 0.27% | 0.12% |
| Jindal Saw Limited | 0.12% | 0.15% |
| CESC Limited | 0.12% | 0.19% |
| KEC International Limited | 0.16% | 0.11% |
| NTPC Green Energy Limited | 0.15% | 0.11% |
| Birlasoft Limited | 0.15% | 0.11% |
| Pine Labs Limited | 0.11% | 0.22% |
| Emcure Pharmaceuticals Limited | 0.11% | 0.18% |
| Blue Star Limited | 0.11% | 0.24% |
| Aegis Vopak Terminals Limited | 0.17% | 0.10% |
| JSW Cement Limited | 0.27% | 0.09% |
| UTI Asset Management Company Limited | 0.13% | 0.09% |
| Clean Science and Technology Limited | 0.13% | 0.09% |
| Finolex Cables Limited | 0.09% | 0.25% |
| Jupiter Wagons Limited | 0.17% | 0.08% |
| Indus Towers Limited | 0.08% | 0.59% |
| NLC India Limited | 0.08% | 0.12% |
| SignatureGlobal (India) Limited | 0.22% | 0.07% |
| Exide Industries Limited | 0.07% | 0.23% |
| Five Star Business Finance Limited | 0.06% | 0.23% |
| Godrej Industries Limited | 0.76% | 0.05% |
| RHI Magnesita India Limited | 0.41% | 0.05% |
| Indiamart Intermesh Limited | 0.05% | 0.12% |
| HEG Limited | 0.35% | 0.04% |
| Jyoti CNC Automation Ltd | 0.04% | 0.20% |
| Bharat Coking Coal Limited | 0.10% | 0.03% |
| Craftsman Automation Limited | 0.03% | 0.36% |
| Vedanta Power Ltd | 0.01% | 0.13% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 18.0% means 18.0% 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 Small Cap Fund
| Security | % of fund |
|---|---|
| State Bank of India | 1.88% |
| Arvind Limited | 1.56% |
| The South Indian Bank Limited | 1.48% |
| The Karnataka Bank Limited | 1.34% |
| Sky Gold And Diamonds Limited | 1.19% |
Largest holdings only in Zerodha Nifty MidSmallcap400 50:50 Index Fund
| Security | % of fund |
|---|---|
| Multi Commodity Exchange of India Limited | 1.04% |
| The Federal Bank Limited | 0.97% |
| Laurus Labs Limited | 0.95% |
| Sona BLW Precision Forgings Limited | 0.84% |
| Hero MotoCorp Limited | 0.84% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bandhan Small Cap | Zerodha Nifty MidSmallcap400 50:50 Index |
|---|---|---|
| Equity | 86.6% | 97.7% |
| Debt | 0.0% | 0.0% |
| Cash and others | 13.4% | 2.3% |
Market cap of stocks
| Market cap | Bandhan Small Cap | Zerodha Nifty MidSmallcap400 50:50 Index |
|---|---|---|
| Large Cap | 6.1% | 2.9% |
| Mid Cap | 10.7% | 46.6% |
| Small Cap | 68.7% | 47.9% |
| Not on AMFI's list | 1.1% | 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 | Bandhan Small Cap | Zerodha Nifty MidSmallcap400 50:50 Index |
|---|---|---|
| Finance | 9.8% | 7.3% |
| Banks | 8.7% | 6.9% |
| Pharmaceuticals & Biotechnology | 6.9% | 8.4% |
| Auto Components | 0.9% | 6.5% |
| Realty | 6.3% | 2.5% |
| Consumer Durables | 5.9% | 3.6% |
| Industrial Products | 3.8% | 5.7% |
| Capital Markets | 1.8% | 5.0% |
| Agricultural Food & other Products | 4.0% | 1.4% |
The six largest sectors of each fund's stocks, % of the fund.
Bandhan Small Cap vs Zerodha Nifty MidSmallcap400 50:50 Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bandhan Small Cap Fund | Zerodha Nifty MidSmallcap400 50:50 Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.65% | 0.86% |
| Base expense ratio (Direct) | 0.40% | 0.25% |
| Total expense ratio (Regular) | 1.73% | Not available |
| Base expense ratio (Regular) | 1.32% | 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
Bandhan Small Cap Fund vs Zerodha Nifty MidSmallcap400 50:50 Index Fund: Frequently Asked Questions
What is the difference between Bandhan Small Cap Fund and Zerodha Nifty MidSmallcap400 50:50 Index Fund?
Bandhan Small Cap Fund is a Small Cap fund, Zerodha Nifty MidSmallcap400 50:50 Index Fund is an Index fund, run by Bandhan Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 18.0%. Bandhan Small Cap Fund charges 0.65% a year and Zerodha Nifty MidSmallcap400 50:50 Index Fund 0.86%.
Which has the lower expense ratio, Bandhan Small Cap Fund or Zerodha Nifty MidSmallcap400 50:50 Index Fund?
Bandhan Small Cap Fund charges less: 0.65% a year against 0.86%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Bandhan Small Cap Fund and Zerodha Nifty MidSmallcap400 50:50 Index Fund overlap?
18.0%. They hold 91 of the same securities, the largest shared ones being PAYTM, NAUKRI, ICICIGI. From each fund's latest monthly portfolio.
Which is riskier, Bandhan Small Cap Fund or Zerodha Nifty MidSmallcap400 50:50 Index Fund?
On SEBI's riskometer, Bandhan Small 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 17.05% and 14.76% a year.
Can I invest in both Bandhan Small Cap Fund and Zerodha Nifty MidSmallcap400 50:50 Index Fund?
Yes. 18.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Bandhan Small Cap Fund and Zerodha Nifty MidSmallcap400 50:50 Index Fund?
Bandhan Small Cap Fund: Manish Gunwani, Kirthi Jain, Ritika Behera, Gaurav Satra. 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.