Bharat 22 ETF vs Kotak BSE PSU Index Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Bharat 22 ETF is an ETF fund and Kotak BSE PSU Index Fund is an Index fund. In the year to 30-10-2026, Bharat 22 ETF (Regular) returned −6.7% and Kotak BSE PSU Index Fund (Direct) returned −5.8%. Bharat 22 ETF charges 0.07% a year and Kotak BSE PSU Index Fund 0.47%. Their portfolios overlap 50.8%: they hold 19 of the same securities.
Kotak BSE PSU Index Fund
Index
- 1 year return
- −5.8%
- Expense ratio
- 0.47%
- NAV
- ₹8.70
Which is better, Bharat 22 ETF or Kotak BSE PSU Index? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Kotak BSE PSU Index returned more over 1 year: −5.8% against −6.7%.
- Bharat 22 ETF costs less: 0.07% a year against 0.47%.
- Bharat 22 ETF fell less in its worst fall since 05-08-2024: −21.8% against −26.8%.
- Bharat 22 ETF holds more in large companies: 91.6% of the fund in large caps against 76.9%.
- Bharat 22 ETF is the larger fund: ₹9,531 Cr against ₹76 Cr.
- Their portfolios overlap 50.8%: 19 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 | Bharat 22 ETF | Kotak BSE PSU Index Fund |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | ETF | Index |
| AUM | ₹9,531 Cr (30-09-2026) | ₹76 Cr (30-09-2026) |
| NAV | ₹108.99 (Regular) | ₹8.70 (Direct) |
| Expense ratio (Direct) | Not available | 0.47% |
| Expense ratio (Regular) | 0.07% | 1.12% |
| Riskometer | Not available | Very High |
| Benchmark | BSE Bharat 22 TRI | BSE PSU TRI |
| Launch date | 24-11-2017 | 31-07-2024 |
| Minimum investment | During 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 | ₹100 |
| Lock in | None | None |
| Fund managers | Nishit Patel, Ashwini Bharucha, Ajaykumar Solanki, Venus Ahuja | Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar |
| Exit load | Not available | Nil |
Bharat 22 ETF vs Kotak BSE PSU 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 |
|---|---|---|---|---|---|---|---|
| Bharat 22 ETF (Regular) | −1.16% | −5.79% | −12.31% | −6.66% | +13.88% | +19.37% | -- |
| Kotak BSE PSU Index Fund (Direct) | −2.59% | −7.11% | −12.45% | −5.83% | -- | -- | -- |
Bharat 22 ETF vs Kotak BSE PSU Index: Year-wise Returns
| Year | Bharat 22 ETFBharat 22 ETF | Kotak BSE PSU IndexKotak BSE PSU Index |
|---|---|---|
| 2026to date | −7.98% | −6.53% |
| 2025 | +10.02% | +11.59% |
| 2024 | +18.21% | -- |
| 2023 | +59.48% | -- |
| 2022 | +28.39% | -- |
| 2021 | +40.00% | -- |
Bharat 22 ETF vs Kotak BSE PSU Index: Rolling Returns
Every holding period of both funds, against BSE Bharat 22 Index TRI, the benchmark of Bharat 22 ETF
Rolling returns
Every 1-year holding period, 304 of them, one for each trading day from 05-08-2025 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.
Bharat 22 ETF (Regular)
Kotak BSE PSU Index Fund (Direct)
BSE Bharat 22 Index TRI
to
Sept 2025Nov 2024
to
Nov 2025Feb 2025
to
Feb 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bharat 22 ETF | 25.0 | 14.8 | 30.6 | 9.9 | 10.2 | 3.9 | 5.6 | 6.9% | 7.3% | −10.9% | 32.5% | 1% |
| Kotak BSE PSU Index | 24.4 | 10.2 | 20.8 | 20.5 | 7.3 | 7.3 | 9.6 | 8.9% | 8.4% | −14.4% | 42.0% | 77% |
| BSE Bharat 22 Index TRI | 25.0 | 13.5 | 30.6 | 10.9 | 10.2 | 4.3 | 5.6 | 7.1% | 7.4% | −10.8% | 32.7% | -- |
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 BSE Bharat 22 Index 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 05-08-2024. Past returns do not promise future returns.
Bharat 22 ETF vs Kotak BSE PSU Index: 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 01-08-2024 to 30-10-2026: 27 instalments, ₹2,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bharat 22 ETFBharat 22 ETF (Regular) | ₹2,70,000 | ₹2,60,946 | −₹9,054 | −2.9% |
| Kotak BSE PSU IndexKotak BSE PSU Index Fund (Direct) | ₹2,70,000 | ₹2,63,507 | −₹6,493 | −2.1% |
Bharat 22 ETFBharat 22 ETF (Regular)
Kotak BSE PSU IndexKotak BSE PSU Index 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.
Bharat 22 ETF vs Kotak BSE PSU Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bharat 22 ETF (Regular) | Kotak BSE PSU Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −6.66% | −5.83% |
| Standard deviation | 14.91% | 16.20% |
| Sharpe ratio | -0.80 | -0.68 |
| Sortino ratio | -1.05 | -0.89 |
| Maximum drawdown | −17.3% (23-10-2026) | −16.4% (23-10-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.19% | −0.44% |
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 | Bharat 22 ETF (Regular) | Kotak BSE PSU Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.65% | −3.44% |
| Standard deviation | 19.47% | 18.50% |
| Sharpe ratio | 0.38 | -0.50 |
| Sortino ratio | 0.50 | -0.66 |
| Maximum drawdown | −47.9% (24-03-2020) | −26.8% (28-02-2025) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.17% | −0.47% |
From daily NAVs, 27-11-2017 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.
Bharat 22 ETF (Regular)
Kotak BSE PSU Index Fund (Direct)
BSE Bharat 22 Index TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bharat 22 ETF (Regular) | −21.8% | 27-09-2024 | 28-02-2025 | 29-01-2026 | 11 months | −14.7% |
| Kotak BSE PSU Index Fund (Direct) | −26.8% | 30-08-2024 | 28-02-2025 | 28-01-2026 | 11 months | −15.0% |
| BSE Bharat 22 Index TRI | −21.8% | 27-09-2024 | 28-02-2025 | 29-01-2026 | 11 months | −14.6% |
From daily values since 05-08-2024, 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.
Bharat 22 ETF (Regular)
Kotak BSE PSU Index Fund (Direct)
BSE Bharat 22 Index TRI
Against BSE Bharat 22 Index TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Bharat 22 ETF (Regular) | 100% | 100% | 0.09% |
| Kotak BSE PSU Index Fund (Direct) | 120% | 119% | 6.61% |
From month-end values since 05-08-2024. 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.
Bharat 22 ETF vs Kotak BSE PSU Index: Portfolio Overlap
From each fund's latest monthly portfolio: Bharat 22 ETF, September 2026; Kotak BSE PSU Index Fund, September 2026
Holdings in common
- Overlap
- 50.8%
- Held by both
- 19
- Only in Bharat 22 ETF
- 3
- Only in Kotak BSE PSU Index
- 42
| Security | % of Bharat 22 ETF | % of Kotak BSE PSU Index |
|---|---|---|
| State Bank Of India | 8.87% | 19.12% |
| NTPC Ltd. | 9.64% | 7.33% |
| Power Grid Corporation Of India Ltd. | 7.48% | 5.69% |
| Bharat Electronics Ltd. | 4.96% | 6.69% |
| Coal India Ltd. | 5.81% | 4.89% |
| Oil & Natural Gas Corporation Ltd. | 5.27% | 4.20% |
| Bharat Petroleum Corporation Ltd. | 3.55% | 2.83% |
| Indian Oil Corporation Ltd. | 2.96% | 2.36% |
| GAIL (India) Ltd. | 2.77% | 2.20% |
| National Aluminium Company Ltd. | 4.78% | 1.48% |
| NHPC Ltd. | 1.43% | 1.30% |
| Power Finance Corporation Ltd. | 1.05% | 2.27% |
| Bank Of Baroda | 0.96% | 2.06% |
| Rural Electrification Corporation Ltd. | 0.82% | 1.78% |
| Indian Bank | 0.63% | 1.35% |
| NLC India Ltd. | 0.53% | 0.45% |
| Engineers India Ltd. | 0.30% | 0.41% |
| NBCC (India) Ltd. | 0.29% | 0.39% |
| SJVN Ltd. | 0.26% | 0.20% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 50.8% means 50.8% 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 Bharat 22 ETF
| Security | % of fund |
|---|---|
| Larsen & Toubro Ltd. | 15.59% |
| ITC Ltd. | 14.23% |
| Axis Bank Ltd. | 7.79% |
Largest holdings only in Kotak BSE PSU Index Fund
| Security | % of fund |
|---|---|
| Hindustan Aeronautics Ltd. | 4.18% |
| Bharat Heavy Electricals Ltd. | 2.91% |
| Life Insurance Corporation Of India | 2.63% |
| CANARA BANK | 1.92% |
| PUNJAB NATIONAL BANK | 1.87% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bharat 22 ETF | Kotak BSE PSU Index |
|---|---|---|
| Equity | 100.0% | 100.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.0% | 0.0% |
Market cap of stocks
| Market cap | Bharat 22 ETF | Kotak BSE PSU Index |
|---|---|---|
| Large Cap | 91.6% | 76.9% |
| Mid Cap | 7.6% | 18.5% |
| Small Cap | 0.8% | 4.5% |
| Not on AMFI's list | 0.0% | 0.1% |
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 | Bharat 22 ETF | Kotak BSE PSU Index |
|---|---|---|
| Banks | 18.3% | 30.3% |
| Power | 19.4% | 15.4% |
| Construction | 16.2% | 1.6% |
| Diversified Fmcg | 14.2% | 0.0% |
| Aerospace and Defense | 0.0% | 11.7% |
| Petroleum Products | 6.5% | 7.3% |
| Finance | 1.9% | 5.9% |
| Consumable Fuels | 5.8% | 4.9% |
| Oil | 5.3% | 5.3% |
The six largest sectors of each fund's stocks, % of the fund.
Bharat 22 ETF vs Kotak BSE PSU Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bharat 22 ETF | Kotak BSE PSU Index Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.47% |
| Base expense ratio (Direct) | 0.00% | 0.33% |
| Total expense ratio (Regular) | 0.07% | 1.12% |
| Base expense ratio (Regular) | 0.06% | 0.88% |
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.
Bharat 22 ETF vs Kotak BSE PSU Index Fund: Frequently Asked Questions
What is the difference between Bharat 22 ETF and Kotak BSE PSU Index Fund?
Bharat 22 ETF is an ETF fund, Kotak BSE PSU Index Fund is an Index fund, run by ICICI Prudential Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 50.8%. Bharat 22 ETF charges 0.07% a year and Kotak BSE PSU Index Fund 0.47%.
Which has given higher returns, Bharat 22 ETF or Kotak BSE PSU Index Fund?
Over 1 year: Bharat 22 ETF −6.66%, Kotak BSE PSU Index Fund −5.83%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Bharat 22 ETF or Kotak BSE PSU Index Fund?
Bharat 22 ETF charges less: 0.07% a year against 0.47%. These are the total expense ratios reported to AMFI.
How much do Bharat 22 ETF and Kotak BSE PSU Index Fund overlap?
50.8%. They hold 19 of the same securities, the largest shared ones being SBIN, NTPC, POWERGRID. From each fund's latest monthly portfolio.
Can I invest in both Bharat 22 ETF and Kotak BSE PSU Index Fund?
Yes. 50.8% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Bharat 22 ETF and Kotak BSE PSU Index Fund?
Bharat 22 ETF: Nishit Patel, Ashwini Bharucha, Ajaykumar Solanki, Venus Ahuja. Kotak BSE PSU Index Fund: Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar.
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.