DSP Medium Term Fund vs Zerodha Life Cycle Fund 2031
Direct Plan, Growth option · Data as on 30-10-2026
DSP Medium Term Fund is a Medium Duration fund and Zerodha Life Cycle Fund 2031 is a mutual fund. DSP Medium Term Fund charges 0.41% a year and Zerodha Life Cycle Fund 2031 2.98% (Direct plans). Their portfolios overlap 13.9%: they hold 1 of the same security.
Which is better, DSP Medium Term or Zerodha Life Cycle Fund 2031? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- DSP Medium Term costs less: 0.41% a year against 2.98% (Direct plans).
- DSP Medium Term fell less in its worst fall since 18-09-2026: −0.9% against −4.4%.
- DSP Medium Term is the larger fund: ₹249 Cr against ₹10 Cr.
- Their portfolios overlap 13.9%: 1 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 | DSP Medium Term Fund | Zerodha Life Cycle Fund 2031 |
|---|---|---|
| Fund house | DSP Mutual Fund | Zerodha Mutual Fund |
| Category | Medium Duration | Not available |
| AUM | ₹249 Cr (30-09-2026) | ₹10 Cr (30-09-2026) |
| NAV | ₹91.45 (Direct) | ₹9.74 (Direct) |
| Expense ratio (Direct) | 0.41% | 2.98% |
| Expense ratio (Regular) | 0.74% | Not available |
| Riskometer | Moderate | High |
| Benchmark | CRISIL Medium Duration Debt A-III Index | 55% CRISIL 10 year Gilt Index + 35% Nifty 200 TRI + 5% Domestic prices of Physical Gold + 5% Domestic prices of Physical |
| Launch date | 29-04-1997 | 16-09-2026 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | Not available |
| Fund managers | Vivek Ramakrishnan, Karan Mundhra | Kedarnath Mirajkar |
| Exit load | Nil | Nil |
DSP Medium Term vs Zerodha Life Cycle Fund 2031: 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 |
|---|---|---|---|---|---|---|---|
| DSP Medium Term Fund (Direct) | −0.61% | −1.06% | +1.62% | +2.91% | +6.69% | +5.96% | +5.84% |
| Zerodha Life Cycle Fund 2031 (Direct) | −1.18% | -- | -- | -- | -- | -- | -- |
| Medium Duration average | −0.34% | −0.09% | +2.51% | +4.72% | +7.66% | +6.88% | +6.78% |
Category average: the average of the 13 Medium Duration funds, same plan type.
DSP Medium Term vs Zerodha Life Cycle Fund 2031: Year-wise Returns
| Year | DSP Medium TermDSP Medium Term | Zerodha Life Cycle Fund 2031Zerodha Life Cycle Fund 2031 |
|---|---|---|
| 2026to date | +2.38% | -- |
| 2025 | +8.20% | -- |
| 2024 | +7.99% | -- |
| 2023 | +7.43% | -- |
| 2022 | +3.25% | -- |
| 2021 | +3.83% | -- |
DSP Medium Term vs Zerodha Life Cycle Fund 2031: Rolling Returns
Every holding period of both funds
DSP Medium Term vs Zerodha Life Cycle Fund 2031: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP Medium Term Fund (Direct) | Zerodha Life Cycle Fund 2031 (Direct) |
|---|---|---|
| Return (CAGR) | +6.83% | −25.51% |
| Standard deviation | 2.76% | 7.90% |
| Sharpe ratio | 0.28 | -3.93 |
| Sortino ratio | 0.35 | -4.33 |
| Maximum drawdown | −5.4% (19-08-2013) | −4.4% (23-10-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 02-01-2013 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.
DSP Medium Term Fund (Direct)
Zerodha Life Cycle Fund 2031 (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP Medium Term Fund (Direct) | −0.9% | 22-09-2026 | 27-10-2026 | Not yet | -- | −0.9% |
| Zerodha Life Cycle Fund 2031 (Direct) | −4.4% | 23-09-2026 | 23-10-2026 | Not yet | -- | −3.5% |
From daily values since 18-09-2026, the first day every fund has.
DSP Medium Term vs Zerodha Life Cycle Fund 2031: Portfolio Overlap
From each fund's latest monthly portfolio: DSP Medium Term Fund, September 2026; Zerodha Life Cycle Fund 2031, September 2026
Holdings in common
- Overlap
- 13.9%
- Held by both
- 1
- Only in DSP Medium Term
- 10
- Only in Zerodha Life Cycle Fund 2031
- 252
| Security | % of DSP Medium Term | % of Zerodha Life Cycle Fund 2031 |
|---|---|---|
| 6.36% GOI 16022031 | 13.91% | 26.91% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 13.9% means 13.9% 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 DSP Medium Term Fund
| Security | % of fund |
|---|---|
| 7.13% Haryana SDL 05012032 | 13.99% |
| 7.72% Maharashtra SDL 01032031 | 10.22% |
| 7.73% Maharashtra SDL 29032032 | 10.12% |
| 7.30% Karnataka SDL 09022032 | 10.03% |
| 6.83% Maharashtra SDL 23062031 | 10.00% |
Largest holdings only in Zerodha Life Cycle Fund 2031
| Security | % of fund |
|---|---|
| Bharti Airtel Limited | 5.05% |
| The Federal Bank Limited | 4.34% |
| IndusInd Bank Limited | 4.04% |
| Infosys Limited | 3.74% |
| Bajaj Finance Limited | 2.58% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP Medium Term | Zerodha Life Cycle Fund 2031 |
|---|---|---|
| Equity | 0.0% | 65.8% |
| Debt | 98.0% | 26.9% |
| Cash and others | 2.0% | 7.3% |
Market cap of stocks
| Market cap | DSP Medium Term | Zerodha Life Cycle Fund 2031 |
|---|---|---|
| Large Cap | -- | 34.8% |
| Mid Cap | -- | 28.5% |
| Small Cap | -- | 2.5% |
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 | DSP Medium Term | Zerodha Life Cycle Fund 2031 |
|---|---|---|
| Banks | 0.0% | 15.7% |
| Finance | 0.0% | 6.5% |
| IT - Software | 0.0% | 5.9% |
| Telecom - Services | 0.0% | 5.8% |
| Pharmaceuticals & Biotechnology | 0.0% | 3.3% |
| Automobiles | 0.0% | 1.9% |
The six largest sectors of each fund's stocks, % of the fund.
DSP Medium Term vs Zerodha Life Cycle Fund 2031: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP Medium Term Fund | Zerodha Life Cycle Fund 2031 |
|---|---|---|
| Total expense ratio (Direct) | 0.41% | 2.98% |
| Base expense ratio (Direct) | 0.34% | 0.42% |
| Total expense ratio (Regular) | 0.74% | Not available |
| Base expense ratio (Regular) | 0.62% | 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
DSP Medium Term Fund vs Zerodha Life Cycle Fund 2031: Frequently Asked Questions
What is the difference between DSP Medium Term Fund and Zerodha Life Cycle Fund 2031?
DSP Medium Term Fund is a Medium Duration fund, Zerodha Life Cycle Fund 2031 is a mutual fund, run by DSP Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 13.9%. DSP Medium Term Fund charges 0.41% a year and Zerodha Life Cycle Fund 2031 2.98%.
Which has the lower expense ratio, DSP Medium Term Fund or Zerodha Life Cycle Fund 2031?
DSP Medium Term Fund charges less: 0.41% a year against 2.98%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP Medium Term Fund and Zerodha Life Cycle Fund 2031 overlap?
13.9%. They hold 1 of the same securities, the largest shared ones being 6.36% GOI 16022031. From each fund's latest monthly portfolio.
Which is riskier, DSP Medium Term Fund or Zerodha Life Cycle Fund 2031?
On SEBI's riskometer, DSP Medium Term Fund is rated Moderate and Zerodha Life Cycle Fund 2031 High. Over their common history, the standard deviation of daily returns was 2.76% and 7.90% a year.
Can I invest in both DSP Medium Term Fund and Zerodha Life Cycle Fund 2031?
Yes. 13.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages DSP Medium Term Fund and Zerodha Life Cycle Fund 2031?
DSP Medium Term Fund: Vivek Ramakrishnan, Karan Mundhra. Zerodha Life Cycle Fund 2031: 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.