DSP Midcap Fund vs Motilal Oswal Midcap Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP Midcap Fund and Motilal Oswal Midcap Fund are both Mid Cap funds. In the 3 years to 30-10-2026, DSP Midcap Fund (Direct) returned 12.6% a year and Motilal Oswal Midcap Fund (Direct) returned 9.3% a year. DSP Midcap Fund charges 0.85% a year and Motilal Oswal Midcap Fund 0.92% (Direct plans). Their portfolios overlap 20.3%: they hold 11 of the same securities.
Motilal Oswal Midcap Fund
Mid Cap
- 3 year return
- 9.3%
- Expense ratio
- 0.92%
- NAV
- ₹45.45
Which is better, DSP Midcap or Motilal Oswal Midcap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Motilal Oswal Midcap returned more over 5 years: 10.7% a year against 10.0%.
- DSP Midcap returned more over 3 years: 12.6% a year against 9.3%.
- DSP Midcap costs less: 0.85% a year against 0.92% (Direct plans).
- DSP Midcap swung less over 3 years: a standard deviation of 15.6% a year against 18.6%.
- DSP Midcap fell less in its worst fall since 25-02-2014: −32.7% against −48.9%.
- Motilal Oswal Midcap is the larger fund: ₹40,208 Cr against ₹19,488 Cr.
- Their portfolios overlap 20.3%: 11 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 Midcap Fund | Motilal Oswal Midcap Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | Motilal Oswal Mutual Fund |
| Category | Mid Cap | Mid Cap |
| AUM | ₹19,488 Cr (30-09-2026) | ₹40,208 Cr (30-09-2026) |
| NAV | ₹160.02 (Direct) | ₹45.45 (Direct) |
| Expense ratio (Direct) | 0.85% | 0.92% |
| Expense ratio (Regular) | 1.74% | 1.63% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Midcap 150 TRI | Nifty Midcap 150 TRI |
| Launch date | 14-11-2006 | 24-02-2014 |
| Minimum investment | ₹100 | ₹500 |
| Lock in | None | None |
| Fund managers | Vinit Sambre, Abhishek Ghosh | Ajay Khandelwal, Ankit Agarwal, Varun Sharma, Rakesh Shetty, Swapnil Mayekar |
| Exit load | Exit load of 1% if redeemed less than 12 months | 1% - If redeemed on or before 365 days from the date of allotment. Nil - If redeemed after 365 days from the date of allotment. |
DSP Midcap vs Motilal Oswal Midcap: 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 Midcap Fund (Direct) | −3.32% | −7.62% | −3.16% | −4.38% | +12.62% | +9.98% | +12.99% |
| Motilal Oswal Midcap Fund (Direct) | −2.56% | −3.38% | +6.27% | −14.14% | +9.27% | +10.67% | +7.45% |
| Mid Cap average | −3.36% | −6.03% | −0.14% | −2.17% | +14.75% | +12.95% | +14.07% |
Category average: the average of the 34 Mid Cap funds, same plan type.
DSP Midcap vs Motilal Oswal Midcap: Year-wise Returns
| Year | DSPDSP Midcap | Motilal OswalMotilal Oswal Midcap | Nifty Midcap 150 TRI |
|---|---|---|---|
| 2026to date | −3.90% | −8.77% | −4.97% |
| 2025 | +2.68% | −16.91% | +5.98% |
| 2024 | +23.60% | +48.57% | +24.46% |
| 2023 | +39.75% | +33.21% | +44.61% |
| 2022 | −3.97% | +4.51% | +3.91% |
| 2021 | +29.58% | +34.33% | +48.16% |
DSP Midcap vs Motilal Oswal Midcap: Rolling Returns
Every holding period of both funds, against Nifty Midcap 150 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 2,384 of them, one for each trading day from 27-02-2017 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.
DSP Midcap Fund (Direct)
Motilal Oswal Midcap Fund (Direct)
Nifty Midcap 150 TRI
to
Dec 2017Jul 2016
to
Jul 2019Mar 2018
to
Mar 2021Nov 2019
to
Nov 2022Jul 2021
to
Jul 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DSP Midcap | 1.8 | 3.1 | 8.6 | 19.1 | 38.2 | 25.1 | 4.2 | 16.6% | 17.7% | −4.1% | 34.2% | 31% |
| Motilal Oswal Midcap | 15.6 | 17.7 | 7.6 | 18.5 | 12.9 | 11.9 | 15.8 | 11.5% | 12.7% | −16.0% | 31.8% | 12% |
| Nifty Midcap 150 TRI | 5.4 | 7.2 | 6.3 | 10.4 | 10.9 | 28.5 | 31.2 | 19.4% | 22.1% | −8.3% | 40.6% | -- |
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 Midcap 150 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 25-02-2014. Past returns do not promise future returns.
DSP Midcap vs Motilal Oswal Midcap: 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 03-02-2014 to 30-10-2026: 153 instalments, ₹15,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| DSP MidcapDSP Midcap Fund (Direct) | ₹15,30,000 | ₹40,16,013 | ₹24,86,013 | 14.2% |
| Motilal Oswal MidcapMotilal Oswal Midcap Fund (Direct) | ₹15,30,000 | ₹29,46,732 | ₹14,16,732 | 9.8% |
DSP MidcapDSP Midcap Fund (Direct)
Motilal Oswal MidcapMotilal Oswal Midcap 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.
DSP Midcap vs Motilal Oswal Midcap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP Midcap Fund (Direct) | Motilal Oswal Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −4.38% | −14.14% |
| Standard deviation | 15.68% | 19.23% |
| Sharpe ratio | -0.61 | -1.01 |
| Sortino ratio | -0.84 | -1.34 |
| Maximum drawdown | −12.5% (23-03-2026) | −28.4% (31-03-2026) |
| Beta | 0.92 | 0.98 |
| Alpha | −0.76% | −9.98% |
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 | DSP Midcap Fund (Direct) | Motilal Oswal Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.62% | +9.27% |
| Standard deviation | 15.64% | 18.64% |
| Sharpe ratio | 0.42 | 0.17 |
| Sortino ratio | 0.57 | 0.23 |
| Maximum drawdown | −21.2% (28-02-2025) | −37.9% (31-03-2026) |
| Beta | 0.89 | 0.90 |
| Alpha | −0.31% | −3.73% |
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 | DSP Midcap Fund (Direct) | Motilal Oswal Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.98% | +10.67% |
| Standard deviation | 15.03% | 18.02% |
| Sharpe ratio | 0.28 | 0.27 |
| Sortino ratio | 0.37 | 0.36 |
| Maximum drawdown | −21.5% (20-06-2022) | −37.9% (31-03-2026) |
| Beta | 0.87 | 0.87 |
| Alpha | −2.79% | −2.14% |
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 | DSP Midcap Fund (Direct) | Motilal Oswal Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.01% | +12.67% |
| Standard deviation | 15.94% | 19.16% |
| Sharpe ratio | 0.62 | 0.36 |
| Sortino ratio | 0.84 | 0.46 |
| Maximum drawdown | −32.7% (23-03-2020) | −48.9% (23-03-2020) |
| 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 Midcap Fund (Direct)
Motilal Oswal Midcap Fund (Direct)
Nifty Midcap 150 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP Midcap Fund (Direct) | −32.7% | 20-02-2020 | 23-03-2020 | 25-08-2020 | 5 months | −10.4% |
| Motilal Oswal Midcap Fund (Direct) | −48.9% | 05-01-2018 | 23-03-2020 | 14-09-2021 | 18 months | −25.6% |
| Nifty Midcap 150 TRI | −43.1% | 08-01-2018 | 23-03-2020 | 23-11-2020 | 8 months | −10.5% |
From daily values since 25-02-2014, 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.
DSP Midcap Fund (Direct)
Motilal Oswal Midcap Fund (Direct)
Nifty Midcap 150 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.
DSP Midcap Fund (Direct)
Motilal Oswal Midcap Fund (Direct)
Nifty Midcap 150 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.
DSP Midcap Fund (Direct)
Motilal Oswal Midcap Fund (Direct)
Nifty Midcap 150 TRI
Against Nifty Midcap 150 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| DSP Midcap Fund (Direct) | 87% | 87% | 5.79% |
| Motilal Oswal Midcap Fund (Direct) | 82% | 100% | 11.95% |
From month-end values since 25-02-2014. 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.
DSP Midcap vs Motilal Oswal Midcap: Portfolio Overlap
From each fund's latest monthly portfolio: DSP Midcap Fund, September 2026; Motilal Oswal Midcap Fund, September 2026
Holdings in common
- Overlap
- 20.3%
- Held by both
- 11
- Only in DSP Midcap
- 53
- Only in Motilal Oswal Midcap
- 19
| Security | % of DSP Midcap | % of Motilal Oswal Midcap |
|---|---|---|
| Coforge Limited | 4.07% | 5.43% |
| Multi Commodity Exchange Of India Limited | 3.31% | 3.74% |
| Eternal Limited | 1.95% | 6.72% |
| Dixon Technologies (India) Limited | 1.86% | 3.43% |
| KEI Industries Limited | 1.67% | 4.27% |
| Tube Investments of India Limited | 1.57% | 2.43% |
| L&T Finance Limited | 1.55% | 2.11% |
| Samvardhana Motherson International Limited | 1.50% | 2.26% |
| PB Fintech Limited | 1.02% | 1.72% |
| Shriram Finance Limited | 0.97% | 3.40% |
| Lenskart Solutions Limited | 0.79% | 2.94% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 20.3% means 20.3% 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 DSP Midcap Fund
| Security | % of fund |
|---|---|
| IPCA Laboratories Limited | 2.84% |
| Phoenix Mills Limited | 2.73% |
| Federal Bank Limited | 2.56% |
| Fortis Healthcare Limited | 2.53% |
| Bharat Forge Limited | 2.51% |
Largest holdings only in Motilal Oswal Midcap Fund
| Security | % of fund |
|---|---|
| One 97 Communications Limited | 8.64% |
| Kalyan Jewellers India Limited | 7.98% |
| Aditya Birla Capital Limited | 4.64% |
| Persistent Systems Ltd | 4.43% |
| Sterlite Technologies Limited | 4.40% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP Midcap | Motilal Oswal Midcap |
|---|---|---|
| Equity | 95.4% | 94.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 4.6% | 5.2% |
Market cap of stocks
| Market cap | DSP Midcap | Motilal Oswal Midcap |
|---|---|---|
| Large Cap | 16.5% | 24.7% |
| Mid Cap | 67.5% | 65.1% |
| Small Cap | 11.4% | 5.0% |
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 | DSP Midcap | Motilal Oswal Midcap |
|---|---|---|
| Capital Markets | 5.2% | 11.6% |
| Consumer Durables | 3.9% | 11.4% |
| Auto Components | 11.2% | 4.7% |
| Financial Technology (Fintech) | 1.0% | 10.4% |
| Finance | 5.9% | 10.2% |
| IT - Software | 6.5% | 9.9% |
| Retailing | 4.1% | 9.7% |
| Industrial Products | 8.7% | 4.3% |
| Banks | 7.5% | 2.4% |
The six largest sectors of each fund's stocks, % of the fund.
DSP Midcap vs Motilal Oswal Midcap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP Midcap Fund | Motilal Oswal Midcap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.85% | 0.92% |
| Base expense ratio (Direct) | 0.66% | 0.66% |
| Total expense ratio (Regular) | 1.74% | 1.63% |
| Base expense ratio (Regular) | 1.42% | 1.30% |
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 DSP Midcap with
DSP Midcap Fund vs Motilal Oswal Midcap Fund: Frequently Asked Questions
What is the difference between DSP Midcap Fund and Motilal Oswal Midcap Fund?
Both are Mid Cap funds, run by DSP Mutual Fund and Motilal Oswal Mutual Fund. Their portfolios overlap 20.3%. DSP Midcap Fund charges 0.85% a year and Motilal Oswal Midcap Fund 0.92%.
Which has given higher returns, DSP Midcap Fund or Motilal Oswal Midcap Fund?
Over 1 year: DSP Midcap Fund −4.38%, Motilal Oswal Midcap Fund −14.14%. Over 3 years: DSP Midcap Fund +12.62% a year, Motilal Oswal Midcap Fund +9.27% a year. Over 5 years: DSP Midcap Fund +9.98% a year, Motilal Oswal Midcap Fund +10.67% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, DSP Midcap Fund or Motilal Oswal Midcap Fund?
DSP Midcap Fund charges less: 0.85% a year against 0.92%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP Midcap Fund and Motilal Oswal Midcap Fund overlap?
20.3%. They hold 11 of the same securities, the largest shared ones being COFORGE, MCX, ETERNAL. From each fund's latest monthly portfolio.
Which is riskier, DSP Midcap Fund or Motilal Oswal Midcap Fund?
On SEBI's riskometer, DSP Midcap Fund is rated Very High and Motilal Oswal Midcap Fund Very High. Over 3 years, the standard deviation of daily returns was 15.64% and 18.64% a year.
Which is better for SIP, DSP Midcap Fund or Motilal Oswal Midcap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,91,450 in DSP Midcap Fund (XIRR 10.2% a year) and ₹7,33,308 in Motilal Oswal Midcap Fund (XIRR 7.2% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both DSP Midcap Fund and Motilal Oswal Midcap Fund?
Yes. 20.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages DSP Midcap Fund and Motilal Oswal Midcap Fund?
DSP Midcap Fund: Vinit Sambre, Abhishek Ghosh. Motilal Oswal Midcap Fund: Ajay Khandelwal, Ankit Agarwal, Varun Sharma, Rakesh Shetty, Swapnil Mayekar.
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.