DSP MSCI India ETF vs Mirae Asset Flexi Cap Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
DSP MSCI India ETF is a mutual fund and Mirae Asset Flexi Cap Fund is a Flexi Cap fund. DSP MSCI India ETF charges 0.16% a year and Mirae Asset Flexi Cap Fund 0.74%. Their portfolios overlap 48.8%: they hold 53 of the same securities.
Which is better, DSP MSCI India ETF or Mirae Asset Flexi Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- DSP MSCI India ETF costs less: 0.16% a year against 0.74%.
- Mirae Asset Flexi Cap fell less in its worst fall since 25-11-2025: −13.7% against −14.6%.
- DSP MSCI India ETF holds more in large companies: 80.5% of the fund in large caps against 61.0%.
- Mirae Asset Flexi Cap is the larger fund: ₹4,369 Cr against ₹3 Cr.
- Their portfolios overlap 48.8%: 53 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 MSCI India ETF | Mirae Asset Flexi Cap Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | Mirae Asset Mutual Fund |
| Category | Not available | Flexi Cap |
| AUM | ₹3 Cr (30-09-2026) | ₹4,369 Cr (30-09-2026) |
| NAV | ₹27.96 | ₹16.38 (Direct) |
| Expense ratio (Direct) | Not available | 0.74% |
| Expense ratio (Regular) | Not available | 2.11% |
| Riskometer | Not available | Very High |
| Benchmark | Not available | Nifty 500 TRI |
| Launch date | Not available | 24-02-2023 |
| Minimum investment | Not available | ₹5,000 |
| Lock in | Not available | None |
| Fund managers | Not available | Varun Goel |
| Exit load | Not available | Exit Load for units in excess of 15% of the investment,1% will be charged for redemption within 1 year. |
DSP MSCI India ETF vs Mirae Asset Flexi Cap: 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 MSCI India ETF | +0.34% | −5.94% | −3.51% | -- | -- | -- | -- |
| Mirae Asset Flexi Cap Fund (Direct) | −0.84% | −3.12% | −0.09% | −3.21% | +12.30% | -- | -- |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | -- | -- |
Category average: the average of the 46 Flexi Cap funds, same plan type.
DSP MSCI India ETF vs Mirae Asset Flexi Cap: Year-wise Returns
| Year | DSP MSCI India ETFDSP MSCI India ETF | Mirae Asset Flexi CapMirae Asset Flexi Cap |
|---|---|---|
| 2026to date | −8.97% | −4.81% |
| 2025 | -- | +10.44% |
| 2024 | -- | +19.05% |
DSP MSCI India ETF vs Mirae Asset Flexi Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Mirae Asset Flexi Cap Fund
DSP MSCI India ETF vs Mirae Asset Flexi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP MSCI India ETF | Mirae Asset Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.48% | +14.39% |
| Standard deviation | 14.60% | 13.21% |
| Sharpe ratio | -0.94 | 0.62 |
| Sortino ratio | -1.24 | 0.85 |
| Maximum drawdown | −14.6% (31-03-2026) | −16.1% (07-04-2025) |
| Beta | -- | 0.96 |
| Alpha | -- | +1.76% |
From daily NAVs, 25-11-2025 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.
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 MSCI India ETF
Mirae Asset Flexi Cap Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP MSCI India ETF | −14.6% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.1% |
| Mirae Asset Flexi Cap Fund (Direct) | −13.7% | 02-01-2026 | 30-03-2026 | Not yet | -- | −5.5% |
| Nifty 500 TRI | −14.7% | 02-01-2026 | 30-03-2026 | Not yet | -- | −8.4% |
From daily values since 25-11-2025, the first day every fund has.
DSP MSCI India ETF vs Mirae Asset Flexi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: DSP MSCI India ETF, September 2026; Mirae Asset Flexi Cap Fund, September 2026
Holdings in common
- Overlap
- 48.8%
- Held by both
- 53
- Only in DSP MSCI India ETF
- 111
- Only in Mirae Asset Flexi Cap
- 34
| Security | % of DSP MSCI India ETF | % of Mirae Asset Flexi Cap |
|---|---|---|
| ICICI Bank Limited | 5.59% | 5.38% |
| HDFC Bank Limited | 6.44% | 5.37% |
| Reliance Industries Limited | 5.44% | 3.79% |
| Axis Bank Limited | 2.25% | 2.29% |
| Bharti Airtel Limited | 3.93% | 2.09% |
| Larsen & Toubro Limited | 2.02% | 1.95% |
| Mahindra & Mahindra Limited | 2.05% | 1.81% |
| Infosys Limited | 2.41% | 1.42% |
| State Bank of India | 1.41% | 2.44% |
| Tata Consultancy Services Limited | 1.33% | 1.45% |
| Eternal Limited | 1.22% | 1.15% |
| Bajaj Finance Limited | 1.90% | 1.10% |
| Titan Co Limited | 1.29% | 0.92% |
| Divi's Laboratories Limited | 0.90% | 1.04% |
| Ultratech Cement Limited | 0.89% | 1.13% |
| Shriram Finance Limited | 1.10% | 0.89% |
| Adani Ports and Special Economic Zone Limited | 0.83% | 1.46% |
| Maruti Suzuki India Limited | 1.11% | 0.82% |
| Bharat Electronics Limited | 1.07% | 0.80% |
| TVS Motor Co Limited | 0.78% | 1.28% |
| Kotak Mahindra Bank Limited | 1.82% | 0.72% |
| Tech Mahindra Limited | 0.65% | 1.20% |
| Hindustan Aeronautics Limited | 0.63% | 0.89% |
| ITC Limited | 0.63% | 0.86% |
| SBI Life Insurance Co Limited | 0.61% | 1.38% |
| Sun Pharmaceutical Industries Limited | 1.30% | 0.59% |
| Trent Limited | 0.56% | 0.98% |
| Cummins India Limited | 0.50% | 1.01% |
| BSE Limited | 0.49% | 1.24% |
| Indian Hotels Co Limited | 0.48% | 0.62% |
| Oil & Natural Gas Corporation Limited | 0.46% | 0.60% |
| Vedanta Aluminium Metal Limited | 0.45% | 0.82% |
| Interglobe Aviation Limited | 0.75% | 0.44% |
| CG Power and Industrial Solutions Limited | 0.43% | 1.49% |
| Tata Consumer Products Limited | 0.41% | 0.61% |
| Britannia Industries Limited | 0.41% | 0.94% |
| Bharat Petroleum Corporation Limited | 0.39% | 0.71% |
| Indus Towers Limited | 0.37% | 1.61% |
| Lupin Limited | 0.37% | 1.43% |
| Lenskart Solutions Limited | 0.36% | 1.72% |
| DLF Limited | 0.33% | 0.85% |
| Multi Commodity Exchange Of India Limited | 0.33% | 1.68% |
| Jindal Steel Limited | 0.32% | 1.04% |
| Phoenix Mills Limited | 0.29% | 1.62% |
| Vedanta Limited | 0.28% | 0.78% |
| SRF Limited | 0.27% | 0.57% |
| Sundaram Finance Limited | 0.22% | 0.83% |
| Billionbrains Garage Ventures Limited | 0.21% | 1.03% |
| Mankind Pharma Limited | 0.20% | 1.48% |
| JSW Energy Limited | 0.18% | 1.15% |
| L&T Finance Limited | 0.17% | 1.46% |
| Pidilite Industries Limited | 0.33% | 0.16% |
| Solar Industries India Limited | 0.38% | 0.02% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 48.8% means 48.8% 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 DSP MSCI India ETF
| Security | % of fund |
|---|---|
| NTPC Limited | 1.12% |
| Tata Steel Limited | 1.10% |
| Hindustan Unilever Limited | 1.05% |
| Hindalco Industries Limited | 0.97% |
| Power Grid Corporation of India Limited | 0.87% |
Largest holdings only in Mirae Asset Flexi Cap Fund
| Security | % of fund |
|---|---|
| Engineers India Ltd. | 1.51% |
| ICICI Prudential Asset Management Company Ltd. | 1.48% |
| NLC India Ltd. | 1.44% |
| Tenneco Clean Air India Ltd. | 1.31% |
| Foseco India Ltd. | 1.30% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP MSCI India ETF | Mirae Asset Flexi Cap |
|---|---|---|
| Equity | 99.5% | 99.7% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.5% | 0.3% |
Market cap of stocks
| Market cap | DSP MSCI India ETF | Mirae Asset Flexi Cap |
|---|---|---|
| Large Cap | 80.5% | 61.0% |
| Mid Cap | 19.0% | 19.2% |
| Small Cap | 0.0% | 14.5% |
| Not on AMFI's list | 0.0% | 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 MSCI India ETF | Mirae Asset Flexi Cap |
|---|---|---|
| Banks | 20.3% | 16.2% |
| Capital Markets | 1.4% | 7.4% |
| Pharmaceuticals & Biotechnology | 5.6% | 7.0% |
| IT - Software | 6.5% | 4.1% |
| Petroleum Products | 6.4% | 4.5% |
| Finance | 6.3% | 5.3% |
| Automobiles | 6.2% | 3.9% |
| Consumer Durables | 2.8% | 4.3% |
The six largest sectors of each fund's stocks, % of the fund.
DSP MSCI India ETF vs Mirae Asset Flexi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP MSCI India ETF | Mirae Asset Flexi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.74% |
| Base expense ratio (Direct) | 0.11% | 0.46% |
| Total expense ratio (Regular) | Not available | 2.11% |
| Base expense ratio (Regular) | 0.00% | 1.62% |
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 MSCI India ETF vs Mirae Asset Flexi Cap Fund: Frequently Asked Questions
What is the difference between DSP MSCI India ETF and Mirae Asset Flexi Cap Fund?
DSP MSCI India ETF is a mutual fund, Mirae Asset Flexi Cap Fund is a Flexi Cap fund, run by DSP Mutual Fund and Mirae Asset Mutual Fund. Their portfolios overlap 48.8%. DSP MSCI India ETF charges 0.16% a year and Mirae Asset Flexi Cap Fund 0.74%.
Which has the lower expense ratio, DSP MSCI India ETF or Mirae Asset Flexi Cap Fund?
DSP MSCI India ETF charges less: 0.16% a year against 0.74%. These are the total expense ratios reported to AMFI.
How much do DSP MSCI India ETF and Mirae Asset Flexi Cap Fund overlap?
48.8%. They hold 53 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, RELIANCE. From each fund's latest monthly portfolio.
Can I invest in both DSP MSCI India ETF and Mirae Asset Flexi Cap Fund?
Yes. 48.8% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
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.