DSP MSCI India ETF vs Mirae Asset Multicap 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 Multicap Fund is a Multi Cap fund. DSP MSCI India ETF charges 0.16% a year and Mirae Asset Multicap Fund 0.89%. Their portfolios overlap 33.2%: they hold 35 of the same securities.
Which is better, DSP MSCI India ETF or Mirae Asset Multicap? 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 0.89%.
- DSP MSCI India ETF fell less in its worst fall since 25-11-2025: −14.6% against −14.7%.
- DSP MSCI India ETF holds more in large companies: 80.5% of the fund in large caps against 35.8%.
- Mirae Asset Multicap is the larger fund: ₹5,379 Cr against ₹3 Cr.
- Their portfolios overlap 33.2%: 35 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 Multicap Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | Mirae Asset Mutual Fund |
| Category | Not available | Multi Cap |
| AUM | ₹3 Cr (30-09-2026) | ₹5,379 Cr (30-09-2026) |
| NAV | ₹27.96 | ₹14.30 (Direct) |
| Expense ratio (Direct) | Not available | 0.89% |
| Expense ratio (Regular) | Not available | 2.27% |
| Riskometer | Not available | Very High |
| Benchmark | Not available | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | Not available | 21-08-2023 |
| Minimum investment | Not available | ₹5,000 |
| Lock in | Not available | None |
| Fund managers | Not available | Ankit Jain |
| Exit load | Not available | Exit load of 1%, if redeemed within 365 days. |
DSP MSCI India ETF vs Mirae Asset Multicap: 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 Multicap Fund (Direct) | −3.90% | −7.35% | −2.30% | −6.78% | +12.13% | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
Category average: the average of the 33 Multi Cap funds, same plan type.
DSP MSCI India ETF vs Mirae Asset Multicap: Year-wise Returns
| Year | DSP MSCI India ETFDSP MSCI India ETF | Mirae Asset MulticapMirae Asset Multicap |
|---|---|---|
| 2026to date | −8.97% | −6.61% |
| 2025 | -- | +9.84% |
| 2024 | -- | +18.89% |
DSP MSCI India ETF vs Mirae Asset Multicap: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of Mirae Asset Multicap Fund
DSP MSCI India ETF vs Mirae Asset Multicap: 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 Multicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.48% | +11.69% |
| Standard deviation | 14.60% | 14.25% |
| Sharpe ratio | -0.94 | 0.39 |
| Sortino ratio | -1.24 | 0.53 |
| Maximum drawdown | −14.6% (31-03-2026) | −18.2% (28-02-2025) |
| Beta | -- | 0.94 |
| Alpha | -- | +1.16% |
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 Multicap Fund (Direct)
Nifty500 Multicap 50:25:25 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 Multicap Fund (Direct) | −14.7% | 02-01-2026 | 30-03-2026 | 10-07-2026 | 3 months | −9.1% |
| Nifty500 Multicap 50:25:25 TRI | −14.6% | 02-01-2026 | 30-03-2026 | 06-07-2026 | 3 months | −8.0% |
From daily values since 25-11-2025, the first day every fund has.
DSP MSCI India ETF vs Mirae Asset Multicap: Portfolio Overlap
From each fund's latest monthly portfolio: DSP MSCI India ETF, September 2026; Mirae Asset Multicap Fund, September 2026
Holdings in common
- Overlap
- 33.2%
- Held by both
- 35
- Only in DSP MSCI India ETF
- 129
- Only in Mirae Asset Multicap
- 47
| Security | % of DSP MSCI India ETF | % of Mirae Asset Multicap |
|---|---|---|
| HDFC Bank Limited | 6.44% | 5.51% |
| ICICI Bank Limited | 5.59% | 3.98% |
| Bharti Airtel Limited | 3.93% | 2.29% |
| Axis Bank Limited | 2.25% | 3.35% |
| Reliance Industries Limited | 5.44% | 1.99% |
| Larsen & Toubro Limited | 2.02% | 1.50% |
| Kotak Mahindra Bank Limited | 1.82% | 1.19% |
| Tata Consultancy Services Limited | 1.33% | 1.14% |
| Maruti Suzuki India Limited | 1.11% | 1.24% |
| Tata Steel Limited | 1.10% | 1.21% |
| Hindalco Industries Limited | 0.97% | 0.98% |
| Divi's Laboratories Limited | 0.90% | 1.56% |
| Sun Pharmaceutical Industries Limited | 1.30% | 0.76% |
| Interglobe Aviation Limited | 0.75% | 1.02% |
| Hindustan Aeronautics Limited | 0.63% | 0.97% |
| ITC Limited | 0.63% | 1.02% |
| Hero MotoCorp Limited | 0.51% | 1.96% |
| BSE Limited | 0.49% | 0.87% |
| Oil & Natural Gas Corporation Limited | 0.46% | 0.57% |
| Vedanta Aluminium Metal Limited | 0.45% | 1.84% |
| Tata Power Co Limited | 0.43% | 1.34% |
| Persistent Systems Limited | 0.43% | 1.67% |
| IndusInd Bank Limited | 0.41% | 1.39% |
| HDFC Life Insurance Co Limited | 0.41% | 0.85% |
| Dixon Technologies (India) Limited | 0.40% | 1.54% |
| Lupin Limited | 0.37% | 1.79% |
| Bharat Forge Limited | 0.36% | 0.53% |
| Multi Commodity Exchange Of India Limited | 0.33% | 0.55% |
| Apollo Hospitals Enterprise Limited | 0.66% | 0.31% |
| United Spirits Limited | 0.31% | 0.98% |
| Tata Motors Passenger Vehicles Limited | 0.42% | 0.27% |
| Prestige Estates Projects Limited | 0.21% | 1.40% |
| Tata Communications Limited | 0.15% | 1.54% |
| PI Industries Limited | 0.12% | 0.80% |
| State Bank of India | 1.41% | 0.05% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 33.2% means 33.2% 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 |
|---|---|
| Infosys Limited | 2.41% |
| Mahindra & Mahindra Limited | 2.05% |
| Bajaj Finance Limited | 1.90% |
| Titan Co Limited | 1.29% |
| Eternal Limited | 1.22% |
Largest holdings only in Mirae Asset Multicap Fund
| Security | % of fund |
|---|---|
| Delhivery Ltd. | 2.55% |
| Dalmia Bharat Ltd. | 2.12% |
| Steel Authority of India Ltd. | 2.00% |
| Gland Pharma Ltd. | 1.99% |
| Swiggy Ltd. | 1.93% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP MSCI India ETF | Mirae Asset Multicap |
|---|---|---|
| Equity | 99.5% | 99.5% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.5% | 0.5% |
Market cap of stocks
| Market cap | DSP MSCI India ETF | Mirae Asset Multicap |
|---|---|---|
| Large Cap | 80.5% | 35.8% |
| Mid Cap | 19.0% | 25.7% |
| Small Cap | 0.0% | 34.3% |
| Not on AMFI's list | 0.0% | 3.7% |
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 Multicap |
|---|---|---|
| Banks | 20.3% | 17.4% |
| Pharmaceuticals & Biotechnology | 5.6% | 8.5% |
| Consumer Durables | 2.8% | 6.6% |
| IT - Software | 6.5% | 2.8% |
| Petroleum Products | 6.4% | 2.0% |
| Finance | 6.3% | 1.9% |
| Automobiles | 6.2% | 3.5% |
| Industrial Products | 1.3% | 4.8% |
| Auto Components | 1.3% | 4.6% |
| Transport Services | 0.8% | 4.4% |
The six largest sectors of each fund's stocks, % of the fund.
DSP MSCI India ETF vs Mirae Asset Multicap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP MSCI India ETF | Mirae Asset Multicap Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.89% |
| Base expense ratio (Direct) | 0.11% | 0.43% |
| Total expense ratio (Regular) | Not available | 2.27% |
| Base expense ratio (Regular) | 0.00% | 1.60% |
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 Multicap Fund: Frequently Asked Questions
What is the difference between DSP MSCI India ETF and Mirae Asset Multicap Fund?
DSP MSCI India ETF is a mutual fund, Mirae Asset Multicap Fund is a Multi Cap fund, run by DSP Mutual Fund and Mirae Asset Mutual Fund. Their portfolios overlap 33.2%. DSP MSCI India ETF charges 0.16% a year and Mirae Asset Multicap Fund 0.89%.
Which has the lower expense ratio, DSP MSCI India ETF or Mirae Asset Multicap Fund?
DSP MSCI India ETF charges less: 0.16% a year against 0.89%. These are the total expense ratios reported to AMFI.
How much do DSP MSCI India ETF and Mirae Asset Multicap Fund overlap?
33.2%. They hold 35 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, BHARTIARTL. From each fund's latest monthly portfolio.
Can I invest in both DSP MSCI India ETF and Mirae Asset Multicap Fund?
Yes. 33.2% of each fund's money sits in the same holdings, so some 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.