Groww NIFTY 200 ETF vs JM Flexi Cap Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Groww NIFTY 200 ETF is an ETF fund and JM Flexi Cap Fund is a Flexi Cap fund. In the year to 30-10-2026, Groww NIFTY 200 ETF returned −8.2% and JM Flexi Cap Fund (Direct) returned −5.3%. Groww NIFTY 200 ETF charges 0.43% a year and JM Flexi Cap Fund 1.09%. Their portfolios overlap 37.5%: they hold 45 of the same securities.
Which is better, Groww NIFTY 200 ETF or JM 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.
- JM Flexi Cap returned more over 1 year: −5.3% against −8.2%.
- Groww NIFTY 200 ETF costs less: 0.43% a year against 1.09%.
- Groww NIFTY 200 ETF fell less in its worst fall since 27-02-2025: −14.8% against −16.5%.
- Groww NIFTY 200 ETF holds more in large companies: 79.6% of the fund in large caps against 49.4%.
- JM Flexi Cap is the larger fund: ₹5,036 Cr against ₹16 Cr.
- Their portfolios overlap 37.5%: 45 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 | Groww NIFTY 200 ETF | JM Flexi Cap Fund |
|---|---|---|
| Fund house | Groww Mutual Fund | JM Financial Mutual Fund |
| Category | ETF | Flexi Cap |
| AUM | ₹16 Cr (30-09-2026) | ₹5,036 Cr (30-09-2026) |
| NAV | ₹10.72 | ₹108.04 (Direct) |
| Expense ratio (Direct) | Not available | 1.09% |
| Expense ratio (Regular) | Not available | 2.31% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 200 TRI | BSE 500 TRI |
| Launch date | 25-02-2025 | 23-09-2008 |
| Minimum investment | ₹500 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Nikhil Satam, Aakash Chauhan, Shashi Kumar | Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar |
| Exit load | Nil | Exit load of 1%, if redeemed within 30 days. |
Groww NIFTY 200 ETF vs JM 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 |
|---|---|---|---|---|---|---|---|
| Groww NIFTY 200 ETF | +0.13% | −6.00% | −3.35% | −8.21% | -- | -- | -- |
| JM Flexi Cap Fund (Direct) | −3.51% | −4.36% | +1.11% | −5.28% | +13.05% | +13.89% | +15.31% |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | +13.13% |
Category average: the average of the 46 Flexi Cap funds, same plan type.
Groww NIFTY 200 ETF vs JM Flexi Cap: Year-wise Returns
| Year | Groww NIFTY 200 ETFGroww NIFTY 200 ETF | JM Flexi CapJM Flexi Cap |
|---|---|---|
| 2026to date | −8.79% | −2.66% |
| 2025 | -- | −5.65% |
| 2024 | -- | +35.27% |
| 2023 | -- | +41.55% |
| 2022 | -- | +8.69% |
| 2021 | -- | +33.98% |
Groww NIFTY 200 ETF vs JM Flexi Cap: Rolling Returns
Every holding period of both funds, against Nifty 200 TRI, the benchmark of Groww NIFTY 200 ETF
Rolling returns
Every 1-year holding period, 164 of them, one for each trading day from 27-02-2026 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.
Groww NIFTY 200 ETF
JM Flexi Cap Fund (Direct)
Nifty 200 TRI
to
Mar 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Groww NIFTY 200 ETF | 46.3 | 37.8 | 11.6 | 3.7 | 0.6 | 0.0 | 0.0 | 0.8% | 0.3% | −9.9% | 15.6% | 0% |
| JM Flexi Cap | 41.5 | 45.7 | 12.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.8% | 0.4% | −7.3% | 8.7% | 54% |
| Nifty 200 TRI | 42.1 | 40.2 | 13.4 | 3.0 | 1.2 | 0.0 | 0.0 | 1.2% | 0.7% | −9.6% | 16.1% | -- |
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 200 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 27-02-2025. Past returns do not promise future returns.
Groww NIFTY 200 ETF vs JM Flexi Cap: 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 27-02-2025 to 30-10-2026: 21 instalments, ₹2,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Groww NIFTY 200 ETFGroww NIFTY 200 ETF | ₹2,10,000 | ₹2,04,546 | −₹5,454 | −2.9% |
| JM Flexi CapJM Flexi Cap Fund (Direct) | ₹2,10,000 | ₹2,09,261 | −₹739 | −0.4% |
Groww NIFTY 200 ETFGroww NIFTY 200 ETF
JM Flexi CapJM Flexi Cap 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.
Groww NIFTY 200 ETF vs JM Flexi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Groww NIFTY 200 ETF | JM Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.21% | −5.28% |
| Standard deviation | 14.33% | 15.20% |
| Sharpe ratio | -0.94 | -0.69 |
| Sortino ratio | -1.24 | -0.91 |
| Maximum drawdown | −14.8% (31-03-2026) | −16.2% (31-03-2026) |
| Beta | 1.00 | 1.03 |
| Alpha | −0.38% | +2.72% |
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 | Groww NIFTY 200 ETF | JM Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.51% | +16.00% |
| Standard deviation | 13.84% | 17.02% |
| Sharpe ratio | -0.07 | 0.58 |
| Sortino ratio | -0.09 | 0.80 |
| Maximum drawdown | −14.8% (31-03-2026) | −35.0% (23-03-2020) |
| Beta | 1.00 | 1.02 |
| Alpha | −0.43% | +3.03% |
From daily NAVs, 27-02-2025 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.
Groww NIFTY 200 ETF
JM Flexi Cap Fund (Direct)
Nifty 200 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Groww NIFTY 200 ETF | −14.8% | 02-01-2026 | 31-03-2026 | Not yet | -- | −9.7% |
| JM Flexi Cap Fund (Direct) | −16.5% | 28-10-2025 | 31-03-2026 | 03-08-2026 | 4 months | −8.0% |
| Nifty 200 TRI | −14.8% | 02-01-2026 | 30-03-2026 | Not yet | -- | −9.4% |
From daily values since 27-02-2025, 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.
Groww NIFTY 200 ETF
JM Flexi Cap Fund (Direct)
Nifty 200 TRI
Against Nifty 200 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Groww NIFTY 200 ETF | 99% | 101% | 0.06% |
| JM Flexi Cap Fund (Direct) | 86% | 81% | 5.77% |
From month-end values since 27-02-2025. 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.
Groww NIFTY 200 ETF vs JM Flexi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Groww NIFTY 200 ETF, September 2026; JM Flexi Cap Fund, September 2026
Holdings in common
- Overlap
- 37.5%
- Held by both
- 45
- Only in Groww NIFTY 200 ETF
- 155
- Only in JM Flexi Cap
- 44
| Security | % of Groww NIFTY 200 ETF | % of JM Flexi Cap |
|---|---|---|
| ICICI Bank Limited | 5.86% | 4.44% |
| Reliance Industries Limited | 4.91% | 2.65% |
| HDFC Bank Limited | 6.72% | 2.55% |
| State Bank of India | 2.45% | 3.42% |
| Larsen & Toubro Limited | 2.72% | 2.37% |
| Bharti Airtel Limited | 3.31% | 2.23% |
| Mahindra & Mahindra Limited | 1.63% | 2.22% |
| Eternal Limited | 1.43% | 1.40% |
| Sun Pharmaceutical Industries Limited | 1.19% | 1.21% |
| Bajaj Finance Limited | 1.62% | 1.17% |
| Infosys Limited | 2.17% | 1.07% |
| Maruti Suzuki India Limited | 0.96% | 1.31% |
| Adani Port & Special Economic Zone Ltd | 0.87% | 1.01% |
| Shriram Finance Limited | 0.85% | 2.66% |
| Tata Consultancy Services Limited | 1.29% | 0.81% |
| NTPC Limited | 0.95% | 0.81% |
| Divi's Laboratories Limited | 0.73% | 2.12% |
| InterGlobe Aviation Limited | 0.70% | 1.24% |
| Adani Enterprises Limited | 0.61% | 1.38% |
| Tech Mahindra Limited | 0.60% | 1.21% |
| Tata Motors Limited | 0.55% | 1.34% |
| Trent Limited | 0.54% | 0.78% |
| Multi Commodity Exchange of India Ltd. | 0.52% | 1.22% |
| Apollo Hospitals Enterprise Limited | 0.51% | 1.98% |
| Asian Paints Limited | 0.67% | 0.48% |
| One 97 Communications Limited | 0.45% | 2.12% |
| Samvardhana Motherson International Ltd | 0.45% | 1.96% |
| Bharat Heavy Electricals Limited | 0.37% | 1.65% |
| IDFC First Bank Limited | 0.33% | 1.43% |
| GE Vernova T&D India Limited | 0.32% | 0.46% |
| Lenskart Solutions Limited | 0.31% | 0.76% |
| Life Insurance Corporation Of India | 0.31% | 0.94% |
| Aurobindo Pharma Limited | 0.29% | 0.33% |
| Adani Green Energy Limited | 0.26% | 0.51% |
| Bosch Limited | 0.24% | 1.03% |
| Vodafone Idea Limited | 0.22% | 0.26% |
| Radico Khaitan Limited | 0.21% | 0.36% |
| Lodha Developers Limited | 0.21% | 0.68% |
| Hindustan Zinc Limited | 0.17% | 1.01% |
| 360 ONE WAM LIMITED | 0.17% | 1.02% |
| Billionbrains Garage Ventures Ltd. | 0.16% | 1.20% |
| BLUE STAR LTD | 0.12% | 0.49% |
| Exide Industries Limited | 0.12% | 1.19% |
| LG Electronics India Limited | 0.11% | 1.43% |
| Godfrey Phillips India Limited | 0.05% | 2.06% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 37.5% means 37.5% 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 Groww NIFTY 200 ETF
| Security | % of fund |
|---|---|
| Axis Bank Limited | 2.18% |
| Kotak Mahindra Bank Limited | 1.90% |
| ITC Limited | 1.57% |
| Titan Company Limited | 1.17% |
| Hindustan Unilever Limited | 1.03% |
Largest holdings only in JM Flexi Cap Fund
| Security | % of fund |
|---|---|
| Pine Labs Limited | 2.40% |
| Redington Limited | 1.82% |
| Sona BLW Precision Forgings Limited | 1.80% |
| Garware Hi-Tech Films Ltd | 1.67% |
| Arvind Limited | 1.60% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Groww NIFTY 200 ETF | JM Flexi Cap |
|---|---|---|
| Equity | 99.9% | 97.7% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.1% | 2.3% |
Market cap of stocks
| Market cap | Groww NIFTY 200 ETF | JM Flexi Cap |
|---|---|---|
| Large Cap | 79.6% | 49.4% |
| Mid Cap | 19.9% | 15.6% |
| Small Cap | 0.3% | 29.4% |
| Not on AMFI's list | 0.0% | 3.3% |
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 | Groww NIFTY 200 ETF | JM Flexi Cap |
|---|---|---|
| Banks | 22.2% | 15.0% |
| Auto Components | 1.4% | 7.3% |
| IT - Software | 6.4% | 3.5% |
| Finance | 5.9% | 4.5% |
| Petroleum Products | 5.8% | 3.1% |
| Automobiles | 5.5% | 3.9% |
| Electrical Equipment | 2.6% | 5.1% |
| Pharmaceuticals & Biotechnology | 5.1% | 4.6% |
| Financial Technology (Fintech) | 0.7% | 4.5% |
The six largest sectors of each fund's stocks, % of the fund.
Groww NIFTY 200 ETF vs JM Flexi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Groww NIFTY 200 ETF | JM Flexi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 1.09% |
| Base expense ratio (Direct) | 0.35% | 0.57% |
| Total expense ratio (Regular) | Not available | 2.31% |
| Base expense ratio (Regular) | 0.00% | 1.61% |
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
Groww NIFTY 200 ETF vs JM Flexi Cap Fund: Frequently Asked Questions
What is the difference between Groww NIFTY 200 ETF and JM Flexi Cap Fund?
Groww NIFTY 200 ETF is an ETF fund, JM Flexi Cap Fund is a Flexi Cap fund, run by Groww Mutual Fund and JM Financial Mutual Fund. Their portfolios overlap 37.5%. Groww NIFTY 200 ETF charges 0.43% a year and JM Flexi Cap Fund 1.09%.
Which has given higher returns, Groww NIFTY 200 ETF or JM Flexi Cap Fund?
Over 1 year: Groww NIFTY 200 ETF −8.21%, JM Flexi Cap Fund −5.28%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Groww NIFTY 200 ETF or JM Flexi Cap Fund?
Groww NIFTY 200 ETF charges less: 0.43% a year against 1.09%. These are the total expense ratios reported to AMFI.
How much do Groww NIFTY 200 ETF and JM Flexi Cap Fund overlap?
37.5%. They hold 45 of the same securities, the largest shared ones being ICICIBANK, RELIANCE, HDFCBANK. From each fund's latest monthly portfolio.
Which is riskier, Groww NIFTY 200 ETF or JM Flexi Cap Fund?
On SEBI's riskometer, Groww NIFTY 200 ETF is rated Very High and JM Flexi Cap Fund Very High. Over 1 years, the standard deviation of daily returns was 14.33% and 15.20% a year.
Can I invest in both Groww NIFTY 200 ETF and JM Flexi Cap Fund?
Yes. 37.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Groww NIFTY 200 ETF and JM Flexi Cap Fund?
Groww NIFTY 200 ETF: Nikhil Satam, Aakash Chauhan, Shashi Kumar. JM Flexi Cap Fund: Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar.
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.