HDFC Equity Savings Fund vs Zerodha Nifty 100 ETF
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Equity Savings Fund is an Equity Savings fund and Zerodha Nifty 100 ETF is an ETF fund. In the year to 30-10-2026, HDFC Equity Savings Fund (Direct) returned 0.4% and Zerodha Nifty 100 ETF (Direct) returned −8.7%. HDFC Equity Savings Fund charges 1.30% a year and Zerodha Nifty 100 ETF 0.28% (Direct plans). Their portfolios overlap 49.8%: they hold 50 of the same securities.
HDFC Equity Savings Fund
Equity Savings
- 1 year return
- 0.4%
- Expense ratio
- 1.30%
- NAV
- ₹75.88
Which is better, HDFC Equity Savings or Zerodha Nifty 100 ETF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Equity Savings returned more over 1 year: 0.4% against −8.7%.
- Zerodha Nifty 100 ETF costs less: 0.28% a year against 1.30% (Direct plans).
- HDFC Equity Savings fell less in its worst fall since 18-06-2024: −4.8% against −17.2%.
- Zerodha Nifty 100 ETF holds more in large companies: 97.9% of the fund in large caps against 58.4%.
- HDFC Equity Savings is the larger fund: ₹5,533 Cr against ₹165 Cr.
- Their portfolios overlap 49.8%: 50 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 | HDFC Equity Savings Fund | Zerodha Nifty 100 ETF |
|---|---|---|
| Fund house | HDFC Mutual Fund | Zerodha Mutual Fund |
| Category | Equity Savings | ETF |
| AUM | ₹5,533 Cr (30-09-2026) | ₹165 Cr (30-09-2026) |
| NAV | ₹75.88 (Direct) | ₹10.09 (Direct) |
| Expense ratio (Direct) | 1.30% | 0.28% |
| Expense ratio (Regular) | 2.20% | Not available |
| Riskometer | Moderately High | Very High |
| Benchmark | Nifty Equity Savings Index | Nifty 100 TRI |
| Launch date | 17-09-2004 | 12-06-2024 |
| Minimum investment | ₹100 | In creation unit size of 765,000 units and in multiples thereafter |
| Lock in | None | None |
| Fund managers | Anand Laddha, Anil Bamboli, Nandita Menezes, Arun Agarwal, Gopal Agrawal, Bhagyesh Kagalkar | Kedarnath Mirajkar |
| Exit load | Exit load For units in excess of 15% of the investment,1% will be charged for redemption within 1 month. | Not available |
HDFC Equity Savings vs Zerodha Nifty 100 ETF: 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 |
|---|---|---|---|---|---|---|---|
| HDFC Equity Savings Fund (Direct) | +0.47% | −1.25% | +0.85% | +0.39% | +8.28% | +7.85% | +9.27% |
| Zerodha Nifty 100 ETF (Direct) | +1.04% | −5.28% | −2.92% | −8.69% | -- | -- | -- |
| Equity Savings average | −0.02% | −0.68% | +1.71% | +2.12% | +8.55% | +7.55% | +8.43% |
Category average: the average of the 23 Equity Savings funds, same plan type.
HDFC Equity Savings vs Zerodha Nifty 100 ETF: Year-wise Returns
| Year | HDFC Equity SavingsHDFC Equity Savings | Zerodha Nifty 100 ETFZerodha Nifty 100 ETF |
|---|---|---|
| 2026to date | −0.54% | −9.32% |
| 2025 | +7.84% | +10.15% |
| 2024 | +11.33% | -- |
| 2023 | +14.83% | -- |
| 2022 | +6.98% | -- |
| 2021 | +17.74% | -- |
HDFC Equity Savings vs Zerodha Nifty 100 ETF: Rolling Returns
Every holding period of both funds, against Nifty 100 TRI, the benchmark of Zerodha Nifty 100 ETF
Rolling returns
Every 1-year holding period, 337 of them, one for each trading day from 18-06-2025 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.
HDFC Equity Savings Fund (Direct)
Zerodha Nifty 100 ETF (Direct)
Nifty 100 TRI
to
Jul 2025Oct 2024
to
Oct 2025Jan 2025
to
Jan 2026Apr 2025
to
Apr 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Equity Savings | 1.2 | 51.0 | 45.1 | 2.7 | 0.0 | 0.0 | 0.0 | 5.2% | 4.9% | −0.3% | 10.7% | 79% |
| Zerodha Nifty 100 ETF | 40.8 | 27.5 | 19.2 | 11.8 | 0.6 | 0.0 | 0.0 | 2.2% | 1.3% | −10.5% | 15.2% | 6% |
| Nifty 100 TRI | 40.7 | 27.6 | 19.0 | 12.2 | 0.6 | 0.0 | 0.0 | 2.3% | 1.4% | −10.5% | 15.3% | -- |
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 100 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 18-06-2024. Past returns do not promise future returns.
HDFC Equity Savings vs Zerodha Nifty 100 ETF: 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 03-06-2024 to 30-10-2026: 29 instalments, ₹2,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Equity SavingsHDFC Equity Savings Fund (Direct) | ₹2,90,000 | ₹3,01,031 | ₹11,031 | 3.0% |
| Zerodha Nifty 100 ETFZerodha Nifty 100 ETF (Direct) | ₹2,90,000 | ₹2,80,663 | −₹9,337 | −2.6% |
HDFC Equity SavingsHDFC Equity Savings Fund (Direct)
Zerodha Nifty 100 ETFZerodha Nifty 100 ETF (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.
HDFC Equity Savings vs Zerodha Nifty 100 ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Equity Savings Fund (Direct) | Zerodha Nifty 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | +0.39% | −8.69% |
| Standard deviation | 5.01% | 14.04% |
| Sharpe ratio | -0.97 | -0.99 |
| Sortino ratio | -1.28 | -1.32 |
| Maximum drawdown | −4.8% (30-03-2026) | −14.9% (30-03-2026) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.01% |
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 | HDFC Equity Savings Fund (Direct) | Zerodha Nifty 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | +9.72% | −0.19% |
| Standard deviation | 5.75% | 13.27% |
| Sharpe ratio | 0.64 | -0.45 |
| Sortino ratio | 0.87 | -0.62 |
| Maximum drawdown | −16.9% (23-03-2020) | −17.2% (28-02-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.06% |
From daily NAVs, 01-01-2013 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.
HDFC Equity Savings Fund (Direct)
Zerodha Nifty 100 ETF (Direct)
Nifty 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Equity Savings Fund (Direct) | −4.8% | 11-02-2026 | 30-03-2026 | 30-07-2026 | 4 months | −2.2% |
| Zerodha Nifty 100 ETF (Direct) | −17.2% | 26-09-2024 | 28-02-2025 | Not yet | -- | −10.1% |
| Nifty 100 TRI | −17.2% | 26-09-2024 | 28-02-2025 | 02-01-2026 | 10 months | −10.1% |
From daily values since 18-06-2024, 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.
HDFC Equity Savings Fund (Direct)
Zerodha Nifty 100 ETF (Direct)
Nifty 100 TRI
Against Nifty 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Equity Savings Fund (Direct) | 49% | 27% | 9.69% |
| Zerodha Nifty 100 ETF (Direct) | 100% | 100% | 0.04% |
From month-end values since 18-06-2024. 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.
HDFC Equity Savings vs Zerodha Nifty 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Equity Savings Fund, September 2026; Zerodha Nifty 100 ETF, September 2026
Holdings in common
- Overlap
- 49.8%
- Held by both
- 50
- Only in HDFC Equity Savings
- 76
- Only in Zerodha Nifty 100 ETF
- 50
| Security | % of HDFC Equity Savings | % of Zerodha Nifty 100 ETF |
|---|---|---|
| HDFC Bank Ltd. | 6.96% | 8.41% |
| Reliance Industries Ltd. | 5.23% | 6.15% |
| Larsen and Toubro Ltd. | 2.97% | 3.41% |
| ICICI Bank Ltd. | 2.87% | 7.34% |
| Bharti Airtel Ltd. | 2.38% | 4.14% |
| Bajaj Finance Ltd. | 2.00% | 2.03% |
| Kotak Mahindra Bank Limited | 1.74% | 2.38% |
| Axis Bank Ltd. | 1.61% | 2.73% |
| State Bank of India | 1.56% | 3.07% |
| Sun Pharmaceutical Industries Ltd. | 2.89% | 1.49% |
| Titan Company Ltd. | 3.20% | 1.47% |
| Maruti Suzuki India Limited | 2.05% | 1.21% |
| NTPC Limited | 3.55% | 1.19% |
| Mahindra & Mahindra Ltd. | 1.12% | 2.04% |
| Infosys Limited | 1.08% | 2.72% |
| Hindustan Unilever Ltd. | 0.93% | 1.29% |
| Tata Consultancy Services Ltd. | 0.93% | 1.62% |
| Divis Laboratories Ltd. | 1.03% | 0.91% |
| InterGlobe Aviation Ltd. | 0.83% | 0.87% |
| Bajaj Auto Limited | 0.81% | 0.92% |
| Adani Ports & Special Economic Zone | 0.80% | 1.09% |
| HCL Technologies Ltd. | 0.78% | 1.00% |
| Power Grid Corporation of India Ltd. | 0.69% | 0.91% |
| Apollo Hospitals Enterprise Ltd. | 0.80% | 0.65% |
| Eicher Motors Ltd. | 0.65% | 0.76% |
| Eternal Limited | 0.62% | 1.80% |
| SBI Life Insurance Company Ltd. | 0.61% | 0.59% |
| ITC LIMITED | 0.54% | 1.96% |
| Cummins India Ltd. | 0.52% | 0.50% |
| Cipla Ltd. | 0.49% | 0.59% |
| UltraTech Cement Limited | 0.44% | 1.00% |
| HDFC Life Insurance Company Limited | 0.67% | 0.43% |
| Tata Steel Ltd. | 0.43% | 1.18% |
| Tech Mahindra Ltd. | 0.41% | 0.75% |
| Coal India Ltd. | 0.38% | 0.79% |
| Hindalco Industries Ltd. | 0.34% | 1.06% |
| Bajaj Finserv Ltd. | 0.31% | 0.78% |
| Hindustan Aeronautics Limited | 0.25% | 0.69% |
| Muthoot Finance Ltd. | 0.82% | 0.23% |
| Hyundai Motor India Limited | 1.10% | 0.22% |
| Avenue Supermarts Ltd. | 0.19% | 0.47% |
| Ambuja Cements Ltd. | 0.42% | 0.18% |
| Tata Capital Ltd. | 0.18% | 0.14% |
| TVS Motor Company Ltd. | 0.07% | 0.75% |
| GAIL (India) Ltd. | 0.06% | 0.36% |
| Trent Ltd. | 0.05% | 0.68% |
| Tata Motors Passenger Vehicles Limited | 0.03% | 0.46% |
| Tata Consumer Products Limited | 0.02% | 0.46% |
| Zydus Lifesciences Limited | 0.01% | 0.22% |
| Power Finance Corporation Ltd. | 0.01% | 0.37% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 49.8% means 49.8% 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 HDFC Equity Savings Fund
| Security | % of fund |
|---|---|
| 7.18% GOI MAT 140833 | 2.38% |
| 7.1% GOI MAT 180429 | 2.01% |
| Muthoot Finance Ltd. | 1.35% |
| State Bank of India (Tier 2 - Basel III) | 1.22% |
| 7.17% GOI MAT 170430 | 1.09% |
Largest holdings only in Zerodha Nifty 100 ETF
| Security | % of fund |
|---|---|
| Bharat Electronics Limited | 1.08% |
| Shriram Finance Limited | 1.07% |
| BSE Ltd | 0.98% |
| JSW Steel Limited | 0.93% |
| Grasim Industries Limited | 0.89% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Equity Savings | Zerodha Nifty 100 ETF |
|---|---|---|
| Equity | 65.6% | 99.9% |
| Debt | 26.5% | 0.0% |
| Cash and others | 7.9% | 0.1% |
Market cap of stocks
| Market cap | HDFC Equity Savings | Zerodha Nifty 100 ETF |
|---|---|---|
| Large Cap | 58.4% | 97.9% |
| Mid Cap | 3.2% | 2.0% |
| Small Cap | 3.9% | 0.0% |
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 | HDFC Equity Savings | Zerodha Nifty 100 ETF |
|---|---|---|
| Banks | 14.8% | 25.1% |
| Petroleum Products | 5.5% | 7.0% |
| IT - Software | 3.2% | 6.7% |
| Automobiles | 6.5% | 6.4% |
| Finance | 3.6% | 6.2% |
| Pharmaceuticals & Biotechnology | 5.2% | 4.3% |
| Telecom - Services | 2.4% | 4.4% |
| Power | 4.2% | 3.9% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Equity Savings vs Zerodha Nifty 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Equity Savings Fund | Zerodha Nifty 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.30% | 0.28% |
| Base expense ratio (Direct) | 0.83% | 0.22% |
| Total expense ratio (Regular) | 2.20% | Not available |
| Base expense ratio (Regular) | 1.59% | 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
HDFC Equity Savings Fund vs Zerodha Nifty 100 ETF: Frequently Asked Questions
What is the difference between HDFC Equity Savings Fund and Zerodha Nifty 100 ETF?
HDFC Equity Savings Fund is an Equity Savings fund, Zerodha Nifty 100 ETF is an ETF fund, run by HDFC Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 49.8%. HDFC Equity Savings Fund charges 1.30% a year and Zerodha Nifty 100 ETF 0.28%.
Which has given higher returns, HDFC Equity Savings Fund or Zerodha Nifty 100 ETF?
Over 1 year: HDFC Equity Savings Fund +0.39%, Zerodha Nifty 100 ETF −8.69%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Equity Savings Fund or Zerodha Nifty 100 ETF?
Zerodha Nifty 100 ETF charges less: 0.28% a year against 1.30%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Equity Savings Fund and Zerodha Nifty 100 ETF overlap?
49.8%. They hold 50 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, LT. From each fund's latest monthly portfolio.
Which is riskier, HDFC Equity Savings Fund or Zerodha Nifty 100 ETF?
On SEBI's riskometer, HDFC Equity Savings Fund is rated Moderately High and Zerodha Nifty 100 ETF Very High. Over 1 years, the standard deviation of daily returns was 5.01% and 14.04% a year.
Can I invest in both HDFC Equity Savings Fund and Zerodha Nifty 100 ETF?
Yes. 49.8% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HDFC Equity Savings Fund and Zerodha Nifty 100 ETF?
HDFC Equity Savings Fund: Anand Laddha, Anil Bamboli, Nandita Menezes, Arun Agarwal, Gopal Agrawal, Bhagyesh Kagalkar. Zerodha Nifty 100 ETF: 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.