HDFC Mid Cap Fund vs ICICI Prudential BSE Midcap Select ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
HDFC Mid Cap Fund is a Mid Cap fund and ICICI Prudential BSE Midcap Select ETF is an ETF fund. In the 3 years to 30-10-2026, HDFC Mid Cap Fund (Direct) returned 15.6% a year and ICICI Prudential BSE Midcap Select ETF returned 15.3% a year. HDFC Mid Cap Fund charges 0.74% a year and ICICI Prudential BSE Midcap Select ETF 0.25%. Their portfolios overlap 30.8%: they hold 15 of the same securities.
ICICI Prudential BSE Midcap Select ETF
ETF
- 3 year return
- 15.3%
- Expense ratio
- 0.25%
- NAV
- ₹18.15
Which is better, HDFC Mid Cap or ICICI Prudential BSE Midcap Select 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 Mid Cap returned more over 5 years: 17.1% a year against 11.6%.
- HDFC Mid Cap returned more over 3 years: 15.6% a year against 15.3%.
- ICICI Prudential BSE Midcap Select ETF costs less: 0.25% a year against 0.74%.
- HDFC Mid Cap swung less over 3 years: a standard deviation of 14.8% a year against 18.5%.
- HDFC Mid Cap fell less in its worst fall since 05-07-2016: −39.5% against −46.7%.
- HDFC Mid Cap holds more in large companies: 10.4% of the fund in large caps against 0.0%.
- HDFC Mid Cap is the larger fund: ₹1,01,856 Cr against ₹112 Cr.
- Their portfolios overlap 30.8%: 15 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 Mid Cap Fund | ICICI Prudential BSE Midcap Select ETF |
|---|---|---|
| Fund house | HDFC Mutual Fund | ICICI Prudential Mutual Fund |
| Category | Mid Cap | ETF |
| AUM | ₹1,01,856 Cr (30-09-2026) | ₹112 Cr (30-09-2026) |
| NAV | ₹215.99 (Direct) | ₹18.15 |
| Expense ratio (Direct) | 0.74% | Not available |
| Expense ratio (Regular) | 1.31% | Not available |
| Riskometer | Very High | Not available |
| Benchmark | Nifty Midcap 150 TRI | BSE Midcap Select TRI |
| Launch date | 25-06-2007 | 04-07-2016 |
| Minimum investment | ₹100 | During Ongoing/Continuous Offer: On Stock Exchanges: Investors can buy/sell units of the Scheme in round lot of 1 unit and in multiples thereof. Directly with the Mutual Fund: Investors can buy or sell units of the scheme in creation unit size and its mul |
| Lock in | None | None |
| Fund managers | Chirag Setalvad, Gopal Agrawal, Bhagyesh Kagalkar | Nishit Patel, Ajaykumar Solanki, Ashwini Bharucha, Venus Ahuja |
| Exit load | In respect of each purchase/switch-in of units, an Exit Load of 1.00% is payable if Units are redeemed/switched-out within 1 year from the date of allotment. No Exit Load is payable if Units are redeemed/ switched-out after 1 year from the date of allotment. | Nil |
HDFC Mid Cap vs ICICI Prudential BSE Midcap Select 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 Mid Cap Fund (Direct) | −2.08% | −7.20% | −0.80% | −2.96% | +15.64% | +17.09% | +16.31% |
| ICICI Prudential BSE Midcap Select ETF | −1.98% | −6.75% | +1.99% | −1.63% | +15.31% | +11.56% | +12.17% |
| 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.
HDFC Mid Cap vs ICICI Prudential BSE Midcap Select ETF: Year-wise Returns
| Year | HDFC Mid CapHDFC Mid Cap | ICICI Prudential BSE Midcap Select ETFICICI Prudential BSE Midcap Select ETF |
|---|---|---|
| 2026to date | −3.90% | −1.82% |
| 2025 | +7.49% | +0.48% |
| 2024 | +29.47% | +31.97% |
| 2023 | +45.45% | +39.36% |
| 2022 | +13.09% | −3.54% |
| 2021 | +40.88% | +32.52% |
HDFC Mid Cap vs ICICI Prudential BSE Midcap Select ETF: Rolling Returns
Every holding period of both funds, against Nifty Midcap 150 TRI, the benchmark of HDFC Mid Cap Fund
Rolling returns
Every 3-year holding period, 1,803 of them, one for each trading day from 05-07-2019 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 Mid Cap Fund (Direct)
ICICI Prudential BSE Midcap Select ETF
Nifty Midcap 150 TRI
to
Feb 2020May 2018
to
May 2021Aug 2019
to
Aug 2022Oct 2020
to
Oct 2023Jan 2022
to
Jan 2025Mar 2023
to
Mar 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 Mid Cap | 5.8 | 8.6 | 9.5 | 4.4 | 10.4 | 17.8 | 43.5 | 20.2% | 23.6% | −8.4% | 40.4% | 55% |
| ICICI Prudential BSE Midcap Select ETF | 10.2 | 6.8 | 9.0 | 11.8 | 27.2 | 31.9 | 3.2 | 14.6% | 17.6% | −10.8% | 29.6% | 4% |
| Nifty Midcap 150 TRI | 5.6 | 7.5 | 6.5 | 7.9 | 10.6 | 29.6 | 32.3 | 19.6% | 22.4% | −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 05-07-2016. Past returns do not promise future returns.
HDFC Mid Cap vs ICICI Prudential BSE Midcap Select 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 01-07-2016 to 30-10-2026: 124 instalments, ₹12,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Mid CapHDFC Mid Cap Fund (Direct) | ₹12,40,000 | ₹33,01,761 | ₹20,61,761 | 18.0% |
| ICICI Prudential BSE Midcap Select ETFICICI Prudential BSE Midcap Select ETF | ₹12,40,000 | ₹25,67,309 | ₹13,27,309 | 13.5% |
HDFC Mid CapHDFC Mid Cap Fund (Direct)
ICICI Prudential BSE Midcap Select ETFICICI Prudential BSE Midcap Select ETF
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 Mid Cap vs ICICI Prudential BSE Midcap Select ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Mid Cap Fund (Direct) | ICICI Prudential BSE Midcap Select ETF |
|---|---|---|
| Return (CAGR) | −2.96% | −1.63% |
| Standard deviation | 14.21% | 18.27% |
| Sharpe ratio | -0.58 | -0.38 |
| Sortino ratio | -0.77 | -0.51 |
| Maximum drawdown | −12.6% (23-03-2026) | −17.2% (31-03-2026) |
| Beta | 0.83 | 1.00 |
| Alpha | −0.24% | −0.14% |
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 Mid Cap Fund (Direct) | ICICI Prudential BSE Midcap Select ETF |
|---|---|---|
| Return (CAGR) | +15.64% | +15.32% |
| Standard deviation | 14.78% | 18.50% |
| Sharpe ratio | 0.65 | 0.50 |
| Sortino ratio | 0.88 | 0.69 |
| Maximum drawdown | −16.8% (04-03-2025) | −22.4% (07-04-2025) |
| Beta | 0.84 | 1.00 |
| Alpha | +3.08% | −0.27% |
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 | HDFC Mid Cap Fund (Direct) | ICICI Prudential BSE Midcap Select ETF |
|---|---|---|
| Return (CAGR) | +17.09% | +11.56% |
| Standard deviation | 14.96% | 18.01% |
| Sharpe ratio | 0.75 | 0.32 |
| Sortino ratio | 1.02 | 0.43 |
| Maximum drawdown | −16.8% (04-03-2025) | −22.4% (07-04-2025) |
| Beta | 0.86 | 1.00 |
| Alpha | +4.34% | −0.26% |
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 | HDFC Mid Cap Fund (Direct) | ICICI Prudential BSE Midcap Select ETF |
|---|---|---|
| Return (CAGR) | +19.31% | +13.22% |
| Standard deviation | 15.40% | 18.72% |
| Sharpe ratio | 0.86 | 0.42 |
| Sortino ratio | 1.15 | 0.56 |
| Maximum drawdown | −39.5% (23-03-2020) | −46.7% (23-03-2020) |
| Beta | -- | 0.99 |
| Alpha | -- | −0.43% |
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 Mid Cap Fund (Direct)
ICICI Prudential BSE Midcap Select ETF
Nifty Midcap 150 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Mid Cap Fund (Direct) | −39.5% | 08-01-2018 | 23-03-2020 | 20-11-2020 | 8 months | −9.1% |
| ICICI Prudential BSE Midcap Select ETF | −46.7% | 08-01-2018 | 23-03-2020 | 04-01-2021 | 9 months | −9.9% |
| Nifty Midcap 150 TRI | −43.1% | 08-01-2018 | 23-03-2020 | 23-11-2020 | 8 months | −10.5% |
From daily values since 05-07-2016, 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 Mid Cap Fund (Direct)
ICICI Prudential BSE Midcap Select ETF
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.
HDFC Mid Cap Fund (Direct)
ICICI Prudential BSE Midcap Select ETF
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.
HDFC Mid Cap Fund (Direct)
ICICI Prudential BSE Midcap Select ETF
Nifty Midcap 150 TRI
Against Nifty Midcap 150 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Mid Cap Fund (Direct) | 92% | 83% | 3.99% |
| ICICI Prudential BSE Midcap Select ETF | 90% | 99% | 5.27% |
From month-end values since 05-07-2016. 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 Mid Cap vs ICICI Prudential BSE Midcap Select ETF: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Mid Cap Fund, September 2026; ICICI Prudential BSE Midcap Select ETF, September 2026
Holdings in common
- Overlap
- 30.8%
- Held by both
- 15
- Only in HDFC Mid Cap
- 64
- Only in ICICI Prudential BSE Midcap Select ETF
- 15
| Security | % of HDFC Mid Cap | % of ICICI Prudential BSE Midcap Select ETF |
|---|---|---|
| The Federal Bank Ltd. | 3.98% | 5.89% |
| Au Small Finance Bank Ltd. | 3.94% | 4.28% |
| Max Financial Services Ltd. | 3.52% | 2.71% |
| Coforge Limited | 2.68% | 4.54% |
| Glenmark Pharmaceuticals Ltd. | 3.07% | 2.59% |
| Fortis Healthcare Limited | 2.40% | 3.00% |
| Aurobindo Pharma Ltd. | 2.19% | 3.45% |
| Hindustan Petroleum Corp. Ltd. | 2.09% | 2.53% |
| Persistent Systems Limited | 1.78% | 4.31% |
| Alkem Laboratories Ltd. | 1.72% | 2.26% |
| MphasiS Limited. | 1.55% | 2.13% |
| Bharat Forge Ltd. | 1.22% | 3.86% |
| PB Fintech Limited | 1.07% | 2.85% |
| Dixon Technologies (India) Ltd. | 0.66% | 4.09% |
| Colgate-Palmolive ( I ) Ltd. | 0.18% | 1.74% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 30.8% means 30.8% 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 Mid Cap Fund
| Security | % of fund |
|---|---|
| Ipca Laboratories Ltd. | 3.43% |
| Balkrishna Industries Ltd. | 2.98% |
| Indian Bank | 2.92% |
| Marico Ltd. | 2.37% |
| Vishal Mega Mart Limited | 2.24% |
Largest holdings only in ICICI Prudential BSE Midcap Select ETF
| Security | % of fund |
|---|---|
| Multi Commodity Exchange Of India Ltd. | 6.31% |
| Laurus Labs Ltd. | 5.78% |
| One 97 Communications Ltd | 5.40% |
| IDFC First Bank Ltd. | 4.06% |
| Suzlon Energy Ltd. | 3.58% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Mid Cap | ICICI Prudential BSE Midcap Select ETF |
|---|---|---|
| Equity | 91.7% | 100.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 8.3% | 0.0% |
Market cap of stocks
| Market cap | HDFC Mid Cap | ICICI Prudential BSE Midcap Select ETF |
|---|---|---|
| Large Cap | 10.4% | 0.0% |
| Mid Cap | 64.1% | 100.0% |
| Small Cap | 17.2% | 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 Mid Cap | ICICI Prudential BSE Midcap Select ETF |
|---|---|---|
| Banks | 15.4% | 17.0% |
| Pharmaceuticals & Biotechnology | 12.1% | 14.1% |
| It - Software | 0.0% | 11.0% |
| Auto Components | 9.6% | 5.8% |
| Financial Technology (Fintech) | 1.1% | 8.3% |
| IT - Software | 7.2% | 0.0% |
| Capital Markets | 1.2% | 6.3% |
| Consumer Durables | 2.8% | 5.9% |
| Insurance | 5.5% | 2.7% |
| Industrial Products | 5.2% | 5.3% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Mid Cap vs ICICI Prudential BSE Midcap Select ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Mid Cap Fund | ICICI Prudential BSE Midcap Select ETF |
|---|---|---|
| Total expense ratio (Direct) | 0.74% | Not available |
| Base expense ratio (Direct) | 0.60% | 0.00% |
| Total expense ratio (Regular) | 1.31% | Not available |
| Base expense ratio (Regular) | 1.09% | 0.13% |
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 Mid Cap Fund vs ICICI Prudential BSE Midcap Select ETF: Frequently Asked Questions
What is the difference between HDFC Mid Cap Fund and ICICI Prudential BSE Midcap Select ETF?
HDFC Mid Cap Fund is a Mid Cap fund, ICICI Prudential BSE Midcap Select ETF is an ETF fund, run by HDFC Mutual Fund and ICICI Prudential Mutual Fund. Their portfolios overlap 30.8%. HDFC Mid Cap Fund charges 0.74% a year and ICICI Prudential BSE Midcap Select ETF 0.25%.
Which has given higher returns, HDFC Mid Cap Fund or ICICI Prudential BSE Midcap Select ETF?
Over 1 year: HDFC Mid Cap Fund −2.96%, ICICI Prudential BSE Midcap Select ETF −1.63%. Over 3 years: HDFC Mid Cap Fund +15.64% a year, ICICI Prudential BSE Midcap Select ETF +15.31% a year. Over 5 years: HDFC Mid Cap Fund +17.09% a year, ICICI Prudential BSE Midcap Select ETF +11.56% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Mid Cap Fund or ICICI Prudential BSE Midcap Select ETF?
ICICI Prudential BSE Midcap Select ETF charges less: 0.25% a year against 0.74%. These are the total expense ratios reported to AMFI.
How much do HDFC Mid Cap Fund and ICICI Prudential BSE Midcap Select ETF overlap?
30.8%. They hold 15 of the same securities, the largest shared ones being FEDERALBNK, AUBANK, MFSL. From each fund's latest monthly portfolio.
Which is better for SIP, HDFC Mid Cap Fund or ICICI Prudential BSE Midcap Select ETF?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,92,875 in HDFC Mid Cap Fund (XIRR 15.0% a year) and ₹8,27,569 in ICICI Prudential BSE Midcap Select ETF (XIRR 12.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Mid Cap Fund and ICICI Prudential BSE Midcap Select ETF?
Yes. 30.8% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Mid Cap Fund and ICICI Prudential BSE Midcap Select ETF?
HDFC Mid Cap Fund: Chirag Setalvad, Gopal Agrawal, Bhagyesh Kagalkar. ICICI Prudential BSE Midcap Select ETF: Nishit Patel, Ajaykumar Solanki, Ashwini Bharucha, Venus Ahuja.
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.