HDFC Mid Cap Fund vs Kotak Nifty Midcap 50 Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Mid Cap Fund is a Mid Cap fund and Kotak Nifty Midcap 50 Index Fund is an Index fund. In the year to 30-10-2026, HDFC Mid Cap Fund (Direct) returned −3.0% and Kotak Nifty Midcap 50 Index Fund (Direct) returned −3.0%. HDFC Mid Cap Fund charges 0.74% a year and Kotak Nifty Midcap 50 Index Fund 0.47% (Direct plans). Their portfolios overlap 30.1%: they hold 19 of the same securities.
Kotak Nifty Midcap 50 Index Fund
Index
- 1 year return
- −3.0%
- Expense ratio
- 0.47%
- NAV
- ₹10.16
Which is better, HDFC Mid Cap or Kotak Nifty Midcap 50 Index? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Kotak Nifty Midcap 50 Index returned more over 1 year: −3.0% against −3.0%.
- Kotak Nifty Midcap 50 Index costs less: 0.47% a year against 0.74% (Direct plans).
- HDFC Mid Cap fell less in its worst fall since 21-08-2024: −16.8% against −20.4%.
- HDFC Mid Cap is the larger fund: ₹1,01,856 Cr against ₹83 Cr.
- Their portfolios overlap 30.1%: 19 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 | Kotak Nifty Midcap 50 Index Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Mid Cap | Index |
| AUM | ₹1,01,856 Cr (30-09-2026) | ₹83 Cr (30-09-2026) |
| NAV | ₹215.99 (Direct) | ₹10.16 (Direct) |
| Expense ratio (Direct) | 0.74% | 0.47% |
| Expense ratio (Regular) | 1.31% | 1.08% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Midcap 150 TRI | NIFTY Midcap 50 TRI |
| Launch date | 25-06-2007 | 16-08-2024 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Chirag Setalvad, Gopal Agrawal, Bhagyesh Kagalkar | Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar |
| 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 Kotak Nifty Midcap 50 Index: 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% |
| Kotak Nifty Midcap 50 Index Fund (Direct) | −2.99% | −8.39% | −2.02% | −2.96% | -- | -- | -- |
| 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 Kotak Nifty Midcap 50 Index: Year-wise Returns
| Year | HDFC Mid CapHDFC Mid Cap | Kotak Nifty Midcap 50 IndexKotak Nifty Midcap 50 Index |
|---|---|---|
| 2026to date | −3.90% | −4.14% |
| 2025 | +7.49% | +8.02% |
| 2024 | +29.47% | -- |
| 2023 | +45.45% | -- |
| 2022 | +13.09% | -- |
| 2021 | +40.88% | -- |
HDFC Mid Cap vs Kotak Nifty Midcap 50 Index: Rolling Returns
Every holding period of both funds, against Nifty Midcap 150 TRI, the benchmark of HDFC Mid Cap Fund
Rolling returns
Every 1-year holding period, 292 of them, one for each trading day from 21-08-2025 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 Mid Cap Fund (Direct)
Kotak Nifty Midcap 50 Index Fund (Direct)
Nifty Midcap 150 TRI
to
Sept 2025Dec 2024
to
Dec 2025Feb 2025
to
Feb 2026May 2025
to
May 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 Mid Cap | 3.8 | 24.0 | 35.3 | 25.7 | 6.8 | 4.5 | 0.0 | 8.6% | 7.8% | −3.2% | 23.9% | 86% |
| Kotak Nifty Midcap 50 Index | 13.0 | 14.0 | 32.2 | 27.7 | 9.9 | 3.1 | 0.0 | 8.4% | 8.6% | −6.3% | 22.4% | 83% |
| Nifty Midcap 150 TRI | 15.8 | 18.2 | 37.3 | 19.5 | 6.8 | 2.4 | 0.0 | 6.9% | 6.8% | −5.7% | 21.8% | -- |
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 21-08-2024. Past returns do not promise future returns.
HDFC Mid Cap vs Kotak Nifty Midcap 50 Index: 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 01-08-2024 to 30-10-2026: 27 instalments, ₹2,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Mid CapHDFC Mid Cap Fund (Direct) | ₹2,70,000 | ₹2,75,664 | ₹5,664 | 1.8% |
| Kotak Nifty Midcap 50 IndexKotak Nifty Midcap 50 Index Fund (Direct) | ₹2,70,000 | ₹2,73,861 | ₹3,861 | 1.2% |
HDFC Mid CapHDFC Mid Cap Fund (Direct)
Kotak Nifty Midcap 50 IndexKotak Nifty Midcap 50 Index 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.
HDFC Mid Cap vs Kotak Nifty Midcap 50 Index: 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) | Kotak Nifty Midcap 50 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −2.96% | −2.96% |
| Standard deviation | 14.21% | 16.84% |
| Sharpe ratio | -0.58 | -0.49 |
| Sortino ratio | -0.77 | -0.65 |
| Maximum drawdown | −12.6% (23-03-2026) | −14.5% (30-03-2026) |
| Beta | 0.83 | 1.00 |
| Alpha | −0.24% | −0.40% |
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) | Kotak Nifty Midcap 50 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +19.31% | +0.17% |
| Standard deviation | 15.40% | 17.29% |
| Sharpe ratio | 0.86 | -0.32 |
| Sortino ratio | 1.15 | -0.43 |
| Maximum drawdown | −39.5% (23-03-2020) | −20.4% (28-02-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.56% |
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)
Kotak Nifty Midcap 50 Index Fund (Direct)
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) | −16.8% | 16-12-2024 | 04-03-2025 | 27-06-2025 | 4 months | −9.1% |
| Kotak Nifty Midcap 50 Index Fund (Direct) | −20.4% | 24-09-2024 | 28-02-2025 | 29-10-2025 | 8 months | −10.7% |
| Nifty Midcap 150 TRI | −20.9% | 24-09-2024 | 28-02-2025 | 12-11-2025 | 8 months | −10.5% |
From daily values since 21-08-2024, 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 Mid Cap Fund (Direct)
Kotak Nifty Midcap 50 Index Fund (Direct)
Nifty Midcap 150 TRI
Against Nifty Midcap 150 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Mid Cap Fund (Direct) | 93% | 82% | 4.62% |
| Kotak Nifty Midcap 50 Index Fund (Direct) | 108% | 104% | 3.28% |
From month-end values since 21-08-2024. 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 Mid Cap vs Kotak Nifty Midcap 50 Index: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Mid Cap Fund, September 2026; Kotak Nifty Midcap 50 Index Fund, September 2026
Holdings in common
- Overlap
- 30.1%
- Held by both
- 19
- Only in HDFC Mid Cap
- 60
- Only in Kotak Nifty Midcap 50 Index
- 31
| Security | % of HDFC Mid Cap | % of Kotak Nifty Midcap 50 Index |
|---|---|---|
| The Federal Bank Ltd. | 3.98% | 3.65% |
| Au Small Finance Bank Ltd. | 3.94% | 2.74% |
| Aurobindo Pharma Ltd. | 2.19% | 2.15% |
| Marico Ltd. | 2.37% | 1.94% |
| Fortis Healthcare Limited | 2.40% | 1.87% |
| United Spirits Limited | 1.90% | 1.86% |
| Persistent Systems Limited | 1.78% | 2.68% |
| Max Financial Services Ltd. | 3.52% | 1.70% |
| Glenmark Pharmaceuticals Ltd. | 3.07% | 1.64% |
| Hindustan Petroleum Corp. Ltd. | 2.09% | 1.57% |
| Vishal Mega Mart Limited | 2.24% | 1.32% |
| Bharat Forge Ltd. | 1.22% | 2.49% |
| PB Fintech Limited | 1.07% | 1.76% |
| Dabur India Ltd. | 1.66% | 1.04% |
| Indusind Bank Ltd. | 1.04% | 2.77% |
| Indian Hotels Company Ltd. | 1.01% | 2.98% |
| ICICI Lombard General Insurance Co | 0.95% | 1.80% |
| Havells India Ltd. | 0.84% | 1.19% |
| Dixon Technologies (India) Ltd. | 0.66% | 2.54% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 30.1% means 30.1% 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% |
| Coforge Limited | 2.68% |
| Mahindra & Mahindra Financial Services Ltd. | 2.11% |
Largest holdings only in Kotak Nifty Midcap 50 Index Fund
| Security | % of fund |
|---|---|
| MULTI COMMODITY EXCHANGE OF INDIA LIMITED | 3.92% |
| Laurus Labs Ltd | 3.59% |
| One 97 Communications Ltd | 3.37% |
| Hero MotoCorp Ltd. | 3.17% |
| Bharat Heavy Electricals Ltd. | 2.82% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Mid Cap | Kotak Nifty Midcap 50 Index |
|---|---|---|
| Equity | 91.7% | 100.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 8.3% | -0.2% |
Market cap of stocks
| Market cap | HDFC Mid Cap | Kotak Nifty Midcap 50 Index |
|---|---|---|
| Large Cap | 10.4% | 5.1% |
| Mid Cap | 64.1% | 95.1% |
| 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 | Kotak Nifty Midcap 50 Index |
|---|---|---|
| Banks | 15.4% | 13.4% |
| Pharmaceuticals & Biotechnology | 12.1% | 0.0% |
| Pharmaceuticals and Biotechnology | 0.0% | 11.0% |
| Auto Components | 9.6% | 3.7% |
| Electrical Equipment | 0.0% | 8.5% |
| Retailing | 3.6% | 7.3% |
| IT - Software | 7.2% | 2.7% |
| Insurance | 5.5% | 3.5% |
| Industrial Products | 5.2% | 1.9% |
| Financial Technology (Fintech) | 1.1% | 5.1% |
| Capital Markets | 1.2% | 3.9% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Mid Cap vs Kotak Nifty Midcap 50 Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Mid Cap Fund | Kotak Nifty Midcap 50 Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.74% | 0.47% |
| Base expense ratio (Direct) | 0.60% | 0.21% |
| Total expense ratio (Regular) | 1.31% | 1.08% |
| Base expense ratio (Regular) | 1.09% | 0.73% |
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 Kotak Nifty Midcap 50 Index Fund: Frequently Asked Questions
What is the difference between HDFC Mid Cap Fund and Kotak Nifty Midcap 50 Index Fund?
HDFC Mid Cap Fund is a Mid Cap fund, Kotak Nifty Midcap 50 Index Fund is an Index fund, run by HDFC Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 30.1%. HDFC Mid Cap Fund charges 0.74% a year and Kotak Nifty Midcap 50 Index Fund 0.47%.
Which has given higher returns, HDFC Mid Cap Fund or Kotak Nifty Midcap 50 Index Fund?
Over 1 year: HDFC Mid Cap Fund −2.96%, Kotak Nifty Midcap 50 Index Fund −2.96%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Mid Cap Fund or Kotak Nifty Midcap 50 Index Fund?
Kotak Nifty Midcap 50 Index Fund charges less: 0.47% a year against 0.74%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Mid Cap Fund and Kotak Nifty Midcap 50 Index Fund overlap?
30.1%. They hold 19 of the same securities, the largest shared ones being FEDERALBNK, AUBANK, AUROPHARMA. From each fund's latest monthly portfolio.
Which is riskier, HDFC Mid Cap Fund or Kotak Nifty Midcap 50 Index Fund?
On SEBI's riskometer, HDFC Mid Cap Fund is rated Very High and Kotak Nifty Midcap 50 Index Fund Very High. Over 1 years, the standard deviation of daily returns was 14.21% and 16.84% a year.
Can I invest in both HDFC Mid Cap Fund and Kotak Nifty Midcap 50 Index Fund?
Yes. 30.1% 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 Kotak Nifty Midcap 50 Index Fund?
HDFC Mid Cap Fund: Chirag Setalvad, Gopal Agrawal, Bhagyesh Kagalkar. Kotak Nifty Midcap 50 Index Fund: Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar.
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.