HDFC Multi Cap Fund vs Zerodha Nifty LargeMidcap 250 Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Multi Cap Fund is a Multi Cap fund and Zerodha Nifty LargeMidcap 250 Index Fund is an Index fund. In the year to 30-10-2026, HDFC Multi Cap Fund (Direct) returned −9.6% and Zerodha Nifty LargeMidcap 250 Index Fund (Direct) returned −6.2%. HDFC Multi Cap Fund charges 0.96% a year and Zerodha Nifty LargeMidcap 250 Index Fund 0.38% (Direct plans). Their portfolios overlap 42.1%: they hold 71 of the same securities.
Zerodha Nifty LargeMidcap 250 Index Fund
Index
- 1 year return
- −6.2%
- Expense ratio
- 0.38%
- NAV
- ₹13.46
Which is better, HDFC Multi Cap or Zerodha Nifty LargeMidcap 250 Index? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Zerodha Nifty LargeMidcap 250 Index returned more over 1 year: −6.2% against −9.6%.
- Zerodha Nifty LargeMidcap 250 Index costs less: 0.38% a year against 0.96% (Direct plans).
- Zerodha Nifty LargeMidcap 250 Index fell less in its worst fall since 10-11-2023: −18.8% against −20.2%.
- HDFC Multi Cap is the larger fund: ₹19,490 Cr against ₹1,569 Cr.
- Their portfolios overlap 42.1%: 71 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 Multi Cap Fund | Zerodha Nifty LargeMidcap 250 Index Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Zerodha Mutual Fund |
| Category | Multi Cap | Index |
| AUM | ₹19,490 Cr (30-09-2026) | ₹1,569 Cr (30-09-2026) |
| NAV | ₹18.50 (Direct) | ₹13.46 (Direct) |
| Expense ratio (Direct) | 0.96% | 0.38% |
| Expense ratio (Regular) | 1.79% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 Multicap 50:25:25 Total Return Index | Nifty LargeMidcap 250 TRI |
| Launch date | 10-12-2021 | 08-11-2023 |
| Minimum investment | ₹100 | Rs. 100. |
| Lock in | None | None |
| Fund managers | Amar Kalkundrikar, Gopal Agrawal, Bhagyesh Kagalkar | Kedarnath Mirajkar |
| Exit load | In respect of each purchase/switch in of units, an Exit load of 1% 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.No Entry / Exit Load shall be levied on bonus units and Units allotted on Reinvestment of Income Distribution cum Capital Withdrawal. | Nil |
HDFC Multi Cap vs Zerodha Nifty LargeMidcap 250 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 Multi Cap Fund (Direct) | −2.40% | −6.98% | −3.36% | −9.57% | +10.26% | -- | -- |
| Zerodha Nifty LargeMidcap 250 Index Fund (Direct) | −1.31% | −6.83% | −3.29% | −6.24% | -- | -- | -- |
| 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.
HDFC Multi Cap vs Zerodha Nifty LargeMidcap 250 Index: Year-wise Returns
| Year | HDFC Multi CapHDFC Multi Cap | Zerodha Nifty LargeMidcap 250 IndexZerodha Nifty LargeMidcap 250 Index |
|---|---|---|
| 2026to date | −8.15% | −6.89% |
| 2025 | +3.34% | +8.37% |
| 2024 | +22.21% | +18.50% |
| 2023 | +41.93% | -- |
| 2022 | +11.30% | -- |
HDFC Multi Cap vs Zerodha Nifty LargeMidcap 250 Index: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of HDFC Multi Cap Fund
Rolling returns
Every 1-year holding period, 485 of them, one for each trading day from 11-11-2024 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 Multi Cap Fund (Direct)
Zerodha Nifty LargeMidcap 250 Index Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
to
Jan 2025May 2024
to
May 2025Sept 2024
to
Sept 2025Jan 2025
to
Jan 2026May 2025
to
May 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 Multi Cap | 30.5 | 29.7 | 21.0 | 8.5 | 2.1 | 2.5 | 5.8 | 5.1% | 3.5% | −10.6% | 36.1% | 31% |
| Zerodha Nifty LargeMidcap 250 Index | 14.4 | 31.8 | 29.7 | 12.6 | 4.7 | 1.9 | 4.9 | 6.9% | 5.7% | −7.7% | 33.3% | 83% |
| Nifty500 Multicap 50:25:25 TRI | 20.2 | 33.6 | 29.5 | 7.0 | 2.7 | 2.1 | 4.9 | 5.8% | 4.6% | −7.6% | 34.3% | -- |
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 Nifty500 Multicap 50:25:25 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 10-11-2023. Past returns do not promise future returns.
HDFC Multi Cap vs Zerodha Nifty LargeMidcap 250 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 01-11-2023 to 30-10-2026: 36 instalments, ₹3,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Multi CapHDFC Multi Cap Fund (Direct) | ₹3,60,000 | ₹3,59,375 | −₹625 | −0.1% |
| Zerodha Nifty LargeMidcap 250 IndexZerodha Nifty LargeMidcap 250 Index Fund (Direct) | ₹3,60,000 | ₹3,69,843 | ₹9,843 | 1.8% |
HDFC Multi CapHDFC Multi Cap Fund (Direct)
Zerodha Nifty LargeMidcap 250 IndexZerodha Nifty LargeMidcap 250 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 Multi Cap vs Zerodha Nifty LargeMidcap 250 Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Multi Cap Fund (Direct) | Zerodha Nifty LargeMidcap 250 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.57% | −6.24% |
| Standard deviation | 14.37% | 14.85% |
| Sharpe ratio | -1.03 | -0.77 |
| Sortino ratio | -1.37 | -1.03 |
| Maximum drawdown | −15.0% (30-03-2026) | −14.3% (30-03-2026) |
| Beta | 0.95 | 1.00 |
| Alpha | −4.13% | +0.23% |
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 Multi Cap Fund (Direct) | Zerodha Nifty LargeMidcap 250 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.36% | +10.48% |
| Standard deviation | 14.40% | 14.89% |
| Sharpe ratio | 0.52 | 0.30 |
| Sortino ratio | 0.70 | 0.40 |
| Maximum drawdown | −20.2% (03-03-2025) | −18.8% (28-02-2025) |
| Beta | 0.95 | 1.00 |
| Alpha | +3.23% | +0.04% |
From daily NAVs, 10-12-2021 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.
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 Multi Cap Fund (Direct)
Zerodha Nifty LargeMidcap 250 Index 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 |
|---|---|---|---|---|---|---|
| HDFC Multi Cap Fund (Direct) | −20.2% | 27-09-2024 | 03-03-2025 | Not yet | -- | −11.4% |
| Zerodha Nifty LargeMidcap 250 Index Fund (Direct) | −18.8% | 26-09-2024 | 28-02-2025 | 17-11-2025 | 9 months | −8.6% |
| Nifty500 Multicap 50:25:25 TRI | −19.8% | 26-09-2024 | 03-03-2025 | 03-08-2026 | 17 months | −8.0% |
From daily values since 10-11-2023, 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 Multi Cap Fund (Direct)
Zerodha Nifty LargeMidcap 250 Index Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
Against Nifty500 Multicap 50:25:25 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Multi Cap Fund (Direct) | 97% | 101% | 2.08% |
| Zerodha Nifty LargeMidcap 250 Index Fund (Direct) | 98% | 95% | 2.06% |
From month-end values since 10-11-2023. 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 Multi Cap vs Zerodha Nifty LargeMidcap 250 Index: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Multi Cap Fund, September 2026; Zerodha Nifty LargeMidcap 250 Index Fund, September 2026
Holdings in common
- Overlap
- 42.1%
- Held by both
- 71
- Only in HDFC Multi Cap
- 50
- Only in Zerodha Nifty LargeMidcap 250 Index
- 179
| Security | % of HDFC Multi Cap | % of Zerodha Nifty LargeMidcap 250 Index |
|---|---|---|
| HDFC Bank Ltd. | 3.93% | 4.22% |
| ICICI Bank Ltd. | 3.66% | 3.68% |
| Reliance Industries Ltd. | 2.41% | 3.08% |
| Bharti Airtel Ltd. | 2.13% | 2.07% |
| State Bank of India | 1.77% | 1.54% |
| Axis Bank Ltd. | 2.44% | 1.37% |
| Kotak Mahindra Bank Limited | 1.92% | 1.19% |
| Mahindra & Mahindra Ltd. | 1.32% | 1.02% |
| Larsen and Toubro Ltd. | 0.92% | 1.71% |
| Eternal Limited | 2.13% | 0.90% |
| Infosys Limited | 0.82% | 1.36% |
| Coforge Limited | 1.08% | 0.75% |
| Indian Hotels Company Ltd. | 0.74% | 0.79% |
| Au Small Finance Bank Ltd. | 1.01% | 0.72% |
| Persistent Systems Limited | 0.68% | 0.71% |
| Dixon Technologies (India) Ltd. | 0.68% | 0.67% |
| Hindustan Unilever Ltd. | 1.02% | 0.65% |
| Lupin Ltd. | 0.81% | 0.61% |
| NTPC Limited | 1.72% | 0.60% |
| Maruti Suzuki India Limited | 1.12% | 0.60% |
| Tata Steel Ltd. | 1.09% | 0.59% |
| Bharat Electronics Ltd. | 1.00% | 0.54% |
| Shriram Finance Ltd. | 0.95% | 0.53% |
| Bharat Forge Ltd. | 0.52% | 0.66% |
| Multi Commodity Exchange of India L | 0.51% | 1.04% |
| HCL Technologies Ltd. | 1.08% | 0.50% |
| UltraTech Cement Limited | 0.90% | 0.50% |
| ICICI Lombard General Insurance Co | 1.45% | 0.48% |
| Embassy Office Parks REIT | 0.50% | 0.47% |
| PB Fintech Limited | 0.93% | 0.46% |
| Divis Laboratories Ltd. | 0.90% | 0.46% |
| Max Financial Services Ltd. | 0.70% | 0.45% |
| Swiggy Limited | 0.45% | 0.46% |
| InterGlobe Aviation Ltd. | 1.05% | 0.44% |
| Apar Industries Limited | 0.42% | 0.40% |
| Alkem Laboratories Ltd. | 1.19% | 0.38% |
| Eicher Motors Ltd. | 0.66% | 0.38% |
| Hindustan Petroleum Corp. Ltd. | 0.38% | 0.41% |
| MphasiS Limited. | 0.87% | 0.35% |
| Vishal Mega Mart Limited | 0.41% | 0.35% |
| Tata Motors Limited | 0.76% | 0.34% |
| 360 ONE WAM LIMITED | 0.61% | 0.33% |
| Ipca Laboratories Ltd. | 0.59% | 0.33% |
| Havells India Ltd. | 0.70% | 0.32% |
| Bombay Stock Exchange Limited (BSE) | 0.32% | 0.49% |
| Prestige Estates Projects Ltd. | 0.95% | 0.31% |
| Tube Investments of India Ltd. | 0.74% | 0.31% |
| Oil India Limited | 0.53% | 0.30% |
| Max Healthcare Institute Limited | 0.95% | 0.27% |
| Supreme Industries Ltd. | 0.77% | 0.27% |
| Vedanta Aluminium Metal Limited | 0.44% | 0.27% |
| JSW Infrastructure Limited | 0.42% | 0.26% |
| TVS Motor Company Ltd. | 0.25% | 0.37% |
| Tata Communications Limited | 1.15% | 0.24% |
| Blue Star Ltd. | 0.74% | 0.24% |
| Cummins India Ltd. | 0.24% | 0.25% |
| Aster DM Quality Care Limited | 0.84% | 0.23% |
| Britannia Industries Ltd. | 2.05% | 0.22% |
| Jubilant Foodworks Limited | 1.00% | 0.22% |
| HDFC Life Insurance Company Limited | 0.67% | 0.22% |
| Balkrishna Industries Ltd. | 1.07% | 0.21% |
| Ajanta Pharma Limited | 0.65% | 0.20% |
| Power Finance Corporation Ltd. | 0.91% | 0.18% |
| LENSKART SOLUTIONS LIMITED | 0.18% | 0.62% |
| Global Health Limited | 0.79% | 0.15% |
| LTM Limited | 0.31% | 0.15% |
| ABB India Ltd. | 0.90% | 0.14% |
| Godrej Consumer Products Ltd. | 0.40% | 0.13% |
| Endurance Technologies Ltd. | 0.93% | 0.12% |
| L&T Technology Services Ltd. | 0.42% | 0.11% |
| Tata Capital Ltd. | 0.98% | 0.07% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 42.1% means 42.1% 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 Multi Cap Fund
| Security | % of fund |
|---|---|
| PNB Housing Finance Ltd. | 1.38% |
| Sona Blw Precision Forgings | 1.26% |
| Five-Star Business Finance Limited | 1.11% |
| Timken India Ltd. | 1.00% |
| JSW Dulux Limited | 0.91% |
Largest holdings only in Zerodha Nifty LargeMidcap 250 Index Fund
| Security | % of fund |
|---|---|
| Bajaj Finance Limited | 1.02% |
| ITC Limited | 0.98% |
| The Federal Bank Limited | 0.96% |
| Laurus Labs Limited | 0.95% |
| One 97 Communications Limited | 0.89% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Multi Cap | Zerodha Nifty LargeMidcap 250 Index |
|---|---|---|
| Equity | 97.9% | 99.6% |
| Debt | 0.3% | 0.0% |
| Cash and others | 1.8% | 0.4% |
Market cap of stocks
| Market cap | HDFC Multi Cap | Zerodha Nifty LargeMidcap 250 Index |
|---|---|---|
| Large Cap | 43.2% | 52.0% |
| Mid Cap | 26.3% | 46.3% |
| Small Cap | 27.0% | 1.3% |
| Not on AMFI's list | 1.4% | 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 Multi Cap | Zerodha Nifty LargeMidcap 250 Index |
|---|---|---|
| Banks | 15.5% | 16.9% |
| Finance | 6.9% | 6.5% |
| Pharmaceuticals & Biotechnology | 6.2% | 6.7% |
| Auto Components | 6.1% | 2.7% |
| IT - Software | 5.3% | 5.6% |
| Leisure Services | 4.6% | 1.4% |
| Retailing | 3.2% | 4.3% |
| Automobiles | 3.4% | 4.0% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Multi Cap vs Zerodha Nifty LargeMidcap 250 Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Multi Cap Fund | Zerodha Nifty LargeMidcap 250 Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.96% | 0.38% |
| Base expense ratio (Direct) | 0.71% | 0.25% |
| Total expense ratio (Regular) | 1.79% | Not available |
| Base expense ratio (Regular) | 1.42% | 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 Multi Cap Fund vs Zerodha Nifty LargeMidcap 250 Index Fund: Frequently Asked Questions
What is the difference between HDFC Multi Cap Fund and Zerodha Nifty LargeMidcap 250 Index Fund?
HDFC Multi Cap Fund is a Multi Cap fund, Zerodha Nifty LargeMidcap 250 Index Fund is an Index fund, run by HDFC Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 42.1%. HDFC Multi Cap Fund charges 0.96% a year and Zerodha Nifty LargeMidcap 250 Index Fund 0.38%.
Which has given higher returns, HDFC Multi Cap Fund or Zerodha Nifty LargeMidcap 250 Index Fund?
Over 1 year: HDFC Multi Cap Fund −9.57%, Zerodha Nifty LargeMidcap 250 Index Fund −6.24%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Multi Cap Fund or Zerodha Nifty LargeMidcap 250 Index Fund?
Zerodha Nifty LargeMidcap 250 Index Fund charges less: 0.38% a year against 0.96%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Multi Cap Fund and Zerodha Nifty LargeMidcap 250 Index Fund overlap?
42.1%. They hold 71 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, HDFC Multi Cap Fund or Zerodha Nifty LargeMidcap 250 Index Fund?
On SEBI's riskometer, HDFC Multi Cap Fund is rated Very High and Zerodha Nifty LargeMidcap 250 Index Fund Very High. Over 1 years, the standard deviation of daily returns was 14.37% and 14.85% a year.
Can I invest in both HDFC Multi Cap Fund and Zerodha Nifty LargeMidcap 250 Index Fund?
Yes. 42.1% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HDFC Multi Cap Fund and Zerodha Nifty LargeMidcap 250 Index Fund?
HDFC Multi Cap Fund: Amar Kalkundrikar, Gopal Agrawal, Bhagyesh Kagalkar. Zerodha Nifty LargeMidcap 250 Index Fund: 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.