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    HDFC NIFTY Smallcap 250 ETF vs Nippon India Small Cap Fund

    Direct Plan where a fund has one, Growth option · Data as on 30-10-2026

    HDFC NIFTY Smallcap 250 ETF is an ETF fund and Nippon India Small Cap Fund is a Small Cap fund. In the 3 years to 30-10-2026, HDFC NIFTY Smallcap 250 ETF returned 11.8% a year and Nippon India Small Cap Fund (Direct) returned 13.0% a year. HDFC NIFTY Smallcap 250 ETF charges 0.32% a year and Nippon India Small Cap Fund 0.69%. Their portfolios overlap 28.6%: they hold 85 of the same securities.

    HDFC NIFTY Smallcap 250 ETF

    ETF

    3 year return
    11.8%
    Expense ratio
    0.32%
    NAV
    ₹168.79
    See HDFC NIFTY Smallcap 250 ETF

    Nippon India Small Cap Fund

    Small Cap

    3 year return
    13.0%
    Expense ratio
    0.69%
    NAV
    ₹192.76
    See Nippon India Small Cap Fund

    Which is better, HDFC NIFTY Smallcap 250 ETF or Nippon India Small Cap? Key differences

    It depends on what you want from the fund. These are the differences in numbers, from the data on this page.

    • Nippon India Small Cap returned more over 3 years: 13.0% a year against 11.8%.
    • Nippon India Small Cap returned more over 1 year: −0.2% against −3.6%.
    • HDFC NIFTY Smallcap 250 ETF costs less: 0.32% a year against 0.69%.
    • Nippon India Small Cap swung less over 3 years: a standard deviation of 16.5% a year against 19.1%.
    • Nippon India Small Cap fell less in its worst fall since 15-02-2023: −24.2% against −26.1%.
    • Nippon India Small Cap holds more in large companies: 14.3% of the fund in large caps against 0.0%.
    • Nippon India Small Cap is the larger fund: ₹80,906 Cr against ₹2,708 Cr.
    • Their portfolios overlap 28.6%: 85 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

    FactHDFC NIFTY Smallcap 250 ETFNippon India Small Cap Fund
    Fund houseHDFC Mutual FundNippon India Mutual Fund
    CategoryETFSmall Cap
    AUM₹2,708 Cr (30-09-2026)₹80,906 Cr (30-09-2026)
    NAV₹168.79₹192.76 (Direct)
    Expense ratio (Direct)Not available0.69%
    Expense ratio (Regular)Not available1.41%
    RiskometerVery HighVery High
    BenchmarkNifty Smallcap 250 TRINifty Smallcap 250 TRI
    Launch date15-02-202316-09-2010
    Minimum investmentOn an On-going Basis: A. On the Stock Exchange: Investors (including Market Makers and Large Investors) can subscribe (buy) Units on a continuous basis on the Stock Exchanges, in minimum lot of 1 (one) unit and in multiples thereof. B. Directly with the FNot available
    Lock inNoneNone
    Fund managersAbhishek Mor, Nandita Menezes, Arun AgarwalSamir Rachh
    Exit loadNot availableExit load of 1% if redeemed within 1 year.

    HDFC NIFTY Smallcap 250 ETF vs Nippon India Small Cap: Returns Comparison

    Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.

    Fund1M3M6M1Y3Y5Y10Y
    HDFC NIFTY Smallcap 250 ETF−5.84%−6.11%+0.28%−3.65%+11.85%----
    Nippon India Small Cap Fund (Direct)−5.79%−4.50%+0.35%−0.23%+12.97%+17.08%+19.26%
    Small Cap average−5.86%−3.28%+5.03%+3.00%+14.03%+14.51%+16.19%

    Category average: the average of the 36 Small Cap funds, same plan type.

    HDFC NIFTY Smallcap 250 ETF vs Nippon India Small Cap: Year-wise Returns

    YearHDFC NIFTY Smallcap 250 ETFHDFC NIFTY Smallcap 250 ETFNippon India Small CapNippon India Small CapNifty Smallcap 250 TRI
    2026to date+0.52%+3.07%+1.00%
    2025−5.79%−4.02%−5.48%
    2024+26.59%+27.06%+27.21%
    2023--+50.17%+49.09%
    2022--+7.53%−2.64%
    2021--+75.87%+63.34%

    HDFC NIFTY Smallcap 250 ETF vs Nippon India Small Cap: Rolling Returns

    Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of both

    Rolling returns

    Every 3-year holding period, 173 of them, one for each trading day from 16-02-2026 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.

    0%5%10%15%20%25%
    Mar 2023
    to
    Mar 2026
    Apr 2023
    to
    Apr 2026
    Jun 2023
    to
    Jun 2026
    Jul 2023
    to
    Jul 2026
    Aug 2023
    to
    Aug 2026
    Oct 2023
    to
    Oct 2026
    HDFC NIFTY Smallcap 250 ETFNippon India Small Cap Fund (Direct)Nifty Smallcap 250 TRI

    How the periods spread

    FundBelow 0%0-5%5-10%10-15%15-20%20-25%Above 25%MeanMedianLowestHighestBeat benchmark
    HDFC NIFTY Smallcap 250 ETF0.00.00.018.554.926.60.018.0%18.8%10.9%22.6%0%
    Nippon India Small Cap0.00.00.015.652.032.40.018.5%18.8%12.3%22.9%45%
    Nifty Smallcap 250 TRI0.00.00.016.251.432.40.018.5%19.2%11.4%23.1%--

    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 Smallcap 250 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 15-02-2023. Past returns do not promise future returns.

    HDFC NIFTY Smallcap 250 ETF vs Nippon India Small 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

    Step up each year
    PeriodFor

    ₹10,000 on the first trading day of every month, from 15-02-2023 to 30-10-2026: 45 instalments, ₹4,50,000 in all.

    InvestmentInvestedValue nowGainReturn a year
    HDFC NIFTY Smallcap 250 ETFHDFC NIFTY Smallcap 250 ETF ₹4,50,000 ₹5,22,670 ₹72,670 8.0%
    Nippon India Small CapNippon India Small Cap Fund (Direct) ₹4,50,000 ₹5,37,235 ₹87,235 9.4%
    ₹0₹2.0 L₹4.0 L₹6.0 L
    202420252026
    HDFC NIFTY Smallcap 250 ETFHDFC NIFTY Smallcap 250 ETFNippon India Small CapNippon India Small 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.

    HDFC NIFTY Smallcap 250 ETF vs Nippon India Small Cap: Risk and Drawdowns

    How much each fund swings, and the worst fall over the same days

    Risk and return

    MeasureHDFC NIFTY Smallcap 250 ETFNippon India Small Cap Fund (Direct)
    Return (CAGR)+11.85%+12.97%
    Standard deviation19.07%16.46%
    Sharpe ratio0.310.42
    Sortino ratio0.400.56
    Maximum drawdown−26.1% (03-03-2025)−24.2% (03-03-2025)
    Beta1.000.85
    Alpha−0.50%+1.59%

    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.

    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.

    −30%−25%−20%−15%−10%−5%0%
    202420252026
    HDFC NIFTY Smallcap 250 ETFNippon India Small Cap Fund (Direct)Nifty Smallcap 250 TRI
    FundWorst fallHigh before itBottomBack at the highTime to climb backBelow its high today
    HDFC NIFTY Smallcap 250 ETF−26.1%23-09-202403-03-2025Not yet--−9.8%
    Nippon India Small Cap Fund (Direct)−24.2%24-09-202403-03-202522-06-202616 months−8.7%
    Nifty Smallcap 250 TRI−26.0%23-09-202403-03-202526-08-202618 months−9.4%

    From daily values since 15-02-2023, 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 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.

    0%5%10%15%20%
    HDFC NIFTY Smallcap 250 ETFNippon India Small Cap Fund (Direct)Nifty Smallcap 250 TRI

    Against Nifty Smallcap 250 TRI

    FundUp captureDown captureTracking error
    HDFC NIFTY Smallcap 250 ETF99%101%0.14%
    Nippon India Small Cap Fund (Direct)88%78%4.73%

    From month-end values since 15-02-2023. 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 NIFTY Smallcap 250 ETF vs Nippon India Small Cap: Portfolio Overlap

    From each fund's latest monthly portfolio: HDFC NIFTY Smallcap 250 ETF, September 2026; Nippon India Small Cap Fund, September 2026

    Holdings in common

    Overlap
    28.6%
    Held by both
    85
    Only in HDFC NIFTY Smallcap 250 ETF
    165
    Only in Nippon India Small Cap
    171
    Security% of HDFC NIFTY Smallcap 250 ETF% of Nippon India Small Cap
    Karur Vysya Bank Ltd.1.37%1.28%
    Sai Life Sciences Limited0.94%1.24%
    Kirloskar Oil Engines Ltd.0.86%0.97%
    TD Power Systems Ltd.0.80%1.88%
    Craftsman Automation Ltd0.70%0.77%
    MTAR Technologies Limited0.69%0.92%
    Gland Pharma Ltd.1.04%0.66%
    PNB Housing Finance Ltd.0.94%0.66%
    Carborundum Universal Ltd.0.65%0.63%
    Kalpataru Projects International Ltd0.70%0.62%

    Overlap: for each holding both funds own, the smaller of its two weights, added up. 28.6% means 28.6% 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 NIFTY Smallcap 250 ETF

    Security% of fund
    WELSPUN CORP LIMITED1.60%
    Ather Energy Limited1.21%
    Redington Ltd.1.08%
    HFCL Ltd1.03%
    BROOKFIELD INDIA REAL ESTATE TRUST1.01%

    Largest holdings only in Nippon India Small Cap Fund

    Security% of fund
    Bharat Heavy Electricals Limited1.77%
    HDFC Bank Limited1.75%
    Apar Industries Limited1.74%
    Sundram Fasteners Limited1.20%
    State Bank of India1.19%

    Asset and sector split

    Share of each fund, from its latest monthly portfolio

    Asset allocation

    AssetHDFC NIFTY Smallcap 250 ETFNippon India Small Cap
    Equity97.8%97.4%
    Debt0.0%0.0%
    Cash and others2.2%2.6%

    Market cap of stocks

    Market capHDFC NIFTY Smallcap 250 ETFNippon India Small Cap
    Large Cap0.0%14.3%
    Mid Cap2.7%13.1%
    Small Cap94.3%66.6%
    Not on AMFI's list0.8%3.5%

    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

    SectorHDFC NIFTY Smallcap 250 ETFNippon India Small Cap
    Electrical Equipment3.3%9.5%
    Industrial Products8.4%6.8%
    Auto Components8.4%7.7%
    Pharmaceuticals & Biotechnology7.7%5.4%
    Banks5.1%7.6%
    Finance7.6%4.0%
    Chemicals & Petrochemicals5.7%5.0%
    Consumer Durables2.8%5.4%
    Capital Markets5.4%4.0%

    The six largest sectors of each fund's stocks, % of the fund.

    HDFC NIFTY Smallcap 250 ETF vs Nippon India Small Cap: Expense Ratio

    What each plan charges a year, from AMFI's expense ratio file

    ChargeHDFC NIFTY Smallcap 250 ETFNippon India Small Cap Fund
    Total expense ratio (Direct)Not available0.69%
    Base expense ratio (Direct)0.00%0.53%
    Total expense ratio (Regular)Not available1.41%
    Base expense ratio (Regular)0.21%1.14%

    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 NIFTY Smallcap 250 ETF vs Nippon India Small Cap Fund: Frequently Asked Questions

    What is the difference between HDFC NIFTY Smallcap 250 ETF and Nippon India Small Cap Fund?

    HDFC NIFTY Smallcap 250 ETF is an ETF fund, Nippon India Small Cap Fund is a Small Cap fund, run by HDFC Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 28.6%. HDFC NIFTY Smallcap 250 ETF charges 0.32% a year and Nippon India Small Cap Fund 0.69%.

    Which has given higher returns, HDFC NIFTY Smallcap 250 ETF or Nippon India Small Cap Fund?

    Over 1 year: HDFC NIFTY Smallcap 250 ETF −3.65%, Nippon India Small Cap Fund −0.23%. Over 3 years: HDFC NIFTY Smallcap 250 ETF +11.85% a year, Nippon India Small Cap Fund +12.97% a year. As on 30-10-2026. Past returns do not promise future returns.

    Which has the lower expense ratio, HDFC NIFTY Smallcap 250 ETF or Nippon India Small Cap Fund?

    HDFC NIFTY Smallcap 250 ETF charges less: 0.32% a year against 0.69%. These are the total expense ratios reported to AMFI.

    How much do HDFC NIFTY Smallcap 250 ETF and Nippon India Small Cap Fund overlap?

    28.6%. They hold 85 of the same securities, the largest shared ones being KARURVYSYA, SAILIFE, KIRLOSENG. From each fund's latest monthly portfolio.

    Which is riskier, HDFC NIFTY Smallcap 250 ETF or Nippon India Small Cap Fund?

    On SEBI's riskometer, HDFC NIFTY Smallcap 250 ETF is rated Very High and Nippon India Small Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 19.07% and 16.46% a year.

    Which is better for SIP, HDFC NIFTY Smallcap 250 ETF or Nippon India Small Cap Fund?

    Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,87,034 in HDFC NIFTY Smallcap 250 ETF (XIRR 2.9% a year) and ₹3,99,117 in Nippon India Small Cap Fund (XIRR 4.9% a year). Both received 37 instalments. Past returns do not promise future returns.

    Can I invest in both HDFC NIFTY Smallcap 250 ETF and Nippon India Small Cap Fund?

    Yes. 28.6% of each fund's money sits in the same holdings, so some of the two investments would move together.

    Who manages HDFC NIFTY Smallcap 250 ETF and Nippon India Small Cap Fund?

    HDFC NIFTY Smallcap 250 ETF: Abhishek Mor, Nandita Menezes, Arun Agarwal. Nippon India Small Cap Fund: Samir Rachh.

    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.

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