HDFC NIFTY Smallcap 250 ETF vs Zerodha Nifty Smallcap 100 ETF
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 Zerodha Nifty Smallcap 100 ETF is an ETF fund. In the year to 30-10-2026, HDFC NIFTY Smallcap 250 ETF returned −3.6% and Zerodha Nifty Smallcap 100 ETF (Direct) returned 0.7%. HDFC NIFTY Smallcap 250 ETF charges 0.32% a year and Zerodha Nifty Smallcap 100 ETF 0.35%. Their portfolios overlap 52.9%: they hold 98 of the same securities.
HDFC NIFTY Smallcap 250 ETF
ETF
- 1 year return
- −3.6%
- Expense ratio
- 0.32%
- NAV
- ₹168.79
Zerodha Nifty Smallcap 100 ETF
ETF
- 1 year return
- 0.7%
- Expense ratio
- 0.35%
- NAV
- ₹10.48
Which is better, HDFC NIFTY Smallcap 250 ETF or Zerodha Nifty Smallcap 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.
- Zerodha Nifty Smallcap 100 ETF returned more over 1 year: 0.7% against −3.6%.
- HDFC NIFTY Smallcap 250 ETF costs less: 0.32% a year against 0.35%.
- Zerodha Nifty Smallcap 100 ETF fell less in its worst fall since 12-09-2025: −18.1% against −18.7%.
- HDFC NIFTY Smallcap 250 ETF is the larger fund: ₹2,708 Cr against ₹101 Cr.
- Their portfolios overlap 52.9%: 98 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 NIFTY Smallcap 250 ETF | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Fund house | HDFC Mutual Fund | Zerodha Mutual Fund |
| Category | ETF | ETF |
| AUM | ₹2,708 Cr (30-09-2026) | ₹101 Cr (30-09-2026) |
| NAV | ₹168.79 | ₹10.48 (Direct) |
| Expense ratio (Direct) | Not available | 0.35% |
| Expense ratio (Regular) | Not available | Not available |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Smallcap 250 TRI | Nifty Smallcap 100 TRI |
| Launch date | 15-02-2023 | 09-09-2025 |
| Minimum investment | On 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 F | In creation unit size of 1,50,000 Units and in multiples of 10 units thereof |
| Lock in | None | None |
| Fund managers | Abhishek Mor, Nandita Menezes, Arun Agarwal | Kedarnath Mirajkar |
| Exit load | Not available | Nil |
HDFC NIFTY Smallcap 250 ETF vs Zerodha Nifty Smallcap 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 NIFTY Smallcap 250 ETF | −5.84% | −6.11% | +0.28% | −3.65% | +11.85% | -- | -- |
| Zerodha Nifty Smallcap 100 ETF (Direct) | −4.23% | −4.17% | +2.78% | +0.72% | -- | -- | -- |
HDFC NIFTY Smallcap 250 ETF vs Zerodha Nifty Smallcap 100 ETF: Year-wise Returns
| Year | HDFC NIFTY Smallcap 250HDFC NIFTY Smallcap 250 ETF | Zerodha Nifty Smallcap 100Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| 2026to date | +0.52% | +4.86% |
| 2025 | −5.79% | -- |
| 2024 | +26.59% | -- |
HDFC NIFTY Smallcap 250 ETF vs Zerodha Nifty Smallcap 100 ETF: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of HDFC NIFTY Smallcap 250 ETF
Rolling returns
Every 1-year holding period, 30 of them, one for each trading day from 15-09-2026 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.
HDFC NIFTY Smallcap 250 ETF
Zerodha Nifty Smallcap 100 ETF (Direct)
Nifty Smallcap 250 TRI
to
Sept 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 2026Oct 2025
to
Oct 2026Oct 2025
to
Oct 2026Oct 2025
to
Oct 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 NIFTY Smallcap 250 ETF | 20.0 | 46.7 | 33.3 | 0.0 | 0.0 | 0.0 | 0.0 | 3.2% | 3.9% | −4.9% | 7.3% | 3% |
| Zerodha Nifty Smallcap 100 ETF | 6.7 | 13.3 | 60.0 | 20.0 | 0.0 | 0.0 | 0.0 | 6.9% | 8.0% | −2.3% | 11.3% | 100% |
| Nifty Smallcap 250 TRI | 20.0 | 36.7 | 43.3 | 0.0 | 0.0 | 0.0 | 0.0 | 3.6% | 4.4% | −4.4% | 7.7% | -- |
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 12-09-2025. Past returns do not promise future returns.
HDFC NIFTY Smallcap 250 ETF vs Zerodha Nifty Smallcap 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 01-09-2025 to 30-10-2026: 14 instalments, ₹1,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC NIFTY Smallcap 250 ETFHDFC NIFTY Smallcap 250 ETF | ₹1,40,000 | ₹1,39,830 | −₹170 | −0.2% |
| Zerodha Nifty Smallcap 100 ETFZerodha Nifty Smallcap 100 ETF (Direct) | ₹1,40,000 | ₹1,44,600 | ₹4,600 | 5.4% |
HDFC NIFTY Smallcap 250 ETFHDFC NIFTY Smallcap 250 ETF
Zerodha Nifty Smallcap 100 ETFZerodha Nifty Smallcap 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 NIFTY Smallcap 250 ETF vs Zerodha Nifty Smallcap 100 ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC NIFTY Smallcap 250 ETF | Zerodha Nifty Smallcap 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | −3.65% | +0.72% |
| Standard deviation | 18.11% | 19.18% |
| Sharpe ratio | -0.49 | -0.24 |
| Sortino ratio | -0.66 | -0.32 |
| Maximum drawdown | −18.3% (23-03-2026) | −18.1% (23-03-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.49% | +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 NIFTY Smallcap 250 ETF | Zerodha Nifty Smallcap 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | +18.07% | +3.02% |
| Standard deviation | 17.99% | 18.41% |
| Sharpe ratio | 0.66 | -0.12 |
| Sortino ratio | 0.87 | -0.17 |
| Maximum drawdown | −26.1% (03-03-2025) | −18.1% (23-03-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.52% | +0.11% |
From daily NAVs, 15-02-2023 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.
HDFC NIFTY Smallcap 250 ETF
Zerodha Nifty Smallcap 100 ETF (Direct)
Nifty Smallcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC NIFTY Smallcap 250 ETF | −18.7% | 19-09-2025 | 23-03-2026 | 18-06-2026 | 3 months | −9.7% |
| Zerodha Nifty Smallcap 100 ETF (Direct) | −18.1% | 03-11-2025 | 23-03-2026 | 06-05-2026 | 44 days | −8.5% |
| Nifty Smallcap 250 TRI | −18.6% | 19-09-2025 | 23-03-2026 | 17-06-2026 | 3 months | −9.4% |
From daily values since 12-09-2025, 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 NIFTY Smallcap 250 ETF
Zerodha Nifty Smallcap 100 ETF (Direct)
Nifty Smallcap 250 TRI
Against Nifty Smallcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC NIFTY Smallcap 250 ETF | 99% | 101% | 0.14% |
| Zerodha Nifty Smallcap 100 ETF (Direct) | 109% | 93% | 2.82% |
From month-end values since 12-09-2025. 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 Zerodha Nifty Smallcap 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC NIFTY Smallcap 250 ETF, September 2026; Zerodha Nifty Smallcap 100 ETF, September 2026
Holdings in common
- Overlap
- 52.9%
- Held by both
- 98
- Only in HDFC NIFTY Smallcap 250 ETF
- 152
- Only in Zerodha Nifty Smallcap 100 ETF
- 0
| Security | % of HDFC NIFTY Smallcap 250 ETF | % of Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Sona Blw Precision Forgings | 1.67% | 3.01% |
| WELSPUN CORP LIMITED | 1.60% | 2.87% |
| Karur Vysya Bank Ltd. | 1.37% | 2.47% |
| Navin Fluorine International Ltd. | 1.36% | 2.45% |
| Ather Energy Limited | 1.21% | 2.18% |
| RBL Bank Ltd. | 1.12% | 2.01% |
| Delhivery Limited | 1.10% | 1.99% |
| Redington Ltd. | 1.08% | 1.95% |
| Gland Pharma Ltd. | 1.04% | 1.86% |
| Central Depository Services (India) Ltd. | 1.01% | 1.81% |
| City Union Bank Ltd. | 0.98% | 1.75% |
| Cupid Limited | 0.94% | 1.69% |
| Sai Life Sciences Limited | 0.94% | 1.70% |
| PNB Housing Finance Ltd. | 0.94% | 1.70% |
| Anand Rathi Wealth Limited | 0.87% | 1.56% |
| Kirloskar Oil Engines Ltd. | 0.86% | 1.55% |
| Neuland Laboratories Limited | 0.82% | 1.48% |
| TD Power Systems Ltd. | 0.80% | 1.44% |
| Angel One Ltd. | 0.80% | 1.44% |
| Bandhan Bank Ltd. | 0.79% | 1.42% |
| Wockhardt Ltd. | 0.78% | 1.41% |
| Aegis Logistics Ltd | 0.78% | 1.40% |
| Manappuram Finance Ltd. | 0.78% | 1.40% |
| Acutaas Chemicals Limited | 0.76% | 1.37% |
| Himadri Speciality Chemical Limited | 0.72% | 1.29% |
| Computer Age Management Services | 0.72% | 1.30% |
| Poonawalla Fincorp Ltd | 0.71% | 1.27% |
| Great Eastern Shipping Company Ltd. | 0.69% | 1.25% |
| Dr. Lal Path Labs Ltd | 0.69% | 1.25% |
| Amber Enterprises India Ltd. | 0.65% | 1.18% |
| IIFL Finance Limited | 0.63% | 1.13% |
| Syrma SGS Technology Ltd. | 0.62% | 1.11% |
| Cholamandalam Financial Holdings Ltd. | 0.62% | 1.11% |
| Crompton Greaves Consumer Elec. Ltd. | 0.60% | 1.08% |
| NUVAMA WEALTH MANAGEMENT LTD. | 0.60% | 1.07% |
| Apollo Tyres Ltd. | 0.59% | 1.05% |
| Data Patterns (India) Limited | 0.58% | 1.05% |
| Piramal Pharma Limited | 0.57% | 1.03% |
| Onesource Specialty Pharma Limited | 0.54% | 0.97% |
| Tata Technologies Limited | 0.54% | 0.98% |
| KFin Technologies Ltd | 0.50% | 0.91% |
| KAYNES TECHNOLOGY INDIA LIMITED | 0.49% | 0.88% |
| Tata Elxsi Ltd. | 0.48% | 0.86% |
| Brigade Enterprises Limited. | 0.48% | 0.86% |
| Sammaan Capital Limited | 0.47% | 0.85% |
| Indraprastha Gas Ltd. | 0.46% | 0.82% |
| Sagility Limited | 0.44% | 0.79% |
| Aarti Industries Ltd. | 0.44% | 0.79% |
| AFFLE 3I LIMITED | 0.43% | 0.77% |
| Tata Chemicals Ltd. | 0.43% | 0.77% |
| Pine Labs Limited | 0.43% | 0.78% |
| Capri Global Capital LTD | 0.43% | 0.77% |
| Inventurus Knowledge Solutions Limited | 0.41% | 0.74% |
| ANANT RAJ LIMITED | 0.41% | 0.74% |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | 0.41% | 0.73% |
| Amara Raja Energy & Mobility Limited | 0.41% | 0.74% |
| Belrise Industries Limited | 0.41% | 0.73% |
| Netweb Technologies India Limited | 0.40% | 0.72% |
| HBL Engineering Limited | 0.40% | 0.72% |
| Jyoti CNC Automation Limited | 0.40% | 0.71% |
| Ola Electric Mobility Limited | 0.38% | 0.68% |
| CESC Ltd. | 0.38% | 0.68% |
| KPIT Technologies Ltd | 0.37% | 0.67% |
| FORCE MOTORS LTD | 0.37% | 0.67% |
| R R KABEL LIMITED | 0.37% | 0.67% |
| NBCC (India) Limited | 0.36% | 0.66% |
| PG Electroplast Limited | 0.36% | 0.64% |
| Firstsource Solutions Ltd. | 0.36% | 0.65% |
| BEML Limited | 0.34% | 0.61% |
| Physicswallah Limited. | 0.33% | 0.59% |
| Natco Pharma Ltd | 0.33% | 0.60% |
| Cohance Lifesciences Limited | 0.32% | 0.58% |
| Chennai Petroleum Corp Ltd. | 0.31% | 0.56% |
| Syngene International Limited | 0.31% | 0.56% |
| Creditaccess Grameen Limited | 0.31% | 0.56% |
| INOX Wind Limited | 0.30% | 0.54% |
| Cemindia Projects Limited | 0.30% | 0.53% |
| Garden Reach Shipbuilders & Engineers Limited | 0.29% | 0.52% |
| Triveni Turbine Limited | 0.28% | 0.51% |
| URBAN COMPANY LIMITED | 0.25% | 0.44% |
| Vedanta Power Limited | 0.25% | 0.45% |
| Devyani International Ltd | 0.25% | 0.45% |
| Godawari Power & Ispat Ltd. | 0.24% | 0.44% |
| STERLITE TECHNOLOGIES LIMITED | 0.49% | 0.23% |
| TENNECO CLEAN AIR INDIA LIMITED | 0.23% | 0.42% |
| KEC International Ltd. | 0.22% | 0.39% |
| IDBI Bank Limited | 0.21% | 0.37% |
| IFCI LIMITED | 0.21% | 0.37% |
| Emmvee Photovoltaic Power Limited | 0.20% | 0.35% |
| Gujarat Mineral Dev. Corp. Ltd. | 0.19% | 0.34% |
| JSW Cement Limited | 0.16% | 0.30% |
| MANGALORE REFINERY AND PETROCHEMICA | 0.13% | 0.24% |
| Avanti Feeds Ltd. | 0.13% | 0.23% |
| ITI Ltd | 0.11% | 0.19% |
| Central Mine Planning & Design Institute Limited | 0.10% | 0.18% |
| JBM AUTO LTD. | 0.10% | 0.18% |
| Bharat Coking Coal Limited | 0.07% | 0.12% |
| Gallantt Ispat Limited | 0.07% | 0.13% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 52.9% means 52.9% 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 |
|---|---|
| HFCL Ltd | 1.03% |
| BROOKFIELD INDIA REAL ESTATE TRUST | 1.01% |
| Sansera Engineering Limited | 0.90% |
| Krishna Institute Of Medical Sciences Limited | 0.89% |
| Craftsman Automation Ltd | 0.70% |
Largest holdings only in Zerodha Nifty Smallcap 100 ETF
Every holding of this fund is also held by the other.
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC NIFTY Smallcap 250 ETF | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Equity | 97.8% | 95.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.2% | 5.0% |
Market cap of stocks
| Market cap | HDFC NIFTY Smallcap 250 ETF | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Large Cap | 0.0% | 0.0% |
| Mid Cap | 2.7% | 4.7% |
| Small Cap | 94.3% | 88.9% |
| Not on AMFI's list | 0.8% | 1.4% |
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 NIFTY Smallcap 250 ETF | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Pharmaceuticals & Biotechnology | 7.7% | 11.0% |
| Finance | 7.6% | 9.2% |
| Industrial Products | 8.4% | 6.4% |
| Auto Components | 8.4% | 6.1% |
| Capital Markets | 5.4% | 8.1% |
| Banks | 5.1% | 8.0% |
| Chemicals & Petrochemicals | 5.7% | 6.0% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC NIFTY Smallcap 250 ETF vs Zerodha Nifty Smallcap 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC NIFTY Smallcap 250 ETF | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.35% |
| Base expense ratio (Direct) | 0.00% | 0.18% |
| Base expense ratio (Regular) | 0.21% | 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.
HDFC NIFTY Smallcap 250 ETF vs Zerodha Nifty Smallcap 100 ETF: Frequently Asked Questions
What is the difference between HDFC NIFTY Smallcap 250 ETF and Zerodha Nifty Smallcap 100 ETF?
HDFC NIFTY Smallcap 250 ETF is an ETF fund, Zerodha Nifty Smallcap 100 ETF is an ETF fund, run by HDFC Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 52.9%. HDFC NIFTY Smallcap 250 ETF charges 0.32% a year and Zerodha Nifty Smallcap 100 ETF 0.35%.
Which has given higher returns, HDFC NIFTY Smallcap 250 ETF or Zerodha Nifty Smallcap 100 ETF?
Over 1 year: HDFC NIFTY Smallcap 250 ETF −3.65%, Zerodha Nifty Smallcap 100 ETF +0.72%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC NIFTY Smallcap 250 ETF or Zerodha Nifty Smallcap 100 ETF?
HDFC NIFTY Smallcap 250 ETF charges less: 0.32% a year against 0.35%. These are the total expense ratios reported to AMFI.
How much do HDFC NIFTY Smallcap 250 ETF and Zerodha Nifty Smallcap 100 ETF overlap?
52.9%. They hold 98 of the same securities, the largest shared ones being SONACOMS, WELCORP, KARURVYSYA. From each fund's latest monthly portfolio.
Which is riskier, HDFC NIFTY Smallcap 250 ETF or Zerodha Nifty Smallcap 100 ETF?
On SEBI's riskometer, HDFC NIFTY Smallcap 250 ETF is rated Very High and Zerodha Nifty Smallcap 100 ETF Very High. Over 1 years, the standard deviation of daily returns was 18.11% and 19.18% a year.
Can I invest in both HDFC NIFTY Smallcap 250 ETF and Zerodha Nifty Smallcap 100 ETF?
Yes. 52.9% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HDFC NIFTY Smallcap 250 ETF and Zerodha Nifty Smallcap 100 ETF?
HDFC NIFTY Smallcap 250 ETF: Abhishek Mor, Nandita Menezes, Arun Agarwal. Zerodha Nifty Smallcap 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.