ITI Flexi Cap Fund vs Kotak MSCI India ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
ITI Flexi Cap Fund is a Flexi Cap fund and Kotak MSCI India ETF is an ETF fund. In the year to 30-10-2026, ITI Flexi Cap Fund (Direct) returned 6.4% and Kotak MSCI India ETF returned −8.0%. ITI Flexi Cap Fund charges 0.88% a year and Kotak MSCI India ETF 0.24%. Their portfolios overlap 42.1%: they hold 42 of the same securities.
Which is better, ITI Flexi Cap or Kotak MSCI India ETF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ITI Flexi Cap returned more over 1 year: 6.4% against −8.0%.
- Kotak MSCI India ETF costs less: 0.24% a year against 0.88%.
- ITI Flexi Cap fell less in its worst fall since 25-02-2025: −13.0% against −14.6%.
- Kotak MSCI India ETF holds more in large companies: 80.6% of the fund in large caps against 44.7%.
- Kotak MSCI India ETF is the larger fund: ₹1,749 Cr against ₹1,588 Cr.
- Their portfolios overlap 42.1%: 42 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 | ITI Flexi Cap Fund | Kotak MSCI India ETF |
|---|---|---|
| Fund house | ITI Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Flexi Cap | ETF |
| AUM | ₹1,588 Cr (30-09-2026) | ₹1,749 Cr (30-09-2026) |
| NAV | ₹20.35 (Direct) | ₹28.23 |
| Expense ratio (Direct) | 0.88% | Not available |
| Expense ratio (Regular) | 2.32% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | MSCI India TRI |
| Launch date | 17-02-2023 | 19-02-2025 |
| Minimum investment | ₹5,000 | Ongoing purchases directly from the Mutual Fund would be restricted to Market Makers and Large Investors (subject to transactions greater than INR 25 crores or such other amount as may be specified by SEBI from time to time) provided the value of units to |
| Lock in | None | None |
| Fund managers | Dhimant Shah, Nilay Dalal | Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar |
| Exit load | Exit load of 0.50%, if redeemed within 3 months. | NIL |
ITI Flexi Cap vs Kotak MSCI India 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 |
|---|---|---|---|---|---|---|---|
| ITI Flexi Cap Fund (Direct) | −1.70% | −0.27% | +7.12% | +6.40% | +18.32% | -- | -- |
| Kotak MSCI India ETF | +0.29% | −5.98% | −3.50% | −8.03% | -- | -- | -- |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | -- | -- |
Category average: the average of the 46 Flexi Cap funds, same plan type.
ITI Flexi Cap vs Kotak MSCI India ETF: Year-wise Returns
| Year | ITI Flexi CapITI Flexi Cap | Kotak MSCI India ETFKotak MSCI India ETF |
|---|---|---|
| 2026to date | +5.44% | −8.95% |
| 2025 | +4.71% | -- |
| 2024 | +28.10% | -- |
ITI Flexi Cap vs Kotak MSCI India ETF: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of ITI Flexi Cap Fund
Rolling returns
Every 1-year holding period, 166 of them, one for each trading day from 25-02-2026 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.
ITI Flexi Cap Fund (Direct)
Kotak MSCI India ETF
Nifty 500 TRI
to
Mar 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Aug 2025
to
Aug 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ITI Flexi Cap | 0.0 | 8.4 | 37.3 | 37.3 | 14.5 | 2.4 | 0.0 | 10.8% | 10.6% | 1.6% | 22.3% | 100% |
| Kotak MSCI India ETF | 46.4 | 36.7 | 11.4 | 3.6 | 1.8 | 0.0 | 0.0 | 0.9% | 0.2% | −9.8% | 15.8% | 6% |
| Nifty 500 TRI | 35.5 | 39.8 | 19.3 | 3.0 | 2.4 | 0.0 | 0.0 | 1.9% | 1.2% | −9.0% | 15.9% | -- |
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 500 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 25-02-2025. Past returns do not promise future returns.
ITI Flexi Cap vs Kotak MSCI India 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 03-02-2025 to 30-10-2026: 21 instalments, ₹2,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ITI Flexi CapITI Flexi Cap Fund (Direct) | ₹2,10,000 | ₹2,30,732 | ₹20,732 | 10.7% |
| Kotak MSCI India ETFKotak MSCI India ETF | ₹2,10,000 | ₹2,04,302 | −₹5,698 | −3.0% |
ITI Flexi CapITI Flexi Cap Fund (Direct)
Kotak MSCI India ETFKotak MSCI India 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.
ITI Flexi Cap vs Kotak MSCI India ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ITI Flexi Cap Fund (Direct) | Kotak MSCI India ETF |
|---|---|---|
| Return (CAGR) | +6.40% | −8.03% |
| Standard deviation | 15.44% | 14.22% |
| Sharpe ratio | 0.07 | -0.93 |
| Sortino ratio | 0.10 | -1.24 |
| Maximum drawdown | −13.0% (31-03-2026) | −14.6% (31-03-2026) |
| Beta | 1.03 | -- |
| Alpha | +14.15% | -- |
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 | ITI Flexi Cap Fund (Direct) | Kotak MSCI India ETF |
|---|---|---|
| Return (CAGR) | +21.51% | +4.02% |
| Standard deviation | 15.22% | 13.78% |
| Sharpe ratio | 1.01 | -0.10 |
| Sortino ratio | 1.36 | -0.14 |
| Maximum drawdown | −21.4% (28-02-2025) | −14.6% (31-03-2026) |
| Beta | 1.07 | -- |
| Alpha | +8.54% | -- |
From daily NAVs, 22-02-2023 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.
ITI Flexi Cap Fund (Direct)
Kotak MSCI India ETF
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ITI Flexi Cap Fund (Direct) | −13.0% | 02-01-2026 | 31-03-2026 | 07-05-2026 | 37 days | −5.0% |
| Kotak MSCI India ETF | −14.6% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.1% |
| Nifty 500 TRI | −14.7% | 02-01-2026 | 30-03-2026 | Not yet | -- | −8.4% |
From daily values since 25-02-2025, 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.
ITI Flexi Cap Fund (Direct)
Kotak MSCI India ETF
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ITI Flexi Cap Fund (Direct) | 133% | 83% | 5.57% |
| Kotak MSCI India ETF | 92% | 97% | 2.00% |
From month-end values since 25-02-2025. 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.
ITI Flexi Cap vs Kotak MSCI India ETF: Portfolio Overlap
From each fund's latest monthly portfolio: ITI Flexi Cap Fund, September 2026; Kotak MSCI India ETF, September 2026
Holdings in common
- Overlap
- 42.1%
- Held by both
- 42
- Only in ITI Flexi Cap
- 40
- Only in Kotak MSCI India ETF
- 123
| Security | % of ITI Flexi Cap | % of Kotak MSCI India ETF |
|---|---|---|
| ICICI Bank Limited | 4.61% | 5.60% |
| HDFC Bank Limited | 3.56% | 6.44% |
| Reliance Industries Limited | 3.48% | 5.44% |
| Bharti Airtel Limited | 2.27% | 3.93% |
| Larsen & Toubro Limited | 2.07% | 2.02% |
| Axis Bank Limited | 1.73% | 2.25% |
| Kotak Mahindra Bank Limited | 1.57% | 1.82% |
| State Bank of India | 2.06% | 1.41% |
| Eternal Limited | 1.19% | 1.22% |
| NTPC Limited | 1.19% | 1.12% |
| Sun Pharmaceutical Industries Limited | 0.97% | 1.30% |
| Shriram Finance Limited | 0.97% | 1.11% |
| Tata Consultancy Services Limited | 0.95% | 1.33% |
| Bajaj Finance Limited | 0.94% | 1.91% |
| Titan Company Limited | 0.93% | 1.30% |
| UltraTech Cement Limited | 0.92% | 0.90% |
| Divi's Laboratories Limited | 1.68% | 0.89% |
| Bharat Electronics Limited | 0.85% | 1.08% |
| Infosys Limited | 0.82% | 2.41% |
| Maruti Suzuki India Limited | 0.81% | 1.13% |
| TVS Motor Company Limited | 1.11% | 0.78% |
| InterGlobe Aviation Limited | 0.86% | 0.75% |
| Mahindra & Mahindra Limited | 0.67% | 2.05% |
| Grasim Industries Limited | 0.94% | 0.66% |
| ITC Limited | 0.74% | 0.63% |
| Tata Motors Ltd | 0.77% | 0.62% |
| Power Grid Corporation of India Limited | 0.62% | 0.87% |
| Cholamandalam Investment and Finance Company Ltd | 0.85% | 0.55% |
| The Indian Hotels Company Limited | 0.88% | 0.48% |
| The Federal Bank Limited | 0.88% | 0.46% |
| Vedanta Aluminium Metal Limited | 1.21% | 0.45% |
| Varun Beverages Limited | 1.00% | 0.44% |
| GE Vernova T&D India Limited | 1.16% | 0.43% |
| Dixon Technologies (India) Limited | 0.97% | 0.38% |
| Bharat Forge Limited | 0.65% | 0.37% |
| Polycab India Limited | 0.91% | 0.34% |
| Multi Commodity Exchange of India Limited | 1.49% | 0.33% |
| United Spirits Limited | 1.01% | 0.31% |
| Bosch Limited | 1.20% | 0.25% |
| Bajaj Holdings & Investment Limited | 0.60% | 0.23% |
| Prestige Estates Projects Limited | 0.87% | 0.20% |
| Canara Bank | 0.81% | 0.17% |
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 ITI Flexi Cap Fund
| Security | % of fund |
|---|---|
| Aditya Infotech Limited | 2.62% |
| Ather Energy Limited | 1.82% |
| Apar Industries Limited | 1.74% |
| VA Tech Wabag Limited | 1.72% |
| Sai Life Sciences Limited | 1.63% |
Largest holdings only in Kotak MSCI India ETF
| Security | % of fund |
|---|---|
| Tata Steel Ltd. | 1.10% |
| Hindustan Unilever Ltd. | 1.06% |
| Hindalco Industries Ltd. | 0.97% |
| HCL Technologies Ltd. | 0.87% |
| Adani Ports and Special Economic Zone Limited | 0.83% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI Flexi Cap | Kotak MSCI India ETF |
|---|---|---|
| Equity | 94.0% | 100.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 6.0% | 0.0% |
Market cap of stocks
| Market cap | ITI Flexi Cap | Kotak MSCI India ETF |
|---|---|---|
| Large Cap | 44.7% | 80.6% |
| Mid Cap | 15.5% | 19.4% |
| Small Cap | 29.2% | 0.0% |
| Not on AMFI's list | 4.7% | 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 | ITI Flexi Cap | Kotak MSCI India ETF |
|---|---|---|
| Banks | 15.9% | 20.3% |
| Pharmaceuticals & Biotechnology | 7.5% | 0.0% |
| IT - Software | 1.8% | 6.6% |
| Petroleum Products | 3.5% | 6.4% |
| Finance | 3.4% | 6.3% |
| Automobiles | 4.4% | 6.2% |
| Industrial Products | 5.8% | 1.3% |
| Auto Components | 5.6% | 1.6% |
| Pharmaceuticals and Biotechnology | 0.0% | 5.6% |
| Chemicals & Petrochemicals | 4.3% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
ITI Flexi Cap vs Kotak MSCI India ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI Flexi Cap Fund | Kotak MSCI India ETF |
|---|---|---|
| Total expense ratio (Direct) | 0.88% | Not available |
| Base expense ratio (Direct) | 0.53% | 0.00% |
| Total expense ratio (Regular) | 2.32% | Not available |
| Base expense ratio (Regular) | 1.81% | 0.17% |
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
ITI Flexi Cap Fund vs Kotak MSCI India ETF: Frequently Asked Questions
What is the difference between ITI Flexi Cap Fund and Kotak MSCI India ETF?
ITI Flexi Cap Fund is a Flexi Cap fund, Kotak MSCI India ETF is an ETF fund, run by ITI Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 42.1%. ITI Flexi Cap Fund charges 0.88% a year and Kotak MSCI India ETF 0.24%.
Which has given higher returns, ITI Flexi Cap Fund or Kotak MSCI India ETF?
Over 1 year: ITI Flexi Cap Fund +6.40%, Kotak MSCI India ETF −8.03%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ITI Flexi Cap Fund or Kotak MSCI India ETF?
Kotak MSCI India ETF charges less: 0.24% a year against 0.88%. These are the total expense ratios reported to AMFI.
How much do ITI Flexi Cap Fund and Kotak MSCI India ETF overlap?
42.1%. They hold 42 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, ITI Flexi Cap Fund or Kotak MSCI India ETF?
On SEBI's riskometer, ITI Flexi Cap Fund is rated Very High and Kotak MSCI India ETF Very High. Over 1 years, the standard deviation of daily returns was 15.44% and 14.22% a year.
Can I invest in both ITI Flexi Cap Fund and Kotak MSCI India ETF?
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 ITI Flexi Cap Fund and Kotak MSCI India ETF?
ITI Flexi Cap Fund: Dhimant Shah, Nilay Dalal. Kotak MSCI India ETF: 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.