ITI Small Cap Fund vs Motilal Oswal Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
ITI Small Cap Fund and Motilal Oswal Small Cap Fund are both Small Cap funds. In the year to 30-10-2026, ITI Small Cap Fund (Direct) returned 11.1% and Motilal Oswal Small Cap Fund (Direct) returned 10.6%. ITI Small Cap Fund charges 0.84% a year and Motilal Oswal Small Cap Fund 0.87% (Direct plans). Their portfolios overlap 18.1%: they hold 17 of the same securities.
Motilal Oswal Small Cap Fund
Small Cap
- 1 year return
- 10.6%
- Expense ratio
- 0.87%
- NAV
- ₹16.47
Which is better, ITI Small Cap or Motilal Oswal 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.
- ITI Small Cap returned more over 1 year: 11.1% against 10.6%.
- ITI Small Cap costs less: 0.84% a year against 0.87% (Direct plans).
- Motilal Oswal Small Cap fell less in its worst fall since 29-12-2023: −23.7% against −24.2%.
- Motilal Oswal Small Cap is the larger fund: ₹8,298 Cr against ₹3,666 Cr.
- Their portfolios overlap 18.1%: 17 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 Small Cap Fund | Motilal Oswal Small Cap Fund |
|---|---|---|
| Fund house | ITI Mutual Fund | Motilal Oswal Mutual Fund |
| Category | Small Cap | Small Cap |
| AUM | ₹3,666 Cr (30-09-2026) | ₹8,298 Cr (30-09-2026) |
| NAV | ₹36.08 (Direct) | ₹16.47 (Direct) |
| Expense ratio (Direct) | 0.84% | 0.87% |
| Expense ratio (Regular) | 2.21% | 1.93% |
| Riskometer | Very High | Not available |
| Benchmark | Nifty Smallcap 250 TRI | Not available |
| Launch date | 17-02-2020 | Not available |
| Minimum investment | ₹5,000 | Not available |
| Lock in | None | Not available |
| Fund managers | Dhimant Shah, Alok Ranjan | Not available |
| Exit load | Exit load of 0.50%, if redeemed within 3 months. | Not available |
ITI Small Cap vs Motilal Oswal 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.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| ITI Small Cap Fund (Direct) | −4.66% | −0.93% | +10.45% | +11.05% | +22.07% | +17.21% | -- |
| Motilal Oswal Small Cap Fund (Direct) | −5.03% | −2.60% | +11.24% | +10.62% | -- | -- | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | -- | -- | -- |
Category average: the average of the 36 Small Cap funds, same plan type.
ITI Small Cap vs Motilal Oswal Small Cap: Year-wise Returns
| Year | ITIITI Small Cap | Motilal OswalMotilal Oswal Small Cap | Nifty Smallcap 250 TRI |
|---|---|---|---|
| 2026to date | +15.04% | +14.91% | +1.00% |
| 2025 | −2.54% | −4.09% | −5.48% |
| 2024 | +36.28% | +48.16% | +27.21% |
| 2023 | +54.63% | -- | +49.09% |
| 2022 | −2.37% | -- | −2.64% |
| 2021 | +34.93% | -- | +63.34% |
ITI Small Cap vs Motilal Oswal Small Cap: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 453 of them, one for each trading day from 30-12-2024 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.
ITI Small Cap Fund (Direct)
Motilal Oswal Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
to
Feb 2025Jun 2024
to
Jun 2025Oct 2024
to
Oct 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ITI Small Cap | 16.1 | 19.4 | 19.6 | 22.1 | 10.4 | 9.1 | 3.3 | 9.2% | 8.5% | −8.5% | 37.6% | 100% |
| Motilal Oswal Small Cap | 9.1 | 13.0 | 12.8 | 19.0 | 19.9 | 12.1 | 14.1 | 13.9% | 14.1% | −8.0% | 51.2% | 98% |
| Nifty Smallcap 250 TRI | 36.9 | 30.5 | 20.8 | 8.2 | 1.8 | 0.9 | 1.1 | 2.3% | 2.0% | −11.9% | 28.3% | -- |
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 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 29-12-2023. Past returns do not promise future returns.
ITI Small Cap vs Motilal Oswal 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
₹10,000 on the first trading day of every month, from 01-12-2023 to 30-10-2026: 35 instalments, ₹3,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ITI Small CapITI Small Cap Fund (Direct) | ₹3,50,000 | ₹4,20,769 | ₹70,769 | 12.7% |
| Motilal Oswal Small CapMotilal Oswal Small Cap Fund (Direct) | ₹3,50,000 | ₹4,33,492 | ₹83,492 | 14.9% |
ITI Small CapITI Small Cap Fund (Direct)
Motilal Oswal Small CapMotilal Oswal 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.
ITI Small Cap vs Motilal Oswal Small Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ITI Small Cap Fund (Direct) | Motilal Oswal Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.05% | +10.62% |
| Standard deviation | 18.41% | 17.28% |
| Sharpe ratio | 0.32 | 0.31 |
| Sortino ratio | 0.44 | 0.44 |
| Maximum drawdown | −15.2% (23-03-2026) | −16.5% (23-03-2026) |
| Beta | 0.98 | 0.91 |
| Alpha | +14.07% | +13.01% |
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 Small Cap Fund (Direct) | Motilal Oswal Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +21.13% | +18.87% |
| Standard deviation | 19.88% | 17.20% |
| Sharpe ratio | 0.80 | 0.75 |
| Sortino ratio | 1.04 | 1.03 |
| Maximum drawdown | −39.9% (24-03-2020) | −23.7% (03-03-2025) |
| Beta | 0.94 | 0.84 |
| Alpha | +1.86% | +11.96% |
From daily NAVs, 19-02-2020 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 Small Cap Fund (Direct)
Motilal Oswal Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ITI Small Cap Fund (Direct) | −24.2% | 16-12-2024 | 03-03-2025 | 06-05-2026 | 14 months | −8.2% |
| Motilal Oswal Small Cap Fund (Direct) | −23.7% | 17-12-2024 | 03-03-2025 | 07-05-2026 | 14 months | −7.9% |
| Nifty Smallcap 250 TRI | −26.0% | 23-09-2024 | 03-03-2025 | 26-08-2026 | 18 months | −9.4% |
From daily values since 29-12-2023, 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.
ITI Small Cap Fund (Direct)
Motilal Oswal Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
Against Nifty Smallcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ITI Small Cap Fund (Direct) | 99% | 66% | 6.23% |
| Motilal Oswal Small Cap Fund (Direct) | 110% | 71% | 6.72% |
From month-end values since 29-12-2023. 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.
ITI Small Cap vs Motilal Oswal Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: ITI Small Cap Fund, September 2026; Motilal Oswal Small Cap Fund, September 2026
Holdings in common
- Overlap
- 18.1%
- Held by both
- 17
- Only in ITI Small Cap
- 69
- Only in Motilal Oswal Small Cap
- 41
| Security | % of ITI Small Cap | % of Motilal Oswal Small Cap |
|---|---|---|
| VA Tech Wabag Limited | 1.98% | 3.82% |
| Karur Vysya Bank Limited | 1.93% | 3.02% |
| Multi Commodity Exchange of India Limited | 1.88% | 1.72% |
| Apar Industries Limited | 1.68% | 1.65% |
| Shaily Engineering Plastics Limited | 1.33% | 1.88% |
| Eternal Limited | 1.06% | 1.28% |
| Gabriel India Limited | 1.05% | 1.40% |
| BSE Limited | 1.02% | 1.19% |
| City Union Bank Limited | 0.95% | 1.28% |
| Dixon Technologies (India) Limited | 0.95% | 1.49% |
| Cholamandalam Financial Holdings Limited | 0.92% | 0.99% |
| DCB Bank Limited | 0.91% | 1.71% |
| Shadowfax Technologies Limited | 0.89% | 1.18% |
| MTAR Technologies Limited | 0.68% | 1.71% |
| Indo-MIM Limited | 0.45% | 0.86% |
| Aditya Birla Real Estate Limited | 0.35% | 1.01% |
| Aditya Infotech Limited | 0.27% | 3.38% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 18.1% means 18.1% 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 Small Cap Fund
| Security | % of fund |
|---|---|
| Acutaas Chemicals Limited | 3.55% |
| Welspun Corp Limited | 2.89% |
| Laurus Labs Limited | 2.36% |
| Wockhardt Limited | 1.90% |
| Cartrade Tech Limited | 1.79% |
Largest holdings only in Motilal Oswal Small Cap Fund
| Security | % of fund |
|---|---|
| Rubicon Research Limited | 3.84% |
| CCL Products (India) Limited | 3.49% |
| Dr Agarwals Health Care Limited | 2.92% |
| Sky Gold And Diamonds Limited | 2.57% |
| Syrma SGS Technology Ltd | 2.52% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI Small Cap | Motilal Oswal Small Cap |
|---|---|---|
| Equity | 94.7% | 91.9% |
| Debt | 0.0% | 0.0% |
| Cash and others | 5.3% | 8.1% |
Market cap of stocks
| Market cap | ITI Small Cap | Motilal Oswal Small Cap |
|---|---|---|
| Large Cap | 7.3% | 2.5% |
| Mid Cap | 20.1% | 7.4% |
| Small Cap | 62.5% | 77.0% |
| Not on AMFI's list | 4.9% | 5.1% |
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 Small Cap | Motilal Oswal Small Cap |
|---|---|---|
| Pharmaceuticals & Biotechnology | 12.1% | 6.1% |
| Industrial Products | 9.8% | 0.8% |
| Consumer Durables | 4.0% | 9.3% |
| Industrial Manufacturing | 3.6% | 8.7% |
| Retailing | 3.9% | 8.7% |
| Auto Components | 8.6% | 7.6% |
| Banks | 7.8% | 6.6% |
| Healthcare Services | 2.1% | 7.4% |
| Electrical Equipment | 7.4% | 4.5% |
| Capital Markets | 4.8% | 4.3% |
The six largest sectors of each fund's stocks, % of the fund.
ITI Small Cap vs Motilal Oswal Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI Small Cap Fund | Motilal Oswal Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.84% | 0.87% |
| Base expense ratio (Direct) | 0.45% | 0.56% |
| Total expense ratio (Regular) | 2.21% | 1.93% |
| Base expense ratio (Regular) | 1.65% | 1.53% |
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
Compare ITI Small Cap with
ITI Small Cap Fund vs Motilal Oswal Small Cap Fund: Frequently Asked Questions
What is the difference between ITI Small Cap Fund and Motilal Oswal Small Cap Fund?
Both are Small Cap funds, run by ITI Mutual Fund and Motilal Oswal Mutual Fund. Their portfolios overlap 18.1%. ITI Small Cap Fund charges 0.84% a year and Motilal Oswal Small Cap Fund 0.87%.
Which has given higher returns, ITI Small Cap Fund or Motilal Oswal Small Cap Fund?
Over 1 year: ITI Small Cap Fund +11.05%, Motilal Oswal Small Cap Fund +10.62%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ITI Small Cap Fund or Motilal Oswal Small Cap Fund?
ITI Small Cap Fund charges less: 0.84% a year against 0.87%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ITI Small Cap Fund and Motilal Oswal Small Cap Fund overlap?
18.1%. They hold 17 of the same securities, the largest shared ones being WABAG, KARURVYSYA, MCX. From each fund's latest monthly portfolio.
Can I invest in both ITI Small Cap Fund and Motilal Oswal Small Cap Fund?
Yes. 18.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
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.