JM Small Cap Fund vs Zerodha Nifty Smallcap 100 ETF
Direct Plan, Growth option · Data as on 30-10-2026
JM Small Cap Fund is a Small Cap fund and Zerodha Nifty Smallcap 100 ETF is an ETF fund. In the year to 30-10-2026, JM Small Cap Fund (Direct) returned 4.6% and Zerodha Nifty Smallcap 100 ETF (Direct) returned 0.7%. JM Small Cap Fund charges 1.00% a year and Zerodha Nifty Smallcap 100 ETF 0.35% (Direct plans). Their portfolios overlap 19.0%: they hold 20 of the same securities.
Zerodha Nifty Smallcap 100 ETF
ETF
- 1 year return
- 0.7%
- Expense ratio
- 0.35%
- NAV
- ₹10.48
Which is better, JM Small Cap 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.
- JM Small Cap returned more over 1 year: 4.6% against 0.7%.
- Zerodha Nifty Smallcap 100 ETF costs less: 0.35% a year against 1.00% (Direct plans).
- Zerodha Nifty Smallcap 100 ETF fell less in its worst fall since 12-09-2025: −18.1% against −21.0%.
- JM Small Cap is the larger fund: ₹941 Cr against ₹101 Cr.
- Their portfolios overlap 19.0%: 20 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 | JM Small Cap Fund | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Fund house | JM Financial Mutual Fund | Zerodha Mutual Fund |
| Category | Small Cap | ETF |
| AUM | ₹941 Cr (30-09-2026) | ₹101 Cr (30-09-2026) |
| NAV | ₹11.04 (Direct) | ₹10.48 (Direct) |
| Expense ratio (Direct) | 1.00% | 0.35% |
| Expense ratio (Regular) | 2.56% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Smallcap 250 TRI | Nifty Smallcap 100 TRI |
| Launch date | 18-06-2024 | 09-09-2025 |
| Minimum investment | ₹1,000 | In creation unit size of 1,50,000 Units and in multiples of 10 units thereof |
| Lock in | None | None |
| Fund managers | Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar | Kedarnath Mirajkar |
| Exit load | In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed/ switched-out within 180 days from the date of allotment, No Exit Load is payable if Units are redeemed / switched-out after 180 days from the date of allotment, No Entry / Exit Load shall be levied on units allotted on Reinvestment of Income Distribution cum Capital Withdrawal Option, In respect of Systematic Transactions such as SIP,STP, SWP, Exit Load, if any, prevailing on the date of registration / enrolment for SIP/STP/SWP shall be levied for all the opted Installments. | Nil |
JM Small Cap 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 |
|---|---|---|---|---|---|---|---|
| JM Small Cap Fund (Direct) | −6.82% | −4.39% | +9.64% | +4.61% | -- | -- | -- |
| Zerodha Nifty Smallcap 100 ETF (Direct) | −4.23% | −4.17% | +2.78% | +0.72% | -- | -- | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | -- | -- | -- |
Category average: the average of the 36 Small Cap funds, same plan type.
JM Small Cap vs Zerodha Nifty Smallcap 100 ETF: Year-wise Returns
| Year | JM Small CapJM Small Cap | Zerodha Nifty Smallcap 100 ETFZerodha Nifty Smallcap 100 ETF |
|---|---|---|
| 2026to date | +11.18% | +4.86% |
| 2025 | −6.87% | -- |
JM Small Cap vs Zerodha Nifty Smallcap 100 ETF: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of JM Small Cap Fund
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.
JM Small Cap Fund (Direct)
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JM Small Cap | 0.0 | 10.0 | 10.0 | 33.3 | 46.7 | 0.0 | 0.0 | 13.1% | 14.6% | 3.3% | 18.1% | 100% |
| 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.
JM Small Cap 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 |
|---|---|---|---|---|
| JM Small CapJM Small Cap Fund (Direct) | ₹1,40,000 | ₹1,49,473 | ₹9,473 | 11.0% |
| Zerodha Nifty Smallcap 100 ETFZerodha Nifty Smallcap 100 ETF (Direct) | ₹1,40,000 | ₹1,44,600 | ₹4,600 | 5.4% |
JM Small CapJM Small Cap Fund (Direct)
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.
JM Small Cap 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 | JM Small Cap Fund (Direct) | Zerodha Nifty Smallcap 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | +4.61% | +0.72% |
| Standard deviation | 20.91% | 19.18% |
| Sharpe ratio | -0.03 | -0.24 |
| Sortino ratio | -0.04 | -0.32 |
| Maximum drawdown | −21.0% (23-03-2026) | −18.1% (23-03-2026) |
| Beta | 1.10 | 1.00 |
| Alpha | +8.58% | +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 | JM Small Cap Fund (Direct) | Zerodha Nifty Smallcap 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | +4.36% | +3.02% |
| Standard deviation | 20.66% | 18.41% |
| Sharpe ratio | -0.07 | -0.12 |
| Sortino ratio | -0.09 | -0.17 |
| Maximum drawdown | −24.4% (03-03-2025) | −18.1% (23-03-2026) |
| Beta | 1.06 | 1.00 |
| Alpha | +4.77% | +0.11% |
From daily NAVs, 24-06-2024 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.
JM Small Cap Fund (Direct)
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 |
|---|---|---|---|---|---|---|
| JM Small Cap Fund (Direct) | −21.0% | 03-11-2025 | 23-03-2026 | 07-05-2026 | 45 days | −9.6% |
| 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.
JM Small Cap Fund (Direct)
Zerodha Nifty Smallcap 100 ETF (Direct)
Nifty Smallcap 250 TRI
Against Nifty Smallcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| JM Small Cap Fund (Direct) | 146% | 117% | 8.37% |
| 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.
JM Small Cap vs Zerodha Nifty Smallcap 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: JM Small Cap Fund, September 2026; Zerodha Nifty Smallcap 100 ETF, September 2026
Holdings in common
- Overlap
- 19.0%
- Held by both
- 20
- Only in JM Small Cap
- 68
- Only in Zerodha Nifty Smallcap 100 ETF
- 78
| Security | % of JM Small Cap | % of Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Navin Fluorine International Limited | 2.99% | 2.45% |
| City Union Bank Limited | 1.84% | 1.75% |
| Ather Energy Limited | 1.68% | 2.18% |
| TD Power Systems Limited | 2.13% | 1.44% |
| Acutaas Chemicals Limited | 2.91% | 1.37% |
| Amber Enterprises India Limited | 1.41% | 1.18% |
| SYRMA SGS TECHNOLOGY LIMITED | 1.61% | 1.11% |
| One Source Specialty Pharma Ltd | 1.95% | 0.97% |
| Neuland Laboratories Ltd | 0.91% | 1.48% |
| Sagility Limited | 1.00% | 0.79% |
| Pine Labs Limited | 1.98% | 0.78% |
| BELRISE INDUSTRIES LIMITED | 1.73% | 0.73% |
| Jyoti Cnc Automation Ltd | 1.21% | 0.71% |
| FIRSTSOURCE SOLUTIONS LTD | 0.89% | 0.65% |
| Angel One Limited | 0.62% | 1.44% |
| Creditaccess Grameen Limited | 1.38% | 0.56% |
| Devyani International Limited | 0.42% | 0.45% |
| PG Electroplast Limited | 0.40% | 0.64% |
| JSW Cement Limited | 0.46% | 0.30% |
| TENNECO CLEAN AIR INDIA LIMITED | 0.21% | 0.42% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 19.0% means 19.0% 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 JM Small Cap Fund
| Security | % of fund |
|---|---|
| Garware Hi-Tech Films Ltd | 4.50% |
| FIVE-STAR BUSINESS FINANCE LIMITED | 2.69% |
| Shaily Engineering Plastics Limited | 2.45% |
| Fusion Finance Limited | 2.30% |
| AVALON TECHNOLOGIES LIMITED | 2.07% |
Largest holdings only in Zerodha Nifty Smallcap 100 ETF
| Security | % of fund |
|---|---|
| Sona BLW Precision Forgings Limited | 3.01% |
| WELSPUN CORP LTD | 2.87% |
| Karur Vysya Bank Limited | 2.47% |
| RBL Bank Limited | 2.01% |
| Delhivery Limited | 1.99% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM Small Cap | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Equity | 97.3% | 95.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.7% | 5.0% |
Market cap of stocks
| Market cap | JM Small Cap | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Large Cap | 0.0% | 0.0% |
| Mid Cap | 3.1% | 4.7% |
| Small Cap | 88.3% | 88.9% |
| Not on AMFI's list | 5.9% | 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 | JM Small Cap | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Industrial Products | 14.5% | 6.4% |
| Pharmaceuticals & Biotechnology | 6.9% | 11.0% |
| Auto Components | 9.3% | 6.1% |
| Finance | 7.7% | 9.2% |
| Capital Markets | 2.1% | 8.1% |
| Banks | 5.1% | 8.0% |
| Consumer Durables | 7.3% | 2.9% |
| Electrical Equipment | 6.8% | 2.8% |
The six largest sectors of each fund's stocks, % of the fund.
JM Small Cap vs Zerodha Nifty Smallcap 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM Small Cap Fund | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.00% | 0.35% |
| Base expense ratio (Direct) | 0.63% | 0.18% |
| Total expense ratio (Regular) | 2.56% | Not available |
| Base expense ratio (Regular) | 1.98% | 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
JM Small Cap Fund vs Zerodha Nifty Smallcap 100 ETF: Frequently Asked Questions
What is the difference between JM Small Cap Fund and Zerodha Nifty Smallcap 100 ETF?
JM Small Cap Fund is a Small Cap fund, Zerodha Nifty Smallcap 100 ETF is an ETF fund, run by JM Financial Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 19.0%. JM Small Cap Fund charges 1.00% a year and Zerodha Nifty Smallcap 100 ETF 0.35%.
Which has given higher returns, JM Small Cap Fund or Zerodha Nifty Smallcap 100 ETF?
Over 1 year: JM Small Cap Fund +4.61%, 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, JM Small Cap Fund or Zerodha Nifty Smallcap 100 ETF?
Zerodha Nifty Smallcap 100 ETF charges less: 0.35% a year against 1.00%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM Small Cap Fund and Zerodha Nifty Smallcap 100 ETF overlap?
19.0%. They hold 20 of the same securities, the largest shared ones being NAVINFLUOR, CUB, ATHERENERG. From each fund's latest monthly portfolio.
Which is riskier, JM Small Cap Fund or Zerodha Nifty Smallcap 100 ETF?
On SEBI's riskometer, JM Small Cap Fund is rated Very High and Zerodha Nifty Smallcap 100 ETF Very High. Over 1 years, the standard deviation of daily returns was 20.91% and 19.18% a year.
Can I invest in both JM Small Cap Fund and Zerodha Nifty Smallcap 100 ETF?
Yes. 19.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages JM Small Cap Fund and Zerodha Nifty Smallcap 100 ETF?
JM Small Cap Fund: Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar. 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.