Kotak MSCI India ETF vs Mirae Asset Flexi Cap Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Kotak MSCI India ETF is an ETF fund and Mirae Asset Flexi Cap Fund is a Flexi Cap fund. In the year to 30-10-2026, Kotak MSCI India ETF returned −8.0% and Mirae Asset Flexi Cap Fund (Direct) returned −3.2%. Kotak MSCI India ETF charges 0.24% a year and Mirae Asset Flexi Cap Fund 0.74%. Their portfolios overlap 48.8%: they hold 53 of the same securities.
Mirae Asset Flexi Cap Fund
Flexi Cap
- 1 year return
- −3.2%
- Expense ratio
- 0.74%
- NAV
- ₹16.38
Which is better, Kotak MSCI India ETF or Mirae Asset Flexi Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Mirae Asset Flexi Cap returned more over 1 year: −3.2% against −8.0%.
- Kotak MSCI India ETF costs less: 0.24% a year against 0.74%.
- Mirae Asset Flexi Cap fell less in its worst fall since 25-02-2025: −13.7% against −14.6%.
- Kotak MSCI India ETF holds more in large companies: 80.6% of the fund in large caps against 61.0%.
- Mirae Asset Flexi Cap is the larger fund: ₹4,369 Cr against ₹1,749 Cr.
- Their portfolios overlap 48.8%: 53 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 | Kotak MSCI India ETF | Mirae Asset Flexi Cap Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | Mirae Asset Mutual Fund |
| Category | ETF | Flexi Cap |
| AUM | ₹1,749 Cr (30-09-2026) | ₹4,369 Cr (30-09-2026) |
| NAV | ₹28.23 | ₹16.38 (Direct) |
| Expense ratio (Direct) | Not available | 0.74% |
| Expense ratio (Regular) | Not available | 2.11% |
| Riskometer | Very High | Very High |
| Benchmark | MSCI India TRI | Nifty 500 TRI |
| Launch date | 19-02-2025 | 24-02-2023 |
| Minimum investment | 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 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar | Varun Goel |
| Exit load | NIL | Exit Load for units in excess of 15% of the investment,1% will be charged for redemption within 1 year. |
Kotak MSCI India ETF vs Mirae Asset Flexi 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 |
|---|---|---|---|---|---|---|---|
| Kotak MSCI India ETF | +0.29% | −5.98% | −3.50% | −8.03% | -- | -- | -- |
| Mirae Asset Flexi Cap Fund (Direct) | −0.84% | −3.12% | −0.09% | −3.21% | +12.30% | -- | -- |
| 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.
Kotak MSCI India ETF vs Mirae Asset Flexi Cap: Year-wise Returns
| Year | Kotak MSCI India ETFKotak MSCI India ETF | Mirae Asset Flexi CapMirae Asset Flexi Cap |
|---|---|---|
| 2026to date | −8.95% | −4.81% |
| 2025 | -- | +10.44% |
| 2024 | -- | +19.05% |
Kotak MSCI India ETF vs Mirae Asset Flexi Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Mirae Asset 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.
Kotak MSCI India ETF
Mirae Asset Flexi Cap Fund (Direct)
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% |
| Mirae Asset Flexi Cap | 10.2 | 45.8 | 26.5 | 12.0 | 5.4 | 0.0 | 0.0 | 5.5% | 4.5% | −4.9% | 19.9% | 100% |
| 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.
Kotak MSCI India ETF vs Mirae Asset Flexi 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 25-02-2025 to 30-10-2026: 21 instalments, ₹2,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak MSCI India ETFKotak MSCI India ETF | ₹2,10,000 | ₹2,04,302 | −₹5,698 | −3.0% |
| Mirae Asset Flexi CapMirae Asset Flexi Cap Fund (Direct) | ₹2,10,000 | ₹2,13,681 | ₹3,681 | 1.9% |
Kotak MSCI India ETFKotak MSCI India ETF
Mirae Asset Flexi CapMirae Asset Flexi 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.
Kotak MSCI India ETF vs Mirae Asset Flexi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Kotak MSCI India ETF | Mirae Asset Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.03% | −3.21% |
| Standard deviation | 14.22% | 13.91% |
| Sharpe ratio | -0.93 | -0.61 |
| Sortino ratio | -1.24 | -0.82 |
| Maximum drawdown | −14.6% (31-03-2026) | −13.7% (30-03-2026) |
| Beta | -- | 0.95 |
| Alpha | -- | +3.55% |
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 | Kotak MSCI India ETF | Mirae Asset Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.02% | +14.39% |
| Standard deviation | 13.78% | 13.21% |
| Sharpe ratio | -0.10 | 0.62 |
| Sortino ratio | -0.14 | 0.85 |
| Maximum drawdown | −14.6% (31-03-2026) | −16.1% (07-04-2025) |
| Beta | -- | 0.96 |
| Alpha | -- | +1.76% |
From daily NAVs, 25-02-2025 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.
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.
Kotak MSCI India ETF
Mirae Asset Flexi Cap Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Kotak MSCI India ETF | −14.6% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.1% |
| Mirae Asset Flexi Cap Fund (Direct) | −13.7% | 02-01-2026 | 30-03-2026 | Not yet | -- | −5.5% |
| 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.
Kotak MSCI India ETF
Mirae Asset Flexi Cap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Kotak MSCI India ETF | 92% | 97% | 2.00% |
| Mirae Asset Flexi Cap Fund (Direct) | 101% | 81% | 2.48% |
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.
Kotak MSCI India ETF vs Mirae Asset Flexi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak MSCI India ETF, September 2026; Mirae Asset Flexi Cap Fund, September 2026
Holdings in common
- Overlap
- 48.8%
- Held by both
- 53
- Only in Kotak MSCI India ETF
- 112
- Only in Mirae Asset Flexi Cap
- 34
| Security | % of Kotak MSCI India ETF | % of Mirae Asset Flexi Cap |
|---|---|---|
| ICICI BANK LTD. | 5.60% | 5.38% |
| HDFC BANK LTD. | 6.44% | 5.37% |
| RELIANCE INDUSTRIES LTD. | 5.44% | 3.79% |
| AXIS BANK LTD. | 2.25% | 2.29% |
| BHARTI AIRTEL LTD. | 3.93% | 2.09% |
| Larsen and Toubro Ltd. | 2.02% | 1.95% |
| Mahindra & Mahindra Ltd. | 2.05% | 1.81% |
| Infosys Ltd. | 2.41% | 1.42% |
| STATE BANK OF INDIA. | 1.41% | 2.44% |
| TATA CONSULTANCY SERVICES LTD. | 1.33% | 1.45% |
| ETERNAL LIMITED | 1.22% | 1.15% |
| BAJAJ FINANCE LTD. | 1.91% | 1.10% |
| TITAN COMPANY LTD. | 1.30% | 0.92% |
| Ultratech Cement Ltd. | 0.90% | 1.13% |
| Divis Laboratories Ltd. | 0.89% | 1.04% |
| SHRIRAM FINANCE LIMITED | 1.11% | 0.89% |
| Adani Ports and Special Economic Zone Limited | 0.83% | 1.46% |
| Maruti Suzuki India Limited | 1.13% | 0.82% |
| Bharat Electronics Ltd. | 1.08% | 0.80% |
| TVS Motor Company Ltd. | 0.78% | 1.28% |
| KOTAK MAHINDRA BANK LTD. | 1.82% | 0.72% |
| Tech Mahindra Ltd. | 0.66% | 1.20% |
| ITC Ltd. | 0.63% | 0.86% |
| Hindustan Aeronautics Ltd. | 0.62% | 0.89% |
| SBI Life Insurance Company Ltd | 0.61% | 1.38% |
| SUN PHARMACEUTICAL INDUSTRIES LTD. | 1.30% | 0.59% |
| TRENT LTD | 0.56% | 0.98% |
| Cummins India Ltd. | 0.50% | 1.01% |
| BSE LTD | 0.49% | 1.24% |
| INDIAN HOTELS CO LTD | 0.48% | 0.62% |
| Oil And Natural Gas Corporation Ltd. | 0.46% | 0.60% |
| VEDANTA ALUMINIUM METAL LTD | 0.45% | 0.82% |
| Inter Globe Aviation Ltd | 0.75% | 0.44% |
| CG Power and Industrial Solutions Ltd. | 0.43% | 1.49% |
| Britannia Industries Ltd. | 0.42% | 0.94% |
| TATA CONSUMER PRODUCTS LTD. | 0.41% | 0.61% |
| BHARAT PETROLEUM CORPORATION LTD. | 0.39% | 0.71% |
| Indus Towers Ltd. | 0.37% | 1.61% |
| Lupin Ltd. | 0.37% | 1.43% |
| LENSKART SOLUTIONS LIMITED | 0.36% | 1.72% |
| DLF LIMITED | 0.33% | 0.85% |
| MULTI COMMODITY EXCHANGE OF INDIA LIMITED | 0.33% | 1.68% |
| Jindal Steel & Power Ltd | 0.32% | 1.04% |
| PHOENIX MILLS LTD. | 0.29% | 1.62% |
| VEDANTA LTD. | 0.28% | 0.78% |
| SRF LTD. | 0.26% | 0.57% |
| SUNDARAM FINANCE LTD. | 0.22% | 0.83% |
| BILLIONBRAINS GARAGE VENTURES LIMITED (GROWW) | 0.21% | 1.03% |
| MANKIND PHARMA LTD | 0.21% | 1.48% |
| JSW ENERGY LTD. | 0.18% | 1.15% |
| L&T FINANCE LTD | 0.17% | 1.46% |
| Pidilite Industries Ltd. | 0.33% | 0.16% |
| Solar Industries India Limited | 0.36% | 0.02% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 48.8% means 48.8% 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 Kotak MSCI India ETF
| Security | % of fund |
|---|---|
| NTPC LTD | 1.12% |
| Tata Steel Ltd. | 1.10% |
| Hindustan Unilever Ltd. | 1.06% |
| Hindalco Industries Ltd. | 0.97% |
| Power Grid Corporation of India Ltd. | 0.87% |
Largest holdings only in Mirae Asset Flexi Cap Fund
| Security | % of fund |
|---|---|
| Engineers India Ltd. | 1.51% |
| ICICI Prudential Asset Management Company Ltd. | 1.48% |
| NLC India Ltd. | 1.44% |
| Tenneco Clean Air India Ltd. | 1.31% |
| Foseco India Ltd. | 1.30% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak MSCI India ETF | Mirae Asset Flexi Cap |
|---|---|---|
| Equity | 100.0% | 99.7% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.0% | 0.3% |
Market cap of stocks
| Market cap | Kotak MSCI India ETF | Mirae Asset Flexi Cap |
|---|---|---|
| Large Cap | 80.6% | 61.0% |
| Mid Cap | 19.4% | 19.2% |
| Small Cap | 0.0% | 14.5% |
| Not on AMFI's list | 0.0% | 5.0% |
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 | Kotak MSCI India ETF | Mirae Asset Flexi Cap |
|---|---|---|
| Banks | 20.3% | 16.2% |
| Capital Markets | 1.4% | 7.4% |
| Pharmaceuticals & Biotechnology | 0.0% | 7.0% |
| IT - Software | 6.6% | 4.1% |
| Petroleum Products | 6.4% | 4.5% |
| Finance | 6.3% | 5.3% |
| Automobiles | 6.2% | 3.9% |
| Pharmaceuticals and Biotechnology | 5.6% | 0.0% |
| Consumer Durables | 2.8% | 4.3% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak MSCI India ETF vs Mirae Asset Flexi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak MSCI India ETF | Mirae Asset Flexi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.74% |
| Base expense ratio (Direct) | 0.00% | 0.46% |
| Total expense ratio (Regular) | Not available | 2.11% |
| Base expense ratio (Regular) | 0.17% | 1.62% |
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
Kotak MSCI India ETF vs Mirae Asset Flexi Cap Fund: Frequently Asked Questions
What is the difference between Kotak MSCI India ETF and Mirae Asset Flexi Cap Fund?
Kotak MSCI India ETF is an ETF fund, Mirae Asset Flexi Cap Fund is a Flexi Cap fund, run by Kotak Mahindra Mutual Fund and Mirae Asset Mutual Fund. Their portfolios overlap 48.8%. Kotak MSCI India ETF charges 0.24% a year and Mirae Asset Flexi Cap Fund 0.74%.
Which has given higher returns, Kotak MSCI India ETF or Mirae Asset Flexi Cap Fund?
Over 1 year: Kotak MSCI India ETF −8.03%, Mirae Asset Flexi Cap Fund −3.21%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak MSCI India ETF or Mirae Asset Flexi Cap Fund?
Kotak MSCI India ETF charges less: 0.24% a year against 0.74%. These are the total expense ratios reported to AMFI.
How much do Kotak MSCI India ETF and Mirae Asset Flexi Cap Fund overlap?
48.8%. They hold 53 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Kotak MSCI India ETF or Mirae Asset Flexi Cap Fund?
On SEBI's riskometer, Kotak MSCI India ETF is rated Very High and Mirae Asset Flexi Cap Fund Very High. Over 1 years, the standard deviation of daily returns was 14.22% and 13.91% a year.
Can I invest in both Kotak MSCI India ETF and Mirae Asset Flexi Cap Fund?
Yes. 48.8% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Kotak MSCI India ETF and Mirae Asset Flexi Cap Fund?
Kotak MSCI India ETF: Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar. Mirae Asset Flexi Cap Fund: Varun Goel.
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.