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    Kotak Nifty Smallcap 250 Index Fund vs Zerodha Nifty Smallcap 100 ETF

    Direct Plan, Growth option · Data as on 30-10-2026

    Kotak Nifty Smallcap 250 Index Fund is an Index fund and Zerodha Nifty Smallcap 100 ETF is an ETF fund. In the year to 30-10-2026, Kotak Nifty Smallcap 250 Index Fund (Direct) returned −3.7% and Zerodha Nifty Smallcap 100 ETF (Direct) returned 0.7%. Kotak Nifty Smallcap 250 Index Fund charges 0.46% a year and Zerodha Nifty Smallcap 100 ETF 0.35% (Direct plans). Their portfolios overlap 53.1%: they hold 98 of the same securities.

    Kotak Nifty Smallcap 250 Index Fund

    Index

    1 year return
    −3.7%
    Expense ratio
    0.46%
    NAV
    ₹10.89
    See Kotak Nifty Smallcap 250 Index Fund

    Zerodha Nifty Smallcap 100 ETF

    ETF

    1 year return
    0.7%
    Expense ratio
    0.35%
    NAV
    ₹10.48
    See Zerodha Nifty Smallcap 100 ETF

    Which is better, Kotak Nifty Smallcap 250 Index 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 −3.7%.
    • Zerodha Nifty Smallcap 100 ETF costs less: 0.35% a year against 0.46% (Direct plans).
    • Zerodha Nifty Smallcap 100 ETF fell less in its worst fall since 12-09-2025: −18.1% against −18.7%.
    • Zerodha Nifty Smallcap 100 ETF is the larger fund: ₹101 Cr against ₹87 Cr.
    • Their portfolios overlap 53.1%: 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

    FactKotak Nifty Smallcap 250 Index FundZerodha Nifty Smallcap 100 ETF
    Fund houseKotak Mahindra Mutual FundZerodha Mutual Fund
    CategoryIndexETF
    AUM₹87 Cr (30-09-2026)₹101 Cr (30-09-2026)
    NAV₹10.89 (Direct)₹10.48 (Direct)
    Expense ratio (Direct)0.46%0.35%
    Expense ratio (Regular)0.94%Not available
    RiskometerVery HighVery High
    BenchmarkNIFTY Smallcap 50 TRINifty Smallcap 100 TRI
    Launch date27-01-202509-09-2025
    Minimum investment₹100In creation unit size of 1,50,000 Units and in multiples of 10 units thereof
    Lock inNoneNone
    Fund managersSatish Dondapati, Abhishek Bisen, Jeetu Valechha SonarKedarnath Mirajkar
    Exit loadNilNil

    Kotak Nifty Smallcap 250 Index 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.

    Fund1M3M6M1Y3Y5Y10Y
    Kotak Nifty Smallcap 250 Index Fund (Direct)−5.79%−6.16%+0.22%−3.66%------
    Zerodha Nifty Smallcap 100 ETF (Direct)−4.23%−4.17%+2.78%+0.72%------

    Kotak Nifty Smallcap 250 Index vs Zerodha Nifty Smallcap 100 ETF: Year-wise Returns

    YearKotak Nifty Smallcap 250 IndexKotak Nifty Smallcap 250 IndexZerodha Nifty Smallcap 100 ETFZerodha Nifty Smallcap 100 ETF
    2026to date+0.51%+4.86%

    Kotak Nifty Smallcap 250 Index vs Zerodha Nifty Smallcap 100 ETF: Rolling Returns

    Every holding period of both funds, against Nifty Smallcap 50 TRI, the benchmark of Kotak Nifty Smallcap 250 Index 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.

    −5%0%5%10%15%20%
    Sept 2025
    to
    Sept 2026    Sept 2025
    to
    Sept 2026    Oct 2025
    to
    Oct 2026    Oct 2025
    to
    Oct 2026    Oct 2025
    to
    Oct 2026    Oct 2025
    to
    Oct 2026
    Kotak Nifty Smallcap 250 Index Fund (Direct)Zerodha Nifty Smallcap 100 ETF (Direct)Nifty Smallcap 50 TRI

    How the periods spread

    FundBelow 0%0-5%5-10%10-15%15-20%20-25%Above 25%MeanMedianLowestHighestBeat benchmark
    Kotak Nifty Smallcap 250 Index20.046.733.30.00.00.00.03.1%3.9%−4.9%7.2%0%
    Zerodha Nifty Smallcap 100 ETF6.713.360.020.00.00.00.06.9%8.0%−2.3%11.3%0%
    Nifty Smallcap 50 TRI0.06.713.370.010.00.00.011.3%12.3%1.9%15.6%--

    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 50 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.

    Kotak Nifty Smallcap 250 Index 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

    Step up each year
    PeriodFor

    ₹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.

    InvestmentInvestedValue nowGainReturn a year
    Kotak Nifty Smallcap 250 IndexKotak Nifty Smallcap 250 Index Fund (Direct) ₹1,40,000 ₹1,39,730 −₹270 −0.3%
    Zerodha Nifty Smallcap 100 ETFZerodha Nifty Smallcap 100 ETF (Direct) ₹1,40,000 ₹1,44,600 ₹4,600 5.4%
    ₹0₹50,000₹1.0 L₹1.5 L
    2026
    Kotak Nifty Smallcap 250 IndexKotak Nifty Smallcap 250 Index 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.

    Kotak Nifty Smallcap 250 Index 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

    MeasureKotak Nifty Smallcap 250 Index Fund (Direct)Zerodha Nifty Smallcap 100 ETF (Direct)
    Return (CAGR)−3.66%+0.72%
    Standard deviation18.02%19.18%
    Sharpe ratio-0.49-0.24
    Sortino ratio-0.67-0.32
    Maximum drawdown−18.3% (23-03-2026)−18.1% (23-03-2026)
    Beta0.911.00
    Alpha−9.66%+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.

    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.

    −20%−15%−10%−5%0%
    2026
    Kotak Nifty Smallcap 250 Index Fund (Direct)Zerodha Nifty Smallcap 100 ETF (Direct)Nifty Smallcap 50 TRI
    FundWorst fallHigh before itBottomBack at the highTime to climb backBelow its high today
    Kotak Nifty Smallcap 250 Index Fund (Direct)−18.7%19-09-202523-03-202618-06-20263 months−9.7%
    Zerodha Nifty Smallcap 100 ETF (Direct)−18.1%03-11-202523-03-202606-05-202644 days−8.5%
    Nifty Smallcap 50 TRI−17.0%03-11-202523-03-202606-05-202644 days−6.9%

    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.

    0%5%10%15%20%
    Kotak Nifty Smallcap 250 Index Fund (Direct)Zerodha Nifty Smallcap 100 ETF (Direct)Nifty Smallcap 50 TRI

    Against Nifty Smallcap 50 TRI

    FundUp captureDown captureTracking error
    Kotak Nifty Smallcap 250 Index Fund (Direct)83%121%3.62%
    Zerodha Nifty Smallcap 100 ETF (Direct)92%111%2.45%

    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.

    Kotak Nifty Smallcap 250 Index vs Zerodha Nifty Smallcap 100 ETF: Portfolio Overlap

    From each fund's latest monthly portfolio: Kotak Nifty Smallcap 250 Index Fund, September 2026; Zerodha Nifty Smallcap 100 ETF, September 2026

    Holdings in common

    Overlap
    53.1%
    Held by both
    98
    Only in Kotak Nifty Smallcap 250 Index
    153
    Only in Zerodha Nifty Smallcap 100 ETF
    0
    Security% of Kotak Nifty Smallcap 250 Index% of Zerodha Nifty Smallcap 100 ETF
    Sona BLW Precision Forgings Ltd1.67%3.01%
    Welspun Corp Limited1.60%2.87%
    KARUR VYSYA BANK LTD.1.38%2.47%
    NAVIN FLUORINE INTERNATIONAL LTD.1.36%2.45%
    ATHER ENERGY LTD1.21%2.18%
    RBL BANK LTD.1.12%2.01%
    DELHIVERY LTD1.11%1.99%
    Redington (India) Ltd.1.08%1.95%
    Gland Pharma Limited1.04%1.86%
    Central Depository Services (India) Ltd1.01%1.81%

    Overlap: for each holding both funds own, the smaller of its two weights, added up. 53.1% means 53.1% 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 Kotak Nifty Smallcap 250 Index Fund

    Security% of fund
    BROOKFIELD REIT1.03%
    HFCL LTD1.02%
    Sansera Engineering Ltd0.92%
    KRISHNA INSTITUTE OF MEDICAL0.89%
    MTAR TECHNOLOGIES LIMITED0.75%

    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

    AssetKotak Nifty Smallcap 250 IndexZerodha Nifty Smallcap 100 ETF
    Equity99.1%95.0%
    Debt0.0%0.0%
    Cash and others0.9%5.0%

    Market cap of stocks

    Market capKotak Nifty Smallcap 250 IndexZerodha Nifty Smallcap 100 ETF
    Large Cap0.0%0.0%
    Mid Cap2.7%4.7%
    Small Cap95.4%88.9%
    Not on AMFI's list1.0%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

    SectorKotak Nifty Smallcap 250 IndexZerodha Nifty Smallcap 100 ETF
    Pharmaceuticals & Biotechnology0.0%11.0%
    Finance7.6%9.2%
    Industrial Products8.7%6.4%
    Auto Components8.5%6.1%
    Capital Markets5.4%8.1%
    Banks5.1%8.0%
    Pharmaceuticals and Biotechnology7.8%0.0%
    Chemicals and Petrochemicals5.8%0.0%

    The six largest sectors of each fund's stocks, % of the fund.

    Kotak Nifty Smallcap 250 Index vs Zerodha Nifty Smallcap 100 ETF: Expense Ratio

    What each plan charges a year, from AMFI's expense ratio file

    ChargeKotak Nifty Smallcap 250 Index FundZerodha Nifty Smallcap 100 ETF
    Total expense ratio (Direct)0.46%0.35%
    Base expense ratio (Direct)0.13%0.18%
    Total expense ratio (Regular)0.94%Not available
    Base expense ratio (Regular)0.53%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.

    Kotak Nifty Smallcap 250 Index Fund vs Zerodha Nifty Smallcap 100 ETF: Frequently Asked Questions

    What is the difference between Kotak Nifty Smallcap 250 Index Fund and Zerodha Nifty Smallcap 100 ETF?

    Kotak Nifty Smallcap 250 Index Fund is an Index fund, Zerodha Nifty Smallcap 100 ETF is an ETF fund, run by Kotak Mahindra Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 53.1%. Kotak Nifty Smallcap 250 Index Fund charges 0.46% a year and Zerodha Nifty Smallcap 100 ETF 0.35%.

    Which has given higher returns, Kotak Nifty Smallcap 250 Index Fund or Zerodha Nifty Smallcap 100 ETF?

    Over 1 year: Kotak Nifty Smallcap 250 Index Fund −3.66%, 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, Kotak Nifty Smallcap 250 Index Fund or Zerodha Nifty Smallcap 100 ETF?

    Zerodha Nifty Smallcap 100 ETF charges less: 0.35% a year against 0.46%. These are the Direct plans' total expense ratios reported to AMFI.

    How much do Kotak Nifty Smallcap 250 Index Fund and Zerodha Nifty Smallcap 100 ETF overlap?

    53.1%. 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, Kotak Nifty Smallcap 250 Index Fund or Zerodha Nifty Smallcap 100 ETF?

    On SEBI's riskometer, Kotak Nifty Smallcap 250 Index Fund is rated Very High and Zerodha Nifty Smallcap 100 ETF Very High. Over 1 years, the standard deviation of daily returns was 18.02% and 19.18% a year.

    Can I invest in both Kotak Nifty Smallcap 250 Index Fund and Zerodha Nifty Smallcap 100 ETF?

    Yes. 53.1% of each fund's money sits in the same holdings, so a large part of the two investments would move together.

    Who manages Kotak Nifty Smallcap 250 Index Fund and Zerodha Nifty Smallcap 100 ETF?

    Kotak Nifty Smallcap 250 Index Fund: Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar. 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.

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