Kotak Nifty Smallcap 50 Index Fund vs Zerodha Nifty Smallcap 100 ETF
Direct Plan, Growth option · Data as on 30-10-2026
Kotak Nifty Smallcap 50 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 50 Index Fund (Direct) returned 4.7% and Zerodha Nifty Smallcap 100 ETF (Direct) returned 0.7%. Kotak Nifty Smallcap 50 Index Fund charges 0.48% a year and Zerodha Nifty Smallcap 100 ETF 0.35% (Direct plans). Their portfolios overlap 65.4%: they hold 48 of the same securities.
Kotak Nifty Smallcap 50 Index Fund
Index
- 1 year return
- 4.7%
- Expense ratio
- 0.48%
- NAV
- ₹21.76
Zerodha Nifty Smallcap 100 ETF
ETF
- 1 year return
- 0.7%
- Expense ratio
- 0.35%
- NAV
- ₹10.48
Which is better, Kotak Nifty Smallcap 50 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.
- Kotak Nifty Smallcap 50 Index returned more over 1 year: 4.7% against 0.7%.
- Zerodha Nifty Smallcap 100 ETF costs less: 0.35% a year against 0.48% (Direct plans).
- Kotak Nifty Smallcap 50 Index fell less in its worst fall since 12-09-2025: −17.3% against −18.1%.
- Kotak Nifty Smallcap 50 Index is the larger fund: ₹260 Cr against ₹101 Cr.
- Their portfolios overlap 65.4%: 48 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 Nifty Smallcap 50 Index Fund | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | Zerodha Mutual Fund |
| Category | Index | ETF |
| AUM | ₹260 Cr (30-09-2026) | ₹101 Cr (30-09-2026) |
| NAV | ₹21.76 (Direct) | ₹10.48 (Direct) |
| Expense ratio (Direct) | 0.48% | 0.35% |
| Expense ratio (Regular) | 1.06% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY Smallcap 50 TRI | Nifty Smallcap 100 TRI |
| Launch date | 10-04-2023 | 09-09-2025 |
| Minimum investment | ₹100 | In creation unit size of 1,50,000 Units and in multiples of 10 units thereof |
| Lock in | None | None |
| Fund managers | Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar | Kedarnath Mirajkar |
| Exit load | Nil | Nil |
Kotak Nifty Smallcap 50 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.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Kotak Nifty Smallcap 50 Index Fund (Direct) | −2.98% | −2.95% | +6.18% | +4.73% | +16.80% | -- | -- |
| Zerodha Nifty Smallcap 100 ETF (Direct) | −4.23% | −4.17% | +2.78% | +0.72% | -- | -- | -- |
Kotak Nifty Smallcap 50 Index vs Zerodha Nifty Smallcap 100 ETF: Year-wise Returns
| Year | Kotak Nifty Smallcap 50 IndexKotak Nifty Smallcap 50 Index | Zerodha Nifty Smallcap 100 ETFZerodha Nifty Smallcap 100 ETF |
|---|---|---|
| 2026to date | +8.11% | +4.86% |
| 2025 | −3.51% | -- |
| 2024 | +24.94% | -- |
Kotak Nifty Smallcap 50 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 50 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.
Kotak Nifty Smallcap 50 Index Fund (Direct)
Zerodha Nifty Smallcap 100 ETF (Direct)
Nifty Smallcap 50 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Kotak Nifty Smallcap 50 Index | 0.0 | 16.7 | 13.3 | 70.0 | 0.0 | 0.0 | 0.0 | 10.2% | 11.3% | 0.6% | 14.9% | 0% |
| 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% | 0% |
| Nifty Smallcap 50 TRI | 0.0 | 6.7 | 13.3 | 70.0 | 10.0 | 0.0 | 0.0 | 11.3% | 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 50 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
₹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 |
|---|---|---|---|---|
| Kotak Nifty Smallcap 50 IndexKotak Nifty Smallcap 50 Index Fund (Direct) | ₹1,40,000 | ₹1,48,777 | ₹8,777 | 10.2% |
| Zerodha Nifty Smallcap 100 ETFZerodha Nifty Smallcap 100 ETF (Direct) | ₹1,40,000 | ₹1,44,600 | ₹4,600 | 5.4% |
Kotak Nifty Smallcap 50 IndexKotak Nifty Smallcap 50 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 50 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
| Measure | Kotak Nifty Smallcap 50 Index Fund (Direct) | Zerodha Nifty Smallcap 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | +4.73% | +0.72% |
| Standard deviation | 19.31% | 19.18% |
| Sharpe ratio | -0.03 | -0.24 |
| Sortino ratio | -0.04 | -0.32 |
| Maximum drawdown | −17.3% (23-03-2026) | −18.1% (23-03-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −1.33% | +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 | Kotak Nifty Smallcap 50 Index Fund (Direct) | Zerodha Nifty Smallcap 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | +23.87% | +3.02% |
| Standard deviation | 19.54% | 18.41% |
| Sharpe ratio | 0.91 | -0.12 |
| Sortino ratio | 1.23 | -0.17 |
| Maximum drawdown | −25.0% (28-02-2025) | −18.1% (23-03-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −1.60% | +0.11% |
From daily NAVs, 18-04-2023 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.
Kotak Nifty Smallcap 50 Index Fund (Direct)
Zerodha Nifty Smallcap 100 ETF (Direct)
Nifty Smallcap 50 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Kotak Nifty Smallcap 50 Index Fund (Direct) | −17.3% | 03-11-2025 | 23-03-2026 | 06-05-2026 | 44 days | −7.5% |
| Zerodha Nifty Smallcap 100 ETF (Direct) | −18.1% | 03-11-2025 | 23-03-2026 | 06-05-2026 | 44 days | −8.5% |
| Nifty Smallcap 50 TRI | −17.0% | 03-11-2025 | 23-03-2026 | 06-05-2026 | 44 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.
Kotak Nifty Smallcap 50 Index Fund (Direct)
Zerodha Nifty Smallcap 100 ETF (Direct)
Nifty Smallcap 50 TRI
Against Nifty Smallcap 50 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Kotak Nifty Smallcap 50 Index Fund (Direct) | 100% | 105% | 0.50% |
| 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 50 Index vs Zerodha Nifty Smallcap 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Nifty Smallcap 50 Index Fund, September 2026; Zerodha Nifty Smallcap 100 ETF, September 2026
Holdings in common
- Overlap
- 65.4%
- Held by both
- 48
- Only in Kotak Nifty Smallcap 50 Index
- 1
- Only in Zerodha Nifty Smallcap 100 ETF
- 50
| Security | % of Kotak Nifty Smallcap 50 Index | % of Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Sona BLW Precision Forgings Ltd | 4.42% | 3.01% |
| Welspun Corp Limited | 4.21% | 2.87% |
| KARUR VYSYA BANK LTD. | 3.63% | 2.47% |
| NAVIN FLUORINE INTERNATIONAL LTD. | 3.59% | 2.45% |
| ATHER ENERGY LTD | 3.35% | 2.18% |
| RBL BANK LTD. | 2.96% | 2.01% |
| DELHIVERY LTD | 2.92% | 1.99% |
| Redington (India) Ltd. | 2.86% | 1.95% |
| Gland Pharma Limited | 2.73% | 1.86% |
| Central Depository Services (India) Ltd | 2.66% | 1.81% |
| CITY UNION BANK LTD. | 2.58% | 1.75% |
| SAI LIFE SCIENCES LIMITED | 2.50% | 1.70% |
| PNB HOUSING FINANCE LTD. | 2.49% | 1.70% |
| Anand Rathi Wealth Ltd. | 2.29% | 1.56% |
| Kirloskar Oil Engines Ltd. | 2.38% | 1.55% |
| NEULAND LABORATORIES LTD. | 2.18% | 1.48% |
| TD POWER SYSTEMS LTD. | 2.22% | 1.44% |
| ANGEL ONE LIMITED | 2.12% | 1.44% |
| BANDHAN BANK LIMITED | 2.08% | 1.42% |
| Wockhardt Ltd. | 2.07% | 1.41% |
| AEGIS LOGISTICS LTD | 2.05% | 1.40% |
| Manappuram Finance Ltd. | 2.05% | 1.40% |
| Ami Organics Ltd | 2.11% | 1.37% |
| Computer Age Management Services Limited | 1.91% | 1.30% |
| HIMADRI SPECIALITY CHEMICAL LTD. | 1.89% | 1.29% |
| POONAWALLA FINCORP LIMITED | 1.87% | 1.27% |
| The Great Eastern Shipping Company Ltd. | 1.91% | 1.25% |
| DR.Lal Pathlabs Ltd | 1.83% | 1.25% |
| Amber Enterprises India Ltd | 1.73% | 1.18% |
| India Infoline Ltd | 1.66% | 1.13% |
| Crompton Greaves Consumer Electricals Limited | 1.59% | 1.08% |
| Apollo Tyres Ltd. | 1.62% | 1.05% |
| PIRAMAL PHARMA LIMITED | 1.52% | 1.03% |
| TATA TECHNOLOGIES LTD | 1.44% | 0.98% |
| ONESOURCE SPECIALTY PHARMA LTD. | 1.48% | 0.97% |
| KFIN TECHNOLOGIES LTD. | 1.33% | 0.91% |
| KAYNES TECHNOLOGY LTD | 1.30% | 0.88% |
| Tata Elxsi Ltd. | 1.32% | 0.86% |
| Indraprastha Gas Ltd. | 1.21% | 0.82% |
| Affle (India) Ltd. | 1.13% | 0.77% |
| Tata Chemicals Ltd. | 1.13% | 0.77% |
| AMARA RAJA ENERGY MOB LTD. | 1.09% | 0.74% |
| KPIT Technologies Ltd. | 0.89% | 0.67% |
| NBCC (India) Ltd | 0.96% | 0.66% |
| PG ELECTROPLAST LTD | 0.95% | 0.64% |
| Natco Pharma Ltd | 0.88% | 0.60% |
| Syngene International Limited | 0.82% | 0.56% |
| INOX WIND LIMITED | 0.79% | 0.54% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 65.4% means 65.4% 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 50 Index Fund
| Security | % of fund |
|---|---|
| MTAR TECHNOLOGIES LIMITED | 1.92% |
Largest holdings only in Zerodha Nifty Smallcap 100 ETF
| Security | % of fund |
|---|---|
| Cupid Ltd. | 1.69% |
| Cholamandalam Financial Holdings Limited | 1.11% |
| SYRMA SGS TECHNOLOGY LIMITED | 1.11% |
| Nuvama Wealth Management Limited | 1.07% |
| Data Patterns (India) Limited | 1.05% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak Nifty Smallcap 50 Index | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Equity | 98.6% | 95.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.4% | 5.0% |
Market cap of stocks
| Market cap | Kotak Nifty Smallcap 50 Index | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Large Cap | 0.0% | 0.0% |
| Mid Cap | 6.3% | 4.7% |
| Small Cap | 90.1% | 88.9% |
| Not on AMFI's list | 2.2% | 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 | Kotak Nifty Smallcap 50 Index | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Pharmaceuticals and Biotechnology | 15.5% | 0.0% |
| Banks | 11.3% | 8.0% |
| Pharmaceuticals & Biotechnology | 0.0% | 11.0% |
| Capital Markets | 10.3% | 8.1% |
| Finance | 8.1% | 9.2% |
| Auto Components | 7.1% | 6.1% |
| Chemicals and Petrochemicals | 6.6% | 0.0% |
| Industrial Products | 6.6% | 6.4% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak Nifty Smallcap 50 Index vs Zerodha Nifty Smallcap 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Nifty Smallcap 50 Index Fund | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | 0.48% | 0.35% |
| Base expense ratio (Direct) | 0.17% | 0.18% |
| Total expense ratio (Regular) | 1.06% | Not available |
| Base expense ratio (Regular) | 0.66% | 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 50 Index Fund vs Zerodha Nifty Smallcap 100 ETF: Frequently Asked Questions
What is the difference between Kotak Nifty Smallcap 50 Index Fund and Zerodha Nifty Smallcap 100 ETF?
Kotak Nifty Smallcap 50 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 65.4%. Kotak Nifty Smallcap 50 Index Fund charges 0.48% a year and Zerodha Nifty Smallcap 100 ETF 0.35%.
Which has given higher returns, Kotak Nifty Smallcap 50 Index Fund or Zerodha Nifty Smallcap 100 ETF?
Over 1 year: Kotak Nifty Smallcap 50 Index Fund +4.73%, 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 50 Index Fund or Zerodha Nifty Smallcap 100 ETF?
Zerodha Nifty Smallcap 100 ETF charges less: 0.35% a year against 0.48%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak Nifty Smallcap 50 Index Fund and Zerodha Nifty Smallcap 100 ETF overlap?
65.4%. They hold 48 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 50 Index Fund or Zerodha Nifty Smallcap 100 ETF?
On SEBI's riskometer, Kotak Nifty Smallcap 50 Index Fund is rated Very High and Zerodha Nifty Smallcap 100 ETF Very High. Over 1 years, the standard deviation of daily returns was 19.31% and 19.18% a year.
Can I invest in both Kotak Nifty Smallcap 50 Index Fund and Zerodha Nifty Smallcap 100 ETF?
Yes. 65.4% 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 50 Index Fund and Zerodha Nifty Smallcap 100 ETF?
Kotak Nifty Smallcap 50 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.