Kotak Pioneer Fund vs Kotak Small Cap Fund
Direct Plan, Growth option · Data as on 29-10-2026
Kotak Pioneer Fund is a Thematic fund and Kotak Small Cap Fund is a Small Cap fund. In the 3 years to 30-10-2026, Kotak Pioneer Fund (Direct) returned 20.0% a year and Kotak Small Cap Fund (Direct) returned 10.8% a year. Kotak Pioneer Fund charges 0.63% a year and Kotak Small Cap Fund 0.64% (Direct plans). Their portfolios overlap 30.5%: they hold 29 of the same securities.
Which is better, Kotak Pioneer or Kotak 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.
- Kotak Pioneer returned more over 5 years: 13.9% a year against 10.7%.
- Kotak Pioneer returned more over 3 years: 20.0% a year against 10.8%.
- Kotak Pioneer costs less: 0.63% a year against 0.64% (Direct plans).
- Kotak Pioneer swung less over 3 years: a standard deviation of 12.9% a year against 15.4%.
- Kotak Pioneer fell less in its worst fall since 06-11-2019: −35.7% against −38.5%.
- Kotak Pioneer holds 16.3% of the fund in foreign stocks; Kotak Small Cap 0.0%.
- Kotak Pioneer holds more in large companies: 25.3% of the fund in large caps against 6.8%.
- Kotak Small Cap is the larger fund: ₹19,141 Cr against ₹4,295 Cr.
- Their portfolios overlap 30.5%: 29 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 Pioneer Fund | Kotak Small Cap Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Thematic | Small Cap |
| AUM | ₹4,295 Cr (30-09-2026) | ₹19,141 Cr (30-09-2026) |
| NAV | ₹37.63 (Direct) | ₹300.84 (Direct) |
| Expense ratio (Direct) | 0.63% | 0.64% |
| Expense ratio (Regular) | 1.90% | 1.71% |
| Riskometer | Very High | Very High |
| Benchmark | 85% Nifty 500 TRI + 15% MSCI ACWI Information Technology Index TRI | Nifty Smallcap 250 TRI |
| Launch date | 31-10-2019 | 24-02-2005 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Harish Bihani | Harish Bihani |
| Exit load | 0.5% for redemption within 90 Days | For redemption / switch out of upto 10%of the initial investment amount (limit) purchased or switched in within 1 year from the date of allotment: Nil. If units redeemed or switched out are in excess of the limit within 1 year from the date of allotment: 1% If units are redeemed or switched out on or after 1 year from the date of allotment: NIL Units issued on reinvestment of IDCW shall not be subject to entry and exit load. |
Kotak Pioneer vs Kotak 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 |
|---|---|---|---|---|---|---|---|
| Kotak Pioneer Fund (Direct) | −3.23% | −1.53% | +6.34% | +4.04% | +19.97% | +13.89% | -- |
| Kotak Small Cap Fund (Direct) | −6.63% | −5.49% | +2.07% | −2.90% | +10.85% | +10.69% | +16.06% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | +14.51% | +16.19% |
Category average: the average of the 235 Thematic funds and the 36 Small Cap funds, same plan type.
Kotak Pioneer vs Kotak Small Cap: Year-wise Returns
| Year | PioneerKotak Pioneer | Small CapKotak Small Cap |
|---|---|---|
| 2026to date | +6.63% | +2.14% |
| 2025 | +7.70% | −8.05% |
| 2024 | +30.41% | +26.96% |
| 2023 | +38.70% | +36.51% |
| 2022 | −6.89% | −1.72% |
| 2021 | +38.48% | +73.47% |
Kotak Pioneer vs Kotak Small Cap: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of Kotak Small Cap Fund
Rolling returns
Every 3-year holding period, 981 of them, one for each trading day from 07-11-2022 to 29-10-2026: 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 Pioneer Fund (Direct)
Kotak Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
to
Mar 2023Nov 2020
to
Nov 2023Jul 2021
to
Jul 2024Mar 2022
to
Mar 2025Nov 2022
to
Nov 2025Jul 2023
to
Jul 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 Pioneer | 0.0 | 0.0 | 0.0 | 0.4 | 21.2 | 59.5 | 18.9 | 22.6% | 22.0% | 14.2% | 38.4% | 35% |
| Kotak Small Cap | 0.0 | 0.0 | 0.1 | 17.1 | 25.1 | 19.9 | 37.8 | 24.4% | 22.3% | 9.8% | 48.9% | 25% |
| Nifty Smallcap 250 TRI | 0.0 | 0.0 | 0.0 | 3.4 | 17.7 | 29.7 | 49.2 | 26.1% | 24.8% | 11.4% | 44.7% | -- |
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 06-11-2019. Past returns do not promise future returns.
Kotak Pioneer vs Kotak 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 06-11-2019 to 29-10-2026: 84 instalments, ₹8,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak PioneerKotak Pioneer Fund (Direct) | ₹8,40,000 | ₹16,56,286 | ₹8,16,286 | 19.1% |
| Kotak Small CapKotak Small Cap Fund (Direct) | ₹8,40,000 | ₹15,17,404 | ₹6,77,404 | 16.6% |
Kotak PioneerKotak Pioneer Fund (Direct)
Kotak Small CapKotak 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.
Kotak Pioneer vs Kotak Small Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Kotak Pioneer Fund (Direct) | Kotak Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.04% | −2.90% |
| Standard deviation | 13.48% | 16.04% |
| Sharpe ratio | -0.09 | -0.51 |
| Sortino ratio | -0.12 | -0.70 |
| Maximum drawdown | −13.1% (30-03-2026) | −16.9% (23-03-2026) |
| Beta | -- | 0.85 |
| Alpha | -- | −1.02% |
From daily NAVs, 29-10-2025 to 29-10-2026. 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 Pioneer Fund (Direct) | Kotak Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +19.97% | +10.85% |
| Standard deviation | 12.91% | 15.35% |
| Sharpe ratio | 1.08 | 0.31 |
| Sortino ratio | 1.53 | 0.42 |
| Maximum drawdown | −19.3% (07-04-2025) | −24.7% (03-03-2025) |
| Beta | -- | 0.77 |
| Alpha | -- | −0.03% |
From daily NAVs, 27-10-2023 to 29-10-2026. 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 Pioneer Fund (Direct) | Kotak Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.89% | +10.69% |
| Standard deviation | 13.61% | 14.36% |
| Sharpe ratio | 0.59 | 0.34 |
| Sortino ratio | 0.82 | 0.45 |
| Maximum drawdown | −21.7% (20-06-2022) | −24.7% (03-03-2025) |
| Beta | -- | 0.73 |
| Alpha | -- | −0.47% |
From daily NAVs, 29-10-2021 to 29-10-2026. 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 Pioneer Fund (Direct) | Kotak Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +20.88% | +18.00% |
| Standard deviation | 15.66% | 15.21% |
| Sharpe ratio | 1.01 | 0.79 |
| Sortino ratio | 1.38 | 1.05 |
| Maximum drawdown | −35.7% (23-03-2020) | −40.6% (24-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 06-11-2019 to 29-10-2026. 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 Pioneer Fund (Direct)
Kotak 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 |
|---|---|---|---|---|---|---|
| Kotak Pioneer Fund (Direct) | −35.7% | 17-01-2020 | 23-03-2020 | 04-08-2020 | 4 months | −6.5% |
| Kotak Small Cap Fund (Direct) | −38.5% | 07-02-2020 | 24-03-2020 | 14-09-2020 | 6 months | −10.9% |
| Nifty Smallcap 250 TRI | −43.5% | 24-01-2020 | 24-03-2020 | 17-11-2020 | 8 months | −9.4% |
From daily values since 06-11-2019, 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 Pioneer Fund (Direct)
Kotak Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Kotak Pioneer Fund (Direct)
Kotak Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Kotak Pioneer Fund (Direct)
Kotak Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
Against Nifty Smallcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Kotak Pioneer Fund (Direct) | 72% | 49% | 12.52% |
| Kotak Small Cap Fund (Direct) | 88% | 76% | 6.98% |
From month-end values since 06-11-2019. 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 Pioneer vs Kotak Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Pioneer Fund, September 2026; Kotak Small Cap Fund, September 2026
Holdings in common
- Overlap
- 30.5%
- Held by both
- 29
- Only in Kotak Pioneer
- 24
- Only in Kotak Small Cap
- 50
| Security | % of Kotak Pioneer | % of Kotak Small Cap |
|---|---|---|
| ASTER DM HEALTHCARE LTD | 2.94% | 4.07% |
| VIJAYA DIAGNOSTIC CENTRE PVT | 1.98% | 4.10% |
| KRISHNA INSTITUTE OF MEDICAL | 1.89% | 3.30% |
| ICICI BANK LTD. | 2.66% | 1.82% |
| ADITYA INFOTECH LIMITED | 2.90% | 1.63% |
| INDO-MIM LTD | 4.92% | 1.62% |
| KFIN TECHNOLOGIES LTD. | 1.37% | 1.37% |
| HAPPY FORGINGS LTD | 1.17% | 1.72% |
| 360 ONE WAM LIMITED | 1.60% | 1.11% |
| VISHAL MEGA MART LIMITED | 1.42% | 1.11% |
| Avenue Supermarts Ltd | 1.32% | 1.11% |
| BHARTI HEXACOM LTD. | 2.05% | 1.04% |
| MANKIND PHARMA LTD | 1.27% | 1.04% |
| ICICI Lombard General Insurance Company Ltd | 1.31% | 1.00% |
| MINDA CORPORATION LIMITED | 0.97% | 2.39% |
| SWIGGY LTD | 0.92% | 0.89% |
| Schaeffler India Ltd | 0.89% | 1.04% |
| APTUS VALUE HOUSING FINANCE | 0.80% | 1.38% |
| Rolex Rings Limited | 0.77% | 0.78% |
| JUBILANT INGREVIA LTD. | 0.75% | 1.24% |
| MAHINDRA LIFESPACE DEVELOPERS LTD | 0.69% | 1.11% |
| CAPILLARY TECHNOLOGIES | 2.15% | 0.67% |
| Medplus Health Services Ltd. | 0.60% | 1.22% |
| Carborundum Universal Ltd. | 0.59% | 1.55% |
| Ratnamani Metals & Tubes Ltd. | 0.57% | 1.34% |
| SHADOWFAX TECHNOLOGIES LTD | 0.69% | 0.48% |
| Cyient Ltd. | 0.48% | 1.74% |
| CMS INFO SYSTEMS LIMITED | 0.38% | 0.74% |
| PHYSICSWALLAH LIMITED | 0.50% | 0.11% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 30.5% means 30.5% 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 Pioneer Fund
| Security | % of fund |
|---|---|
| ETERNAL LIMITED | 5.53% |
| LENSKART SOLUTIONS LIMITED | 3.65% |
| Inter Globe Aviation Ltd | 2.41% |
| Maruti Suzuki India Limited | 2.01% |
| Minda Industries Ltd. | 1.83% |
Largest holdings only in Kotak Small Cap Fund
| Security | % of fund |
|---|---|
| Sansera Engineering Ltd | 4.82% |
| KALPATARU PROJECTS INTERNATIONAL LIMITED | 2.58% |
| Five Star Business Finance Ltd | 2.10% |
| Century Plyboards (India) Ltd. | 2.08% |
| Ajanta Pharma Ltd. | 2.05% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak Pioneer | Kotak Small Cap |
|---|---|---|
| Equity | 93.5% | 98.9% |
| Debt | 0.0% | 0.0% |
| Cash and others | 6.5% | 1.1% |
Market cap of stocks
| Market cap | Kotak Pioneer | Kotak Small Cap |
|---|---|---|
| Large Cap | 25.3% | 6.8% |
| Mid Cap | 26.6% | 15.3% |
| Small Cap | 19.6% | 75.2% |
| Foreign stocks | 16.3% | 0.0% |
| Not on AMFI's list | 5.7% | 1.6% |
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 Pioneer | Kotak Small Cap |
|---|---|---|
| Overseas Mutual Fund | 16.3% | 0.0% |
| Retailing | 15.9% | 6.6% |
| Healthcare Services | 6.8% | 14.0% |
| Auto Components | 4.5% | 9.9% |
| Consumer Durables | 3.5% | 8.7% |
| Industrial Manufacturing | 7.8% | 3.3% |
| Industrial Products | 3.4% | 7.0% |
| Finance | 0.8% | 6.2% |
| Automobiles | 4.5% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak Pioneer vs Kotak Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Pioneer Fund | Kotak Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.63% | 0.64% |
| Base expense ratio (Direct) | 0.48% | 0.51% |
| Total expense ratio (Regular) | 1.90% | 1.71% |
| Base expense ratio (Regular) | 1.57% | 1.42% |
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 Kotak Pioneer with
Kotak Pioneer Fund vs Kotak Small Cap Fund: Frequently Asked Questions
What is the difference between Kotak Pioneer Fund and Kotak Small Cap Fund?
Kotak Pioneer Fund is a Thematic fund, Kotak Small Cap Fund is a Small Cap fund, run by Kotak Mahindra Mutual Fund. Their portfolios overlap 30.5%. Kotak Pioneer Fund charges 0.63% a year and Kotak Small Cap Fund 0.64%.
Which has given higher returns, Kotak Pioneer Fund or Kotak Small Cap Fund?
Over 1 year: Kotak Pioneer Fund +4.04%, Kotak Small Cap Fund −2.90%. Over 3 years: Kotak Pioneer Fund +19.97% a year, Kotak Small Cap Fund +10.85% a year. Over 5 years: Kotak Pioneer Fund +13.89% a year, Kotak Small Cap Fund +10.69% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak Pioneer Fund or Kotak Small Cap Fund?
Kotak Pioneer Fund charges less: 0.63% a year against 0.64%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak Pioneer Fund and Kotak Small Cap Fund overlap?
30.5%. They hold 29 of the same securities, the largest shared ones being ASTERDM, VIJAYA, KIMS. From each fund's latest monthly portfolio.
Which is riskier, Kotak Pioneer Fund or Kotak Small Cap Fund?
On SEBI's riskometer, Kotak Pioneer Fund is rated Very High and Kotak Small Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 12.91% and 15.35% a year.
Which is better for SIP, Kotak Pioneer Fund or Kotak Small Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 29-10-2026 grew to ₹9,22,097 in Kotak Pioneer Fund (XIRR 16.3% a year) and ₹7,71,852 in Kotak Small Cap Fund (XIRR 9.2% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Kotak Pioneer Fund and Kotak Small Cap Fund?
Yes. 30.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Kotak Pioneer Fund and Kotak Small Cap Fund?
Kotak Pioneer Fund: Harish Bihani. Kotak Small Cap Fund: Harish Bihani.
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.