Mirae Asset Midcap Fund vs Motilal Oswal Nifty Midcap 100 ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Mirae Asset Midcap Fund is a Mid Cap fund and Motilal Oswal Nifty Midcap 100 ETF is an ETF fund. In the 3 years to 30-10-2026, Mirae Asset Midcap Fund (Direct) returned 14.3% a year and Motilal Oswal Nifty Midcap 100 ETF returned 14.5% a year. Mirae Asset Midcap Fund charges 0.96% a year and Motilal Oswal Nifty Midcap 100 ETF 0.34%. Their portfolios overlap 37.1%: they hold 32 of the same securities.
Mirae Asset Midcap Fund
Mid Cap
- 3 year return
- 14.3%
- Expense ratio
- 0.96%
- NAV
- ₹40.22
Motilal Oswal Nifty Midcap 100 ETF
ETF
- 3 year return
- 14.5%
- Expense ratio
- 0.34%
- NAV
- ₹61.90
Which is better, Mirae Asset Midcap or Motilal Oswal Nifty Midcap 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.
- Motilal Oswal Nifty Midcap 100 ETF returned more over 5 years: 14.1% a year against 13.3%.
- Motilal Oswal Nifty Midcap 100 ETF returned more over 3 years: 14.5% a year against 14.3%.
- Motilal Oswal Nifty Midcap 100 ETF costs less: 0.34% a year against 0.96%.
- Mirae Asset Midcap swung less over 3 years: a standard deviation of 16.0% a year against 17.9%.
- Mirae Asset Midcap fell less in its worst fall since 30-07-2019: −37.4% against −39.6%.
- Mirae Asset Midcap is the larger fund: ₹19,539 Cr against ₹821 Cr.
- Their portfolios overlap 37.1%: 32 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 | Mirae Asset Midcap Fund | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Fund house | Mirae Asset Mutual Fund | Motilal Oswal Mutual Fund |
| Category | Mid Cap | ETF |
| AUM | ₹19,539 Cr (30-09-2026) | ₹821 Cr (30-09-2026) |
| NAV | ₹40.22 (Direct) | ₹61.90 |
| Expense ratio (Direct) | 0.96% | Not available |
| Expense ratio (Regular) | 2.01% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Midcap 150 TRI | NIFTY Midcap 100 TRI |
| Launch date | 29-07-2019 | 31-01-2011 |
| Minimum investment | ₹5,000 | ₹500 |
| Lock in | None | None |
| Fund managers | Ankit Jain | Swapnil Mayekar |
| Exit load | I.For investors who have optedfor SWP under the plan: a)15% of the units allotted(including Switch-in/STP - in)on or before completion of 365days from the date of allotmentof units: Nil. b)Any redemption in excess ofsuch limits in the first 365 daysfrom the date of allotment shallbe subject to the following exitload: (Redemption of unitswould be done on First In FirstOut Basis (FIFO): -If redeemed within 1 year (365days) from the date of allotment:1% -If redeemed after 1 year (365days) from the date of allotment:NIL II.Other Redemptions: ForInvestors who have not opted forSWP under the plan (includingSwitch out, STP out): -If redeemed within 1 year (365days) from the date of allotment:1% -If redeemed after 1 year (365days) from the date of allotment:NIL | Yes |
Mirae Asset Midcap vs Motilal Oswal Nifty Midcap 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 |
|---|---|---|---|---|---|---|---|
| Mirae Asset Midcap Fund (Direct) | −3.96% | −8.30% | −0.66% | −2.73% | +14.31% | +13.25% | -- |
| Motilal Oswal Nifty Midcap 100 ETF | −3.38% | −8.43% | −3.85% | −4.14% | +14.53% | +14.09% | +14.13% |
| Mid Cap average | −3.36% | −6.03% | −0.14% | −2.17% | +14.75% | +12.95% | -- |
Category average: the average of the 34 Mid Cap funds, same plan type.
Mirae Asset Midcap vs Motilal Oswal Nifty Midcap 100 ETF: Year-wise Returns
| Year | Mirae Asset MidcapMirae Asset Midcap | Motilal Oswal Nifty Midcap 100 ETFMotilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| 2026to date | −2.98% | −4.83% |
| 2025 | +10.01% | +6.22% |
| 2024 | +20.86% | +24.51% |
| 2023 | +36.04% | +47.37% |
| 2022 | +6.18% | +4.11% |
| 2021 | +50.60% | +46.83% |
Mirae Asset Midcap vs Motilal Oswal Nifty Midcap 100 ETF: Rolling Returns
Every holding period of both funds, against Nifty Midcap 150 TRI, the benchmark of Mirae Asset Midcap Fund
Rolling returns
Every 3-year holding period, 1,044 of them, one for each trading day from 01-08-2022 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.
Mirae Asset Midcap Fund (Direct)
Motilal Oswal Nifty Midcap 100 ETF
Nifty Midcap 150 TRI
to
Dec 2022Aug 2020
to
Aug 2023May 2021
to
May 2024Feb 2022
to
Feb 2025Oct 2022
to
Oct 2025Jun 2023
to
Jun 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mirae Asset Midcap | 0.0 | 0.0 | 0.0 | 2.7 | 18.2 | 39.2 | 39.9 | 24.6% | 23.5% | 13.1% | 41.7% | 32% |
| Motilal Oswal Nifty Midcap 100 ETF | 0.0 | 0.0 | 0.0 | 2.2 | 7.5 | 37.0 | 53.2 | 26.0% | 25.2% | 13.3% | 39.9% | 75% |
| Nifty Midcap 150 TRI | 0.0 | 0.0 | 0.0 | 2.6 | 7.5 | 38.2 | 51.7 | 25.8% | 25.3% | 12.7% | 40.6% | -- |
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 Midcap 150 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 30-07-2019. Past returns do not promise future returns.
Mirae Asset Midcap vs Motilal Oswal Nifty Midcap 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 30-07-2019 to 30-10-2026: 88 instalments, ₹8,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mirae Asset MidcapMirae Asset Midcap Fund (Direct) | ₹8,80,000 | ₹17,34,054 | ₹8,54,054 | 18.1% |
| Motilal Oswal Nifty Midcap 100 ETFMotilal Oswal Nifty Midcap 100 ETF | ₹8,80,000 | ₹17,32,113 | ₹8,52,113 | 18.1% |
Mirae Asset MidcapMirae Asset Midcap Fund (Direct)
Motilal Oswal Nifty Midcap 100 ETFMotilal Oswal Nifty Midcap 100 ETF
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.
Mirae Asset Midcap vs Motilal Oswal Nifty Midcap 100 ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mirae Asset Midcap Fund (Direct) | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Return (CAGR) | −2.73% | −4.14% |
| Standard deviation | 15.99% | 17.09% |
| Sharpe ratio | -0.50 | -0.55 |
| Sortino ratio | -0.66 | -0.73 |
| Maximum drawdown | −14.4% (31-03-2026) | −14.2% (30-03-2026) |
| Beta | 0.94 | 1.00 |
| Alpha | +1.10% | −0.08% |
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 | Mirae Asset Midcap Fund (Direct) | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Return (CAGR) | +14.31% | +14.53% |
| Standard deviation | 15.99% | 17.94% |
| Sharpe ratio | 0.52 | 0.47 |
| Sortino ratio | 0.69 | 0.63 |
| Maximum drawdown | −22.5% (28-02-2025) | −21.1% (28-02-2025) |
| Beta | 0.91 | 1.00 |
| Alpha | +1.15% | −0.09% |
From daily NAVs, 30-10-2023 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.
| Measure | Mirae Asset Midcap Fund (Direct) | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Return (CAGR) | +13.25% | +14.09% |
| Standard deviation | 15.42% | 17.73% |
| Sharpe ratio | 0.48 | 0.47 |
| Sortino ratio | 0.64 | 0.62 |
| Maximum drawdown | −22.5% (28-02-2025) | −21.1% (28-02-2025) |
| Beta | 0.90 | 1.00 |
| Alpha | +0.24% | −0.17% |
From daily NAVs, 29-10-2021 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 | Mirae Asset Midcap Fund (Direct) | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Return (CAGR) | +21.29% | +14.02% |
| Standard deviation | 17.77% | 18.20% |
| Sharpe ratio | 0.91 | 0.43 |
| Sortino ratio | 1.20 | 0.56 |
| Maximum drawdown | −37.4% (23-03-2020) | −48.4% (23-03-2020) |
| Beta | 0.93 | -- |
| Alpha | +1.71% | -- |
From daily NAVs, 30-07-2019 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.
Mirae Asset Midcap Fund (Direct)
Motilal Oswal Nifty Midcap 100 ETF
Nifty Midcap 150 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Mirae Asset Midcap Fund (Direct) | −37.4% | 20-02-2020 | 23-03-2020 | 22-10-2020 | 7 months | −10.8% |
| Motilal Oswal Nifty Midcap 100 ETF | −39.6% | 07-02-2020 | 23-03-2020 | 13-11-2020 | 8 months | −10.7% |
| Nifty Midcap 150 TRI | −38.5% | 07-02-2020 | 23-03-2020 | 06-11-2020 | 7 months | −10.5% |
From daily values since 30-07-2019, 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.
Mirae Asset Midcap Fund (Direct)
Motilal Oswal Nifty Midcap 100 ETF
Nifty Midcap 150 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.
Mirae Asset Midcap Fund (Direct)
Motilal Oswal Nifty Midcap 100 ETF
Nifty Midcap 150 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.
Mirae Asset Midcap Fund (Direct)
Motilal Oswal Nifty Midcap 100 ETF
Nifty Midcap 150 TRI
Against Nifty Midcap 150 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Mirae Asset Midcap Fund (Direct) | 98% | 94% | 4.34% |
| Motilal Oswal Nifty Midcap 100 ETF | 103% | 107% | 1.90% |
From month-end values since 30-07-2019. 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.
Mirae Asset Midcap vs Motilal Oswal Nifty Midcap 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Mirae Asset Midcap Fund, September 2026; Motilal Oswal Nifty Midcap 100 ETF, September 2026
Holdings in common
- Overlap
- 37.1%
- Held by both
- 32
- Only in Mirae Asset Midcap
- 33
- Only in Motilal Oswal Nifty Midcap 100 ETF
- 68
| Security | % of Mirae Asset Midcap | % of Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Laurus Labs Ltd. | 4.31% | 2.36% |
| Hero MotoCorp Ltd. | 2.89% | 2.09% |
| The Federal Bank Ltd. | 1.93% | 2.40% |
| One 97 Communications Ltd. | 1.88% | 2.21% |
| IndusInd Bank Ltd. | 2.69% | 1.82% |
| Persistent Systems Ltd. | 2.86% | 1.76% |
| Bharat Heavy Electricals Ltd. | 1.68% | 1.86% |
| Dixon Technologies (India) Ltd. | 2.66% | 1.67% |
| Bharat Forge Ltd. | 2.28% | 1.64% |
| Lupin Ltd. | 3.34% | 1.51% |
| FSN E-Commerce Ventures Ltd. | 1.51% | 1.34% |
| PB Fintech Ltd. | 1.73% | 1.16% |
| Swiggy Ltd. | 2.67% | 1.15% |
| SRF Ltd. | 1.39% | 1.10% |
| The Phoenix Mills Ltd. | 1.00% | 1.11% |
| Lenskart Solutions Ltd. | 0.97% | 1.54% |
| Multi Commodity Exchange of India Ltd. | 0.91% | 2.58% |
| Mankind Pharma Ltd. | 1.83% | 0.87% |
| Indian Bank | 1.50% | 0.87% |
| Vishal Mega Mart Ltd. | 1.26% | 0.87% |
| Max Financial Services Ltd. | 0.87% | 1.12% |
| Hindustan Petroleum Corporation Ltd. | 0.81% | 1.03% |
| Billionbrains Garage Ventures Ltd. | 1.27% | 0.81% |
| Aditya Birla Capital Ltd. | 0.80% | 0.99% |
| Steel Authority of India Ltd. | 3.76% | 0.80% |
| Prestige Estates Projects Ltd. | 2.11% | 0.77% |
| Voltas Ltd. | 1.92% | 0.75% |
| L&T Finance Ltd. | 1.89% | 0.69% |
| Oil India Ltd. | 0.62% | 0.75% |
| Tata Communications Ltd. | 2.52% | 0.60% |
| PI Industries Ltd. | 1.64% | 0.57% |
| Container Corporation of India Ltd. | 1.46% | 0.47% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 37.1% means 37.1% 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 Mirae Asset Midcap Fund
| Security | % of fund |
|---|---|
| HDB Financial Services Ltd. | 3.36% |
| Delhivery Ltd. | 3.01% |
| Dalmia Bharat Ltd. | 2.54% |
| Narayana Hrudayalaya Ltd. | 2.13% |
| Axis Bank Ltd. | 2.13% |
Largest holdings only in Motilal Oswal Nifty Midcap 100 ETF
| Security | % of fund |
|---|---|
| The Indian Hotels Company Limited | 1.96% |
| Coforge Limited | 1.87% |
| AU Small Finance Bank Limited | 1.80% |
| IDFC First Bank Limited | 1.66% |
| GE Vernova T&D India Limited | 1.60% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mirae Asset Midcap | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Equity | 97.6% | 100.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.4% | -0.0% |
Market cap of stocks
| Market cap | Mirae Asset Midcap | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Large Cap | 11.8% | 7.1% |
| Mid Cap | 67.9% | 91.3% |
| Small Cap | 15.6% | 1.6% |
| Not on AMFI's list | 2.2% | 0.0% |
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 | Mirae Asset Midcap | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Pharmaceuticals & Biotechnology | 11.5% | 8.0% |
| Banks | 8.3% | 10.7% |
| Consumer Durables | 7.8% | 5.0% |
| Electrical Equipment | 1.7% | 7.0% |
| Retailing | 6.4% | 7.0% |
| Finance | 6.2% | 4.8% |
| IT - Software | 2.9% | 5.3% |
| Capital Markets | 4.8% | 5.3% |
| Auto Components | 5.2% | 3.8% |
The six largest sectors of each fund's stocks, % of the fund.
Mirae Asset Midcap vs Motilal Oswal Nifty Midcap 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mirae Asset Midcap Fund | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | 0.96% | Not available |
| Base expense ratio (Direct) | 0.53% | 0.00% |
| Total expense ratio (Regular) | 2.01% | Not available |
| Base expense ratio (Regular) | 1.42% | 0.20% |
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
Mirae Asset Midcap Fund vs Motilal Oswal Nifty Midcap 100 ETF: Frequently Asked Questions
What is the difference between Mirae Asset Midcap Fund and Motilal Oswal Nifty Midcap 100 ETF?
Mirae Asset Midcap Fund is a Mid Cap fund, Motilal Oswal Nifty Midcap 100 ETF is an ETF fund, run by Mirae Asset Mutual Fund and Motilal Oswal Mutual Fund. Their portfolios overlap 37.1%. Mirae Asset Midcap Fund charges 0.96% a year and Motilal Oswal Nifty Midcap 100 ETF 0.34%.
Which has given higher returns, Mirae Asset Midcap Fund or Motilal Oswal Nifty Midcap 100 ETF?
Over 1 year: Mirae Asset Midcap Fund −2.73%, Motilal Oswal Nifty Midcap 100 ETF −4.14%. Over 3 years: Mirae Asset Midcap Fund +14.31% a year, Motilal Oswal Nifty Midcap 100 ETF +14.53% a year. Over 5 years: Mirae Asset Midcap Fund +13.25% a year, Motilal Oswal Nifty Midcap 100 ETF +14.09% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Mirae Asset Midcap Fund or Motilal Oswal Nifty Midcap 100 ETF?
Motilal Oswal Nifty Midcap 100 ETF charges less: 0.34% a year against 0.96%. These are the total expense ratios reported to AMFI.
How much do Mirae Asset Midcap Fund and Motilal Oswal Nifty Midcap 100 ETF overlap?
37.1%. They hold 32 of the same securities, the largest shared ones being LAURUSLABS, HEROMOTOCO, FEDERALBNK. From each fund's latest monthly portfolio.
Which is riskier, Mirae Asset Midcap Fund or Motilal Oswal Nifty Midcap 100 ETF?
On SEBI's riskometer, Mirae Asset Midcap Fund is rated Very High and Motilal Oswal Nifty Midcap 100 ETF Very High. Over 3 years, the standard deviation of daily returns was 15.99% and 17.94% a year.
Which is better for SIP, Mirae Asset Midcap Fund or Motilal Oswal Nifty Midcap 100 ETF?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,39,019 in Mirae Asset Midcap Fund (XIRR 12.5% a year) and ₹8,44,232 in Motilal Oswal Nifty Midcap 100 ETF (XIRR 12.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Mirae Asset Midcap Fund and Motilal Oswal Nifty Midcap 100 ETF?
Yes. 37.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Mirae Asset Midcap Fund and Motilal Oswal Nifty Midcap 100 ETF?
Mirae Asset Midcap Fund: Ankit Jain. Motilal Oswal Nifty Midcap 100 ETF: Swapnil Mayekar.
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.