Motilal Oswal BSE Low Volatility ETF vs UTI BSE Low Volatility Index Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Motilal Oswal BSE Low Volatility ETF is an ETF fund and UTI BSE Low Volatility Index Fund is an Index fund. In the 3 years to 30-10-2026, Motilal Oswal BSE Low Volatility ETF returned 6.6% a year and UTI BSE Low Volatility Index Fund (Direct) returned 6.3% a year. Motilal Oswal BSE Low Volatility ETF charges 0.78% a year and UTI BSE Low Volatility Index Fund 0.66%. Their portfolios overlap 95.2%: they hold 29 of the same securities.
Motilal Oswal BSE Low Volatility ETF
ETF
- 3 year return
- 6.6%
- Expense ratio
- 0.78%
- NAV
- ₹33.91
UTI BSE Low Volatility Index Fund
Index
- 3 year return
- 6.3%
- Expense ratio
- 0.66%
- NAV
- ₹15.09
Which is better, Motilal Oswal BSE Low Volatility ETF or UTI BSE Low Volatility Index? 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 BSE Low Volatility ETF returned more over 3 years: 6.6% a year against 6.3%.
- Motilal Oswal BSE Low Volatility ETF returned more over 1 year: −12.1% against −12.1%.
- UTI BSE Low Volatility Index costs less: 0.66% a year against 0.78%.
- UTI BSE Low Volatility Index swung less over 3 years: a standard deviation of 11.3% a year against 11.3%.
- Motilal Oswal BSE Low Volatility ETF fell less in its worst fall since 30-03-2022: −18.5% against −18.6%.
- UTI BSE Low Volatility Index is the larger fund: ₹418 Cr against ₹69 Cr.
- Their portfolios overlap 95.2%: 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 | Motilal Oswal BSE Low Volatility ETF | UTI BSE Low Volatility Index Fund |
|---|---|---|
| Fund house | Motilal Oswal Mutual Fund | UTI Mutual Fund |
| Category | ETF | Index |
| AUM | ₹69 Cr (30-09-2026) | ₹418 Cr (30-09-2026) |
| NAV | ₹33.91 | ₹15.09 (Direct) |
| Expense ratio (Direct) | Not available | 0.66% |
| Expense ratio (Regular) | Not available | 1.10% |
| Riskometer | Very High | Very High |
| Benchmark | BSE Low Volatility TRI | BSE Low Volatility TRI |
| Launch date | 23-03-2022 | 03-03-2022 |
| Minimum investment | ₹500 | Direct Plan-Growth-Rs.1000, Regular Plan-Growth-Rs.1000 |
| Lock in | None | None |
| Fund managers | Swapnil Mayekar, Rakesh Shetty | Sharwan Kumar Goyal FM 1, Ayush Jain FM 2, Lokesh Kulthia FM 3 |
| Exit load | Yes | Nil |
Motilal Oswal BSE Low Volatility ETF vs UTI BSE Low Volatility Index: 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 |
|---|---|---|---|---|---|---|---|
| Motilal Oswal BSE Low Volatility ETF | −0.82% | −9.49% | −7.11% | −12.07% | +6.59% | -- | -- |
| UTI BSE Low Volatility Index Fund (Direct) | −0.83% | −9.57% | −7.22% | −12.14% | +6.33% | -- | -- |
Motilal Oswal BSE Low Volatility ETF vs UTI BSE Low Volatility Index: Year-wise Returns
| Year | Motilal Oswal BSE Low Volatility ETFMotilal Oswal BSE Low Volatility ETF | UTI BSE Low Volatility IndexUTI BSE Low Volatility Index | BSE Low Volatility Index TRI |
|---|---|---|---|
| 2026to date | −13.23% | −13.28% | −13.35% |
| 2025 | +8.25% | +8.17% | +8.78% |
| 2024 | +11.34% | +10.74% | +11.65% |
| 2023 | +29.91% | +29.96% | +30.83% |
Motilal Oswal BSE Low Volatility ETF vs UTI BSE Low Volatility Index: Rolling Returns
Every holding period of both funds, against BSE Low Volatility Index TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 391 of them, one for each trading day from 31-03-2025 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.
Motilal Oswal BSE Low Volatility ETF
UTI BSE Low Volatility Index Fund (Direct)
BSE Low Volatility Index TRI
to
May 2025Aug 2022
to
Aug 2025Nov 2022
to
Nov 2025Mar 2023
to
Mar 2026Jun 2023
to
Jun 2026Sept 2023
to
Sept 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Motilal Oswal BSE Low Volatility ETF | 0.0 | 0.0 | 17.6 | 28.4 | 51.9 | 2.0 | 0.0 | 14.1% | 15.4% | 5.3% | 20.6% | 0% |
| UTI BSE Low Volatility Index | 0.0 | 0.0 | 19.0 | 29.7 | 49.5 | 1.8 | 0.0 | 13.9% | 15.2% | 5.1% | 20.5% | 0% |
| BSE Low Volatility Index TRI | 0.0 | 0.0 | 14.6 | 26.3 | 54.0 | 5.1 | 0.0 | 14.7% | 16.0% | 5.6% | 21.3% | -- |
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 BSE Low Volatility Index 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 30-03-2022. Past returns do not promise future returns.
Motilal Oswal BSE Low Volatility ETF vs UTI BSE Low Volatility Index: 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 30-03-2022 to 30-10-2026: 56 instalments, ₹5,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Motilal Oswal BSE Low Volatility ETFMotilal Oswal BSE Low Volatility ETF | ₹5,60,000 | ₹6,13,109 | ₹53,109 | 3.8% |
| UTI BSE Low Volatility IndexUTI BSE Low Volatility Index Fund (Direct) | ₹5,60,000 | ₹6,11,383 | ₹51,383 | 3.7% |
Motilal Oswal BSE Low Volatility ETFMotilal Oswal BSE Low Volatility ETF
UTI BSE Low Volatility IndexUTI BSE Low Volatility Index 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.
Motilal Oswal BSE Low Volatility ETF vs UTI BSE Low Volatility Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Motilal Oswal BSE Low Volatility ETF | UTI BSE Low Volatility Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −12.07% | −12.14% |
| Standard deviation | 11.93% | 11.81% |
| Sharpe ratio | -1.45 | -1.47 |
| Sortino ratio | -1.83 | -1.86 |
| Maximum drawdown | −15.7% (23-10-2026) | −15.8% (23-10-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | +0.04% | −0.03% |
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 | Motilal Oswal BSE Low Volatility ETF | UTI BSE Low Volatility Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.59% | +6.33% |
| Standard deviation | 11.34% | 11.31% |
| Sharpe ratio | 0.05 | 0.03 |
| Sortino ratio | 0.07 | 0.04 |
| Maximum drawdown | −18.5% (23-10-2026) | −18.6% (23-10-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.24% | −0.50% |
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 | Motilal Oswal BSE Low Volatility ETF | UTI BSE Low Volatility Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.26% | +10.12% |
| Standard deviation | 10.97% | 10.97% |
| Sharpe ratio | 0.30 | 0.38 |
| Sortino ratio | 0.41 | 0.53 |
| Maximum drawdown | −18.5% (23-10-2026) | −18.6% (23-10-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.42% | −0.56% |
From daily NAVs, 30-03-2022 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.
Motilal Oswal BSE Low Volatility ETF
UTI BSE Low Volatility Index Fund (Direct)
BSE Low Volatility Index TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Motilal Oswal BSE Low Volatility ETF | −18.5% | 27-09-2024 | 23-10-2026 | Not yet | -- | −17.1% |
| UTI BSE Low Volatility Index Fund (Direct) | −18.6% | 27-09-2024 | 23-10-2026 | Not yet | -- | −17.3% |
| BSE Low Volatility Index TRI | −18.2% | 27-09-2024 | 23-10-2026 | Not yet | -- | −16.8% |
From daily values since 30-03-2022, 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.
Motilal Oswal BSE Low Volatility ETF
UTI BSE Low Volatility Index Fund (Direct)
BSE Low Volatility Index 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.
Motilal Oswal BSE Low Volatility ETF
UTI BSE Low Volatility Index Fund (Direct)
BSE Low Volatility Index TRI
Against BSE Low Volatility Index TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Motilal Oswal BSE Low Volatility ETF | 98% | 100% | 0.30% |
| UTI BSE Low Volatility Index Fund (Direct) | 98% | 101% | 0.25% |
From month-end values since 30-03-2022. 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.
Motilal Oswal BSE Low Volatility ETF vs UTI BSE Low Volatility Index: Portfolio Overlap
From each fund's latest monthly portfolio: Motilal Oswal BSE Low Volatility ETF, September 2026; UTI BSE Low Volatility Index Fund, September 2026
Holdings in common
- Overlap
- 95.2%
- Held by both
- 29
- Only in Motilal Oswal BSE Low Volatility ETF
- 0
- Only in UTI BSE Low Volatility Index
- 1
| Security | % of Motilal Oswal BSE Low Volatility ETF | % of UTI BSE Low Volatility Index |
|---|---|---|
| Castrol India Limited | 4.96% | 4.94% |
| Marico Limited | 3.66% | 3.65% |
| Abbott India Limited | 3.63% | 3.62% |
| Apollo Hospitals Enterprise Limited | 3.49% | 3.48% |
| ITC Limited | 3.48% | 3.47% |
| Sun Pharmaceutical Industries Limited | 3.46% | 3.45% |
| NTPC Limited | 3.43% | 3.42% |
| Bharti Airtel Limited | 3.43% | 3.42% |
| SBI Life Insurance Company Limited | 3.42% | 3.41% |
| HDFC Bank Limited | 3.39% | 3.38% |
| ICICI Bank Limited | 3.37% | 3.36% |
| Kotak Mahindra Bank Ltd | 3.35% | 3.34% |
| Power Grid Corporation of India Limited | 3.26% | 3.25% |
| Lupin Limited | 3.25% | 3.23% |
| Tata Power Company Limited | 3.23% | 3.22% |
| Alkem Laboratories Limited | 3.20% | 3.19% |
| Cipla Limited | 3.18% | 3.17% |
| HDFC Life Insurance Company Limited | 3.13% | 3.12% |
| Britannia Industries Limited | 3.12% | 3.11% |
| Reliance Industries Limited | 3.11% | 3.10% |
| Nestle India Limited | 3.10% | 3.09% |
| Procter & Gamble Hygiene and Health Care Limited | 3.09% | 3.08% |
| Shree Cement Limited | 3.08% | 3.06% |
| Pidilite Industries Limited | 3.06% | 3.05% |
| Hindustan Unilever Limited | 3.06% | 3.05% |
| Coal India Limited | 2.96% | 2.95% |
| ACC Limited | 2.89% | 2.88% |
| Grasim Industries Limited | 2.88% | 2.87% |
| United Breweries Limited | 2.85% | 2.85% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 95.2% means 95.2% 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 Motilal Oswal BSE Low Volatility ETF
Every holding of this fund is also held by the other.
Largest holdings only in UTI BSE Low Volatility Index Fund
| Security | % of fund |
|---|---|
| REIT- MINDSPACE BUSINESS PARKS | 4.47% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Motilal Oswal BSE Low Volatility ETF | UTI BSE Low Volatility Index |
|---|---|---|
| Equity | 95.5% | 95.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 4.5% | 4.8% |
Market cap of stocks
| Market cap | Motilal Oswal BSE Low Volatility ETF | UTI BSE Low Volatility Index |
|---|---|---|
| Large Cap | 64.9% | 64.7% |
| Mid Cap | 22.8% | 22.7% |
| Small Cap | 7.8% | 7.8% |
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 | Motilal Oswal BSE Low Volatility ETF | UTI BSE Low Volatility Index |
|---|---|---|
| Pharmaceuticals & Biotechnology | 16.7% | 16.7% |
| Banks | 10.1% | 10.1% |
| Power | 9.9% | 9.9% |
| Cement & Cement Products | 8.8% | 8.8% |
| Petroleum Products | 8.1% | 8.0% |
| Insurance | 6.5% | 6.5% |
The six largest sectors of each fund's stocks, % of the fund.
Motilal Oswal BSE Low Volatility ETF vs UTI BSE Low Volatility Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Motilal Oswal BSE Low Volatility ETF | UTI BSE Low Volatility Index Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.66% |
| Base expense ratio (Direct) | 0.00% | 0.40% |
| Total expense ratio (Regular) | Not available | 1.10% |
| Base expense ratio (Regular) | 0.32% | 0.79% |
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.
Motilal Oswal BSE Low Volatility ETF vs UTI BSE Low Volatility Index Fund: Frequently Asked Questions
What is the difference between Motilal Oswal BSE Low Volatility ETF and UTI BSE Low Volatility Index Fund?
Motilal Oswal BSE Low Volatility ETF is an ETF fund, UTI BSE Low Volatility Index Fund is an Index fund, run by Motilal Oswal Mutual Fund and UTI Mutual Fund. Their portfolios overlap 95.2%. Motilal Oswal BSE Low Volatility ETF charges 0.78% a year and UTI BSE Low Volatility Index Fund 0.66%.
Which has given higher returns, Motilal Oswal BSE Low Volatility ETF or UTI BSE Low Volatility Index Fund?
Over 1 year: Motilal Oswal BSE Low Volatility ETF −12.07%, UTI BSE Low Volatility Index Fund −12.14%. Over 3 years: Motilal Oswal BSE Low Volatility ETF +6.59% a year, UTI BSE Low Volatility Index Fund +6.33% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Motilal Oswal BSE Low Volatility ETF or UTI BSE Low Volatility Index Fund?
UTI BSE Low Volatility Index Fund charges less: 0.66% a year against 0.78%. These are the total expense ratios reported to AMFI.
How much do Motilal Oswal BSE Low Volatility ETF and UTI BSE Low Volatility Index Fund overlap?
95.2%. They hold 29 of the same securities, the largest shared ones being CASTROLIND, MARICO, ABBOTINDIA. From each fund's latest monthly portfolio.
Which is riskier, Motilal Oswal BSE Low Volatility ETF or UTI BSE Low Volatility Index Fund?
On SEBI's riskometer, Motilal Oswal BSE Low Volatility ETF is rated Very High and UTI BSE Low Volatility Index Fund Very High. Over 3 years, the standard deviation of daily returns was 11.34% and 11.31% a year.
Which is better for SIP, Motilal Oswal BSE Low Volatility ETF or UTI BSE Low Volatility Index Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,50,735 in Motilal Oswal BSE Low Volatility ETF (XIRR -3.4% a year) and ₹3,49,869 in UTI BSE Low Volatility Index Fund (XIRR -3.5% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Motilal Oswal BSE Low Volatility ETF and UTI BSE Low Volatility Index Fund?
Yes. 95.2% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Motilal Oswal BSE Low Volatility ETF and UTI BSE Low Volatility Index Fund?
Motilal Oswal BSE Low Volatility ETF: Swapnil Mayekar, Rakesh Shetty. UTI BSE Low Volatility Index Fund: Sharwan Kumar Goyal FM 1, Ayush Jain FM 2, Lokesh Kulthia FM 3.
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.