Motilal Oswal Nifty 50 Index Fund vs Zerodha Nifty 50 ETF
Direct Plan, Growth option · Data as on 30-10-2026
Motilal Oswal Nifty 50 Index Fund is an Index fund and Zerodha Nifty 50 ETF is an ETF fund. In the year to 30-10-2026, Motilal Oswal Nifty 50 Index Fund (Direct) returned −10.1% and Zerodha Nifty 50 ETF (Direct) returned −9.9%. Motilal Oswal Nifty 50 Index Fund charges 0.19% a year and Zerodha Nifty 50 ETF 0.06% (Direct plans). Their portfolios overlap 100.0%: they hold 50 of the same securities.
Motilal Oswal Nifty 50 Index Fund
Index
- 1 year return
- −10.1%
- Expense ratio
- 0.19%
- NAV
- ₹20.14
Which is better, Motilal Oswal Nifty 50 Index or Zerodha Nifty 50 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 50 ETF returned more over 1 year: −9.9% against −10.1%.
- Zerodha Nifty 50 ETF costs less: 0.06% a year against 0.19% (Direct plans).
- Zerodha Nifty 50 ETF fell less in its worst fall since 20-10-2025: −15.0% against −15.1%.
- Motilal Oswal Nifty 50 Index is the larger fund: ₹845 Cr against ₹71 Cr.
- Their portfolios overlap 100.0%: 50 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 Nifty 50 Index Fund | Zerodha Nifty 50 ETF |
|---|---|---|
| Fund house | Motilal Oswal Mutual Fund | Zerodha Mutual Fund |
| Category | Index | ETF |
| AUM | ₹845 Cr (30-09-2026) | ₹71 Cr (30-09-2026) |
| NAV | ₹20.14 (Direct) | ₹9.27 (Direct) |
| Expense ratio (Direct) | 0.19% | 0.06% |
| Expense ratio (Regular) | 0.61% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 50 TRI | Nifty 50 TRI |
| Launch date | 23-12-2019 | 14-10-2025 |
| Minimum investment | ₹500 | In creation unit size of 4,00,000 Units and in multiples thereof |
| Lock in | None | None |
| Fund managers | Swapnil Mayekar | Kedarnath Mirajkar |
| Exit load | Nil | Nil |
Motilal Oswal Nifty 50 Index vs Zerodha Nifty 50 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 |
|---|---|---|---|---|---|---|---|
| Motilal Oswal Nifty 50 Index Fund (Direct) | +1.94% | −5.06% | −3.20% | −10.10% | +7.44% | +6.50% | -- |
| Zerodha Nifty 50 ETF (Direct) | +1.97% | −4.94% | −3.02% | −9.90% | -- | -- | -- |
Motilal Oswal Nifty 50 Index vs Zerodha Nifty 50 ETF: Year-wise Returns
| Year | Motilal Oswal Nifty 50 IndexMotilal Oswal Nifty 50 Index | Zerodha Nifty 50 ETFZerodha Nifty 50 ETF | Nifty 50 TRI |
|---|---|---|---|
| 2026to date | −11.01% | −10.74% | −10.91% |
| 2025 | +11.71% | -- | +11.88% |
| 2024 | +9.84% | -- | +10.09% |
| 2023 | +21.11% | -- | +21.30% |
| 2022 | +5.49% | -- | +5.69% |
| 2021 | +24.93% | -- | +25.59% |
Motilal Oswal Nifty 50 Index vs Zerodha Nifty 50 ETF: Rolling Returns
Every holding period of both funds, against Nifty 50 TRI, the benchmark of both
Motilal Oswal Nifty 50 Index vs Zerodha Nifty 50 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 01-10-2025 to 30-10-2026: 13 instalments, ₹1,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Motilal Oswal Nifty 50 IndexMotilal Oswal Nifty 50 Index Fund (Direct) | ₹1,30,000 | ₹1,23,398 | −₹6,602 | −8.7% |
| Zerodha Nifty 50 ETFZerodha Nifty 50 ETF (Direct) | ₹1,30,000 | ₹1,23,368 | −₹6,632 | −8.8% |
Motilal Oswal Nifty 50 IndexMotilal Oswal Nifty 50 Index Fund (Direct)
Zerodha Nifty 50 ETFZerodha Nifty 50 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.
Motilal Oswal Nifty 50 Index vs Zerodha Nifty 50 ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Motilal Oswal Nifty 50 Index Fund (Direct) | Zerodha Nifty 50 ETF (Direct) |
|---|---|---|
| Return (CAGR) | −10.10% | −9.90% |
| Standard deviation | 13.61% | 13.75% |
| Sharpe ratio | -1.13 | -1.10 |
| Sortino ratio | -1.51 | -1.47 |
| Maximum drawdown | −15.1% (30-03-2026) | −15.0% (30-03-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.12% | +0.07% |
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 Nifty 50 Index Fund (Direct) | Zerodha Nifty 50 ETF (Direct) |
|---|---|---|
| Return (CAGR) | +10.96% | −9.47% |
| Standard deviation | 17.23% | 13.62% |
| Sharpe ratio | 0.34 | -1.08 |
| Sortino ratio | 0.46 | -1.44 |
| Maximum drawdown | −37.3% (23-03-2020) | −15.0% (30-03-2026) |
| Beta | 0.98 | 1.00 |
| Alpha | −0.06% | +0.07% |
From daily NAVs, 26-12-2019 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.
Motilal Oswal Nifty 50 Index Fund (Direct)
Zerodha Nifty 50 ETF (Direct)
Nifty 50 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Motilal Oswal Nifty 50 Index Fund (Direct) | −15.1% | 02-01-2026 | 30-03-2026 | Not yet | -- | −11.7% |
| Zerodha Nifty 50 ETF (Direct) | −15.0% | 02-01-2026 | 30-03-2026 | Not yet | -- | −11.4% |
| Nifty 50 TRI | −15.1% | 02-01-2026 | 30-03-2026 | Not yet | -- | −11.6% |
From daily values since 20-10-2025, 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.
Motilal Oswal Nifty 50 Index Fund (Direct)
Zerodha Nifty 50 ETF (Direct)
Nifty 50 TRI
Against Nifty 50 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Motilal Oswal Nifty 50 Index Fund (Direct) | 99% | 100% | 0.03% |
| Zerodha Nifty 50 ETF (Direct) | 100% | 99% | 0.13% |
From month-end values since 20-10-2025. 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.
Motilal Oswal Nifty 50 Index vs Zerodha Nifty 50 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Motilal Oswal Nifty 50 Index Fund, September 2026; Zerodha Nifty 50 ETF, September 2026
Holdings in common
- Overlap
- 100.0%
- Held by both
- 50
- Only in Motilal Oswal Nifty 50 Index
- 0
- Only in Zerodha Nifty 50 ETF
- 0
| Security | % of Motilal Oswal Nifty 50 Index | % of Zerodha Nifty 50 ETF |
|---|---|---|
| HDFC Bank Limited | 10.39% | 10.37% |
| ICICI Bank Limited | 9.06% | 9.05% |
| Reliance Industries Limited | 7.59% | 7.58% |
| Bharti Airtel Limited | 5.11% | 5.10% |
| Larsen & Toubro Limited | 4.21% | 4.20% |
| State Bank of India | 3.79% | 3.79% |
| Axis Bank Limited | 3.37% | 3.37% |
| Infosys Limited | 3.36% | 3.35% |
| Kotak Mahindra Bank Ltd | 2.94% | 2.93% |
| Mahindra & Mahindra Limited | 2.52% | 2.52% |
| Bajaj Finance Ltd | 2.50% | 2.50% |
| ITC Limited | 2.42% | 2.42% |
| Eternal Limited | 2.22% | 2.21% |
| Tata Consultancy Services Limited | 2.00% | 2.00% |
| Sun Pharmaceutical Industries Limited | 1.84% | 1.84% |
| Titan Company Limited | 1.81% | 1.81% |
| Hindustan Unilever Limited | 1.59% | 1.59% |
| Maruti Suzuki India Limited | 1.49% | 1.48% |
| NTPC Limited | 1.47% | 1.47% |
| Tata Steel Limited | 1.46% | 1.46% |
| Adani Ports and Special Economic Zone Limited | 1.35% | 1.35% |
| Bharat Electronics Limited | 1.33% | 1.33% |
| Shriram Finance Limited | 1.32% | 1.31% |
| Hindalco Industries Limited | 1.30% | 1.30% |
| HCL Technologies Limited | 1.24% | 1.24% |
| UltraTech Cement Limited | 1.24% | 1.24% |
| BSE Limited | 1.21% | 1.21% |
| JSW Steel Limited | 1.15% | 1.15% |
| Bajaj Auto Limited | 1.13% | 1.13% |
| Power Grid Corporation of India Limited | 1.13% | 1.13% |
| Grasim Industries Limited | 1.11% | 1.10% |
| InterGlobe Aviation Limited | 1.08% | 1.08% |
| Asian Paints Limited | 1.04% | 1.04% |
| Coal India Limited | 0.97% | 0.97% |
| Bajaj Finserv Limited | 0.96% | 0.96% |
| Adani Enterprises Limited | 0.94% | 0.94% |
| Eicher Motors Limited | 0.94% | 0.94% |
| Tech Mahindra Limited | 0.93% | 0.92% |
| Nestle India Limited | 0.90% | 0.90% |
| Oil & Natural Gas Corporation Limited | 0.84% | 0.84% |
| Trent Limited | 0.83% | 0.83% |
| Apollo Hospitals Enterprise Limited | 0.80% | 0.80% |
| SBI Life Insurance Company Limited | 0.73% | 0.73% |
| Dr Reddys Laboratories Limited | 0.72% | 0.72% |
| Cipla Limited | 0.72% | 0.72% |
| Jio Financial Services Limited | 0.68% | 0.68% |
| Max Healthcare Institute Limited | 0.66% | 0.66% |
| Tata Consumer Products Limited | 0.59% | 0.59% |
| Tata Motors Passenger Vehicles Limited | 0.57% | 0.57% |
| HDFC Life Insurance Company Limited | 0.54% | 0.54% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 100.0% means 100.0% 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 Nifty 50 Index Fund
Every holding of this fund is also held by the other.
Largest holdings only in Zerodha Nifty 50 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
| Asset | Motilal Oswal Nifty 50 Index | Zerodha Nifty 50 ETF |
|---|---|---|
| Equity | 100.1% | 100.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | -0.1% | 0.0% |
Market cap of stocks
| Market cap | Motilal Oswal Nifty 50 Index | Zerodha Nifty 50 ETF |
|---|---|---|
| Large Cap | 98.7% | 98.6% |
| Mid Cap | 1.4% | 1.4% |
| Small Cap | 0.0% | 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 | Motilal Oswal Nifty 50 Index | Zerodha Nifty 50 ETF |
|---|---|---|
| Banks | 29.6% | 29.5% |
| Petroleum Products | 7.6% | 7.6% |
| IT - Software | 7.5% | 7.5% |
| Automobiles | 6.7% | 6.6% |
| Finance | 5.5% | 5.5% |
| Telecom - Services | 5.1% | 5.1% |
The six largest sectors of each fund's stocks, % of the fund.
Motilal Oswal Nifty 50 Index vs Zerodha Nifty 50 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Motilal Oswal Nifty 50 Index Fund | Zerodha Nifty 50 ETF |
|---|---|---|
| Total expense ratio (Direct) | 0.19% | 0.06% |
| Base expense ratio (Direct) | 0.13% | 0.04% |
| Total expense ratio (Regular) | 0.61% | Not available |
| Base expense ratio (Regular) | 0.50% | 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.
Motilal Oswal Nifty 50 Index Fund vs Zerodha Nifty 50 ETF: Frequently Asked Questions
What is the difference between Motilal Oswal Nifty 50 Index Fund and Zerodha Nifty 50 ETF?
Motilal Oswal Nifty 50 Index Fund is an Index fund, Zerodha Nifty 50 ETF is an ETF fund, run by Motilal Oswal Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 100.0%. Motilal Oswal Nifty 50 Index Fund charges 0.19% a year and Zerodha Nifty 50 ETF 0.06%.
Which has given higher returns, Motilal Oswal Nifty 50 Index Fund or Zerodha Nifty 50 ETF?
Over 1 year: Motilal Oswal Nifty 50 Index Fund −10.10%, Zerodha Nifty 50 ETF −9.90%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Motilal Oswal Nifty 50 Index Fund or Zerodha Nifty 50 ETF?
Zerodha Nifty 50 ETF charges less: 0.06% a year against 0.19%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Motilal Oswal Nifty 50 Index Fund and Zerodha Nifty 50 ETF overlap?
100.0%. They hold 50 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Motilal Oswal Nifty 50 Index Fund or Zerodha Nifty 50 ETF?
On SEBI's riskometer, Motilal Oswal Nifty 50 Index Fund is rated Very High and Zerodha Nifty 50 ETF Very High. Over 1 years, the standard deviation of daily returns was 13.61% and 13.75% a year.
Can I invest in both Motilal Oswal Nifty 50 Index Fund and Zerodha Nifty 50 ETF?
Yes. 100.0% 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 Nifty 50 Index Fund and Zerodha Nifty 50 ETF?
Motilal Oswal Nifty 50 Index Fund: Swapnil Mayekar. Zerodha Nifty 50 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.