Motilal Oswal Nifty India Manufacturing ETF vs Nippon India NIFTY India Manufacturing Index Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Motilal Oswal Nifty India Manufacturing ETF is an ETF fund and Nippon India NIFTY India Manufacturing Index Fund is a mutual fund. In the year to 30-10-2026, Motilal Oswal Nifty India Manufacturing ETF returned −2.3% and Nippon India NIFTY India Manufacturing Index Fund (Direct) returned −2.0%. Motilal Oswal Nifty India Manufacturing ETF charges 0.71% a year and Nippon India NIFTY India Manufacturing Index Fund 0.36%. Their portfolios overlap 99.5%: they hold 77 of the same securities.
Motilal Oswal Nifty India Manufacturing ETF
ETF
- 1 year return
- −2.3%
- Expense ratio
- 0.71%
- NAV
- ₹148.70
Nippon India NIFTY India Manufacturing Index Fund
- 1 year return
- −2.0%
- Expense ratio
- 0.36%
- NAV
- ₹10.41
Which is better, Motilal Oswal Nifty India Manufacturing ETF or Nippon India NIFTY India Manufacturing Index? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Nippon India NIFTY India Manufacturing Index returned more over 1 year: −2.0% against −2.3%.
- Nippon India NIFTY India Manufacturing Index costs less: 0.36% a year against 0.71%.
- Nippon India NIFTY India Manufacturing Index fell less in its worst fall since 28-08-2025: −12.8% against −12.9%.
- Nippon India NIFTY India Manufacturing Index is the larger fund: ₹41 Cr against ₹2 Cr.
- Their portfolios overlap 99.5%: 77 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 India Manufacturing ETF | Nippon India NIFTY India Manufacturing Index Fund |
|---|---|---|
| Fund house | Motilal Oswal Mutual Fund | Nippon India Mutual Fund |
| Category | ETF | Not available |
| AUM | ₹2 Cr (30-09-2026) | ₹41 Cr (30-09-2026) |
| NAV | ₹148.70 | ₹10.41 (Direct) |
| Expense ratio (Direct) | Not available | 0.36% |
| Expense ratio (Regular) | Not available | 0.90% |
| Riskometer | Very High | Not available |
| Benchmark | Nifty India Manufacturing TRI | Not available |
| Launch date | 23-05-2025 | Not available |
| Minimum investment | Ongoing Basis: On Exchange: Investors can buy/sell units of the Scheme in round lots of 1 unit and in multiples thereof. Directly with the Mutual Fund: For Eligible investors: Transactions must be in multiple of unit creation size and the execution value | Not available |
| Lock in | None | Not available |
| Fund managers | Swapnil Mayekar, Dishant Mehta, Rakesh Shetty | Not available |
| Exit load | Nil | Not available |
Motilal Oswal Nifty India Manufacturing ETF vs Nippon India NIFTY India Manufacturing 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 Nifty India Manufacturing ETF | −3.59% | −7.64% | −3.92% | −2.32% | -- | -- | -- |
| Nippon India NIFTY India Manufacturing Index Fund (Direct) | −3.57% | −7.55% | −3.72% | −1.97% | -- | -- | -- |
Motilal Oswal Nifty India Manufacturing ETF vs Nippon India NIFTY India Manufacturing Index: Year-wise Returns
| Year | Motilal Oswal Nifty India Manufacturing ETFMotilal Oswal Nifty India Manufacturing ETF | Nippon India NIFTY India Manufacturing IndexNippon India NIFTY India Manufacturing Index | Nifty India Manufacturing TRI |
|---|---|---|---|
| 2026to date | −3.04% | −2.73% | −2.54% |
Motilal Oswal Nifty India Manufacturing ETF vs Nippon India NIFTY India Manufacturing Index: Rolling Returns
Every holding period of both funds, against Nifty India Manufacturing TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 41 of them, one for each trading day from 28-08-2026 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.
Motilal Oswal Nifty India Manufacturing ETF
Nippon India NIFTY India Manufacturing Index Fund (Direct)
Nifty India Manufacturing TRI
to
Sept 2026Sept 2025
to
Sept 2026Sept 2025
to
Sept 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Motilal Oswal Nifty India Manufacturing ETF | 22.0 | 36.6 | 24.4 | 12.2 | 4.9 | 0.0 | 0.0 | 4.5% | 4.3% | −4.0% | 16.6% | 0% |
| Nippon India NIFTY India Manufacturing Index | 14.6 | 36.6 | 29.3 | 14.6 | 4.9 | 0.0 | 0.0 | 4.8% | 4.6% | −3.6% | 17.0% | 0% |
| Nifty India Manufacturing TRI | 14.6 | 36.6 | 29.3 | 14.6 | 4.9 | 0.0 | 0.0 | 5.2% | 5.0% | −3.4% | 17.4% | -- |
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 India Manufacturing 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 28-08-2025. Past returns do not promise future returns.
Motilal Oswal Nifty India Manufacturing ETF vs Nippon India NIFTY India Manufacturing 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 01-08-2025 to 30-10-2026: 15 instalments, ₹1,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Motilal Oswal Nifty India Manufacturing ETFMotilal Oswal Nifty India Manufacturing ETF | ₹1,50,000 | ₹1,46,674 | −₹3,326 | −3.3% |
| Nippon India NIFTY India Manufacturing IndexNippon India NIFTY India Manufacturing Index Fund (Direct) | ₹1,50,000 | ₹1,46,680 | −₹3,320 | −3.4% |
Motilal Oswal Nifty India Manufacturing ETFMotilal Oswal Nifty India Manufacturing ETF
Nippon India NIFTY India Manufacturing IndexNippon India NIFTY India Manufacturing 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 Nifty India Manufacturing ETF vs Nippon India NIFTY India Manufacturing Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Motilal Oswal Nifty India Manufacturing ETF | Nippon India NIFTY India Manufacturing Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −2.32% | −1.97% |
| Standard deviation | 16.02% | 15.83% |
| Sharpe ratio | -0.47 | -0.46 |
| Sortino ratio | -0.63 | -0.61 |
| Maximum drawdown | −12.9% (23-10-2026) | −12.8% (23-10-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.64% | −0.28% |
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 India Manufacturing ETF | Nippon India NIFTY India Manufacturing Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +3.80% | +4.15% |
| Standard deviation | 14.54% | 15.07% |
| Sharpe ratio | -0.10 | -0.08 |
| Sortino ratio | -0.14 | -0.10 |
| Maximum drawdown | −12.9% (23-10-2026) | −12.8% (23-10-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.68% | −0.33% |
From daily NAVs, 28-05-2025 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.
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 India Manufacturing ETF
Nippon India NIFTY India Manufacturing Index Fund (Direct)
Nifty India Manufacturing TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Motilal Oswal Nifty India Manufacturing ETF | −12.9% | 07-08-2026 | 23-10-2026 | Not yet | -- | −10.6% |
| Nippon India NIFTY India Manufacturing Index Fund (Direct) | −12.8% | 07-08-2026 | 23-10-2026 | Not yet | -- | −10.6% |
| Nifty India Manufacturing TRI | −12.8% | 07-08-2026 | 23-10-2026 | Not yet | -- | −10.5% |
From daily values since 28-08-2025, 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 India Manufacturing ETF
Nippon India NIFTY India Manufacturing Index Fund (Direct)
Nifty India Manufacturing TRI
Against Nifty India Manufacturing TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Motilal Oswal Nifty India Manufacturing ETF | 98% | 100% | 0.11% |
| Nippon India NIFTY India Manufacturing Index Fund (Direct) | 99% | 100% | 0.12% |
From month-end values since 28-08-2025. 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 India Manufacturing ETF vs Nippon India NIFTY India Manufacturing Index: Portfolio Overlap
From each fund's latest monthly portfolio: Motilal Oswal Nifty India Manufacturing ETF, September 2026; Nippon India NIFTY India Manufacturing Index Fund, September 2026
Holdings in common
- Overlap
- 99.5%
- Held by both
- 77
- Only in Motilal Oswal Nifty India Manufacturing ETF
- 0
- Only in Nippon India NIFTY India Manufacturing Index
- 0
| Security | % of Motilal Oswal Nifty India Manufacturing ETF | % of Nippon India NIFTY India Manufacturing Index |
|---|---|---|
| Mahindra & Mahindra Limited | 4.97% | 4.99% |
| Reliance Industries Limited | 4.95% | 4.97% |
| Sun Pharmaceutical Industries Limited | 4.58% | 4.60% |
| Maruti Suzuki India Limited | 3.72% | 3.72% |
| Tata Steel Limited | 3.64% | 3.66% |
| Bharat Electronics Limited | 3.31% | 3.33% |
| Hindalco Industries Limited | 3.25% | 3.26% |
| JSW Steel Limited | 2.87% | 2.89% |
| Bajaj Auto Limited | 2.82% | 2.84% |
| Divi's Laboratories Limited | 2.80% | 2.82% |
| Eicher Motors Limited | 2.34% | 2.36% |
| TVS Motor Company Limited | 2.30% | 2.31% |
| Hindustan Aeronautics Limited | 2.11% | 2.12% |
| Tata Motors Ltd | 2.10% | 2.11% |
| Laurus Labs Limited | 1.84% | 1.84% |
| Cipla Limited | 1.80% | 1.81% |
| Dr Reddys Laboratories Limited | 1.79% | 1.80% |
| Samvardhana Motherson International Limited | 1.72% | 1.72% |
| Torrent Pharmaceuticals Limited | 1.69% | 1.69% |
| Vedanta Aluminium Metal Limited | 1.67% | 1.67% |
| Cummins India Limited | 1.53% | 1.54% |
| Bharat Petroleum Corporation Limited | 1.45% | 1.46% |
| Tata Motors Passenger Vehicles Limited | 1.41% | 1.42% |
| CG Power and Industrial Solutions Limited | 1.40% | 1.40% |
| Dixon Technologies (India) Limited | 1.29% | 1.31% |
| Bharat Forge Limited | 1.28% | 1.28% |
| GE Vernova T&D India Limited | 1.24% | 1.24% |
| Indian Oil Corporation Limited | 1.20% | 1.21% |
| Lupin Limited | 1.18% | 1.18% |
| Suzlon Energy Limited | 1.14% | 1.15% |
| Solar Industries India Limited | 1.12% | 1.15% |
| Aurobindo Pharma Limited | 1.10% | 1.11% |
| Pidilite Industries Limited | 1.09% | 1.09% |
| Vedanta Limited | 1.09% | 1.09% |
| Ashok Leyland Limited | 1.05% | 1.06% |
| Polycab India Limited | 1.04% | 1.03% |
| Jindal Steel Limited | 1.00% | 1.01% |
| Bosch Limited | 0.98% | 0.98% |
| APL Apollo Tubes Limited | 0.95% | 0.95% |
| Hitachi Energy India Limited | 0.95% | 0.93% |
| Sona BLW Precision Forgings Limited | 0.89% | 0.89% |
| SRF Limited | 0.86% | 0.86% |
| Welspun Corp Limited | 0.85% | 0.85% |
| ABB India Limited | 0.84% | 0.85% |
| Siemens Limited | 0.79% | 0.79% |
| Alkem Laboratories Limited | 0.75% | 0.75% |
| Navin Fluorine International Limited | 0.73% | 0.73% |
| UPL Limited | 0.72% | 0.72% |
| Zydus Lifesciences Limited | 0.69% | 0.69% |
| Siemens Energy India Limited | 0.68% | 0.68% |
| Hyundai Motor India Ltd | 0.68% | 0.69% |
| Hindustan Zinc Limited | 0.65% | 0.65% |
| KEI Industries Limited | 0.65% | 0.66% |
| MRF Limited | 0.65% | 0.61% |
| Havells India Limited | 0.61% | 0.61% |
| Tube Investments Of India Limited | 0.60% | 0.61% |
| Voltas Limited | 0.58% | 0.58% |
| Page Industries Limited | 0.57% | 0.55% |
| Supreme Industries Limited | 0.54% | 0.53% |
| UNO Minda Limited | 0.51% | 0.51% |
| Coromandel International Limited | 0.50% | 0.50% |
| Blue Star Limited | 0.47% | 0.47% |
| PI Industries Limited | 0.44% | 0.45% |
| Hindustan Copper Limited | 0.43% | 0.44% |
| Balkrishna Industries Limited | 0.41% | 0.41% |
| Astral Limited | 0.40% | 0.40% |
| Mazagon Dock Shipbuilders Limited | 0.38% | 0.38% |
| Himadri Speciality Chemical Limited | 0.38% | 0.38% |
| AIA Engineering Limited | 0.36% | 0.36% |
| Amber Enterprises India Limited | 0.35% | 0.35% |
| Linde India Limited | 0.33% | 0.32% |
| Crompton Greaves Consumer Electricals Limited | 0.32% | 0.32% |
| Cochin Shipyard Limited | 0.30% | 0.30% |
| K.P.R. Mill Limited | 0.29% | 0.29% |
| Kaynes Technology India Limited | 0.25% | 0.26% |
| Anthem Biosciences Limited | 0.22% | 0.22% |
| Escorts Kubota Limited | 0.21% | 0.22% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 99.5% means 99.5% 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 Motilal Oswal Nifty India Manufacturing ETF
Every holding of this fund is also held by the other.
Largest holdings only in Nippon India NIFTY India Manufacturing Index Fund
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 India Manufacturing ETF | Nippon India NIFTY India Manufacturing Index |
|---|---|---|
| Equity | 99.6% | 100.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.4% | 0.0% |
Market cap of stocks
| Market cap | Motilal Oswal Nifty India Manufacturing ETF | Nippon India NIFTY India Manufacturing Index |
|---|---|---|
| Large Cap | 68.9% | 69.2% |
| Mid Cap | 27.6% | 27.6% |
| Small Cap | 3.2% | 3.2% |
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 India Manufacturing ETF | Nippon India NIFTY India Manufacturing Index |
|---|---|---|
| Pharmaceuticals & Biotechnology | 18.4% | 18.5% |
| Automobiles | 18.2% | 18.3% |
| Petroleum Products | 7.6% | 7.6% |
| Ferrous Metals | 7.5% | 7.6% |
| Auto Components | 7.0% | 7.0% |
| Electrical Equipment | 7.0% | 7.0% |
The six largest sectors of each fund's stocks, % of the fund.
Motilal Oswal Nifty India Manufacturing ETF vs Nippon India NIFTY India Manufacturing Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Motilal Oswal Nifty India Manufacturing ETF | Nippon India NIFTY India Manufacturing Index Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.36% |
| Base expense ratio (Direct) | 0.00% | 0.21% |
| Total expense ratio (Regular) | Not available | 0.90% |
| Base expense ratio (Regular) | 0.45% | 0.67% |
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 India Manufacturing ETF vs Nippon India NIFTY India Manufacturing Index Fund: Frequently Asked Questions
What is the difference between Motilal Oswal Nifty India Manufacturing ETF and Nippon India NIFTY India Manufacturing Index Fund?
Motilal Oswal Nifty India Manufacturing ETF is an ETF fund, Nippon India NIFTY India Manufacturing Index Fund is a mutual fund, run by Motilal Oswal Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 99.5%. Motilal Oswal Nifty India Manufacturing ETF charges 0.71% a year and Nippon India NIFTY India Manufacturing Index Fund 0.36%.
Which has given higher returns, Motilal Oswal Nifty India Manufacturing ETF or Nippon India NIFTY India Manufacturing Index Fund?
Over 1 year: Motilal Oswal Nifty India Manufacturing ETF −2.32%, Nippon India NIFTY India Manufacturing Index Fund −1.97%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Motilal Oswal Nifty India Manufacturing ETF or Nippon India NIFTY India Manufacturing Index Fund?
Nippon India NIFTY India Manufacturing Index Fund charges less: 0.36% a year against 0.71%. These are the total expense ratios reported to AMFI.
How much do Motilal Oswal Nifty India Manufacturing ETF and Nippon India NIFTY India Manufacturing Index Fund overlap?
99.5%. They hold 77 of the same securities, the largest shared ones being M&M, RELIANCE, SUNPHARMA. From each fund's latest monthly portfolio.
Can I invest in both Motilal Oswal Nifty India Manufacturing ETF and Nippon India NIFTY India Manufacturing Index Fund?
Yes. 99.5% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
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.