Motilal Oswal Nifty Smallcap 250 Index Fund vs Zerodha Nifty Smallcap 100 ETF
Direct Plan, Growth option · Data as on 30-10-2026
Motilal Oswal Nifty Smallcap 250 Index Fund is an Index fund and Zerodha Nifty Smallcap 100 ETF is an ETF fund. In the year to 30-10-2026, Motilal Oswal Nifty Smallcap 250 Index Fund (Direct) returned −3.6% and Zerodha Nifty Smallcap 100 ETF (Direct) returned 0.7%. Motilal Oswal Nifty Smallcap 250 Index Fund charges 0.46% a year and Zerodha Nifty Smallcap 100 ETF 0.35% (Direct plans). Their portfolios overlap 53.0%: they hold 98 of the same securities.
Motilal Oswal Nifty Smallcap 250 Index Fund
Index
- 1 year return
- −3.6%
- Expense ratio
- 0.46%
- NAV
- ₹37.57
Zerodha Nifty Smallcap 100 ETF
ETF
- 1 year return
- 0.7%
- Expense ratio
- 0.35%
- NAV
- ₹10.48
Which is better, Motilal Oswal Nifty Smallcap 250 Index or Zerodha Nifty Smallcap 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.
- Zerodha Nifty Smallcap 100 ETF returned more over 1 year: 0.7% against −3.6%.
- Zerodha Nifty Smallcap 100 ETF costs less: 0.35% a year against 0.46% (Direct plans).
- Zerodha Nifty Smallcap 100 ETF fell less in its worst fall since 12-09-2025: −18.1% against −18.7%.
- Motilal Oswal Nifty Smallcap 250 Index is the larger fund: ₹1,243 Cr against ₹101 Cr.
- Their portfolios overlap 53.0%: 98 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 Smallcap 250 Index Fund | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Fund house | Motilal Oswal Mutual Fund | Zerodha Mutual Fund |
| Category | Index | ETF |
| AUM | ₹1,243 Cr (30-09-2026) | ₹101 Cr (30-09-2026) |
| NAV | ₹37.57 (Direct) | ₹10.48 (Direct) |
| Expense ratio (Direct) | 0.46% | 0.35% |
| Expense ratio (Regular) | 1.15% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Smallcap 250 TRI | Nifty Smallcap 100 TRI |
| Launch date | 06-09-2019 | 09-09-2025 |
| Minimum investment | ₹500 | In creation unit size of 1,50,000 Units and in multiples of 10 units thereof |
| Lock in | None | None |
| Fund managers | Swapnil Mayekar | Kedarnath Mirajkar |
| Exit load | Yes | Nil |
Motilal Oswal Nifty Smallcap 250 Index vs Zerodha Nifty Smallcap 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 |
|---|---|---|---|---|---|---|---|
| Motilal Oswal Nifty Smallcap 250 Index Fund (Direct) | −5.80% | −6.01% | +0.39% | −3.58% | +11.89% | +12.52% | -- |
| Zerodha Nifty Smallcap 100 ETF (Direct) | −4.23% | −4.17% | +2.78% | +0.72% | -- | -- | -- |
Motilal Oswal Nifty Smallcap 250 Index vs Zerodha Nifty Smallcap 100 ETF: Year-wise Returns
| Year | Motilal Oswal Nifty Smallcap 250 IndexMotilal Oswal Nifty Smallcap 250 Index | Zerodha Nifty Smallcap 100 ETFZerodha Nifty Smallcap 100 ETF |
|---|---|---|
| 2026to date | +0.61% | +4.86% |
| 2025 | −5.63% | -- |
| 2024 | +26.46% | -- |
| 2023 | +48.32% | -- |
| 2022 | −3.42% | -- |
| 2021 | +61.24% | -- |
Motilal Oswal Nifty Smallcap 250 Index vs Zerodha Nifty Smallcap 100 ETF: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of Motilal Oswal Nifty Smallcap 250 Index Fund
Rolling returns
Every 1-year holding period, 30 of them, one for each trading day from 15-09-2026 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 Smallcap 250 Index Fund (Direct)
Zerodha Nifty Smallcap 100 ETF (Direct)
Nifty Smallcap 250 TRI
to
Sept 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 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 Smallcap 250 Index | 20.0 | 46.7 | 33.3 | 0.0 | 0.0 | 0.0 | 0.0 | 3.2% | 3.9% | −4.9% | 7.3% | 3% |
| Zerodha Nifty Smallcap 100 ETF | 6.7 | 13.3 | 60.0 | 20.0 | 0.0 | 0.0 | 0.0 | 6.9% | 8.0% | −2.3% | 11.3% | 100% |
| Nifty Smallcap 250 TRI | 20.0 | 36.7 | 43.3 | 0.0 | 0.0 | 0.0 | 0.0 | 3.6% | 4.4% | −4.4% | 7.7% | -- |
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 12-09-2025. Past returns do not promise future returns.
Motilal Oswal Nifty Smallcap 250 Index vs Zerodha Nifty Smallcap 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 01-09-2025 to 30-10-2026: 14 instalments, ₹1,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Motilal Oswal Nifty Smallcap 250 IndexMotilal Oswal Nifty Smallcap 250 Index Fund (Direct) | ₹1,40,000 | ₹1,39,890 | −₹110 | −0.1% |
| Zerodha Nifty Smallcap 100 ETFZerodha Nifty Smallcap 100 ETF (Direct) | ₹1,40,000 | ₹1,44,600 | ₹4,600 | 5.4% |
Motilal Oswal Nifty Smallcap 250 IndexMotilal Oswal Nifty Smallcap 250 Index Fund (Direct)
Zerodha Nifty Smallcap 100 ETFZerodha Nifty Smallcap 100 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 Smallcap 250 Index vs Zerodha Nifty Smallcap 100 ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Motilal Oswal Nifty Smallcap 250 Index Fund (Direct) | Zerodha Nifty Smallcap 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | −3.58% | +0.72% |
| Standard deviation | 18.05% | 19.18% |
| Sharpe ratio | -0.49 | -0.24 |
| Sortino ratio | -0.66 | -0.32 |
| Maximum drawdown | −18.3% (23-03-2026) | −18.1% (23-03-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.42% | +0.14% |
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 Smallcap 250 Index Fund (Direct) | Zerodha Nifty Smallcap 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | +20.04% | +3.02% |
| Standard deviation | 19.60% | 18.41% |
| Sharpe ratio | 0.76 | -0.12 |
| Sortino ratio | 0.98 | -0.17 |
| Maximum drawdown | −42.4% (24-03-2020) | −18.1% (23-03-2026) |
| Beta | 0.99 | 1.00 |
| Alpha | −0.59% | +0.11% |
From daily NAVs, 11-09-2019 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 Smallcap 250 Index Fund (Direct)
Zerodha Nifty Smallcap 100 ETF (Direct)
Nifty Smallcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Motilal Oswal Nifty Smallcap 250 Index Fund (Direct) | −18.7% | 19-09-2025 | 23-03-2026 | 18-06-2026 | 3 months | −9.6% |
| Zerodha Nifty Smallcap 100 ETF (Direct) | −18.1% | 03-11-2025 | 23-03-2026 | 06-05-2026 | 44 days | −8.5% |
| Nifty Smallcap 250 TRI | −18.6% | 19-09-2025 | 23-03-2026 | 17-06-2026 | 3 months | −9.4% |
From daily values since 12-09-2025, 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 Smallcap 250 Index Fund (Direct)
Zerodha Nifty Smallcap 100 ETF (Direct)
Nifty Smallcap 250 TRI
Against Nifty Smallcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Motilal Oswal Nifty Smallcap 250 Index Fund (Direct) | 99% | 101% | 0.08% |
| Zerodha Nifty Smallcap 100 ETF (Direct) | 109% | 93% | 2.82% |
From month-end values since 12-09-2025. 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 Smallcap 250 Index vs Zerodha Nifty Smallcap 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Motilal Oswal Nifty Smallcap 250 Index Fund, September 2026; Zerodha Nifty Smallcap 100 ETF, September 2026
Holdings in common
- Overlap
- 53.0%
- Held by both
- 98
- Only in Motilal Oswal Nifty Smallcap 250 Index
- 151
- Only in Zerodha Nifty Smallcap 100 ETF
- 0
| Security | % of Motilal Oswal Nifty Smallcap 250 Index | % of Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Sona BLW Precision Forgings Limited | 1.67% | 3.01% |
| Welspun Corp Limited | 1.60% | 2.87% |
| Karur Vysya Bank Limited | 1.38% | 2.47% |
| Navin Fluorine International Limited | 1.36% | 2.45% |
| Ather Energy Limited | 1.21% | 2.18% |
| RBL Bank Limited | 1.12% | 2.01% |
| Delhivery Limited | 1.11% | 1.99% |
| Redington Limited | 1.08% | 1.95% |
| Gland Pharma Limited | 1.04% | 1.86% |
| Central Depository Services (India) Limited | 1.01% | 1.81% |
| City Union Bank Limited | 0.98% | 1.75% |
| Sai Life Sciences Limited | 0.95% | 1.70% |
| Cupid Limited | 0.94% | 1.69% |
| PNB Housing Finance Limited | 0.94% | 1.70% |
| Anand Rathi Wealth Limited | 0.87% | 1.56% |
| Kirloskar Oil Engines Limited | 0.86% | 1.55% |
| Neuland Laboratories Limited | 0.83% | 1.48% |
| TD Power Systems Ltd | 0.80% | 1.44% |
| Angel One Limited | 0.80% | 1.44% |
| Bandhan Bank Limited | 0.79% | 1.42% |
| Wockhardt Limited | 0.78% | 1.41% |
| Aegis Logistics Limited | 0.78% | 1.40% |
| Manappuram Finance Limited | 0.78% | 1.40% |
| Acutaas Chemicals Limited | 0.76% | 1.37% |
| Himadri Speciality Chemical Limited | 0.72% | 1.29% |
| Computer Age Management Services Limited | 0.72% | 1.30% |
| Poonawalla Fincorp Limited | 0.71% | 1.27% |
| The Great Eastern Shipping Company Limited | 0.69% | 1.25% |
| Dr. Lal Path Labs Limited | 0.69% | 1.25% |
| Amber Enterprises India Limited | 0.65% | 1.18% |
| IIFL Finance Limited | 0.63% | 1.13% |
| Syrma SGS Technology Ltd | 0.62% | 1.11% |
| Cholamandalam Financial Holdings Limited | 0.62% | 1.11% |
| Crompton Greaves Consumer Electricals Limited | 0.60% | 1.08% |
| Nuvama Wealth Management Ltd | 0.60% | 1.07% |
| Apollo Tyres Limited | 0.59% | 1.05% |
| Piramal Pharma Limited | 0.58% | 1.03% |
| Data Patterns (India) Limited | 0.58% | 1.05% |
| Onesource Specialty Pharma Limited | 0.54% | 0.97% |
| Tata Technologies Ltd | 0.54% | 0.98% |
| KFin Technologies Limited | 0.50% | 0.91% |
| Kaynes Technology India Limited | 0.49% | 0.88% |
| Tata Elxsi Limited | 0.48% | 0.86% |
| Brigade Enterprises Limited | 0.48% | 0.86% |
| Sammaan Capital Limited | 0.47% | 0.85% |
| Indraprastha Gas Limited | 0.46% | 0.82% |
| Sagility Limited | 0.44% | 0.79% |
| Aarti Industries Limited | 0.44% | 0.79% |
| Affle 3i Limited | 0.43% | 0.77% |
| Tata Chemicals Limited | 0.43% | 0.77% |
| Pine Labs Limited | 0.43% | 0.78% |
| Capri Global Capital Limited | 0.43% | 0.77% |
| Inventurus Knowledge Solutions Limited | 0.41% | 0.74% |
| Anant Raj Limited | 0.41% | 0.74% |
| Deepak Fertilizers and Petrochemicals Corporation Limited | 0.41% | 0.73% |
| Amara Raja Energy & Mobility Ltd | 0.41% | 0.74% |
| Belrise Industries Ltd. | 0.41% | 0.73% |
| Net web Technologies India Limited | 0.40% | 0.72% |
| HBL Engineering Limited | 0.40% | 0.72% |
| Jyoti CNC Automation Ltd | 0.40% | 0.71% |
| Ola Electric Mobility Ltd | 0.38% | 0.68% |
| CESC Limited | 0.38% | 0.68% |
| KPIT Technologies Limited | 0.37% | 0.67% |
| Force Motors Limited | 0.37% | 0.67% |
| R R Kabel Limited | 0.37% | 0.67% |
| NBCC (India) Limited | 0.36% | 0.66% |
| PG Electroplast Limited | 0.36% | 0.64% |
| Firstsource Solutions Limited | 0.36% | 0.65% |
| BEML Limited | 0.34% | 0.61% |
| PhysicsWallah Limited | 0.33% | 0.59% |
| Natco Pharma Limited | 0.33% | 0.60% |
| Cohance Lifesciences Limited | 0.32% | 0.58% |
| Chennai Petroleum Corporation Limited | 0.31% | 0.56% |
| Syngene International Limited | 0.31% | 0.56% |
| CreditAccess Grameen Limited | 0.31% | 0.56% |
| Inox Wind Limited | 0.30% | 0.54% |
| Cemindia Projects Ltd | 0.30% | 0.53% |
| Garden Reach Shipbuilders & Engineers Limited | 0.29% | 0.52% |
| Triveni Turbine Limited | 0.28% | 0.51% |
| Urban Company Ltd | 0.25% | 0.44% |
| Vedanta Power Ltd | 0.25% | 0.45% |
| Devyani International Limited | 0.25% | 0.45% |
| Godawari Power and Ispat Ltd | 0.24% | 0.44% |
| Sterlite Technologies Limited | 1.19% | 0.23% |
| Tenneco Clean Air India Limited | 0.23% | 0.42% |
| KEC International Limited | 0.22% | 0.39% |
| IDBI Bank Limited | 0.21% | 0.37% |
| IFCI Limited | 0.21% | 0.37% |
| Emmvee Photovoltaic Power Limited | 0.20% | 0.35% |
| Gujarat Mineral Development Corporation Limited | 0.19% | 0.34% |
| JSW Cement Limited | 0.16% | 0.30% |
| Mangalore Refinery and Petrochemicals Limited | 0.13% | 0.24% |
| Avanti Feeds Limited | 0.13% | 0.23% |
| ITI Limited | 0.11% | 0.19% |
| Central Mine Planning & Design Institute Limited | 0.10% | 0.18% |
| JBM Auto Limited | 0.10% | 0.18% |
| Bharat Coking Coal Limited | 0.07% | 0.12% |
| Gallantt Ispat Limited | 0.07% | 0.13% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 53.0% means 53.0% 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 Smallcap 250 Index Fund
| Security | % of fund |
|---|---|
| HFCL Limited | 1.04% |
| Sansera Engineering Limited | 0.90% |
| Krishna Institute Of Medical Sciences Limited | 0.89% |
| MTAR Technologies Limited | 0.74% |
| Craftsman Automation Limited | 0.71% |
Largest holdings only in Zerodha Nifty Smallcap 100 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 Smallcap 250 Index | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Equity | 98.8% | 95.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.2% | 5.0% |
Market cap of stocks
| Market cap | Motilal Oswal Nifty Smallcap 250 Index | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Large Cap | 0.0% | 0.0% |
| Mid Cap | 2.7% | 4.7% |
| Small Cap | 95.2% | 88.9% |
| Not on AMFI's list | 1.0% | 1.4% |
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 Smallcap 250 Index | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Pharmaceuticals & Biotechnology | 7.8% | 11.0% |
| Finance | 7.6% | 9.2% |
| Industrial Products | 8.6% | 6.4% |
| Auto Components | 8.4% | 6.1% |
| Capital Markets | 5.4% | 8.1% |
| Banks | 5.1% | 8.0% |
| Chemicals & Petrochemicals | 5.7% | 6.0% |
The six largest sectors of each fund's stocks, % of the fund.
Motilal Oswal Nifty Smallcap 250 Index vs Zerodha Nifty Smallcap 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Motilal Oswal Nifty Smallcap 250 Index Fund | Zerodha Nifty Smallcap 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | 0.46% | 0.35% |
| Base expense ratio (Direct) | 0.28% | 0.18% |
| Total expense ratio (Regular) | 1.15% | Not available |
| Base expense ratio (Regular) | 0.90% | 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 Smallcap 250 Index Fund vs Zerodha Nifty Smallcap 100 ETF: Frequently Asked Questions
What is the difference between Motilal Oswal Nifty Smallcap 250 Index Fund and Zerodha Nifty Smallcap 100 ETF?
Motilal Oswal Nifty Smallcap 250 Index Fund is an Index fund, Zerodha Nifty Smallcap 100 ETF is an ETF fund, run by Motilal Oswal Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 53.0%. Motilal Oswal Nifty Smallcap 250 Index Fund charges 0.46% a year and Zerodha Nifty Smallcap 100 ETF 0.35%.
Which has given higher returns, Motilal Oswal Nifty Smallcap 250 Index Fund or Zerodha Nifty Smallcap 100 ETF?
Over 1 year: Motilal Oswal Nifty Smallcap 250 Index Fund −3.58%, Zerodha Nifty Smallcap 100 ETF +0.72%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Motilal Oswal Nifty Smallcap 250 Index Fund or Zerodha Nifty Smallcap 100 ETF?
Zerodha Nifty Smallcap 100 ETF charges less: 0.35% a year against 0.46%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Motilal Oswal Nifty Smallcap 250 Index Fund and Zerodha Nifty Smallcap 100 ETF overlap?
53.0%. They hold 98 of the same securities, the largest shared ones being SONACOMS, WELCORP, KARURVYSYA. From each fund's latest monthly portfolio.
Which is riskier, Motilal Oswal Nifty Smallcap 250 Index Fund or Zerodha Nifty Smallcap 100 ETF?
On SEBI's riskometer, Motilal Oswal Nifty Smallcap 250 Index Fund is rated Very High and Zerodha Nifty Smallcap 100 ETF Very High. Over 1 years, the standard deviation of daily returns was 18.05% and 19.18% a year.
Can I invest in both Motilal Oswal Nifty Smallcap 250 Index Fund and Zerodha Nifty Smallcap 100 ETF?
Yes. 53.0% 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 Smallcap 250 Index Fund and Zerodha Nifty Smallcap 100 ETF?
Motilal Oswal Nifty Smallcap 250 Index Fund: Swapnil Mayekar. Zerodha Nifty Smallcap 100 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.