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    Navi Nifty Midcap 150 Index fund vs Zerodha Nifty Midcap 150 ETF

    Direct Plan, Growth option · Data as on 30-10-2026

    Navi Nifty Midcap 150 Index fund is an Index fund and Zerodha Nifty Midcap 150 ETF is an ETF fund. In the year to 30-10-2026, Navi Nifty Midcap 150 Index fund (Direct) returned −4.8% and Zerodha Nifty Midcap 150 ETF (Direct) returned −3.9%. Navi Nifty Midcap 150 Index fund charges 0.38% a year and Zerodha Nifty Midcap 150 ETF 0.25% (Direct plans). Their portfolios overlap 99.0%: they hold 149 of the same securities.

    Navi Nifty Midcap 150 Index fund

    Index

    1 year return
    −4.8%
    Expense ratio
    0.38%
    NAV
    ₹19.93
    See Navi Nifty Midcap 150 Index fund

    Zerodha Nifty Midcap 150 ETF

    ETF

    1 year return
    −3.9%
    Expense ratio
    0.25%
    NAV
    ₹10.61
    See Zerodha Nifty Midcap 150 ETF

    Which is better, Navi Nifty Midcap 150 Index fund or Zerodha Nifty Midcap 150 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 Midcap 150 ETF returned more over 1 year: −3.9% against −4.8%.
    • Zerodha Nifty Midcap 150 ETF costs less: 0.25% a year against 0.38% (Direct plans).
    • Zerodha Nifty Midcap 150 ETF fell less in its worst fall since 18-06-2024: −20.8% against −21.0%.
    • Navi Nifty Midcap 150 Index fund is the larger fund: ₹381 Cr against ₹265 Cr.
    • Their portfolios overlap 99.0%: 149 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

    FactNavi Nifty Midcap 150 Index fundZerodha Nifty Midcap 150 ETF
    Fund houseNavi Mutual FundZerodha Mutual Fund
    CategoryIndexETF
    AUM₹381 Cr (30-09-2026)₹265 Cr (30-09-2026)
    NAV₹19.93 (Direct)₹10.61 (Direct)
    Expense ratio (Direct)0.38%0.25%
    Expense ratio (Regular)1.15%Not available
    RiskometerVery HighVery High
    BenchmarkNifty Midcap 150 TRINifty Midcap 150 TRI
    Launch date11-03-202212-06-2024
    Minimum investment₹100In creation unit size of 783,000 units and in multiples thereafter
    Lock inNoneNone
    Fund managersAshutosh ShirwaikarKedarnath Mirajkar
    Exit loadNILNot available

    Navi Nifty Midcap 150 Index fund vs Zerodha Nifty Midcap 150 ETF: Returns Comparison

    Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.

    Fund1M3M6M1Y3Y5Y10Y
    Navi Nifty Midcap 150 Index fund (Direct)−3.71%−8.62%−4.21%−4.80%+13.26%----
    Zerodha Nifty Midcap 150 ETF (Direct)−3.65%−8.39%−3.73%−3.87%------

    Navi Nifty Midcap 150 Index fund vs Zerodha Nifty Midcap 150 ETF: Year-wise Returns

    YearNavi Nifty Midcap 150 Index fundNavi Nifty Midcap 150 Index fundZerodha Nifty Midcap 150 ETFZerodha Nifty Midcap 150 ETFNifty Midcap 150 TRI
    2026to date−5.34%−4.54%−4.97%
    2025+5.39%+6.41%+5.98%
    2024+23.93%--+24.46%
    2023+43.75%--+44.61%

    Navi Nifty Midcap 150 Index fund vs Zerodha Nifty Midcap 150 ETF: Rolling Returns

    Every holding period of both funds, against Nifty Midcap 150 TRI, the benchmark of both

    Rolling returns

    Every 1-year holding period, 337 of them, one for each trading day from 18-06-2025 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.

    −10%−5%0%5%10%15%20%25%
    Jul 2024
    to
    Jul 2025    Oct 2024
    to
    Oct 2025    Jan 2025
    to
    Jan 2026    Apr 2025
    to
    Apr 2026    Jul 2025
    to
    Jul 2026    Sept 2025
    to
    Sept 2026
    Navi Nifty Midcap 150 Index fund (Direct)Zerodha Nifty Midcap 150 ETF (Direct)Nifty Midcap 150 TRI

    How the periods spread

    FundBelow 0%0-5%5-10%10-15%15-20%20-25%Above 25%MeanMedianLowestHighestBeat benchmark
    Navi Nifty Midcap 150 Index fund18.427.930.316.35.91.20.05.8%5.4%−6.1%21.0%0%
    Zerodha Nifty Midcap 150 ETF12.725.434.619.25.62.40.06.8%6.4%−5.4%22.3%100%
    Nifty Midcap 150 TRI16.324.634.116.95.92.10.06.3%5.9%−5.7%21.8%--

    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 18-06-2024. Past returns do not promise future returns.

    Navi Nifty Midcap 150 Index fund vs Zerodha Nifty Midcap 150 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

    Step up each year
    PeriodFor

    ₹10,000 on the first trading day of every month, from 03-06-2024 to 30-10-2026: 29 instalments, ₹2,90,000 in all.

    InvestmentInvestedValue nowGainReturn a year
    Navi Nifty Midcap 150 Index fundNavi Nifty Midcap 150 Index fund (Direct) ₹2,90,000 ₹2,88,085 −₹1,915 −0.5%
    Zerodha Nifty Midcap 150 ETFZerodha Nifty Midcap 150 ETF (Direct) ₹2,90,000 ₹2,91,109 ₹1,109 0.3%
    ₹0₹1.0 L₹2.0 L₹3.0 L₹4.0 L
    20252026
    Navi Nifty Midcap 150 Index fundNavi Nifty Midcap 150 Index fund (Direct)Zerodha Nifty Midcap 150 ETFZerodha Nifty Midcap 150 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.

    Navi Nifty Midcap 150 Index fund vs Zerodha Nifty Midcap 150 ETF: Risk and Drawdowns

    How much each fund swings, and the worst fall over the same days

    Risk and return

    MeasureNavi Nifty Midcap 150 Index fund (Direct)Zerodha Nifty Midcap 150 ETF (Direct)
    Return (CAGR)−4.80%−3.87%
    Standard deviation16.54%16.68%
    Sharpe ratio-0.61-0.55
    Sortino ratio-0.81-0.73
    Maximum drawdown−14.0% (31-03-2026)−13.8% (30-03-2026)
    Beta1.001.00
    Alpha−0.44%+0.50%

    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.

    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.

    −25%−20%−15%−10%−5%0%
    20252026
    Navi Nifty Midcap 150 Index fund (Direct)Zerodha Nifty Midcap 150 ETF (Direct)Nifty Midcap 150 TRI
    FundWorst fallHigh before itBottomBack at the highTime to climb backBelow its high today
    Navi Nifty Midcap 150 Index fund (Direct)−21.0%24-09-202428-02-202517-11-20259 months−10.6%
    Zerodha Nifty Midcap 150 ETF (Direct)−20.8%24-09-202428-02-202512-11-20258 months−10.5%
    Nifty Midcap 150 TRI−20.9%24-09-202428-02-202512-11-20258 months−10.5%

    From daily values since 18-06-2024, 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.

    0%5%10%15%20%
    2026
    Navi Nifty Midcap 150 Index fund (Direct)Zerodha Nifty Midcap 150 ETF (Direct)Nifty Midcap 150 TRI

    Against Nifty Midcap 150 TRI

    FundUp captureDown captureTracking error
    Navi Nifty Midcap 150 Index fund (Direct)99%100%0.14%
    Zerodha Nifty Midcap 150 ETF (Direct)101%99%0.08%

    From month-end values since 18-06-2024. 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.

    Navi Nifty Midcap 150 Index fund vs Zerodha Nifty Midcap 150 ETF: Portfolio Overlap

    From each fund's latest monthly portfolio: Navi Nifty Midcap 150 Index fund, September 2026; Zerodha Nifty Midcap 150 ETF, September 2026

    Holdings in common

    Overlap
    99.0%
    Held by both
    149
    Only in Navi Nifty Midcap 150 Index fund
    0
    Only in Zerodha Nifty Midcap 150 ETF
    1
    Security% of Navi Nifty Midcap 150 Index fund% of Zerodha Nifty Midcap 150 ETF
    MULTI COMMODITY EXCHANGE OF INDIA LTD.2.08%2.07%
    THE FEDERAL BANK LIMITED1.93%1.93%
    LAURUS LABS LIMITED1.90%1.90%
    ONE 97 COMMUNICATIONS LIMITED1.78%1.78%
    HERO MOTOCORP LIMITED1.68%1.68%
    THE INDIAN HOTELS COMPANY LIMITED1.57%1.58%
    COFORGE LIMITED1.50%1.50%
    BHARAT HEAVY ELECTRICALS LIMITED1.49%1.49%
    INDUSIND BANK LIMITED1.47%1.46%
    AU SMALL FINANCE BANK LIMITED1.45%1.45%

    Overlap: for each holding both funds own, the smaller of its two weights, added up. 99.0% means 99.0% 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 Navi Nifty Midcap 150 Index fund

    Every holding of this fund is also held by the other.

    Largest holdings only in Zerodha Nifty Midcap 150 ETF

    Security% of fund
    Embassy Office Parks REIT0.94%

    Asset and sector split

    Share of each fund, from its latest monthly portfolio

    Asset allocation

    AssetNavi Nifty Midcap 150 Index fundZerodha Nifty Midcap 150 ETF
    Equity99.2%99.0%
    Debt0.0%0.0%
    Cash and others0.8%1.0%

    Market cap of stocks

    Market capNavi Nifty Midcap 150 Index fundZerodha Nifty Midcap 150 ETF
    Large Cap5.7%5.7%
    Mid Cap90.9%90.8%
    Small Cap2.5%2.5%

    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

    SectorNavi Nifty Midcap 150 Index fundZerodha Nifty Midcap 150 ETF
    PHARMACEUTICALS & BIOTECHNOLOGY9.2%0.0%
    Pharmaceuticals & Biotechnology0.0%9.2%
    BANKS8.7%0.0%
    Banks0.0%8.7%
    FINANCE6.8%0.0%
    Finance0.0%6.8%
    ELECTRICAL EQUIPMENT6.0%0.0%
    Electrical Equipment0.0%5.9%
    RETAILING5.6%0.0%
    Retailing0.0%5.6%
    CAPITAL MARKETS4.7%0.0%
    Capital Markets0.0%4.7%

    The six largest sectors of each fund's stocks, % of the fund.

    Navi Nifty Midcap 150 Index fund vs Zerodha Nifty Midcap 150 ETF: Expense Ratio

    What each plan charges a year, from AMFI's expense ratio file

    ChargeNavi Nifty Midcap 150 Index fundZerodha Nifty Midcap 150 ETF
    Total expense ratio (Direct)0.38%0.25%
    Base expense ratio (Direct)0.25%0.15%
    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.

    Navi Nifty Midcap 150 Index fund vs Zerodha Nifty Midcap 150 ETF: Frequently Asked Questions

    What is the difference between Navi Nifty Midcap 150 Index fund and Zerodha Nifty Midcap 150 ETF?

    Navi Nifty Midcap 150 Index fund is an Index fund, Zerodha Nifty Midcap 150 ETF is an ETF fund, run by Navi Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 99.0%. Navi Nifty Midcap 150 Index fund charges 0.38% a year and Zerodha Nifty Midcap 150 ETF 0.25%.

    Which has given higher returns, Navi Nifty Midcap 150 Index fund or Zerodha Nifty Midcap 150 ETF?

    Over 1 year: Navi Nifty Midcap 150 Index fund −4.80%, Zerodha Nifty Midcap 150 ETF −3.87%. As on 30-10-2026. Past returns do not promise future returns.

    Which has the lower expense ratio, Navi Nifty Midcap 150 Index fund or Zerodha Nifty Midcap 150 ETF?

    Zerodha Nifty Midcap 150 ETF charges less: 0.25% a year against 0.38%. These are the Direct plans' total expense ratios reported to AMFI.

    How much do Navi Nifty Midcap 150 Index fund and Zerodha Nifty Midcap 150 ETF overlap?

    99.0%. They hold 149 of the same securities, the largest shared ones being MCX, FEDERALBNK, LAURUSLABS. From each fund's latest monthly portfolio.

    Which is riskier, Navi Nifty Midcap 150 Index fund or Zerodha Nifty Midcap 150 ETF?

    On SEBI's riskometer, Navi Nifty Midcap 150 Index fund is rated Very High and Zerodha Nifty Midcap 150 ETF Very High. Over 1 years, the standard deviation of daily returns was 16.54% and 16.68% a year.

    Can I invest in both Navi Nifty Midcap 150 Index fund and Zerodha Nifty Midcap 150 ETF?

    Yes. 99.0% of each fund's money sits in the same holdings, so a large part of the two investments would move together.

    Who manages Navi Nifty Midcap 150 Index fund and Zerodha Nifty Midcap 150 ETF?

    Navi Nifty Midcap 150 Index fund: Ashutosh Shirwaikar. Zerodha Nifty Midcap 150 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.

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