UTI - Master Equity Plan Unit Scheme vs Zerodha Nifty 50 Index Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
UTI - Master Equity Plan Unit Scheme is an ELSS fund and Zerodha Nifty 50 Index Fund is an Index fund. In the year to 30-10-2026, UTI - Master Equity Plan Unit Scheme (Regular) returned −8.6% and Zerodha Nifty 50 Index Fund (Direct) returned −10.3%. UTI - Master Equity Plan Unit Scheme charges 1.36% a year and Zerodha Nifty 50 Index Fund 0.28%. Their portfolios overlap 66.8%: they hold 36 of the same securities.
UTI - Master Equity Plan Unit Scheme
ELSS
- 1 year return
- −8.6%
- Expense ratio
- 1.36%
- NAV
- ₹215.44
Zerodha Nifty 50 Index Fund
Index
- 1 year return
- −10.3%
- Expense ratio
- 0.28%
- NAV
- ₹9.24
Which is better, UTI - Master Equity Plan Unit Scheme or Zerodha Nifty 50 Index? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- UTI - Master Equity Plan Unit Scheme returned more over 1 year: −8.6% against −10.3%.
- Zerodha Nifty 50 Index costs less: 0.28% a year against 1.36%.
- Zerodha Nifty 50 Index fell less in its worst fall since 17-10-2025: −15.2% against −15.5%.
- Zerodha Nifty 50 Index holds more in large companies: 99.2% of the fund in large caps against 81.4%.
- UTI - Master Equity Plan Unit Scheme is the larger fund: ₹2,652 Cr against ₹75 Cr.
- Their portfolios overlap 66.8%: 36 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 | UTI - Master Equity Plan Unit Scheme | Zerodha Nifty 50 Index Fund |
|---|---|---|
| Fund house | UTI Mutual Fund | Zerodha Mutual Fund |
| Category | ELSS | Index |
| AUM | ₹2,652 Cr (30-09-2026) | ₹75 Cr (30-09-2026) |
| NAV | ₹215.44 (Regular) | ₹9.24 (Direct) |
| Expense ratio (Direct) | Not available | 0.28% |
| Expense ratio (Regular) | 1.36% | Not available |
| Riskometer | Not available | Very High |
| Benchmark | Not available | Nifty 50 TRI |
| Launch date | Not available | 14-10-2025 |
| Minimum investment | Not available | ₹100 |
| Lock in | Not available | None |
| Fund managers | Not available | Kedarnath Mirajkar |
| Exit load | Not available | Nil |
UTI - Master Equity Plan Unit Scheme vs Zerodha Nifty 50 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 |
|---|---|---|---|---|---|---|---|
| UTI - Master Equity Plan Unit Scheme (Regular) | +1.76% | −4.05% | −0.82% | −8.63% | +7.20% | +5.98% | +9.29% |
| Zerodha Nifty 50 Index Fund (Direct) | +1.95% | −5.00% | −3.12% | −10.25% | -- | -- | -- |
| ELSS average | −2.38% | −5.77% | −2.09% | −6.60% | +9.82% | +9.22% | +11.87% |
Category average: the average of the 50 ELSS funds, same plan type.
UTI - Master Equity Plan Unit Scheme vs Zerodha Nifty 50 Index: Year-wise Returns
| Year | UTI - Master Equity Plan Unit SchemeUTI - Master Equity Plan Unit Scheme | Zerodha Nifty 50 IndexZerodha Nifty 50 Index |
|---|---|---|
| 2026to date | −9.21% | −11.01% |
| 2025 | +8.50% | -- |
| 2024 | +11.31% | -- |
| 2023 | +21.08% | -- |
| 2022 | +1.24% | -- |
| 2021 | +29.14% | -- |
UTI - Master Equity Plan Unit Scheme vs Zerodha Nifty 50 Index: Rolling Returns
Every holding period of both funds, against BSE 100 TRI, the benchmark of UTI - Master Equity Plan Unit Scheme
UTI - Master Equity Plan Unit Scheme vs Zerodha Nifty 50 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 01-10-2025 to 30-10-2026: 13 instalments, ₹1,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| UTI - Master Equity Plan Unit SchemeUTI - Master Equity Plan Unit Scheme (Regular) | ₹1,30,000 | ₹1,25,389 | −₹4,611 | −6.1% |
| Zerodha Nifty 50 IndexZerodha Nifty 50 Index Fund (Direct) | ₹1,30,000 | ₹1,23,091 | −₹6,909 | −9.1% |
UTI - Master Equity Plan Unit SchemeUTI - Master Equity Plan Unit Scheme (Regular)
Zerodha Nifty 50 IndexZerodha Nifty 50 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.
UTI - Master Equity Plan Unit Scheme vs Zerodha Nifty 50 Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | UTI - Master Equity Plan Unit Scheme (Regular) | Zerodha Nifty 50 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.63% | −10.25% |
| Standard deviation | 13.24% | 13.60% |
| Sharpe ratio | -1.05 | -1.14 |
| Sortino ratio | -1.39 | -1.52 |
| Maximum drawdown | −15.5% (31-03-2026) | −15.2% (30-03-2026) |
| Beta | 0.95 | 1.00 |
| Alpha | −0.47% | −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 | UTI - Master Equity Plan Unit Scheme (Regular) | Zerodha Nifty 50 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.28% | −9.31% |
| Standard deviation | 15.40% | 13.43% |
| Sharpe ratio | 0.20 | -1.08 |
| Sortino ratio | 0.27 | -1.45 |
| Maximum drawdown | −38.0% (23-03-2020) | −15.2% (30-03-2026) |
| Beta | 0.94 | 1.00 |
| Alpha | −0.99% | −0.29% |
From daily NAVs, 03-01-2011 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.
UTI - Master Equity Plan Unit Scheme (Regular)
Zerodha Nifty 50 Index Fund (Direct)
BSE 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| UTI - Master Equity Plan Unit Scheme (Regular) | −15.5% | 02-01-2026 | 31-03-2026 | Not yet | -- | −9.7% |
| Zerodha Nifty 50 Index Fund (Direct) | −15.2% | 02-01-2026 | 30-03-2026 | Not yet | -- | −11.7% |
| BSE 100 TRI | −15.0% | 02-01-2026 | 30-03-2026 | Not yet | -- | −10.4% |
From daily values since 17-10-2025, 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.
UTI - Master Equity Plan Unit Scheme (Regular)
Zerodha Nifty 50 Index Fund (Direct)
BSE 100 TRI
Against BSE 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| UTI - Master Equity Plan Unit Scheme (Regular) | 102% | 100% | 1.70% |
| Zerodha Nifty 50 Index Fund (Direct) | 98% | 105% | 1.67% |
From month-end values since 17-10-2025. 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.
UTI - Master Equity Plan Unit Scheme vs Zerodha Nifty 50 Index: Portfolio Overlap
From each fund's latest monthly portfolio: UTI - Master Equity Plan Unit Scheme, September 2026; Zerodha Nifty 50 Index Fund, September 2026
Holdings in common
- Overlap
- 66.8%
- Held by both
- 36
- Only in UTI - Master Equity Plan Unit Scheme
- 31
- Only in Zerodha Nifty 50 Index
- 14
| Security | % of UTI - Master Equity Plan Unit Scheme | % of Zerodha Nifty 50 Index |
|---|---|---|
| EQ - HDFC BANK LIMITED | 9.10% | 10.44% |
| EQ - ICICI BANK LTD | 8.93% | 9.10% |
| EQ - RELIANCE INDUSTRIES LTD. | 5.03% | 7.63% |
| EQ - BHARTI AIRTEL LTD. | 4.07% | 5.13% |
| EQ - LARSEN & TOUBRO LTD. | 4.06% | 4.23% |
| EQ - INFOSYS LTD. | 3.18% | 3.37% |
| EQ - AXIS BANK LTD. | 3.14% | 3.39% |
| EQ - KOTAK MAHINDRA BANK LTD. | 5.04% | 2.95% |
| EQ - BAJAJ FINANCE LTD. | 3.21% | 2.52% |
| EQ - ETERNAL LIMITED | 2.82% | 2.23% |
| EQ - STATE BANK OF INDIA | 1.62% | 3.81% |
| EQ - MARUTI SUZUKI INDIA LTD. | 1.48% | 1.49% |
| EQ - MAHINDRA & MAHINDRA LTD. | 1.46% | 2.53% |
| EQ - ULTRATECH CEMENT LTD. | 1.82% | 1.25% |
| EQ - TATA CONSULTANCY SERVICES LTD. | 1.22% | 2.01% |
| EQ - POWER GRID CORPORATION OF INDI | 1.40% | 1.13% |
| EQ - JSW STEEL LTD. | 1.12% | 1.16% |
| EQ - ITC LTD. | 1.06% | 2.43% |
| EQ - TITAN COMPANY LTD. | 1.05% | 1.82% |
| EQ - COAL INDIA LTD. | 1.15% | 0.98% |
| EQ - TECH MAHINDRA LTD. | 0.93% | 0.93% |
| EQ - TRENT LIMITED | 1.32% | 0.84% |
| EQ - OIL & NATURAL GAS CORPORATION | 0.98% | 0.84% |
| EQ - SBI LIFE INSURANCE COMPANY LTD | 1.16% | 0.73% |
| EQ - MAX HEALTHCARE INSTITUTE LTD | 1.01% | 0.66% |
| EQ - BHARAT ELECTRONICS LTD. | 0.60% | 1.34% |
| EQ - TATA CONSUMER PRODUCTS LTD | 1.41% | 0.59% |
| EQ - DR REDDYS LABORATORIES LTD. | 0.59% | 0.72% |
| EQ - TATA MOTORS PASSENGER VEHICLES LTD. | 0.97% | 0.57% |
| EQ - HDFC LIFE INSURANCE COMPANY LI | 1.23% | 0.54% |
| EQ - BAJAJ AUTO LTD. | 0.52% | 1.14% |
| EQ - SUN PHARMACEUTICALS INDUSTRIES | 0.52% | 1.85% |
| EQ - ADANI ENTERPRISES LTD. | 0.44% | 0.95% |
| EQ - ADANI PORTS AND SPECIAL ECONO | 0.42% | 1.35% |
| EQ - HCL TECHNOLOGIES LTD. | 0.31% | 1.25% |
| EQ - INTERGLOBE AVIATION LTD | 0.11% | 1.08% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 66.8% means 66.8% 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 UTI - Master Equity Plan Unit Scheme
| Security | % of fund |
|---|---|
| EQ - LTM Limited | 1.78% |
| EQ - HINDUSTAN AERONAUTICS LTD | 1.40% |
| EQ - HYUNDAI MOTOR INDIA LTD | 1.06% |
| EQ - VARUN BEVERAGES LTD | 0.97% |
| EQ - JUBILANT FOODWORKS LTD. | 0.91% |
Largest holdings only in Zerodha Nifty 50 Index Fund
| Security | % of fund |
|---|---|
| Hindustan Unilever Limited | 1.60% |
| NTPC Limited | 1.47% |
| Tata Steel Limited | 1.47% |
| Shriram Finance Limited | 1.32% |
| Hindalco Industries Limited | 1.31% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | UTI - Master Equity Plan Unit Scheme | Zerodha Nifty 50 Index |
|---|---|---|
| Equity | 94.1% | 100.6% |
| Debt | 0.4% | 0.0% |
| Cash and others | 5.5% | -0.6% |
Market cap of stocks
| Market cap | UTI - Master Equity Plan Unit Scheme | Zerodha Nifty 50 Index |
|---|---|---|
| Large Cap | 81.4% | 99.2% |
| Mid Cap | 10.2% | 1.4% |
| Small Cap | 2.2% | 0.0% |
| Not on AMFI's list | 0.3% | 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 | UTI - Master Equity Plan Unit Scheme | Zerodha Nifty 50 Index |
|---|---|---|
| Banks | 28.4% | 29.7% |
| IT - Software | 8.1% | 7.6% |
| Petroleum Products | 5.4% | 7.6% |
| Automobiles | 5.5% | 6.7% |
| Finance | 3.8% | 5.5% |
| Retailing | 5.4% | 3.1% |
| Telecom - Services | 4.1% | 5.1% |
The six largest sectors of each fund's stocks, % of the fund.
UTI - Master Equity Plan Unit Scheme vs Zerodha Nifty 50 Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | UTI - Master Equity Plan Unit Scheme | Zerodha Nifty 50 Index Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.28% |
| Base expense ratio (Direct) | 0.00% | 0.10% |
| Total expense ratio (Regular) | 1.36% | Not available |
| Base expense ratio (Regular) | 1.00% | 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.
More comparisons
Each fund against the others of its category
Compare UTI - Master Equity Plan Unit Scheme with
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UTI - Master Equity Plan Unit Scheme vs Zerodha Nifty 50 Index Fund: Frequently Asked Questions
What is the difference between UTI - Master Equity Plan Unit Scheme and Zerodha Nifty 50 Index Fund?
UTI - Master Equity Plan Unit Scheme is an ELSS fund, Zerodha Nifty 50 Index Fund is an Index fund, run by UTI Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 66.8%. UTI - Master Equity Plan Unit Scheme charges 1.36% a year and Zerodha Nifty 50 Index Fund 0.28%.
Which has given higher returns, UTI - Master Equity Plan Unit Scheme or Zerodha Nifty 50 Index Fund?
Over 1 year: UTI - Master Equity Plan Unit Scheme −8.63%, Zerodha Nifty 50 Index Fund −10.25%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, UTI - Master Equity Plan Unit Scheme or Zerodha Nifty 50 Index Fund?
Zerodha Nifty 50 Index Fund charges less: 0.28% a year against 1.36%. These are the total expense ratios reported to AMFI.
How much do UTI - Master Equity Plan Unit Scheme and Zerodha Nifty 50 Index Fund overlap?
66.8%. They hold 36 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Can I invest in both UTI - Master Equity Plan Unit Scheme and Zerodha Nifty 50 Index Fund?
Yes. 66.8% 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.