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    UTI Nifty500 Shariah Index Fund vs Zerodha Nifty MidSmallcap400 50:50 Index Fund

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

    UTI Nifty500 Shariah Index Fund is an Index fund and Zerodha Nifty MidSmallcap400 50:50 Index Fund is an Index fund. UTI Nifty500 Shariah Index Fund charges 0.78% a year and Zerodha Nifty MidSmallcap400 50:50 Index Fund 0.86% (Direct plans). Their portfolios overlap 36.8%: they hold 164 of the same securities.

    UTI Nifty500 Shariah Index Fund

    Index

    Expense ratio
    0.78%
    NAV
    ₹9.62
    See UTI Nifty500 Shariah Index Fund

    Zerodha Nifty MidSmallcap400 50:50 Index Fund

    Index

    Expense ratio
    0.86%
    NAV
    ₹10.41
    See Zerodha Nifty MidSmallcap400 50:50 Index Fund

    Which is better, UTI Nifty500 Shariah Index or Zerodha Nifty MidSmallcap400 50:50 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 Nifty500 Shariah Index costs less: 0.78% a year against 0.86% (Direct plans).
    • UTI Nifty500 Shariah Index fell less in its worst fall since 13-04-2026: −10.3% against −12.0%.
    • UTI Nifty500 Shariah Index holds more in large companies: 54.0% of the fund in large caps against 2.9%.
    • UTI Nifty500 Shariah Index is the larger fund: ₹88 Cr against ₹19 Cr.
    • Their portfolios overlap 36.8%: 164 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

    FactUTI Nifty500 Shariah Index FundZerodha Nifty MidSmallcap400 50:50 Index Fund
    Fund houseUTI Mutual FundZerodha Mutual Fund
    CategoryIndexIndex
    AUM₹88 Cr (30-09-2026)₹19 Cr (30-09-2026)
    NAV₹9.62 (Direct)₹10.41 (Direct)
    Expense ratio (Direct)0.78%0.86%
    Expense ratio (Regular)1.24%Not available
    RiskometerVery HighVery High
    BenchmarkNifty 500 Shariah TRINifty MidSmallcap400 50:50 TRI
    Launch date23-02-202609-04-2026
    Minimum investment₹1,000₹100
    Lock inNoneNone
    Fund managersSharwan Kumar Goyal FM 1, Ayush Jain FM 2, Lokesh Kulthia FM 3Kedarnath Mirajkar
    Exit loadNilNil

    UTI Nifty500 Shariah Index vs Zerodha Nifty MidSmallcap400 50:50 Index: Returns Comparison

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

    Fund1M3M6M1Y3Y5Y10Y
    UTI Nifty500 Shariah Index Fund (Direct)+0.16%−6.03%−2.97%--------
    Zerodha Nifty MidSmallcap400 50:50 Index Fund (Direct)−4.73%−7.35%−1.96%--------

    UTI Nifty500 Shariah Index vs Zerodha Nifty MidSmallcap400 50:50 Index: Rolling Returns

    Every holding period of both funds, against Nifty500 Shariah TRI, the benchmark of UTI Nifty500 Shariah Index Fund

    UTI Nifty500 Shariah Index vs Zerodha Nifty MidSmallcap400 50:50 Index: Risk and Drawdowns

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

    Risk and return

    MeasureUTI Nifty500 Shariah Index Fund (Direct)Zerodha Nifty MidSmallcap400 50:50 Index Fund (Direct)
    Return (CAGR)−6.11%+5.82%
    Standard deviation14.41%14.76%
    Sharpe ratio-0.790.04
    Sortino ratio-1.040.05
    Maximum drawdown−10.3% (23-10-2026)−12.0% (23-10-2026)
    Beta1.001.00
    Alpha−0.70%−0.71%

    From daily NAVs, 26-02-2026 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.

    −12%−10%−8%−6%−4%−2%0%
    UTI Nifty500 Shariah Index Fund (Direct)Zerodha Nifty MidSmallcap400 50:50 Index Fund (Direct)Nifty500 Shariah TRI
    FundWorst fallHigh before itBottomBack at the highTime to climb backBelow its high today
    UTI Nifty500 Shariah Index Fund (Direct)−10.3%10-08-202623-10-2026Not yet--−7.9%
    Zerodha Nifty MidSmallcap400 50:50 Index Fund (Direct)−12.0%28-08-202623-10-2026Not yet--−10.0%
    Nifty500 Shariah TRI−10.2%10-08-202623-10-2026Not yet--−7.8%

    From daily values since 13-04-2026, the first day every fund has.

    UTI Nifty500 Shariah Index vs Zerodha Nifty MidSmallcap400 50:50 Index: Portfolio Overlap

    From each fund's latest monthly portfolio: UTI Nifty500 Shariah Index Fund, September 2026; Zerodha Nifty MidSmallcap400 50:50 Index Fund, September 2026

    Holdings in common

    Overlap
    36.8%
    Held by both
    164
    Only in UTI Nifty500 Shariah Index
    39
    Only in Zerodha Nifty MidSmallcap400 50:50 Index
    234
    Security% of UTI Nifty500 Shariah Index% of Zerodha Nifty MidSmallcap400 50:50 Index
    EQ - LAURUS LABS LTD.1.28%0.95%
    EQ - HERO MOTOCORP LTD.1.13%0.84%
    EQ - BHARAT HEAVY ELECTRICALS LTD.1.01%0.75%
    EQ - COFORGE LTD1.01%0.75%
    EQ - PERSISTENT SYSTEMS LTD.0.96%0.70%
    EQ - DIXON TECHNOLOGIES (INDIA) LTD0.91%0.67%
    EQ - GE VERNOVA T & D INDIA LTD0.87%0.65%
    EQ - LENSKART SOLUTIONS LTD0.84%0.62%
    EQ - SONA BLW PRECISION FORGING LTD0.62%0.84%
    EQ - LUPIN LTD.0.82%0.60%

    Overlap: for each holding both funds own, the smaller of its two weights, added up. 36.8% means 36.8% 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 Nifty500 Shariah Index Fund

    Security% of fund
    EQ - INFOSYS LTD.5.84%
    EQ - ETERNAL LIMITED3.86%
    EQ - TATA CONSULTANCY SERVICES LTD.3.48%
    EQ - SUN PHARMACEUTICALS INDUSTRIES3.20%
    EQ - HINDUSTAN UNILEVER LTD2.77%

    Largest holdings only in Zerodha Nifty MidSmallcap400 50:50 Index Fund

    Security% of fund
    Multi Commodity Exchange of India Limited1.04%
    The Federal Bank Limited0.97%
    One 97 Communications Limited0.89%
    The Indian Hotels Company Limited0.78%
    IndusInd Bank Limited0.73%

    Asset and sector split

    Share of each fund, from its latest monthly portfolio

    Asset allocation

    AssetUTI Nifty500 Shariah IndexZerodha Nifty MidSmallcap400 50:50 Index
    Equity100.2%97.7%
    Debt0.0%0.0%
    Cash and others-0.2%2.3%

    Market cap of stocks

    Market capUTI Nifty500 Shariah IndexZerodha Nifty MidSmallcap400 50:50 Index
    Large Cap54.0%2.9%
    Mid Cap30.9%46.6%
    Small Cap15.0%47.9%
    Not on AMFI's list0.3%0.5%

    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

    SectorUTI Nifty500 Shariah IndexZerodha Nifty MidSmallcap400 50:50 Index
    IT - Software16.6%3.1%
    Pharmaceuticals & Biotechnology13.7%8.4%
    Retailing8.3%3.4%
    Finance0.2%7.3%
    Banks0.0%6.9%
    Auto Components5.3%6.5%
    Electrical Equipment6.0%4.3%
    Industrial Products5.9%5.7%
    Capital Markets0.0%5.0%

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

    UTI Nifty500 Shariah Index vs Zerodha Nifty MidSmallcap400 50:50 Index: Expense Ratio

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

    ChargeUTI Nifty500 Shariah Index FundZerodha Nifty MidSmallcap400 50:50 Index Fund
    Total expense ratio (Direct)0.78%0.86%
    Base expense ratio (Direct)0.50%0.25%
    Total expense ratio (Regular)1.24%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.

    UTI Nifty500 Shariah Index Fund vs Zerodha Nifty MidSmallcap400 50:50 Index Fund: Frequently Asked Questions

    What is the difference between UTI Nifty500 Shariah Index Fund and Zerodha Nifty MidSmallcap400 50:50 Index Fund?

    UTI Nifty500 Shariah Index Fund is an Index fund, Zerodha Nifty MidSmallcap400 50:50 Index Fund is an Index fund, run by UTI Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 36.8%. UTI Nifty500 Shariah Index Fund charges 0.78% a year and Zerodha Nifty MidSmallcap400 50:50 Index Fund 0.86%.

    Which has the lower expense ratio, UTI Nifty500 Shariah Index Fund or Zerodha Nifty MidSmallcap400 50:50 Index Fund?

    UTI Nifty500 Shariah Index Fund charges less: 0.78% a year against 0.86%. These are the Direct plans' total expense ratios reported to AMFI.

    How much do UTI Nifty500 Shariah Index Fund and Zerodha Nifty MidSmallcap400 50:50 Index Fund overlap?

    36.8%. They hold 164 of the same securities, the largest shared ones being LAURUSLABS, HEROMOTOCO, BHEL. From each fund's latest monthly portfolio.

    Which is riskier, UTI Nifty500 Shariah Index Fund or Zerodha Nifty MidSmallcap400 50:50 Index Fund?

    On SEBI's riskometer, UTI Nifty500 Shariah Index Fund is rated Very High and Zerodha Nifty MidSmallcap400 50:50 Index Fund Very High. Over their common history, the standard deviation of daily returns was 14.41% and 14.76% a year.

    Can I invest in both UTI Nifty500 Shariah Index Fund and Zerodha Nifty MidSmallcap400 50:50 Index Fund?

    Yes. 36.8% of each fund's money sits in the same holdings, so some of the two investments would move together.

    Who manages UTI Nifty500 Shariah Index Fund and Zerodha Nifty MidSmallcap400 50:50 Index Fund?

    UTI Nifty500 Shariah Index Fund: Sharwan Kumar Goyal FM 1, Ayush Jain FM 2, Lokesh Kulthia FM 3. Zerodha Nifty MidSmallcap400 50:50 Index Fund: 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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