UTI Retirement Fund vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
UTI Retirement Fund is a Solution fund and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund is an Index fund. In the year to 30-10-2026, UTI Retirement Fund (Direct) returned −1.8% and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct) returned −6.2%. UTI Retirement Fund charges 1.16% a year and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund 0.36% (Direct plans). Their portfolios overlap 25.7%: they hold 38 of the same securities.
Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund
Index
- 1 year return
- −6.2%
- Expense ratio
- 0.36%
- NAV
- ₹13.49
Which is better, UTI Retirement or Zerodha ELSS Tax Saver Nifty LargeMidcap 250 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 Retirement returned more over 1 year: −1.8% against −6.2%.
- Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index costs less: 0.36% a year against 1.16% (Direct plans).
- UTI Retirement fell less in its worst fall since 10-11-2023: −6.3% against −18.7%.
- Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index holds more in large companies: 52.0% of the fund in large caps against 24.3%.
- UTI Retirement is the larger fund: ₹4,578 Cr against ₹280 Cr.
- Their portfolios overlap 25.7%: 38 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 Retirement Fund | Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund |
|---|---|---|
| Fund house | UTI Mutual Fund | Zerodha Mutual Fund |
| Category | Solution | Index |
| AUM | ₹4,578 Cr (30-09-2026) | ₹280 Cr (30-09-2026) |
| NAV | ₹53.47 (Direct) | ₹13.49 (Direct) |
| Expense ratio (Direct) | 1.16% | 0.36% |
| Expense ratio (Regular) | 1.63% | Not available |
| Riskometer | High | Very High |
| Benchmark | CRISIL Short Term Debt Hybrid 60+40 Index | Nifty LargeMidcap 250 TRI |
| Launch date | 26-12-1994 | 08-11-2023 |
| Minimum investment | Regular Plan-Growth- Rs.500, Direct Plan-Growth- Rs.500, | ₹500 |
| Lock in | 5 years, or until retirement if earlier | None |
| Fund managers | Anurag Mittal FM 1, V Srivatsa FM 2, Not Applicable FM 3 | Kedarnath Mirajkar |
| Exit load | Period of Holding *: (A) Less than one year – 1% (B) Greater than or equal to one year – Nil *Units shall not be under lock-in period. | Nil |
UTI Retirement vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 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 Retirement Fund (Direct) | −0.57% | −3.07% | −0.47% | −1.80% | +8.43% | +8.14% | +8.70% |
| Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct) | −1.30% | −6.82% | −3.24% | −6.16% | -- | -- | -- |
UTI Retirement vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index: Year-wise Returns
| Year | UTI RetirementUTI Retirement | Zerodha ELSS Tax Saver Nifty LargeMidcap 250 IndexZerodha ELSS Tax Saver Nifty LargeMidcap 250 Index |
|---|---|---|
| 2026to date | −2.98% | −6.81% |
| 2025 | +6.70% | +8.44% |
| 2024 | +15.22% | +18.59% |
| 2023 | +17.44% | -- |
| 2022 | +6.03% | -- |
| 2021 | +19.32% | -- |
UTI Retirement vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index: Rolling Returns
Every holding period of both funds, against NIFTY LargeMidcap 250 TRI, the benchmark of Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund
Rolling returns
Every 1-year holding period, 485 of them, one for each trading day from 11-11-2024 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.
UTI Retirement Fund (Direct)
Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct)
NIFTY LargeMidcap 250 TRI
to
Jan 2025May 2024
to
May 2025Sept 2024
to
Sept 2025Jan 2025
to
Jan 2026May 2025
to
May 2026Sept 2025
to
Sept 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| UTI Retirement | 5.6 | 36.3 | 33.8 | 16.5 | 6.8 | 1.0 | 0.0 | 6.8% | 6.3% | −2.1% | 21.1% | 52% |
| Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index | 13.8 | 32.2 | 29.1 | 13.4 | 4.7 | 1.9 | 4.9 | 7.0% | 5.8% | −7.7% | 33.4% | 88% |
| NIFTY LargeMidcap 250 TRI | 15.7 | 31.1 | 30.5 | 11.1 | 4.7 | 1.9 | 4.9 | 6.8% | 5.6% | −8.0% | 33.7% | -- |
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 LargeMidcap 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 10-11-2023. Past returns do not promise future returns.
UTI Retirement vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 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 01-11-2023 to 30-10-2026: 36 instalments, ₹3,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| UTI RetirementUTI Retirement Fund (Direct) | ₹3,60,000 | ₹3,76,905 | ₹16,905 | 3.0% |
| Zerodha ELSS Tax Saver Nifty LargeMidcap 250 IndexZerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct) | ₹3,60,000 | ₹3,70,310 | ₹10,310 | 1.8% |
UTI RetirementUTI Retirement Fund (Direct)
Zerodha ELSS Tax Saver Nifty LargeMidcap 250 IndexZerodha ELSS Tax Saver Nifty LargeMidcap 250 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 Retirement vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | UTI Retirement Fund (Direct) | Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −1.80% | −6.16% |
| Standard deviation | 5.94% | 14.85% |
| Sharpe ratio | -1.19 | -0.77 |
| Sortino ratio | -1.59 | -1.02 |
| Maximum drawdown | −6.3% (30-03-2026) | −14.3% (30-03-2026) |
| Beta | -- | 1.00 |
| Alpha | -- | +0.31% |
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 Retirement Fund (Direct) | Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.10% | +10.56% |
| Standard deviation | 7.35% | 14.89% |
| Sharpe ratio | 0.28 | 0.31 |
| Sortino ratio | 0.34 | 0.41 |
| Maximum drawdown | −18.9% (23-03-2020) | −18.7% (28-02-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | +0.12% |
From daily NAVs, 02-01-2013 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 Retirement Fund (Direct)
Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct)
NIFTY LargeMidcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| UTI Retirement Fund (Direct) | −6.3% | 02-01-2026 | 30-03-2026 | 03-08-2026 | 4 months | −3.9% |
| Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct) | −18.7% | 26-09-2024 | 28-02-2025 | 17-11-2025 | 9 months | −8.6% |
| NIFTY LargeMidcap 250 TRI | −18.8% | 26-09-2024 | 28-02-2025 | 17-11-2025 | 9 months | −8.6% |
From daily values since 10-11-2023, 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 Retirement Fund (Direct)
Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct)
NIFTY LargeMidcap 250 TRI
Against NIFTY LargeMidcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| UTI Retirement Fund (Direct) | 51% | 37% | 9.70% |
| Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct) | 100% | 100% | 0.09% |
From month-end values since 10-11-2023. 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 Retirement vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index: Portfolio Overlap
From each fund's latest monthly portfolio: UTI Retirement Fund, September 2026; Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund, September 2026
Holdings in common
- Overlap
- 25.7%
- Held by both
- 38
- Only in UTI Retirement
- 82
- Only in Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index
- 212
| Security | % of UTI Retirement | % of Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index |
|---|---|---|
| EQ - HDFC BANK LIMITED | 3.19% | 4.22% |
| EQ - ICICI BANK LTD | 2.96% | 3.68% |
| EQ - RELIANCE INDUSTRIES LTD. | 2.12% | 3.08% |
| EQ - LARSEN & TOUBRO LTD. | 1.53% | 1.71% |
| EQ - INFOSYS LTD. | 1.96% | 1.36% |
| EQ - STATE BANK OF INDIA | 1.33% | 1.54% |
| EQ - ITC LTD. | 1.33% | 0.98% |
| EQ - BHARTI AIRTEL LTD. | 0.93% | 2.08% |
| EQ - MAHINDRA & MAHINDRA LTD. | 0.79% | 1.02% |
| EQ - HERO MOTOCORP LTD. | 0.67% | 0.84% |
| EQ - LIC OF INDIA | 0.69% | 0.62% |
| EQ - INDUS TOWERS LIMITED | 0.63% | 0.59% |
| EQ - AUROBINDO PHARMA LTD. | 0.60% | 0.57% |
| EQ - INFO-EDGE (INDIA) LTD. | 0.56% | 0.58% |
| EQ - SHRIRAM FINANCE LTD | 0.83% | 0.53% |
| EQ - HCL TECHNOLOGIES LTD. | 0.50% | 0.50% |
| EQ - POWER GRID CORPORATION OF INDI | 1.08% | 0.46% |
| EQ - GRASIM INDUSTRIES LTD. | 0.47% | 0.45% |
| EQ - INTERGLOBE AVIATION LTD | 0.53% | 0.44% |
| EQ - COAL INDIA LTD. | 0.77% | 0.39% |
| EQ - ADITYA BIRLA CAPITAL LTD | 0.39% | 0.40% |
| EQ - SUNDARAM FINANCE LTD. | 0.40% | 0.37% |
| EQ - INDUSIND BANK | 0.37% | 0.73% |
| EQ - PHOENIX MILLS LTD | 0.36% | 0.44% |
| EQ - OIL & NATURAL GAS CORPORATION | 0.55% | 0.34% |
| EQ - TATA MOTORS LTD | 0.35% | 0.34% |
| EQ - DR REDDYS LABORATORIES LTD. | 0.32% | 0.29% |
| EQ - VEDANTA ALUMINIUM METAL LTD. | 0.66% | 0.27% |
| EQ - UPL LTD. | 0.25% | 0.37% |
| EQ - FEDERAL BANK LTD. | 0.24% | 0.97% |
| EQ - TATA POWER COMPANY LTD. | 0.46% | 0.23% |
| EQ - NATIONAL ALUMINIUM CO. LTD. | 0.23% | 0.38% |
| EQ - ICICI PRUDENTIAL LIFE INSURA L | 0.30% | 0.22% |
| EQ - AJANTA PHARMA LTD. | 0.53% | 0.20% |
| EQ - MOTILAL OSWAL FINANCIAL SERVIC | 0.40% | 0.19% |
| EQ - WIPRO LIMITED | 0.67% | 0.17% |
| EQ - GENERAL INSURANCE CORPORATION | 0.33% | 0.16% |
| EQ - MAX FINANCIAL SERVICES LTD. | 0.11% | 0.45% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 25.7% means 25.7% 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 Retirement Fund
| Security | % of fund |
|---|---|
| 07.18% GSEC MAT -24/07/2037 | 6.20% |
| 07.32% GSEC MAT -13/11/2030 | 3.11% |
| 7.24% GSEC MAT- 18/08/2055 | 3.11% |
| CP EXPORT IMPORT BANK OF INDIA | 2.12% |
| MF UNITS UTI - FLOATER FUND | 1.75% |
Largest holdings only in Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund
| Security | % of fund |
|---|---|
| Axis Bank Limited | 1.37% |
| Kotak Mahindra Bank Limited | 1.19% |
| Multi Commodity Exchange of India Limited | 1.04% |
| Bajaj Finance Limited | 1.02% |
| Laurus Labs Limited | 0.95% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | UTI Retirement | Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index |
|---|---|---|
| Equity | 36.7% | 99.6% |
| Debt | 45.3% | 0.0% |
| Cash and others | 18.1% | 0.4% |
Market cap of stocks
| Market cap | UTI Retirement | Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index |
|---|---|---|
| Large Cap | 24.3% | 52.0% |
| Mid Cap | 6.1% | 46.3% |
| Small Cap | 6.2% | 1.3% |
| Not on AMFI's list | 0.1% | 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 Retirement | Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index |
|---|---|---|
| Banks | 8.1% | 16.9% |
| Pharmaceuticals & Biotechnology | 2.6% | 6.7% |
| Finance | 1.6% | 6.5% |
| IT - Software | 3.1% | 5.6% |
| Retailing | 0.6% | 4.3% |
| Automobiles | 1.5% | 4.0% |
| Petroleum Products | 2.1% | 3.9% |
| Construction | 1.9% | 1.9% |
The six largest sectors of each fund's stocks, % of the fund.
UTI Retirement vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | UTI Retirement Fund | Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.16% | 0.36% |
| Base expense ratio (Direct) | 0.94% | 0.25% |
| Total expense ratio (Regular) | 1.63% | Not available |
| Base expense ratio (Regular) | 1.36% | 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 Retirement Fund vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund: Frequently Asked Questions
What is the difference between UTI Retirement Fund and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund?
UTI Retirement Fund is a Solution fund, Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund is an Index fund, run by UTI Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 25.7%. UTI Retirement Fund charges 1.16% a year and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund 0.36%.
Which has given higher returns, UTI Retirement Fund or Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund?
Over 1 year: UTI Retirement Fund −1.80%, Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund −6.16%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, UTI Retirement Fund or Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund?
Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund charges less: 0.36% a year against 1.16%. These are the Direct plans' total expense ratios reported to AMFI.
How much do UTI Retirement Fund and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund overlap?
25.7%. They hold 38 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, UTI Retirement Fund or Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund?
On SEBI's riskometer, UTI Retirement Fund is rated High and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund Very High. Over 1 years, the standard deviation of daily returns was 5.94% and 14.85% a year.
Can I invest in both UTI Retirement Fund and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund?
Yes. 25.7% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages UTI Retirement Fund and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund?
UTI Retirement Fund: Anurag Mittal FM 1, V Srivatsa FM 2, Not Applicable FM 3. Zerodha ELSS Tax Saver Nifty LargeMidcap 250 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.