Personal Finance News
Direct vs regular plans: How much extra did a ₹5,000 SIP earn in 5 largest midcap funds over 10 years?
5 min read | Updated on October 29, 2026, 15:50 IST
SUMMARY
On a ₹5,000 monthly SIP, the direct plan of these five funds ended 10 years with ₹66,194 to ₹1,09,050 more than the regular plan, from exactly the same portfolio
In percentage terms, Axis and Kotak midcap funds show the widest separation at 7.6% each. | Representational image/Shutterstock
While both direct and regular plans hold the same portfolio and follow the same mandate, what differs is their expense ratio. Direct plans have a lower expense ratio compared to regular plans. (You can check your scheme's expense ratio in the fund report card shared by the mutual fund house every month).
Over the long-term, even a little difference in returns enable direct plans to provide better compounding benefits than the regular plans.
The table below shows how both routes delivered for the same monthly investment over 10 years:
What a ₹5,000 monthly SIP grew to over 10 years (₹)
| Fund | Direct Plan (₹) | Regular Plan (₹) | Extra with Direct (₹) | Extra (%) |
|---|---|---|---|---|
| HDFC Mid Cap Fund | 15,55,376 | 14,89,182 | 66,194 | 4.4 |
| Kotak Mid Cap Fund | 15,07,650 | 14,01,371 | 1,06,279 | 7.6 |
| Nippon India Growth Mid Cap Fund | 16,16,222 | 15,38,961 | 77,261 | 5.0 |
| Motilal Oswal Midcap Fund | 16,45,660 | 15,36,610 | 1,09,050 | 7.1 |
| Axis Midcap Fund | 14,56,430 | 13,53,194 | 1,03,236 | 7.6 |
Motilal Oswal Midcap Fund’s direct plan delivered the largest absolute gap, at ₹1,09,050, or 7.1% more than its regular plan. Kotak Mid Cap Fund came next at ₹1,06,279 (7.6%), followed by Axis Midcap Fund at ₹1,03,236 (7.6%), Nippon India Growth Mid Cap Fund at ₹77,261 (5.0%) and HDFC Mid Cap Fund at ₹66,194 (4.4%).
In percentage terms, Axis and Kotak midcap funds show the widest separation at 7.6% each, and HDFC midcap the narrowest at 4.4%.
In terms of AUM till September 30, 2026, HDFC Mid Cap Fund is the largest midcap fund at ₹1,01,856.06 crore, followed by Kotak at ₹66,613.26 crore, Nippon India at ₹50,176.01 crore, Motilal Oswal at ₹40,207.50 crore and Axis at ₹33,527.80 crore.
The table below shows that direct plan was ahead in every period, not just over 10 years.
Annualised returns, direct versus regular over different periods (%)
| Fund | 1 Year (Direct / Regular) | 3 Years (Direct / Regular) | 5 Years (Direct / Regular) |
|---|---|---|---|
| HDFC Mid Cap Fund | -2.54% / -3.12% | 15.69% / 14.97% | 17.02% / 16.26% |
| Kotak Mid Cap Fund | -4.11% / -5.06% | 15.01% / 13.82% | 14.53% / 13.27% |
| Nippon India Growth Mid Cap Fund | -1.16% / -1.92% | 16.51% / 15.58% | 16.07% / 15.15% |
| Motilal Oswal Midcap Fund | -7.32% / -8.03% | 16.86% / 15.78% | 18.41% / 17.22% |
| Axis Midcap Fund | 1.35% / 0.35% | 16.03% / 14.85% | 11.87% / 10.66% |
Beyond NAV, nothing else differs
Both plans of each fund hold exactly the same number of stocks and sectors, carry the same portfolio price-to-earnings and price-to-book ratios, the same average market capitalisation of holdings, and identical standard deviation and beta.
Motilal Oswal's two plans, for instance, both hold 30 stocks across 15 sectors with a portfolio P/E of 52.48, a P/B of 8.81 and an average holding size of ₹1,12,872.56 crore.
The only figure that separates the two plans is the net asset value (NAV) and, with it, the return.
The net asset value gap is visible directly. On October 28, Axis Midcap's direct plan closed at ₹136.17 against ₹115.67 for the regular plan; HDFC Mid Cap at ₹216.18 against ₹194.80; Kotak at ₹155.14 against ₹132.32; Motilal Oswal at ₹111.14 against ₹96.06; and Nippon India at ₹4,618.53 against ₹4,174.25.
For identical portfolios, run by the same manager, the direct plan compounded faster in every scheme and every period. The gap widened with time roughly ₹8,000 to ₹12,600 on a five-year SIP, and ₹66,000 to ₹1,09,000 over 10 years. This is because the annual difference keeps compounding on a growing corpus.
For an investor, the takeaway is simple from this comparison. On a 10-year SIP of ₹5,000 a month, choosing the direct plan over the regular plan of these five funds was worth between ₹66,194 and ₹1,09,050, or between 4.4% and 7.6% more money at the end from the same portfolio.
Related News
About The Author
Next Story
