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A Nifty Total Market index fund can provide exposure to large-, mid-, small- and micro-cap stocks through one scheme. But the benchmark’s return is not the same as a fund investor’s return, and the available dated scheme figures do not support a reliable ranking of all Nifty Total Market funds.
What does a Nifty Total Market fund cover?
The Nifty Total Market Index combines the constituents of the Nifty 500 and Nifty Microcap 250. NSE Indices describes it as covering about 750 stocks across the large-, mid-, small- and micro-cap segments; its factsheet dated 30 April 2026 listed 755 constituents. The difference reflects figures from different index descriptions and dates, so treat 750 as an approximate description and 755 as that factsheet’s count. NSE Indices’ index description says the index tracks the performance of stocks across all four segments.
The index weights constituents by free-float market capitalization, not equally. Larger eligible companies therefore generally have more influence on its performance than smaller ones. NSE says the index is reviewed semi-annually. A fund tracking it aims to give investors exposure to the benchmark in a single scheme, though the scheme’s own results can differ from the index.
How have the index and a fund performed?
The figures below come from different reporting dates and describe different things. The index figures are benchmark total-return-index (TRI) returns; the Mirae figures are scheme returns for the Regular Plan Growth Option, as reported in its factsheet dated 31 December 2025.
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| Measure | Period | Return | Source and end date |
| Nifty Total Market TRI | One year | 4.19% | NSE Indices factsheet, 30 April 2026 |
| Nifty Total Market TRI | Five years, annualized | 14.36% | NSE Indices factsheet, 30 April 2026 |
| Nifty Total Market TRI | Since inception, annualized | 14.30% | NSE Indices factsheet, 30 April 2026 |
| Mirae Asset Nifty Total Market Index Fund, Regular Plan Growth Option | One year | Scheme: 6.03%; benchmark: 7.06% | Mirae Asset factsheet, performance through 31 December 2025 |
| Mirae Asset Nifty Total Market Index Fund, Regular Plan Growth Option | Since inception | Scheme: 4.27%; benchmark: 5.20% | Mirae Asset factsheet, performance through 31 December 2025 |
Mirae’s factsheet reports periods longer than one year as CAGR and cautions that past performance may or may not be sustained. Its scheme return trailed its benchmark over the one-year and since-inception periods shown. That is a within-factsheet comparison; it does not establish how Mirae compares with other schemes or what the fund has returned through April 2026.
Do not compare the April 2026 index figures directly with the December 2025 scheme figures as though they share an end date. A valid scheme comparison needs the same measurement date and return period, the same plan and option, and a TRI benchmark. NSE explains that the TRI includes dividends and recommends it, rather than the price-return index, for benchmarking investment returns. See NSE’s explanation of the Total Returns Index.
Why can a fund’s return differ from the index?
An index records the performance of its rules-based portfolio. An index fund has operating costs and may not hold every constituent in precisely the index’s proportions at every moment. As a result, the fund’s return can differ from the benchmark’s. Mirae says its scheme seeks returns before expenses that are commensurate with the Nifty Total Market Total Return Index, subject to tracking error; it does not guarantee returns. Historical index returns are not a promised investor outcome. Mirae Asset’s scheme page provides scheme information.
What do expense ratio and tracking error tell you?
Mirae Asset’s factsheet dated 31 December 2025 reported an expense ratio of 0.26% for the direct plan and 0.93% for the regular plan. It also reported net AUM of ₹48.3704 crore and tracking error of approximately 0.10%. These are dated factsheet values, not statements of current charges or scale.
The expense ratio is a cost charged by the scheme and affects the return investors receive. Plan choice matters: direct and regular plans have different reported expense ratios, so compare the plan you would actually hold. A lower expense ratio alone does not establish that one fund performed better; compare actual scheme returns with the same TRI over matching periods.
Tracking error measures the variability of the difference between a fund’s returns and its target index, rather than the size of the return gap over a particular period. NSE defines it as the annualized standard deviation of the difference between index-fund returns and target-index returns. It is therefore distinct from tracking difference—the actual return shortfall or excess over a specified period. See NSE’s tracking-error explanation.
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Can you name the best-performing Nifty Total Market scheme?
Not from the aligned evidence available here. Full dated performance figures are available for Mirae Asset, but not for every scheme on a common basis. The one-year and since-inception results establish that Mirae trailed its benchmark in the periods its December 2025 factsheet reported; they do not establish a market-wide winner or loser.
When assessing current schemes, use factsheets ending on the same date and compare:
- Scheme returns against the Nifty Total Market TRI over identical periods, with the plan and option stated.
- Direct- and regular-plan expense ratios for the plan relevant to you.
- Tracking error and tracking difference, keeping their distinct meanings in view.
- AUM and launch history, so you can judge the scale and length of the record being compared.
- Current scheme documents for investment restrictions and risks that may affect how the fund tracks its benchmark.
Verify current figures in the latest official AMC factsheets and scheme documents: costs, AUM, tracking measures and performance can change. A broad benchmark is one way to access several market-cap segments in one fund, but it does not remove market risk or make past performance predictive.
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