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Up to six funds side by side, and how much of each is the same portfolio as the others. Overlap is Σ min(weight) over the stocks both hold, from the latest disclosures.

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Overlap

share of the portfolio the two funds hold in common

Axis Nifty 50 IndexUTI Nifty 500 Value 50 Index
Axis Nifty 50 Index
itself
11%
UTI Nifty 500 Value 50 Index
11%
itself

Most alike: Axis Nifty 50 Index Fund and UTI Nifty 500 Value 50 Index Fund share 11% of their portfolios. Two funds this different are doing different things; whether that is what you want is a separate question.

Side by side

record, cost, returns, drawdown, size

MeasureAxis Nifty 50 IndexUTI Nifty 500 Value 50 Index
CategoryEquity FundsEquity Funds
Share of three-year stretches it beat its category P40% of 22100% of 5
Regular plan costs more than Direct by, a year P50.31%0.59%
Portfolio turned over a year P132%54%
Run by P7not knownAyush Jain · 3.3 yrs
1-year return−6.2%9.0%
3 years p.a.6.9%21.5%
5 years p.a.
Deepest fall (max drawdown)−15.4%−22.6%
Assets (AUM)₹968 Cr₹797 Cr
Disclosed history4.5 yrs3.3 yrs
Holdings · top ten weight52 · 53%51 · 49%

Funds in different categories are not comparable on returns — a category error is the first thing the postulates refuse to make. Compare each to its own category on its fund page.