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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

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

Most alike: UTI Nifty 500 Value 50 Index Fund and Axis Nifty 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

MeasureUTI Nifty 500 Value 50 IndexAxis Nifty 50 Index
CategoryEquity FundsEquity Funds
Share of three-year stretches it beat its category P4100% of 50% of 22
Regular plan costs more than Direct by, a year P50.59%0.31%
Portfolio turned over a year P154%32%
Run by P7Ayush Jain · 3.3 yrsnot known
1-year return9.0%−6.2%
3 years p.a.21.5%6.9%
5 years p.a.——
Deepest fall (max drawdown)−22.6%−15.4%
Assets (AUM)₹797 Cr₹968 Cr
Disclosed history3.3 yrs4.5 yrs
Holdings · top ten weight51 · 49%52 · 53%

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.