Axis BSE Sensex Index Fund vs DSP Business Cycle Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis BSE Sensex Index Fund is an Index fund and DSP Business Cycle Fund is a Thematic fund. In the year to 30-10-2026, Axis BSE Sensex Index Fund (Direct) returned −10.9% and DSP Business Cycle Fund (Direct) returned −3.5%. Axis BSE Sensex Index Fund charges 0.21% a year and DSP Business Cycle Fund 1.12% (Direct plans). Their portfolios overlap 47.8%: they hold 15 of the same securities.
Axis BSE Sensex Index Fund
Index
- 1 year return
- −10.9%
- Expense ratio
- 0.21%
- NAV
- ₹10.49
DSP Business Cycle Fund
Thematic
- 1 year return
- −3.5%
- Expense ratio
- 1.12%
- NAV
- ₹10.05
Which is better, Axis BSE Sensex Index or DSP Business Cycle? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- DSP Business Cycle returned more over 1 year: −3.5% against −10.9%.
- Axis BSE Sensex Index costs less: 0.21% a year against 1.12% (Direct plans).
- DSP Business Cycle fell less in its worst fall since 18-12-2024: −14.8% against −15.9%.
- Axis BSE Sensex Index holds more in large companies: 100.0% of the fund in large caps against 65.1%.
- DSP Business Cycle is the larger fund: ₹1,474 Cr against ₹51 Cr.
- Their portfolios overlap 47.8%: 15 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 | Axis BSE Sensex Index Fund | DSP Business Cycle Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | DSP Mutual Fund |
| Category | Index | Thematic |
| AUM | ₹51 Cr (30-09-2026) | ₹1,474 Cr (30-09-2026) |
| NAV | ₹10.49 (Direct) | ₹10.05 (Direct) |
| Expense ratio (Direct) | 0.21% | 1.12% |
| Expense ratio (Regular) | 0.82% | 2.58% |
| Riskometer | Very High | Very High |
| Benchmark | BSE SENSEX TRI | Nifty 500 TRI |
| Launch date | 27-02-2024 | 17-12-2024 |
| Minimum investment | ₹500 | ₹100 |
| Lock in | None | None |
| Fund managers | Nandik Malik, Rohit Gautam | Anish Tawakley, Sandeep Yadav, Aparna Karnik |
| Exit load | Exit load of 0.25%, if redeemed within 7 days. | 0.5% for redemption within 1 Month |
Axis BSE Sensex Index vs DSP Business Cycle: 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 |
|---|---|---|---|---|---|---|---|
| Axis BSE Sensex Index Fund (Direct) | +2.76% | −4.32% | −2.46% | −10.89% | -- | -- | -- |
| DSP Business Cycle Fund (Direct) | −0.33% | −5.94% | −2.81% | −3.53% | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
Axis BSE Sensex Index vs DSP Business Cycle: Year-wise Returns
| Year | Axis BSE Sensex IndexAxis BSE Sensex Index | DSP Business CycleDSP Business Cycle |
|---|---|---|
| 2026to date | −11.80% | −3.77% |
| 2025 | +10.27% | +4.31% |
Axis BSE Sensex Index vs DSP Business Cycle: Rolling Returns
Every holding period of both funds, against BSE SENSEX TRI, the benchmark of Axis BSE Sensex Index Fund
Rolling returns
Every 1-year holding period, 215 of them, one for each trading day from 18-12-2025 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.
Axis BSE Sensex Index Fund (Direct)
DSP Business Cycle Fund (Direct)
BSE SENSEX TRI
to
Jan 2026Mar 2025
to
Mar 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Aug 2025
to
Aug 2026Oct 2025
to
Oct 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Axis BSE Sensex Index | 66.0 | 6.0 | 18.1 | 9.8 | 0.0 | 0.0 | 0.0 | −1.1% | −3.3% | −12.6% | 12.2% | 72% |
| DSP Business Cycle | 10.4 | 31.1 | 35.4 | 14.6 | 7.5 | 0.9 | 0.0 | 6.4% | 5.8% | −5.4% | 21.4% | 89% |
| BSE SENSEX TRI | 66.0 | 6.5 | 17.7 | 9.8 | 0.0 | 0.0 | 0.0 | −1.1% | −3.3% | −12.6% | 12.3% | -- |
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 BSE SENSEX 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 18-12-2024. Past returns do not promise future returns.
Axis BSE Sensex Index vs DSP Business Cycle: 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 02-12-2024 to 30-10-2026: 23 instalments, ₹2,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis BSE Sensex IndexAxis BSE Sensex Index Fund (Direct) | ₹2,30,000 | ₹2,19,553 | −₹10,447 | −4.6% |
| DSP Business CycleDSP Business Cycle Fund (Direct) | ₹2,30,000 | ₹2,30,311 | ₹311 | 0.1% |
Axis BSE Sensex IndexAxis BSE Sensex Index Fund (Direct)
DSP Business CycleDSP Business Cycle 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.
Axis BSE Sensex Index vs DSP Business Cycle: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis BSE Sensex Index Fund (Direct) | DSP Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | −10.89% | −3.53% |
| Standard deviation | 13.76% | 13.92% |
| Sharpe ratio | -1.17 | -0.63 |
| Sortino ratio | -1.58 | -0.87 |
| Maximum drawdown | −15.9% (30-03-2026) | −11.9% (30-03-2026) |
| Beta | 0.99 | 0.94 |
| Alpha | −0.08% | +2.99% |
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 | Axis BSE Sensex Index Fund (Direct) | DSP Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +2.10% | +0.26% |
| Standard deviation | 13.37% | 13.60% |
| Sharpe ratio | -0.28 | -0.39 |
| Sortino ratio | -0.40 | -0.53 |
| Maximum drawdown | −15.9% (30-03-2026) | −14.8% (28-02-2025) |
| Beta | 1.00 | 0.92 |
| Alpha | −0.13% | +1.15% |
From daily NAVs, 29-02-2024 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.
Axis BSE Sensex Index Fund (Direct)
DSP Business Cycle Fund (Direct)
BSE SENSEX TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis BSE Sensex Index Fund (Direct) | −15.9% | 02-01-2026 | 30-03-2026 | Not yet | -- | −12.3% |
| DSP Business Cycle Fund (Direct) | −14.8% | 02-01-2025 | 28-02-2025 | 25-06-2025 | 4 months | −7.5% |
| BSE SENSEX TRI | −16.1% | 02-01-2026 | 30-03-2026 | Not yet | -- | −12.4% |
From daily values since 18-12-2024, 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.
Axis BSE Sensex Index Fund (Direct)
DSP Business Cycle Fund (Direct)
BSE SENSEX TRI
Against BSE SENSEX TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis BSE Sensex Index Fund (Direct) | 100% | 100% | 0.11% |
| DSP Business Cycle Fund (Direct) | 104% | 94% | 7.36% |
From month-end values since 18-12-2024. 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.
Axis BSE Sensex Index vs DSP Business Cycle: Portfolio Overlap
From each fund's latest monthly portfolio: Axis BSE Sensex Index Fund, September 2026; DSP Business Cycle Fund, September 2026
Holdings in common
- Overlap
- 47.8%
- Held by both
- 15
- Only in Axis BSE Sensex Index
- 15
- Only in DSP Business Cycle
- 40
| Security | % of Axis BSE Sensex Index | % of DSP Business Cycle |
|---|---|---|
| ICICI Bank Limited | 11.04% | 9.85% |
| HDFC Bank Limited | 12.59% | 9.55% |
| Bharti Airtel Limited | 6.38% | 4.44% |
| Axis Bank Limited | 4.08% | 5.42% |
| Larsen & Toubro Limited | 5.11% | 3.98% |
| Reliance Industries Limited | 9.16% | 3.12% |
| Mahindra & Mahindra Limited | 3.07% | 3.11% |
| Maruti Suzuki India Limited | 1.79% | 2.30% |
| NTPC Limited | 1.78% | 2.71% |
| UltraTech Cement Limited | 1.50% | 2.68% |
| Asian Paints Limited | 1.27% | 2.63% |
| InterGlobe Aviation Limited | 1.30% | 1.13% |
| Power Grid Corporation of India Limited | 1.38% | 1.04% |
| State Bank of India | 4.64% | 0.85% |
| Trent Limited | 1.01% | 0.37% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 47.8% means 47.8% 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 Axis BSE Sensex Index Fund
| Security | % of fund |
|---|---|
| Infosys Limited | 4.09% |
| Kotak Mahindra Bank Limited | 3.57% |
| Bajaj Finance Limited | 2.99% |
| ITC Limited | 2.96% |
| Eternal Limited | 2.69% |
Largest holdings only in DSP Business Cycle Fund
| Security | % of fund |
|---|---|
| DLF Limited | 2.67% |
| Hero MotoCorp Limited | 2.28% |
| HDFC Life Insurance Co Limited | 1.61% |
| Hyundai Motor India Limited | 1.45% |
| Schaeffler India Limited | 1.24% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis BSE Sensex Index | DSP Business Cycle |
|---|---|---|
| Equity | 100.0% | 82.7% |
| Debt | 0.0% | 0.0% |
| Cash and others | -0.0% | 17.3% |
Market cap of stocks
| Market cap | Axis BSE Sensex Index | DSP Business Cycle |
|---|---|---|
| Large Cap | 100.0% | 65.1% |
| Mid Cap | 0.0% | 12.4% |
| Small Cap | 0.0% | 5.2% |
| Not on AMFI's list | 0.0% | 0.1% |
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 | Axis BSE Sensex Index | DSP Business Cycle |
|---|---|---|
| Banks | 35.9% | 26.2% |
| Automobiles | 4.9% | 9.5% |
| Petroleum Products | 9.2% | 4.6% |
| IT - Software | 9.2% | 0.0% |
| Telecom - Services | 6.4% | 4.9% |
| Insurance | 0.0% | 5.3% |
| Construction | 5.1% | 4.0% |
| Diversified FMCG | 4.9% | 0.0% |
| Cement & Cement Products | 1.5% | 4.2% |
The six largest sectors of each fund's stocks, % of the fund.
Axis BSE Sensex Index vs DSP Business Cycle: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis BSE Sensex Index Fund | DSP Business Cycle Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.21% | 1.12% |
| Base expense ratio (Direct) | 0.09% | 0.55% |
| Total expense ratio (Regular) | 0.82% | 2.58% |
| Base expense ratio (Regular) | 0.61% | 1.81% |
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.
More comparisons
Each fund against the others of its category
Axis BSE Sensex Index Fund vs DSP Business Cycle Fund: Frequently Asked Questions
What is the difference between Axis BSE Sensex Index Fund and DSP Business Cycle Fund?
Axis BSE Sensex Index Fund is an Index fund, DSP Business Cycle Fund is a Thematic fund, run by Axis Mutual Fund and DSP Mutual Fund. Their portfolios overlap 47.8%. Axis BSE Sensex Index Fund charges 0.21% a year and DSP Business Cycle Fund 1.12%.
Which has given higher returns, Axis BSE Sensex Index Fund or DSP Business Cycle Fund?
Over 1 year: Axis BSE Sensex Index Fund −10.89%, DSP Business Cycle Fund −3.53%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis BSE Sensex Index Fund or DSP Business Cycle Fund?
Axis BSE Sensex Index Fund charges less: 0.21% a year against 1.12%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis BSE Sensex Index Fund and DSP Business Cycle Fund overlap?
47.8%. They hold 15 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, BHARTIARTL. From each fund's latest monthly portfolio.
Which is riskier, Axis BSE Sensex Index Fund or DSP Business Cycle Fund?
On SEBI's riskometer, Axis BSE Sensex Index Fund is rated Very High and DSP Business Cycle Fund Very High. Over 1 years, the standard deviation of daily returns was 13.76% and 13.92% a year.
Can I invest in both Axis BSE Sensex Index Fund and DSP Business Cycle Fund?
Yes. 47.8% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Axis BSE Sensex Index Fund and DSP Business Cycle Fund?
Axis BSE Sensex Index Fund: Nandik Malik, Rohit Gautam. DSP Business Cycle Fund: Anish Tawakley, Sandeep Yadav, Aparna Karnik.
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.