Axis Business Cycles Fund vs Axis Value Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Business Cycles Fund is a Thematic fund and Axis Value Fund is a Value and Contra fund. In the 3 years to 30-10-2026, Axis Business Cycles Fund (Direct) returned 12.1% a year and Axis Value Fund (Direct) returned 17.7% a year. Axis Business Cycles Fund charges 1.63% a year and Axis Value Fund 0.88% (Direct plans). Their portfolios overlap 38.9%: they hold 36 of the same securities.
Axis Business Cycles Fund
Thematic
- 3 year return
- 12.1%
- Expense ratio
- 1.63%
- NAV
- ₹16.86
Which is better, Axis Business Cycles or Axis Value? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Axis Value returned more over 3 years: 17.7% a year against 12.1%.
- Axis Value returned more over 1 year: 1.2% against −3.4%.
- Axis Value costs less: 0.88% a year against 1.63% (Direct plans).
- Axis Value swung less over 3 years: a standard deviation of 14.0% a year against 14.9%.
- Axis Value fell less in its worst fall since 27-02-2023: −17.1% against −19.3%.
- Axis Business Cycles is the larger fund: ₹2,039 Cr against ₹1,836 Cr.
- Their portfolios overlap 38.9%: 36 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 Business Cycles Fund | Axis Value Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Axis Mutual Fund |
| Category | Thematic | Value and Contra |
| AUM | ₹2,039 Cr (30-09-2026) | ₹1,836 Cr (30-09-2026) |
| NAV | ₹16.86 (Direct) | ₹20.68 (Direct) |
| Expense ratio (Direct) | 1.63% | 0.88% |
| Expense ratio (Regular) | 2.40% | 2.22% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 22-02-2023 | 22-09-2021 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Ashish Naik | Nitin Arora, Krishnaa N |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 12 months. | Exit Load for units in excess of 20% of the investment,1% will be charged for redemption within 12 months. |
Axis Business Cycles vs Axis Value: 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 Business Cycles Fund (Direct) | −3.16% | −4.80% | −0.06% | −3.38% | +12.13% | -- | -- |
| Axis Value Fund (Direct) | −0.67% | −2.13% | +3.50% | +1.22% | +17.74% | +14.91% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
| Value and Contra average | −2.09% | −5.76% | −3.23% | −5.72% | +11.83% | +11.08% | -- |
Category average: the average of the 235 Thematic funds and the 30 Value and Contra funds, same plan type.
Axis Business Cycles vs Axis Value: Year-wise Returns
| Year | Business CyclesAxis Business Cycles | ValueAxis Value | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | −2.54% | +0.88% | −7.51% |
| 2025 | +4.47% | +6.44% | +7.76% |
| 2024 | +21.14% | +29.70% | +16.24% |
| 2023 | -- | +42.11% | +26.91% |
| 2022 | -- | +0.48% | +4.25% |
Axis Business Cycles vs Axis Value: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 166 of them, one for each trading day from 27-02-2026 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 Business Cycles Fund (Direct)
Axis Value Fund (Direct)
Nifty 500 TRI
to
Mar 2026Apr 2023
to
Apr 2026Jun 2023
to
Jun 2026Jul 2023
to
Jul 2026Sept 2023
to
Sept 2026Oct 2023
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 Business Cycles | 0.0 | 0.0 | 0.0 | 39.8 | 60.2 | 0.0 | 0.0 | 15.3% | 15.4% | 11.5% | 19.5% | 100% |
| Axis Value | 0.0 | 0.0 | 0.0 | 0.0 | 40.4 | 58.4 | 1.2 | 20.4% | 20.2% | 16.2% | 25.5% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 11.4 | 66.3 | 22.3 | 0.0 | 0.0 | 13.2% | 13.2% | 8.8% | 18.0% | -- |
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 Nifty 500 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 27-02-2023. Past returns do not promise future returns.
Axis Business Cycles vs Axis Value: 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 27-02-2023 to 30-10-2026: 45 instalments, ₹4,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis Business CyclesAxis Business Cycles Fund (Direct) | ₹4,50,000 | ₹5,17,969 | ₹67,969 | 7.5% |
| Axis ValueAxis Value Fund (Direct) | ₹4,50,000 | ₹5,68,820 | ₹1,18,820 | 12.6% |
Axis Business CyclesAxis Business Cycles Fund (Direct)
Axis ValueAxis Value 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 Business Cycles vs Axis Value: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Business Cycles Fund (Direct) | Axis Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | −3.38% | +1.22% |
| Standard deviation | 15.56% | 14.09% |
| Sharpe ratio | -0.55 | -0.29 |
| Sortino ratio | -0.75 | -0.38 |
| Maximum drawdown | −14.1% (30-03-2026) | −12.1% (30-03-2026) |
| Beta | 1.06 | 0.96 |
| Alpha | +4.67% | +8.07% |
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 Business Cycles Fund (Direct) | Axis Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.13% | +17.74% |
| Standard deviation | 14.88% | 14.05% |
| Sharpe ratio | 0.41 | 0.83 |
| Sortino ratio | 0.55 | 1.13 |
| Maximum drawdown | −19.3% (28-02-2025) | −17.1% (28-02-2025) |
| Beta | 1.02 | 0.96 |
| Alpha | +1.84% | +7.70% |
From daily NAVs, 30-10-2023 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 Business Cycles Fund (Direct) | Axis Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.23% | +15.35% |
| Standard deviation | 13.95% | 14.41% |
| Sharpe ratio | 0.65 | 0.67 |
| Sortino ratio | 0.88 | 0.90 |
| Maximum drawdown | −19.3% (28-02-2025) | −20.2% (20-06-2022) |
| Beta | 1.00 | 0.96 |
| Alpha | +2.36% | +6.80% |
From daily NAVs, 27-02-2023 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 Business Cycles Fund (Direct)
Axis Value Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis Business Cycles Fund (Direct) | −19.3% | 24-09-2024 | 28-02-2025 | 06-07-2026 | 16 months | −8.5% |
| Axis Value Fund (Direct) | −17.1% | 26-09-2024 | 28-02-2025 | 20-10-2025 | 8 months | −6.0% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 27-02-2023, 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 Business Cycles Fund (Direct)
Axis Value Fund (Direct)
Nifty 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Axis Business Cycles Fund (Direct)
Axis Value Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis Business Cycles Fund (Direct) | 106% | 96% | 3.70% |
| Axis Value Fund (Direct) | 119% | 86% | 3.69% |
From month-end values since 27-02-2023. 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 Business Cycles vs Axis Value: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Business Cycles Fund, September 2026; Axis Value Fund, September 2026
Holdings in common
- Overlap
- 38.9%
- Held by both
- 36
- Only in Axis Business Cycles
- 50
- Only in Axis Value
- 50
| Security | % of Axis Business Cycles | % of Axis Value |
|---|---|---|
| ICICI Bank Limited | 3.59% | 5.28% |
| HDFC Bank Limited | 3.34% | 4.54% |
| Bharti Airtel Limited | 2.47% | 2.41% |
| Reliance Industries Limited | 2.17% | 3.22% |
| Larsen & Toubro Limited | 3.79% | 2.04% |
| Eternal Limited | 1.56% | 1.58% |
| Sona BLW Precision Forgings Limited | 1.51% | 2.29% |
| Mahindra & Mahindra Limited | 1.50% | 1.74% |
| Axis Bank Limited | 3.60% | 1.48% |
| Bajaj Finance Limited | 1.49% | 1.45% |
| NTPC Limited | 1.35% | 2.20% |
| Kotak Mahindra Bank Limited | 2.72% | 1.19% |
| PNB Housing Finance Limited | 1.16% | 1.41% |
| TD Power Systems Limited | 1.19% | 1.05% |
| Hyundai Motor India Ltd | 1.19% | 1.01% |
| RBL Bank Limited | 1.01% | 1.59% |
| Minda Corporation Limited | 0.77% | 1.77% |
| Welspun Corp Limited | 0.76% | 2.53% |
| Jindal Steel Limited | 1.56% | 0.73% |
| Amber Enterprises India Limited | 0.95% | 0.73% |
| United Spirits Limited | 0.71% | 0.80% |
| Hindustan Aeronautics Limited | 0.69% | 0.87% |
| IndusInd Bank Limited | 2.21% | 0.68% |
| Bajaj Finserv Limited | 0.95% | 0.66% |
| Vedanta Aluminium Metal Limited | 0.92% | 0.66% |
| Healthcare Global Enterprises Limited | 0.74% | 0.59% |
| Marico Limited | 0.57% | 0.67% |
| Gland Pharma Limited | 0.51% | 0.85% |
| Tech Mahindra Limited | 0.48% | 1.64% |
| Coforge Limited | 0.53% | 0.47% |
| Swiggy Limited | 0.83% | 0.46% |
| HCL Technologies Limited | 1.94% | 0.42% |
| SBI Life Insurance Company Limited | 0.38% | 0.62% |
| Oil & Natural Gas Corporation Limited | 0.62% | 0.36% |
| InterGlobe Aviation Limited | 0.30% | 0.42% |
| Cyient Dlm Ltd | 0.10% | 0.74% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 38.9% means 38.9% 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 Business Cycles Fund
| Security | % of fund |
|---|---|
| Grasim Industries Limited | 2.67% |
| Aether Industries Limited | 2.58% |
| PTC Industries Limited | 2.22% |
| One 97 Communications Limited | 1.96% |
| Solar Industries India Limited | 1.51% |
Largest holdings only in Axis Value Fund
| Security | % of fund |
|---|---|
| Shriram Finance Limited | 2.43% |
| State Bank of India | 2.19% |
| Bharat Heavy Electricals Limited | 2.00% |
| Infosys Limited | 1.90% |
| Torrent Pharmaceuticals Limited | 1.81% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Business Cycles | Axis Value |
|---|---|---|
| Equity | 95.6% | 93.0% |
| Debt | 0.5% | 0.0% |
| Cash and others | 3.9% | 7.0% |
Market cap of stocks
| Market cap | Axis Business Cycles | Axis Value |
|---|---|---|
| Large Cap | 47.9% | 57.1% |
| Mid Cap | 23.5% | 15.3% |
| Small Cap | 23.1% | 19.5% |
| Not on AMFI's list | 1.2% | 1.1% |
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 Business Cycles | Axis Value |
|---|---|---|
| Banks | 17.4% | 21.4% |
| Auto Components | 7.2% | 6.6% |
| Electrical Equipment | 2.1% | 7.1% |
| Finance | 5.4% | 7.1% |
| Chemicals & Petrochemicals | 6.9% | 0.0% |
| Pharmaceuticals & Biotechnology | 4.1% | 5.6% |
| Automobiles | 2.7% | 5.5% |
| Industrial Products | 4.8% | 2.5% |
| Retailing | 4.2% | 2.0% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Business Cycles vs Axis Value: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Business Cycles Fund | Axis Value Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.63% | 0.88% |
| Base expense ratio (Direct) | 1.15% | 0.60% |
| Total expense ratio (Regular) | 2.40% | 2.22% |
| Base expense ratio (Regular) | 1.76% | 1.78% |
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
Compare Axis Business Cycles with
Axis Business Cycles Fund vs Axis Value Fund: Frequently Asked Questions
What is the difference between Axis Business Cycles Fund and Axis Value Fund?
Axis Business Cycles Fund is a Thematic fund, Axis Value Fund is a Value and Contra fund, run by Axis Mutual Fund. Their portfolios overlap 38.9%. Axis Business Cycles Fund charges 1.63% a year and Axis Value Fund 0.88%.
Which has given higher returns, Axis Business Cycles Fund or Axis Value Fund?
Over 1 year: Axis Business Cycles Fund −3.38%, Axis Value Fund +1.22%. Over 3 years: Axis Business Cycles Fund +12.13% a year, Axis Value Fund +17.74% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Business Cycles Fund or Axis Value Fund?
Axis Value Fund charges less: 0.88% a year against 1.63%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Business Cycles Fund and Axis Value Fund overlap?
38.9%. They hold 36 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, BHARTIARTL. From each fund's latest monthly portfolio.
Which is riskier, Axis Business Cycles Fund or Axis Value Fund?
On SEBI's riskometer, Axis Business Cycles Fund is rated Very High and Axis Value Fund Very High. Over 3 years, the standard deviation of daily returns was 14.88% and 14.05% a year.
Which is better for SIP, Axis Business Cycles Fund or Axis Value Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,93,246 in Axis Business Cycles Fund (XIRR 3.9% a year) and ₹4,22,637 in Axis Value Fund (XIRR 8.6% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Axis Business Cycles Fund and Axis Value Fund?
Yes. 38.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Axis Business Cycles Fund and Axis Value Fund?
Axis Business Cycles Fund: Ashish Naik. Axis Value Fund: Nitin Arora, Krishnaa N.
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.