Axis Gilt Fund vs ICICI Prudential Retirement Fund Hybrid Conservative Plan
Direct Plan, Growth option · Data as on 30-10-2026
Axis Gilt Fund is a Gilt fund and ICICI Prudential Retirement Fund Hybrid Conservative Plan is a Solution fund. In the 3 years to 30-10-2026, Axis Gilt Fund (Direct) returned 6.9% a year and ICICI Prudential Retirement Fund Hybrid Conservative Plan (Direct) returned 9.1% a year. Axis Gilt Fund charges 0.46% a year and ICICI Prudential Retirement Fund Hybrid Conservative Plan 1.03% (Direct plans). Their portfolios overlap 35.7%: they hold 3 of the same securities.
ICICI Prudential Retirement Fund Hybrid Conservative Plan
Solution
- 3 year return
- 9.1%
- Expense ratio
- 1.03%
- NAV
- ₹19.71
Which is better, Axis Gilt or ICICI Prudential Retirement Fund Hybrid Conservative Plan? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ICICI Prudential Retirement Fund Hybrid Conservative Plan returned more over 5 years: 8.2% a year against 5.9%.
- ICICI Prudential Retirement Fund Hybrid Conservative Plan returned more over 3 years: 9.1% a year against 6.9%.
- Axis Gilt costs less: 0.46% a year against 1.03% (Direct plans).
- Axis Gilt swung less over 3 years: a standard deviation of 2.9% a year against 4.6%.
- Axis Gilt fell less in its worst fall since 28-02-2019: −3.0% against −10.2%.
- Axis Gilt is the larger fund: ₹336 Cr against ₹95 Cr.
- Their portfolios overlap 35.7%: 3 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 Gilt Fund | ICICI Prudential Retirement Fund Hybrid Conservative Plan |
|---|---|---|
| Fund house | Axis Mutual Fund | ICICI Prudential Mutual Fund |
| Category | Gilt | Solution |
| AUM | ₹336 Cr (30-09-2026) | ₹95 Cr (30-09-2026) |
| NAV | ₹28.24 (Direct) | ₹19.71 (Direct) |
| Expense ratio (Direct) | 0.46% | 1.03% |
| Expense ratio (Regular) | 0.86% | 2.24% |
| Riskometer | Moderate | Not available |
| Benchmark | CRISIL Dynamic Gilt Index | Nifty 50 Hybrid Composite Debt 15:85 Conservative Index |
| Launch date | 23-01-2012 | 27-02-2019 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | 5 years, or until retirement if earlier |
| Fund managers | Devang Shah, Sachin Jain | Darshil Dedhia, Rohit Lakhotia, Manasvi Shah |
| Exit load | Nil | Nil |
Axis Gilt vs ICICI Prudential Retirement Fund Hybrid Conservative Plan: 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 Gilt Fund (Direct) | −0.49% | −1.03% | +2.03% | +3.08% | +6.94% | +5.86% | +6.74% |
| ICICI Prudential Retirement Fund Hybrid Conservative Plan (Direct) | −1.39% | −2.41% | +0.44% | +2.02% | +9.12% | +8.17% | -- |
| Gilt average | −0.69% | −1.34% | +1.62% | +2.12% | +6.19% | +5.46% | +6.64% |
Category average: the average of the 28 Gilt funds, same plan type.
Axis Gilt vs ICICI Prudential Retirement Fund Hybrid Conservative Plan: Year-wise Returns
| Year | Axis GiltAxis Gilt | ICICI Prudential Retirement Fund Hybrid Conservative PlanICICI Prudential Retirement Fund Hybrid Conservative Plan |
|---|---|---|
| 2026to date | +2.44% | +0.28% |
| 2025 | +5.63% | +10.28% |
| 2024 | +10.33% | +10.96% |
| 2023 | +7.65% | +16.28% |
| 2022 | +2.99% | +2.70% |
| 2021 | +2.99% | +8.85% |
Axis Gilt vs ICICI Prudential Retirement Fund Hybrid Conservative Plan: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 1,138 of them, one for each trading day from 28-02-2022 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 Gilt Fund (Direct)
ICICI Prudential Retirement Fund Hybrid Conservative Plan (Direct)
to
Jul 2022Apr 2020
to
Apr 2023Feb 2021
to
Feb 2024Nov 2021
to
Nov 2024Sept 2022
to
Sept 2025Jun 2023
to
Jun 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Axis Gilt | 0.0 | 13.9 | 86.1 | 0.0 | 0.0 | 0.0 | 0.0 | 6.7% | 6.7% | 4.0% | 9.6% |
| ICICI Prudential Retirement Fund Hybrid Conservative Plan | 0.0 | 0.0 | 57.2 | 42.8 | 0.0 | 0.0 | 0.0 | 10.1% | 9.8% | 7.1% | 13.4% |
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. Every fund is measured over the days all of them have, from 28-02-2019. Past returns do not promise future returns.
Axis Gilt vs ICICI Prudential Retirement Fund Hybrid Conservative Plan: 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 01-02-2019 to 30-10-2026: 93 instalments, ₹9,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis GiltAxis Gilt Fund (Direct) | ₹9,30,000 | ₹11,85,096 | ₹2,55,096 | 6.2% |
| ICICI Prudential Retirement Fund Hybrid Conservative PlanICICI Prudential Retirement Fund Hybrid Conservative Plan (Direct) | ₹9,30,000 | ₹13,09,779 | ₹3,79,779 | 8.7% |
Axis GiltAxis Gilt Fund (Direct)
ICICI Prudential Retirement Fund Hybrid Conservative PlanICICI Prudential Retirement Fund Hybrid Conservative Plan (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 Gilt vs ICICI Prudential Retirement Fund Hybrid Conservative Plan: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Gilt Fund (Direct) | ICICI Prudential Retirement Fund Hybrid Conservative Plan (Direct) |
|---|---|---|
| Return (CAGR) | +3.08% | +2.02% |
| Standard deviation | 3.16% | 4.56% |
| Sharpe ratio | -0.69 | -0.71 |
| Sortino ratio | -0.96 | -0.92 |
| Maximum drawdown | −2.4% (02-04-2026) | −4.3% (23-10-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 Gilt Fund (Direct) | ICICI Prudential Retirement Fund Hybrid Conservative Plan (Direct) |
|---|---|---|
| Return (CAGR) | +6.94% | +9.12% |
| Standard deviation | 2.93% | 4.57% |
| Sharpe ratio | 0.31 | 0.68 |
| Sortino ratio | 0.45 | 0.92 |
| Maximum drawdown | −3.0% (26-08-2025) | −4.3% (23-10-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 Gilt Fund (Direct) | ICICI Prudential Retirement Fund Hybrid Conservative Plan (Direct) |
|---|---|---|
| Return (CAGR) | +5.86% | +8.17% |
| Standard deviation | 2.56% | 4.17% |
| Sharpe ratio | 0.03 | 0.57 |
| Sortino ratio | 0.04 | 0.77 |
| Maximum drawdown | −3.0% (26-08-2025) | −4.7% (17-06-2022) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 29-10-2021 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 Gilt Fund (Direct) | ICICI Prudential Retirement Fund Hybrid Conservative Plan (Direct) |
|---|---|---|
| Return (CAGR) | +7.28% | +9.24% |
| Standard deviation | 4.02% | 4.53% |
| Sharpe ratio | 0.31 | 0.90 |
| Sortino ratio | 0.43 | 1.21 |
| Maximum drawdown | −11.1% (19-08-2013) | −10.2% (23-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 02-01-2013 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 Gilt Fund (Direct)
ICICI Prudential Retirement Fund Hybrid Conservative Plan (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis Gilt Fund (Direct) | −3.0% | 28-05-2025 | 26-08-2025 | 17-02-2026 | 6 months | −1.9% |
| ICICI Prudential Retirement Fund Hybrid Conservative Plan (Direct) | −10.2% | 14-02-2020 | 23-03-2020 | 22-06-2020 | 3 months | −3.6% |
From daily values since 28-02-2019, 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 Gilt Fund (Direct)
ICICI Prudential Retirement Fund Hybrid Conservative Plan (Direct)
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 Gilt Fund (Direct)
ICICI Prudential Retirement Fund Hybrid Conservative Plan (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Axis Gilt Fund (Direct)
ICICI Prudential Retirement Fund Hybrid Conservative Plan (Direct)
Axis Gilt vs ICICI Prudential Retirement Fund Hybrid Conservative Plan: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Gilt Fund, September 2026; ICICI Prudential Retirement Fund Hybrid Conservative Plan, September 2026
Holdings in common
- Overlap
- 35.7%
- Held by both
- 3
- Only in Axis Gilt
- 22
- Only in ICICI Prudential Retirement Fund Hybrid Conservative Plan
- 31
| Security | % of Axis Gilt | % of ICICI Prudential Retirement Fund Hybrid Conservative Plan |
|---|---|---|
| 6.94% Government of India (11/05/2036) | 34.04% | 32.70% |
| 7.34% Government of India (22/04/2064) | 2.81% | 5.99% |
| 6.9% Government of India (15/04/2065) | 0.21% | 3.77% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 35.7% means 35.7% 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 Gilt Fund
| Security | % of fund |
|---|---|
| 7.24% Government of India (18/08/2055) | 11.14% |
| 91 Days Tbill (MD 10/12/2026) | 7.36% |
| 364 Days Tbill (MD 10/12/2026) | 7.36% |
| 7.09% Government of India (05/08/2054) | 6.95% |
| 7.06% Government of India (27/07/2041) | 3.72% |
Largest holdings only in ICICI Prudential Retirement Fund Hybrid Conservative Plan
| Security | % of fund |
|---|---|
| Housing and Urban Development Corporation Ltd. | 5.35% |
| NABARD | 5.24% |
| Rural Electrification Corporation Ltd. | 4.26% |
| Nirma Ltd. | 3.68% |
| Vedanta Ltd. | 2.12% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Gilt | ICICI Prudential Retirement Fund Hybrid Conservative Plan |
|---|---|---|
| Equity | 0.0% | 22.6% |
| Debt | 97.0% | 71.5% |
| Cash and others | 3.0% | 5.9% |
Market cap of stocks
| Market cap | Axis Gilt | ICICI Prudential Retirement Fund Hybrid Conservative Plan |
|---|---|---|
| Large Cap | -- | 15.9% |
| Mid Cap | -- | 3.6% |
| Small Cap | -- | 3.1% |
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 Gilt | ICICI Prudential Retirement Fund Hybrid Conservative Plan |
|---|---|---|
| Banks | 0.0% | 2.6% |
| Ferrous Metals | 0.0% | 2.6% |
| Auto Components | 0.0% | 2.5% |
| Retailing | 0.0% | 2.4% |
| Insurance | 0.0% | 2.1% |
| Consumer Durables | 0.0% | 1.9% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Gilt vs ICICI Prudential Retirement Fund Hybrid Conservative Plan: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Gilt Fund | ICICI Prudential Retirement Fund Hybrid Conservative Plan |
|---|---|---|
| Total expense ratio (Direct) | 0.46% | 1.03% |
| Base expense ratio (Direct) | 0.37% | 0.79% |
| Total expense ratio (Regular) | 0.86% | 2.24% |
| Base expense ratio (Regular) | 0.71% | 1.84% |
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 Gilt Fund vs ICICI Prudential Retirement Fund Hybrid Conservative Plan: Frequently Asked Questions
What is the difference between Axis Gilt Fund and ICICI Prudential Retirement Fund Hybrid Conservative Plan?
Axis Gilt Fund is a Gilt fund, ICICI Prudential Retirement Fund Hybrid Conservative Plan is a Solution fund, run by Axis Mutual Fund and ICICI Prudential Mutual Fund. Their portfolios overlap 35.7%. Axis Gilt Fund charges 0.46% a year and ICICI Prudential Retirement Fund Hybrid Conservative Plan 1.03%.
Which has given higher returns, Axis Gilt Fund or ICICI Prudential Retirement Fund Hybrid Conservative Plan?
Over 1 year: Axis Gilt Fund +3.08%, ICICI Prudential Retirement Fund Hybrid Conservative Plan +2.02%. Over 3 years: Axis Gilt Fund +6.94% a year, ICICI Prudential Retirement Fund Hybrid Conservative Plan +9.12% a year. Over 5 years: Axis Gilt Fund +5.86% a year, ICICI Prudential Retirement Fund Hybrid Conservative Plan +8.17% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Gilt Fund or ICICI Prudential Retirement Fund Hybrid Conservative Plan?
Axis Gilt Fund charges less: 0.46% a year against 1.03%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Gilt Fund and ICICI Prudential Retirement Fund Hybrid Conservative Plan overlap?
35.7%. They hold 3 of the same securities, the largest shared ones being 6.94% Government of India (11/05/2036), 7.34% Government of India (22/04/2064), 6.9% Government of India (15/04/2065). From each fund's latest monthly portfolio.
Which is better for SIP, Axis Gilt Fund or ICICI Prudential Retirement Fund Hybrid Conservative Plan?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,09,346 in Axis Gilt Fund (XIRR 5.9% a year) and ₹7,49,660 in ICICI Prudential Retirement Fund Hybrid Conservative Plan (XIRR 8.1% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Axis Gilt Fund and ICICI Prudential Retirement Fund Hybrid Conservative Plan?
Yes. 35.7% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Axis Gilt Fund and ICICI Prudential Retirement Fund Hybrid Conservative Plan?
Axis Gilt Fund: Devang Shah, Sachin Jain. ICICI Prudential Retirement Fund Hybrid Conservative Plan: Darshil Dedhia, Rohit Lakhotia, Manasvi Shah.
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.