Axis India Manufacturing Fund vs Axis Multicap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis India Manufacturing Fund is a Thematic fund and Axis Multicap Fund is a Multi Cap fund. In the year to 30-10-2026, Axis India Manufacturing Fund (Direct) returned 8.3% and Axis Multicap Fund (Direct) returned 3.8%. Axis India Manufacturing Fund charges 0.93% a year and Axis Multicap Fund 0.93% (Direct plans). Their portfolios overlap 43.6%: they hold 47 of the same securities.
Axis India Manufacturing Fund
Thematic
- 1 year return
- 8.3%
- Expense ratio
- 0.93%
- NAV
- ₹15.95
Which is better, Axis India Manufacturing or Axis Multicap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Axis India Manufacturing returned more over 1 year: 8.3% against 3.8%.
- Axis Multicap fell less in its worst fall since 27-12-2023: −18.1% against −23.0%.
- Axis India Manufacturing holds more in large companies: 50.9% of the fund in large caps against 39.1%.
- Axis Multicap is the larger fund: ₹11,972 Cr against ₹5,540 Cr.
- Their portfolios overlap 43.6%: 47 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 India Manufacturing Fund | Axis Multicap Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Axis Mutual Fund |
| Category | Thematic | Multi Cap |
| AUM | ₹5,540 Cr (30-09-2026) | ₹11,972 Cr (30-09-2026) |
| NAV | ₹15.95 (Direct) | ₹20.12 (Direct) |
| Expense ratio (Direct) | 0.93% | 0.93% |
| Expense ratio (Regular) | 2.09% | 1.99% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty India Manufacturing TRI | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 21-12-2023 | 17-12-2021 |
| Minimum investment | ₹500 | ₹100 |
| Lock in | None | None |
| Fund managers | Nitin Arora | Nitin Arora, Shreyash Devalkar, Hitesh Das |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 90 Days. | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 365 days |
Axis India Manufacturing vs Axis Multicap: 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 India Manufacturing Fund (Direct) | −3.10% | −0.56% | +5.70% | +8.28% | -- | -- | -- |
| Axis Multicap Fund (Direct) | −1.18% | +0.20% | +7.65% | +3.76% | +18.70% | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
Category average: the average of the 235 Thematic funds and the 33 Multi Cap funds, same plan type.
Axis India Manufacturing vs Axis Multicap: Year-wise Returns
| Year | India ManufacturingAxis India Manufacturing | MulticapAxis Multicap |
|---|---|---|
| 2026to date | +9.70% | +5.62% |
| 2025 | +5.06% | +2.42% |
| 2024 | +35.55% | +33.81% |
| 2023 | -- | +38.31% |
| 2022 | -- | −0.20% |
Axis India Manufacturing vs Axis Multicap: Rolling Returns
Every holding period of both funds, against Nifty India Manufacturing TRI, the benchmark of Axis India Manufacturing Fund
Rolling returns
Every 1-year holding period, 460 of them, one for each trading day from 27-12-2024 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 India Manufacturing Fund (Direct)
Axis Multicap Fund (Direct)
Nifty India Manufacturing TRI
to
Feb 2025Jun 2024
to
Jun 2025Oct 2024
to
Oct 2025Jan 2025
to
Jan 2026May 2025
to
May 2026Sept 2025
to
Sept 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 India Manufacturing | 15.7 | 13.5 | 23.3 | 21.7 | 13.5 | 7.4 | 5.0 | 9.9% | 9.5% | −5.5% | 37.7% | 58% |
| Axis Multicap | 5.4 | 23.3 | 35.4 | 21.5 | 8.3 | 2.8 | 3.3 | 8.9% | 7.8% | −4.2% | 37.6% | 53% |
| Nifty India Manufacturing TRI | 17.8 | 15.0 | 19.1 | 24.3 | 13.3 | 6.5 | 3.9 | 9.2% | 9.4% | −6.6% | 31.0% | -- |
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 India Manufacturing 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 27-12-2023. Past returns do not promise future returns.
Axis India Manufacturing vs Axis Multicap: 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 27-12-2023 to 30-10-2026: 35 instalments, ₹3,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis India ManufacturingAxis India Manufacturing Fund (Direct) | ₹3,50,000 | ₹4,10,965 | ₹60,965 | 11.1% |
| Axis MulticapAxis Multicap Fund (Direct) | ₹3,50,000 | ₹4,01,211 | ₹51,211 | 9.4% |
Axis India ManufacturingAxis India Manufacturing Fund (Direct)
Axis MulticapAxis Multicap 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 India Manufacturing vs Axis Multicap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis India Manufacturing Fund (Direct) | Axis Multicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.28% | +3.76% |
| Standard deviation | 16.09% | 15.43% |
| Sharpe ratio | 0.19 | -0.10 |
| Sortino ratio | 0.26 | -0.13 |
| Maximum drawdown | −10.9% (23-10-2026) | −13.2% (23-03-2026) |
| Beta | 0.98 | 1.00 |
| Alpha | +9.84% | +9.82% |
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 India Manufacturing Fund (Direct) | Axis Multicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +17.32% | +15.48% |
| Standard deviation | 15.99% | 13.92% |
| Sharpe ratio | 0.71 | 0.69 |
| Sortino ratio | 0.96 | 0.94 |
| Maximum drawdown | −23.0% (28-02-2025) | −18.1% (28-02-2025) |
| Beta | 0.96 | 0.89 |
| Alpha | +5.12% | +4.98% |
From daily NAVs, 27-12-2023 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 India Manufacturing Fund (Direct)
Axis Multicap Fund (Direct)
Nifty India Manufacturing TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis India Manufacturing Fund (Direct) | −23.0% | 27-09-2024 | 28-02-2025 | 29-04-2026 | 14 months | −7.2% |
| Axis Multicap Fund (Direct) | −18.1% | 26-09-2024 | 28-02-2025 | 29-10-2025 | 8 months | −5.7% |
| Nifty India Manufacturing TRI | −23.0% | 27-09-2024 | 07-04-2025 | 05-01-2026 | 9 months | −10.5% |
From daily values since 27-12-2023, 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 India Manufacturing Fund (Direct)
Axis Multicap Fund (Direct)
Nifty India Manufacturing TRI
Against Nifty India Manufacturing TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis India Manufacturing Fund (Direct) | 108% | 88% | 4.41% |
| Axis Multicap Fund (Direct) | 92% | 77% | 7.18% |
From month-end values since 27-12-2023. 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 India Manufacturing vs Axis Multicap: Portfolio Overlap
From each fund's latest monthly portfolio: Axis India Manufacturing Fund, September 2026; Axis Multicap Fund, September 2026
Holdings in common
- Overlap
- 43.6%
- Held by both
- 47
- Only in Axis India Manufacturing
- 26
- Only in Axis Multicap
- 61
| Security | % of Axis India Manufacturing | % of Axis Multicap |
|---|---|---|
| Sona BLW Precision Forgings Limited | 3.21% | 2.53% |
| Apar Industries Limited | 2.11% | 2.03% |
| TD Power Systems Limited | 2.12% | 1.92% |
| Welspun Corp Limited | 1.79% | 2.35% |
| Ather Energy Limited | 1.98% | 1.78% |
| Sansera Engineering Limited | 2.05% | 1.77% |
| Craftsman Automation Limited | 2.11% | 1.56% |
| Torrent Pharmaceuticals Limited | 2.11% | 1.44% |
| GE Vernova T&D India Limited | 2.10% | 1.43% |
| Minda Corporation Limited | 1.41% | 1.58% |
| Mahindra & Mahindra Limited | 4.82% | 1.37% |
| Indo-MIM Limited | 1.49% | 1.27% |
| Solar Industries India Limited | 1.78% | 1.15% |
| Gland Pharma Limited | 1.21% | 1.13% |
| Divi's Laboratories Limited | 3.57% | 1.12% |
| Reliance Industries Limited | 2.81% | 1.11% |
| Bharat Heavy Electricals Limited | 2.48% | 1.10% |
| Sai Life Sciences Limited | 1.07% | 1.31% |
| Premier Energies Limited | 1.19% | 1.03% |
| Samvardhana Motherson International Limited | 2.26% | 1.00% |
| TVS Motor Company Limited | 2.81% | 0.97% |
| Hyundai Motor India Ltd | 1.59% | 0.89% |
| Laurus Labs Limited | 0.89% | 0.82% |
| Amber Enterprises India Limited | 1.08% | 0.79% |
| Dhoot Transmission Ltd | 0.81% | 0.75% |
| Sun Pharmaceutical Industries Limited | 3.61% | 0.72% |
| UltraTech Cement Limited | 1.37% | 0.68% |
| Bharat Electronics Limited | 2.95% | 0.66% |
| CG Power and Industrial Solutions Limited | 1.30% | 0.65% |
| Dixon Technologies (India) Limited | 1.24% | 0.65% |
| Radico Khaitan Limited | 0.63% | 1.22% |
| Azad Engineering Ltd | 0.79% | 0.60% |
| Cummins India Limited | 2.39% | 0.55% |
| Kirloskar Oil Engines Limited | 0.52% | 0.52% |
| Glenmark Pharmaceuticals Limited | 0.50% | 0.75% |
| Blue Star Limited | 0.84% | 0.44% |
| MTAR Technologies Limited | 0.44% | 0.68% |
| Jindal Steel Limited | 1.05% | 0.43% |
| Carborundum Universal Limited | 0.99% | 0.42% |
| Pidilite Industries Limited | 0.85% | 0.41% |
| Schaeffler India Limited | 1.07% | 0.37% |
| Triveni Turbine Limited | 0.54% | 0.35% |
| K.P.R. Mill Limited | 0.44% | 0.35% |
| Tenneco Clean Air India Limited | 0.49% | 0.34% |
| Piramal Pharma Limited | 0.55% | 0.33% |
| Rubicon Research Limited | 0.19% | 0.20% |
| Bharat Forge Limited | 1.44% | 0.13% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 43.6% means 43.6% 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 India Manufacturing Fund
| Security | % of fund |
|---|---|
| Hindalco Industries Limited | 2.26% |
| Maruti Suzuki India Limited | 1.76% |
| Hindustan Aeronautics Limited | 1.75% |
| Bajaj Auto Limited | 1.56% |
| Tata Steel Limited | 1.46% |
Largest holdings only in Axis Multicap Fund
| Security | % of fund |
|---|---|
| ICICI Bank Limited | 3.25% |
| HDFC Bank Limited | 2.72% |
| Eternal Limited | 2.41% |
| Multi Commodity Exchange of India Limited | 1.97% |
| Shriram Finance Limited | 1.91% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis India Manufacturing | Axis Multicap |
|---|---|---|
| Equity | 96.9% | 95.4% |
| Debt | 0.0% | 0.0% |
| Cash and others | 3.1% | 4.6% |
Market cap of stocks
| Market cap | Axis India Manufacturing | Axis Multicap |
|---|---|---|
| Large Cap | 50.9% | 39.1% |
| Mid Cap | 19.0% | 23.8% |
| Small Cap | 22.6% | 28.5% |
| Not on AMFI's list | 4.4% | 3.9% |
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 India Manufacturing | Axis Multicap |
|---|---|---|
| Auto Components | 15.4% | 10.0% |
| Banks | 0.0% | 15.2% |
| Pharmaceuticals & Biotechnology | 14.9% | 7.8% |
| Electrical Equipment | 14.5% | 9.8% |
| Automobiles | 14.5% | 5.0% |
| Industrial Products | 7.4% | 3.8% |
| Retailing | 0.0% | 5.3% |
| Aerospace & Defense | 5.3% | 0.7% |
The six largest sectors of each fund's stocks, % of the fund.
Axis India Manufacturing vs Axis Multicap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis India Manufacturing Fund | Axis Multicap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.93% | 0.93% |
| Base expense ratio (Direct) | 0.62% | 0.59% |
| Total expense ratio (Regular) | 2.09% | 1.99% |
| Base expense ratio (Regular) | 1.60% | 1.48% |
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 India Manufacturing with
Axis India Manufacturing Fund vs Axis Multicap Fund: Frequently Asked Questions
What is the difference between Axis India Manufacturing Fund and Axis Multicap Fund?
Axis India Manufacturing Fund is a Thematic fund, Axis Multicap Fund is a Multi Cap fund, run by Axis Mutual Fund. Their portfolios overlap 43.6%. Axis India Manufacturing Fund charges 0.93% a year and Axis Multicap Fund 0.93%.
Which has given higher returns, Axis India Manufacturing Fund or Axis Multicap Fund?
Over 1 year: Axis India Manufacturing Fund +8.28%, Axis Multicap Fund +3.76%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis India Manufacturing Fund or Axis Multicap Fund?
Both charge 0.93% a year.
How much do Axis India Manufacturing Fund and Axis Multicap Fund overlap?
43.6%. They hold 47 of the same securities, the largest shared ones being SONACOMS, APARINDS, TDPOWERSYS. From each fund's latest monthly portfolio.
Which is riskier, Axis India Manufacturing Fund or Axis Multicap Fund?
On SEBI's riskometer, Axis India Manufacturing Fund is rated Very High and Axis Multicap Fund Very High. Over 1 years, the standard deviation of daily returns was 16.09% and 15.43% a year.
Can I invest in both Axis India Manufacturing Fund and Axis Multicap Fund?
Yes. 43.6% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Axis India Manufacturing Fund and Axis Multicap Fund?
Axis India Manufacturing Fund: Nitin Arora. Axis Multicap Fund: Nitin Arora, Shreyash Devalkar, Hitesh Das.
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.