Axis India Manufacturing Fund vs HDFC Innovation Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis India Manufacturing Fund is a Thematic fund and HDFC Innovation Fund is a Thematic fund. In the year to 30-10-2026, Axis India Manufacturing Fund (Direct) returned 8.3% and HDFC Innovation Fund (Direct) returned 10.0%. Axis India Manufacturing Fund charges 0.93% a year and HDFC Innovation Fund 1.02% (Direct plans). Their portfolios overlap 30.5%: they hold 22 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 HDFC Innovation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Innovation returned more over 1 year: 10.0% against 8.3%.
- Axis India Manufacturing costs less: 0.93% a year against 1.02% (Direct plans).
- Axis India Manufacturing fell less in its worst fall since 17-07-2025: −10.9% against −12.3%.
- Axis India Manufacturing is the larger fund: ₹5,540 Cr against ₹3,152 Cr.
- Their portfolios overlap 30.5%: 22 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 | HDFC Innovation Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | HDFC Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹5,540 Cr (30-09-2026) | ₹3,152 Cr (30-09-2026) |
| NAV | ₹15.95 (Direct) | ₹11.52 (Direct) |
| Expense ratio (Direct) | 0.93% | 1.02% |
| Expense ratio (Regular) | 2.09% | 2.09% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty India Manufacturing TRI | Nifty 500 TRI |
| Launch date | 21-12-2023 | 17-07-2025 |
| Minimum investment | ₹500 | ₹100 |
| Lock in | None | None |
| Fund managers | Nitin Arora | Amit Sinha, Gopal Agrawal, Bhagyesh Kagalkar |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 90 Days. | • In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed/ switched-out within 1 month from the date of allotment. • No Exit Load is payable if Units are redeemed / switched-out after 1 month from the date of allotment. |
Axis India Manufacturing vs HDFC Innovation: 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% | -- | -- | -- |
| HDFC Innovation Fund (Direct) | −1.16% | +0.14% | +11.94% | +9.99% | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
Axis India Manufacturing vs HDFC Innovation: Year-wise Returns
| Year | Axis India ManufacturingAxis India Manufacturing | HDFC InnovationHDFC Innovation |
|---|---|---|
| 2026to date | +9.70% | +12.17% |
| 2025 | +5.06% | -- |
| 2024 | +35.55% | -- |
Axis India Manufacturing vs HDFC Innovation: 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, 71 of them, one for each trading day from 17-07-2026 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 India Manufacturing Fund (Direct)
HDFC Innovation Fund (Direct)
Nifty India Manufacturing TRI
to
Jul 2026Aug 2025
to
Aug 2026Aug 2025
to
Aug 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 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 India Manufacturing | 0.0 | 0.0 | 9.9 | 40.8 | 29.6 | 19.7 | 0.0 | 15.4% | 14.8% | 5.1% | 23.7% | 96% |
| HDFC Innovation | 0.0 | 0.0 | 9.9 | 33.8 | 38.0 | 18.3 | 0.0 | 15.8% | 16.2% | 5.6% | 22.8% | 96% |
| Nifty India Manufacturing TRI | 8.5 | 21.1 | 16.9 | 29.6 | 22.5 | 1.4 | 0.0 | 9.5% | 10.8% | −3.4% | 20.4% | -- |
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. 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 17-07-2025. Past returns do not promise future returns.
Axis India Manufacturing vs HDFC Innovation: 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 01-07-2025 to 30-10-2026: 16 instalments, ₹1,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis India ManufacturingAxis India Manufacturing Fund (Direct) | ₹1,60,000 | ₹1,71,412 | ₹11,412 | 10.2% |
| HDFC InnovationHDFC Innovation Fund (Direct) | ₹1,60,000 | ₹1,76,732 | ₹16,732 | 15.0% |
Axis India ManufacturingAxis India Manufacturing Fund (Direct)
HDFC InnovationHDFC Innovation 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 HDFC Innovation: 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) | HDFC Innovation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.28% | +9.99% |
| Standard deviation | 16.09% | 15.01% |
| Sharpe ratio | 0.19 | 0.32 |
| Sortino ratio | 0.26 | 0.44 |
| Maximum drawdown | −10.9% (23-10-2026) | −12.3% (31-03-2026) |
| Beta | 0.98 | 0.95 |
| Alpha | +9.84% | +16.66% |
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) | HDFC Innovation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +17.32% | +11.54% |
| Standard deviation | 15.99% | 14.15% |
| Sharpe ratio | 0.71 | 0.44 |
| Sortino ratio | 0.96 | 0.61 |
| Maximum drawdown | −23.0% (28-02-2025) | −12.3% (31-03-2026) |
| Beta | 0.96 | 0.96 |
| Alpha | +5.12% | +15.30% |
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)
HDFC Innovation 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) | −10.9% | 31-08-2026 | 23-10-2026 | Not yet | -- | −7.2% |
| HDFC Innovation Fund (Direct) | −12.3% | 17-11-2025 | 31-03-2026 | 06-05-2026 | 36 days | −5.5% |
| Nifty India Manufacturing TRI | −12.8% | 07-08-2026 | 23-10-2026 | Not yet | -- | −10.5% |
From daily values since 17-07-2025, 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)
HDFC Innovation Fund (Direct)
Nifty India Manufacturing TRI
Against Nifty India Manufacturing TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis India Manufacturing Fund (Direct) | 108% | 82% | 5.20% |
| HDFC Innovation Fund (Direct) | 99% | 64% | 9.12% |
From month-end values since 17-07-2025. 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 HDFC Innovation: Portfolio Overlap
From each fund's latest monthly portfolio: Axis India Manufacturing Fund, September 2026; HDFC Innovation Fund, September 2026
Holdings in common
- Overlap
- 30.5%
- Held by both
- 22
- Only in Axis India Manufacturing
- 51
- Only in HDFC Innovation
- 56
| Security | % of Axis India Manufacturing | % of HDFC Innovation |
|---|---|---|
| Divi's Laboratories Limited | 3.57% | 3.32% |
| Mahindra & Mahindra Limited | 4.82% | 3.10% |
| Bharat Electronics Limited | 2.95% | 3.12% |
| Sun Pharmaceutical Industries Limited | 3.61% | 2.54% |
| Torrent Pharmaceuticals Limited | 2.11% | 2.25% |
| GE Vernova T&D India Limited | 2.10% | 2.12% |
| Hindustan Aeronautics Limited | 1.75% | 2.72% |
| Reliance Industries Limited | 2.81% | 1.62% |
| Sona BLW Precision Forgings Limited | 3.21% | 1.46% |
| Samvardhana Motherson International Limited | 2.26% | 1.08% |
| Sai Life Sciences Limited | 1.07% | 1.13% |
| Ather Energy Limited | 1.98% | 1.00% |
| Indo-MIM Limited | 1.49% | 0.95% |
| Laurus Labs Limited | 0.89% | 0.98% |
| Bharat Forge Limited | 1.44% | 0.85% |
| ABB India Limited | 0.89% | 0.85% |
| Cummins India Limited | 2.39% | 0.81% |
| Dhoot Transmission Ltd | 0.81% | 0.52% |
| SRF Limited | 0.52% | 1.33% |
| Tenneco Clean Air India Limited | 0.49% | 0.58% |
| Hyundai Motor India Ltd | 1.59% | 0.33% |
| Rubicon Research Limited | 0.19% | 3.21% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 30.5% means 30.5% 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 |
|---|---|
| TVS Motor Company Limited | 2.81% |
| Bharat Heavy Electricals Limited | 2.48% |
| Hindalco Industries Limited | 2.26% |
| TD Power Systems Limited | 2.12% |
| Craftsman Automation Limited | 2.11% |
Largest holdings only in HDFC Innovation Fund
| Security | % of fund |
|---|---|
| Eternal Limited | 9.19% |
| Bajaj Finance Ltd. | 4.02% |
| LENSKART SOLUTIONS LIMITED | 2.52% |
| PB Fintech Limited | 2.41% |
| INFO EDGE (INDIA) LIMITED | 2.34% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis India Manufacturing | HDFC Innovation |
|---|---|---|
| Equity | 96.9% | 93.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 3.1% | 6.8% |
Market cap of stocks
| Market cap | Axis India Manufacturing | HDFC Innovation |
|---|---|---|
| Large Cap | 50.9% | 44.3% |
| Mid Cap | 19.0% | 21.0% |
| Small Cap | 22.6% | 22.6% |
| Not on AMFI's list | 4.4% | 5.3% |
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 | HDFC Innovation |
|---|---|---|
| Pharmaceuticals & Biotechnology | 14.9% | 16.5% |
| Auto Components | 15.4% | 5.4% |
| Retailing | 0.0% | 14.8% |
| Electrical Equipment | 14.5% | 8.3% |
| Automobiles | 14.5% | 4.4% |
| Industrial Products | 7.4% | 1.0% |
| Aerospace & Defense | 5.3% | 7.2% |
| Finance | 0.0% | 5.4% |
The six largest sectors of each fund's stocks, % of the fund.
Axis India Manufacturing vs HDFC Innovation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis India Manufacturing Fund | HDFC Innovation Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.93% | 1.02% |
| Base expense ratio (Direct) | 0.62% | 0.76% |
| Total expense ratio (Regular) | 2.09% | 2.09% |
| Base expense ratio (Regular) | 1.60% | 1.67% |
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 HDFC Innovation Fund: Frequently Asked Questions
What is the difference between Axis India Manufacturing Fund and HDFC Innovation Fund?
Axis India Manufacturing Fund is a Thematic fund, HDFC Innovation Fund is a Thematic fund, run by Axis Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 30.5%. Axis India Manufacturing Fund charges 0.93% a year and HDFC Innovation Fund 1.02%.
Which has given higher returns, Axis India Manufacturing Fund or HDFC Innovation Fund?
Over 1 year: Axis India Manufacturing Fund +8.28%, HDFC Innovation Fund +9.99%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis India Manufacturing Fund or HDFC Innovation Fund?
Axis India Manufacturing Fund charges less: 0.93% a year against 1.02%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis India Manufacturing Fund and HDFC Innovation Fund overlap?
30.5%. They hold 22 of the same securities, the largest shared ones being DIVISLAB, M&M, BEL. From each fund's latest monthly portfolio.
Which is riskier, Axis India Manufacturing Fund or HDFC Innovation Fund?
On SEBI's riskometer, Axis India Manufacturing Fund is rated Very High and HDFC Innovation Fund Very High. Over 1 years, the standard deviation of daily returns was 16.09% and 15.01% a year.
Can I invest in both Axis India Manufacturing Fund and HDFC Innovation Fund?
Yes. 30.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Axis India Manufacturing Fund and HDFC Innovation Fund?
Axis India Manufacturing Fund: Nitin Arora. HDFC Innovation Fund: Amit Sinha, Gopal Agrawal, Bhagyesh Kagalkar.
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.