Axis India Manufacturing Fund vs HDFC Manufacturing Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis India Manufacturing Fund is a Thematic fund and HDFC Manufacturing Fund is a Thematic fund. In the year to 30-10-2026, Axis India Manufacturing Fund (Direct) returned 8.3% and HDFC Manufacturing Fund (Direct) returned −0.9%. Axis India Manufacturing Fund charges 0.93% a year and HDFC Manufacturing Fund 0.95% (Direct plans). Their portfolios overlap 41.9%: they hold 37 of the same securities.
Axis India Manufacturing Fund
Thematic
- 1 year return
- 8.3%
- Expense ratio
- 0.93%
- NAV
- ₹15.95
HDFC Manufacturing Fund
Thematic
- 1 year return
- −0.9%
- Expense ratio
- 0.95%
- NAV
- ₹11.33
Which is better, Axis India Manufacturing or HDFC Manufacturing? 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 −0.9%.
- Axis India Manufacturing costs less: 0.93% a year against 0.95% (Direct plans).
- HDFC Manufacturing fell less in its worst fall since 16-05-2024: −21.5% against −23.0%.
- HDFC Manufacturing is the larger fund: ₹10,280 Cr against ₹5,540 Cr.
- Their portfolios overlap 41.9%: 37 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 Manufacturing Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | HDFC Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹5,540 Cr (30-09-2026) | ₹10,280 Cr (30-09-2026) |
| NAV | ₹15.95 (Direct) | ₹11.33 (Direct) |
| Expense ratio (Direct) | 0.93% | 0.95% |
| Expense ratio (Regular) | 2.09% | 1.85% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty India Manufacturing TRI | Nifty India Manufacturing TRI |
| Launch date | 21-12-2023 | 16-05-2024 |
| Minimum investment | ₹500 | ₹100 |
| Lock in | None | None |
| Fund managers | Nitin Arora | Rakesh Sethia, 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% 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. In respect of Systematic Transactions such as SIP, Flex SIP, STP, Flex STP, Swing STP, Exit Load, if any, prevailing on the date of registration / enrolment shall be levied. |
Axis India Manufacturing vs HDFC Manufacturing: 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 Manufacturing Fund (Direct) | −4.85% | −4.99% | −0.72% | −0.95% | -- | -- | -- |
| 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 Manufacturing: Year-wise Returns
| Year | Axis IndiaAxis India Manufacturing | HDFCHDFC Manufacturing | Nifty India Manufacturing TRI |
|---|---|---|---|
| 2026to date | +9.70% | +0.20% | −2.54% |
| 2025 | +5.06% | +8.17% | +12.28% |
| 2024 | +35.55% | -- | +25.99% |
Axis India Manufacturing vs HDFC Manufacturing: Rolling Returns
Every holding period of both funds, against Nifty India Manufacturing TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 366 of them, one for each trading day from 16-05-2025 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 India Manufacturing Fund (Direct)
HDFC Manufacturing Fund (Direct)
Nifty India Manufacturing TRI
to
Jun 2025Sept 2024
to
Sept 2025Dec 2024
to
Dec 2025Mar 2025
to
Mar 2026Jun 2025
to
Jun 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 | 19.4 | 15.3 | 19.4 | 23.2 | 15.0 | 6.8 | 0.8 | 8.6% | 9.0% | −5.5% | 27.9% | 47% |
| HDFC Manufacturing | 14.7 | 26.1 | 30.6 | 16.9 | 10.0 | 1.7 | 0.0 | 6.8% | 6.9% | −4.2% | 23.5% | 36% |
| Nifty India Manufacturing TRI | 21.3 | 15.0 | 15.3 | 27.3 | 12.8 | 6.0 | 2.2 | 8.6% | 9.5% | −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 16-05-2024. Past returns do not promise future returns.
Axis India Manufacturing vs HDFC Manufacturing: 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 02-05-2024 to 30-10-2026: 30 instalments, ₹3,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis India ManufacturingAxis India Manufacturing Fund (Direct) | ₹3,00,000 | ₹3,36,824 | ₹36,824 | 9.3% |
| HDFC ManufacturingHDFC Manufacturing Fund (Direct) | ₹3,00,000 | ₹3,12,897 | ₹12,897 | 3.3% |
Axis India ManufacturingAxis India Manufacturing Fund (Direct)
HDFC ManufacturingHDFC Manufacturing 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 Manufacturing: 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 Manufacturing Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.28% | −0.95% |
| Standard deviation | 16.09% | 16.40% |
| Sharpe ratio | 0.19 | -0.38 |
| Sortino ratio | 0.26 | -0.51 |
| Maximum drawdown | −10.9% (23-10-2026) | −12.0% (30-03-2026) |
| Beta | 0.98 | 1.00 |
| Alpha | +9.84% | +0.78% |
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 Manufacturing Fund (Direct) |
|---|---|---|
| Return (CAGR) | +17.32% | +4.75% |
| Standard deviation | 15.99% | 15.83% |
| Sharpe ratio | 0.71 | -0.07 |
| Sortino ratio | 0.96 | -0.09 |
| Maximum drawdown | −23.0% (28-02-2025) | −21.5% (28-02-2025) |
| Beta | 0.96 | 0.93 |
| Alpha | +5.12% | −0.59% |
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 Manufacturing 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% |
| HDFC Manufacturing Fund (Direct) | −21.5% | 27-09-2024 | 28-02-2025 | 06-05-2026 | 14 months | −8.6% |
| Nifty India Manufacturing TRI | −23.0% | 27-09-2024 | 07-04-2025 | 05-01-2026 | 9 months | −10.5% |
From daily values since 16-05-2024, 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 India Manufacturing Fund (Direct)
HDFC Manufacturing Fund (Direct)
Nifty India Manufacturing TRI
Against Nifty India Manufacturing TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis India Manufacturing Fund (Direct) | 106% | 88% | 4.59% |
| HDFC Manufacturing Fund (Direct) | 93% | 91% | 4.44% |
From month-end values since 16-05-2024. 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 India Manufacturing vs HDFC Manufacturing: Portfolio Overlap
From each fund's latest monthly portfolio: Axis India Manufacturing Fund, September 2026; HDFC Manufacturing Fund, September 2026
Holdings in common
- Overlap
- 41.9%
- Held by both
- 37
- Only in Axis India Manufacturing
- 36
- Only in HDFC Manufacturing
- 52
| Security | % of Axis India Manufacturing | % of HDFC Manufacturing |
|---|---|---|
| Divi's Laboratories Limited | 3.57% | 6.01% |
| Mahindra & Mahindra Limited | 4.82% | 3.50% |
| Reliance Industries Limited | 2.81% | 4.50% |
| Bharat Electronics Limited | 2.95% | 2.42% |
| Cummins India Limited | 2.39% | 2.06% |
| Sun Pharmaceutical Industries Limited | 3.61% | 1.90% |
| Maruti Suzuki India Limited | 1.76% | 3.33% |
| Hindustan Aeronautics Limited | 1.75% | 2.38% |
| Hyundai Motor India Ltd | 1.59% | 1.66% |
| Bajaj Auto Limited | 1.56% | 2.22% |
| Bharat Forge Limited | 1.44% | 1.57% |
| Vedanta Aluminium Metal Limited | 1.32% | 1.65% |
| CG Power and Industrial Solutions Limited | 1.30% | 1.58% |
| Dixon Technologies (India) Limited | 1.24% | 1.85% |
| Gland Pharma Limited | 1.21% | 1.44% |
| Hindalco Industries Limited | 2.26% | 1.19% |
| JSW Steel Limited | 1.08% | 3.29% |
| Bharat Petroleum Corporation Limited | 1.02% | 1.68% |
| Craftsman Automation Limited | 2.11% | 0.91% |
| Tata Steel Limited | 1.46% | 0.75% |
| Carborundum Universal Limited | 0.99% | 0.65% |
| Schaeffler India Limited | 1.07% | 0.61% |
| ABB India Limited | 0.89% | 0.61% |
| Sona BLW Precision Forgings Limited | 3.21% | 0.60% |
| Cyient Dlm Ltd | 0.59% | 2.02% |
| Bosch Limited | 0.53% | 0.82% |
| Amber Enterprises India Limited | 1.08% | 0.52% |
| Glenmark Pharmaceuticals Limited | 0.50% | 1.31% |
| Piramal Pharma Limited | 0.55% | 0.48% |
| Premier Energies Limited | 1.19% | 0.44% |
| Samvardhana Motherson International Limited | 2.26% | 0.38% |
| Dhoot Transmission Ltd | 0.81% | 0.33% |
| Ather Energy Limited | 1.98% | 0.31% |
| Tenneco Clean Air India Limited | 0.49% | 0.30% |
| Anthem Biosciences Limited | 0.28% | 0.42% |
| Indo-MIM Limited | 1.49% | 0.26% |
| PI Industries Limited | 0.16% | 0.11% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 41.9% means 41.9% 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 India Manufacturing Fund
| Security | % of fund |
|---|---|
| TVS Motor Company Limited | 2.81% |
| Bharat Heavy Electricals Limited | 2.48% |
| TD Power Systems Limited | 2.12% |
| Torrent Pharmaceuticals Limited | 2.11% |
| Apar Industries Limited | 2.11% |
Largest holdings only in HDFC Manufacturing Fund
| Security | % of fund |
|---|---|
| Tata Motors Limited | 2.87% |
| Tata Motors Passenger Vehicles Limited | 1.99% |
| Hindustan Petroleum Corp. Ltd. | 1.83% |
| Lupin Ltd. | 1.78% |
| Ambuja Cements Ltd. | 1.78% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis India Manufacturing | HDFC Manufacturing |
|---|---|---|
| Equity | 96.9% | 97.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 3.1% | 2.8% |
Market cap of stocks
| Market cap | Axis India Manufacturing | HDFC Manufacturing |
|---|---|---|
| Large Cap | 50.9% | 49.8% |
| Mid Cap | 19.0% | 14.7% |
| Small Cap | 22.6% | 31.7% |
| Not on AMFI's list | 4.4% | 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 India Manufacturing | HDFC Manufacturing |
|---|---|---|
| Pharmaceuticals & Biotechnology | 14.9% | 15.7% |
| Auto Components | 15.4% | 8.6% |
| Electrical Equipment | 14.5% | 6.0% |
| Automobiles | 14.5% | 13.0% |
| Aerospace & Defense | 5.3% | 8.4% |
| Petroleum Products | 3.8% | 8.0% |
| Industrial Products | 7.4% | 8.0% |
The six largest sectors of each fund's stocks, % of the fund.
Axis India Manufacturing vs HDFC Manufacturing: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis India Manufacturing Fund | HDFC Manufacturing Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.93% | 0.95% |
| Base expense ratio (Direct) | 0.62% | 0.73% |
| Total expense ratio (Regular) | 2.09% | 1.85% |
| Base expense ratio (Regular) | 1.60% | 1.50% |
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 Manufacturing Fund: Frequently Asked Questions
What is the difference between Axis India Manufacturing Fund and HDFC Manufacturing Fund?
Axis India Manufacturing Fund is a Thematic fund, HDFC Manufacturing Fund is a Thematic fund, run by Axis Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 41.9%. Axis India Manufacturing Fund charges 0.93% a year and HDFC Manufacturing Fund 0.95%.
Which has given higher returns, Axis India Manufacturing Fund or HDFC Manufacturing Fund?
Over 1 year: Axis India Manufacturing Fund +8.28%, HDFC Manufacturing Fund −0.95%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis India Manufacturing Fund or HDFC Manufacturing Fund?
Axis India Manufacturing Fund charges less: 0.93% a year against 0.95%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis India Manufacturing Fund and HDFC Manufacturing Fund overlap?
41.9%. They hold 37 of the same securities, the largest shared ones being DIVISLAB, M&M, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Axis India Manufacturing Fund or HDFC Manufacturing Fund?
On SEBI's riskometer, Axis India Manufacturing Fund is rated Very High and HDFC Manufacturing Fund Very High. Over 1 years, the standard deviation of daily returns was 16.09% and 16.40% a year.
Can I invest in both Axis India Manufacturing Fund and HDFC Manufacturing Fund?
Yes. 41.9% 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 HDFC Manufacturing Fund?
Axis India Manufacturing Fund: Nitin Arora. HDFC Manufacturing Fund: Rakesh Sethia, 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.