Axis India Manufacturing Fund vs ICICI Prudential Manufacturing Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis India Manufacturing Fund is a Thematic fund and ICICI Prudential Manufacturing Fund is a Thematic fund. In the year to 30-10-2026, Axis India Manufacturing Fund (Direct) returned 8.3% and ICICI Prudential Manufacturing Fund (Direct) returned −0.1%. Axis India Manufacturing Fund charges 0.93% a year and ICICI Prudential Manufacturing Fund 1.20% (Direct plans). Their portfolios overlap 35.2%: they hold 25 of the same securities.
Axis India Manufacturing Fund
Thematic
- 1 year return
- 8.3%
- Expense ratio
- 0.93%
- NAV
- ₹15.95
ICICI Prudential Manufacturing Fund
Thematic
- 1 year return
- −0.1%
- Expense ratio
- 1.20%
- NAV
- ₹39.19
Which is better, Axis India Manufacturing or ICICI Prudential 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 −0.1%.
- Axis India Manufacturing costs less: 0.93% a year against 1.20% (Direct plans).
- ICICI Prudential Manufacturing fell less in its worst fall since 27-12-2023: −22.8% against −23.0%.
- ICICI Prudential Manufacturing is the larger fund: ₹6,918 Cr against ₹5,540 Cr.
- Their portfolios overlap 35.2%: 25 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 | ICICI Prudential Manufacturing Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | ICICI Prudential Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹5,540 Cr (30-09-2026) | ₹6,918 Cr (30-09-2026) |
| NAV | ₹15.95 (Direct) | ₹39.19 (Direct) |
| Expense ratio (Direct) | 0.93% | 1.20% |
| Expense ratio (Regular) | 2.09% | 2.12% |
| Riskometer | Very High | Not available |
| Benchmark | Nifty India Manufacturing TRI | Nifty India Manufacturing TRI |
| Launch date | 21-12-2023 | 11-10-2018 |
| Minimum investment | ₹500 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Nitin Arora | Roshan Chutkey, Sharmila D’silva |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 90 Days. | • 1% of applicable Net Asset Value - If the amount, sought to be redeemed or switch out within a period of one month from the date of allotment • Nil - If the amount, sought to be redeemed or switch out after a period of more than one month from the date of allotment |
Axis India Manufacturing vs ICICI Prudential 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% | -- | -- | -- |
| ICICI Prudential Manufacturing Fund (Direct) | −4.41% | −8.07% | −2.78% | −0.08% | +17.66% | +17.06% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | -- |
Category average: the average of the 235 Thematic funds, same plan type.
Axis India Manufacturing vs ICICI Prudential Manufacturing: Year-wise Returns
| Year | Axis IndiaAxis India Manufacturing | ICICI PrudentialICICI Prudential Manufacturing | Nifty India Manufacturing TRI |
|---|---|---|---|
| 2026to date | +9.70% | +0.88% | −2.54% |
| 2025 | +5.06% | +10.43% | +12.28% |
| 2024 | +35.55% | +22.96% | +25.99% |
| 2023 | -- | +48.55% | +34.87% |
| 2022 | -- | +8.38% | +5.28% |
| 2021 | -- | +46.50% | -- |
Axis India Manufacturing vs ICICI Prudential 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, 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)
ICICI Prudential Manufacturing 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% |
| ICICI Prudential Manufacturing | 15.0 | 26.2 | 18.9 | 19.8 | 11.7 | 6.6 | 1.8 | 8.2% | 7.6% | −5.6% | 30.4% | 37% |
| 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 ICICI Prudential 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 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% |
| ICICI Prudential ManufacturingICICI Prudential Manufacturing Fund (Direct) | ₹3,50,000 | ₹3,79,025 | ₹29,025 | 5.4% |
Axis India ManufacturingAxis India Manufacturing Fund (Direct)
ICICI Prudential ManufacturingICICI Prudential 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 ICICI Prudential 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) | ICICI Prudential Manufacturing Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.28% | −0.08% |
| Standard deviation | 16.09% | 15.82% |
| Sharpe ratio | 0.19 | -0.34 |
| Sortino ratio | 0.26 | -0.45 |
| Maximum drawdown | −10.9% (23-10-2026) | −12.6% (23-10-2026) |
| Beta | 0.98 | 0.97 |
| Alpha | +9.84% | +1.39% |
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) | ICICI Prudential Manufacturing Fund (Direct) |
|---|---|---|
| Return (CAGR) | +17.32% | +18.43% |
| Standard deviation | 15.99% | 16.85% |
| Sharpe ratio | 0.71 | 0.78 |
| Sortino ratio | 0.96 | 1.06 |
| Maximum drawdown | −23.0% (28-02-2025) | −37.6% (23-03-2020) |
| Beta | 0.96 | -- |
| Alpha | +5.12% | -- |
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)
ICICI Prudential 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% |
| ICICI Prudential Manufacturing Fund (Direct) | −22.8% | 27-09-2024 | 28-02-2025 | 29-10-2025 | 8 months | −11.0% |
| 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)
ICICI Prudential Manufacturing 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% |
| ICICI Prudential Manufacturing Fund (Direct) | 97% | 94% | 5.19% |
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 ICICI Prudential Manufacturing: Portfolio Overlap
From each fund's latest monthly portfolio: Axis India Manufacturing Fund, September 2026; ICICI Prudential Manufacturing Fund, September 2026
Holdings in common
- Overlap
- 35.2%
- Held by both
- 25
- Only in Axis India Manufacturing
- 48
- Only in ICICI Prudential Manufacturing
- 45
| Security | % of Axis India Manufacturing | % of ICICI Prudential Manufacturing |
|---|---|---|
| Mahindra & Mahindra Limited | 4.82% | 5.16% |
| Sun Pharmaceutical Industries Limited | 3.61% | 3.91% |
| Reliance Industries Limited | 2.81% | 5.90% |
| Cummins India Limited | 2.39% | 2.65% |
| Samvardhana Motherson International Limited | 2.26% | 2.99% |
| Bharat Electronics Limited | 2.95% | 2.05% |
| Hindalco Industries Limited | 2.26% | 1.93% |
| Maruti Suzuki India Limited | 1.76% | 3.91% |
| Hyundai Motor India Ltd | 1.59% | 3.23% |
| UltraTech Cement Limited | 1.37% | 2.85% |
| Vedanta Aluminium Metal Limited | 1.32% | 2.43% |
| TVS Motor Company Limited | 2.81% | 1.19% |
| JSW Steel Limited | 1.08% | 3.03% |
| Gland Pharma Limited | 1.21% | 1.00% |
| Carborundum Universal Limited | 0.99% | 1.51% |
| Indo-MIM Limited | 1.49% | 0.89% |
| Blue Star Limited | 0.84% | 1.15% |
| Premier Energies Limited | 1.19% | 0.63% |
| Triveni Turbine Limited | 0.54% | 0.95% |
| Schaeffler India Limited | 1.07% | 0.53% |
| Kirloskar Oil Engines Limited | 0.52% | 0.60% |
| K.P.R. Mill Limited | 0.44% | 0.71% |
| Voltamp Transformers Limited | 0.24% | 2.76% |
| Anthem Biosciences Limited | 0.28% | 0.23% |
| PI Industries Limited | 0.16% | 2.04% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 35.2% means 35.2% 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 |
|---|---|
| Divi's Laboratories Limited | 3.57% |
| Sona BLW Precision Forgings Limited | 3.21% |
| Bharat Heavy Electricals Limited | 2.48% |
| TD Power Systems Limited | 2.12% |
| Craftsman Automation Limited | 2.11% |
Largest holdings only in ICICI Prudential Manufacturing Fund
| Security | % of fund |
|---|---|
| Dr. Reddy's Laboratories Ltd. | 4.67% |
| Larsen & Toubro Ltd. | 3.31% |
| Supreme Industries Ltd. | 2.41% |
| Jindal Stainless Ltd. | 2.29% |
| SIEMENS ENERGY INDIA LTD | 2.25% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis India Manufacturing | ICICI Prudential Manufacturing |
|---|---|---|
| Equity | 96.9% | 97.0% |
| Debt | 0.0% | 0.2% |
| Cash and others | 3.1% | 2.9% |
Market cap of stocks
| Market cap | Axis India Manufacturing | ICICI Prudential Manufacturing |
|---|---|---|
| Large Cap | 50.9% | 50.9% |
| Mid Cap | 19.0% | 21.7% |
| Small Cap | 22.6% | 23.5% |
| Not on AMFI's list | 4.4% | 0.9% |
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 | ICICI Prudential Manufacturing |
|---|---|---|
| Auto Components | 15.4% | 4.2% |
| Pharmaceuticals & Biotechnology | 14.9% | 14.6% |
| Automobiles | 14.5% | 14.6% |
| Electrical Equipment | 14.5% | 8.5% |
| Industrial Products | 7.4% | 9.0% |
| Cement & Cement Products | 1.4% | 7.0% |
| Petroleum Products | 3.8% | 5.9% |
| Aerospace & Defense | 5.3% | 2.0% |
The six largest sectors of each fund's stocks, % of the fund.
Axis India Manufacturing vs ICICI Prudential Manufacturing: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis India Manufacturing Fund | ICICI Prudential Manufacturing Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.93% | 1.20% |
| Base expense ratio (Direct) | 0.62% | 0.74% |
| Total expense ratio (Regular) | 2.09% | 2.12% |
| Base expense ratio (Regular) | 1.60% | 1.55% |
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
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Axis India Manufacturing Fund vs ICICI Prudential Manufacturing Fund: Frequently Asked Questions
What is the difference between Axis India Manufacturing Fund and ICICI Prudential Manufacturing Fund?
Axis India Manufacturing Fund is a Thematic fund, ICICI Prudential Manufacturing Fund is a Thematic fund, run by Axis Mutual Fund and ICICI Prudential Mutual Fund. Their portfolios overlap 35.2%. Axis India Manufacturing Fund charges 0.93% a year and ICICI Prudential Manufacturing Fund 1.20%.
Which has given higher returns, Axis India Manufacturing Fund or ICICI Prudential Manufacturing Fund?
Over 1 year: Axis India Manufacturing Fund +8.28%, ICICI Prudential Manufacturing Fund −0.08%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis India Manufacturing Fund or ICICI Prudential Manufacturing Fund?
Axis India Manufacturing Fund charges less: 0.93% a year against 1.20%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis India Manufacturing Fund and ICICI Prudential Manufacturing Fund overlap?
35.2%. They hold 25 of the same securities, the largest shared ones being M&M, SUNPHARMA, RELIANCE. From each fund's latest monthly portfolio.
Can I invest in both Axis India Manufacturing Fund and ICICI Prudential Manufacturing Fund?
Yes. 35.2% 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 ICICI Prudential Manufacturing Fund?
Axis India Manufacturing Fund: Nitin Arora. ICICI Prudential Manufacturing Fund: Roshan Chutkey, Sharmila D’silva.
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.