Axis India Manufacturing Fund vs Nippon India NIFTY India Manufacturing ETF
Direct Plan, Growth option · Data as on 30-10-2026
Axis India Manufacturing Fund is a Thematic fund and Nippon India NIFTY India Manufacturing ETF is a mutual fund. In the year to 30-10-2026, Axis India Manufacturing Fund (Direct) returned 8.3% and Nippon India NIFTY India Manufacturing ETF (Direct) returned −1.9%. Axis India Manufacturing Fund charges 0.93% a year and Nippon India NIFTY India Manufacturing ETF 0.30% (Direct plans). Their portfolios overlap 52.6%: they hold 39 of the same securities.
Axis India Manufacturing Fund
Thematic
- 1 year return
- 8.3%
- Expense ratio
- 0.93%
- NAV
- ₹15.95
Nippon India NIFTY India Manufacturing ETF
- 1 year return
- −1.9%
- Expense ratio
- 0.30%
- NAV
- ₹149.82
Which is better, Axis India Manufacturing or Nippon India NIFTY India Manufacturing ETF? 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 −1.9%.
- Nippon India NIFTY India Manufacturing ETF costs less: 0.30% a year against 0.93% (Direct plans).
- Axis India Manufacturing fell less in its worst fall since 28-08-2025: −10.9% against −12.8%.
- Nippon India NIFTY India Manufacturing ETF holds more in large companies: 69.0% of the fund in large caps against 50.9%.
- Axis India Manufacturing is the larger fund: ₹5,540 Cr against ₹16 Cr.
- Their portfolios overlap 52.6%: 39 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 | Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| Fund house | Axis Mutual Fund | Nippon India Mutual Fund |
| Category | Thematic | Not available |
| AUM | ₹5,540 Cr (30-09-2026) | ₹16 Cr (30-09-2026) |
| NAV | ₹15.95 (Direct) | ₹149.82 (Direct) |
| Expense ratio (Direct) | 0.93% | 0.30% |
| Expense ratio (Regular) | 2.09% | Not available |
| Riskometer | Very High | Not available |
| Benchmark | Nifty India Manufacturing TRI | Not available |
| Launch date | 21-12-2023 | Not available |
| Minimum investment | ₹500 | Not available |
| Lock in | None | Not available |
| Fund managers | Nitin Arora | Not available |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 90 Days. | Not available |
Axis India Manufacturing vs Nippon India NIFTY India Manufacturing ETF: 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% | -- | -- | -- |
| Nippon India NIFTY India Manufacturing ETF (Direct) | −3.56% | −7.52% | −3.68% | −1.94% | -- | -- | -- |
| 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 Nippon India NIFTY India Manufacturing ETF: Year-wise Returns
| Year | Axis India ManufacturingAxis India Manufacturing | Nippon India NIFTY India Manufacturing ETFNippon India NIFTY India Manufacturing ETF | Nifty India Manufacturing TRI |
|---|---|---|---|
| 2026to date | +9.70% | −2.73% | −2.54% |
| 2025 | +5.06% | -- | +12.28% |
| 2024 | +35.55% | -- | +25.99% |
Axis India Manufacturing vs Nippon India NIFTY India Manufacturing ETF: Rolling Returns
Every holding period of both funds, against Nifty India Manufacturing TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 41 of them, one for each trading day from 28-08-2026 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)
Nippon India NIFTY India Manufacturing ETF (Direct)
Nifty India Manufacturing TRI
to
Sept 2026Sept 2025
to
Sept 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 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 | 17.1 | 46.3 | 29.3 | 7.3 | 0.0 | 13.8% | 13.5% | 5.1% | 23.7% | 100% |
| Nippon India NIFTY India Manufacturing ETF | 14.6 | 36.6 | 29.3 | 14.6 | 4.9 | 0.0 | 0.0 | 4.9% | 4.7% | −3.6% | 17.0% | 0% |
| Nifty India Manufacturing TRI | 14.6 | 36.6 | 29.3 | 14.6 | 4.9 | 0.0 | 0.0 | 5.2% | 5.0% | −3.4% | 17.4% | -- |
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 28-08-2025. Past returns do not promise future returns.
Axis India Manufacturing vs Nippon India NIFTY India Manufacturing ETF: 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 01-08-2025 to 30-10-2026: 15 instalments, ₹1,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis India ManufacturingAxis India Manufacturing Fund (Direct) | ₹1,50,000 | ₹1,60,116 | ₹10,116 | 10.3% |
| Nippon India NIFTY India Manufacturing ETFNippon India NIFTY India Manufacturing ETF (Direct) | ₹1,50,000 | ₹1,46,874 | −₹3,126 | −3.2% |
Axis India ManufacturingAxis India Manufacturing Fund (Direct)
Nippon India NIFTY India Manufacturing ETFNippon India NIFTY India Manufacturing ETF (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 Nippon India NIFTY India Manufacturing ETF: 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) | Nippon India NIFTY India Manufacturing ETF (Direct) |
|---|---|---|
| Return (CAGR) | +8.28% | −1.94% |
| Standard deviation | 16.09% | 16.06% |
| Sharpe ratio | 0.19 | -0.45 |
| Sortino ratio | 0.26 | -0.60 |
| Maximum drawdown | −10.9% (23-10-2026) | −12.8% (23-10-2026) |
| Beta | 0.98 | 1.00 |
| Alpha | +9.84% | −0.24% |
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) | Nippon India NIFTY India Manufacturing ETF (Direct) |
|---|---|---|
| Return (CAGR) | +17.32% | +4.20% |
| Standard deviation | 15.99% | 15.28% |
| Sharpe ratio | 0.71 | -0.07 |
| Sortino ratio | 0.96 | -0.10 |
| Maximum drawdown | −23.0% (28-02-2025) | −12.8% (23-10-2026) |
| Beta | 0.96 | 1.00 |
| Alpha | +5.12% | −0.28% |
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)
Nippon India NIFTY India Manufacturing ETF (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% |
| Nippon India NIFTY India Manufacturing ETF (Direct) | −12.8% | 07-08-2026 | 23-10-2026 | Not yet | -- | −10.5% |
| Nifty India Manufacturing TRI | −12.8% | 07-08-2026 | 23-10-2026 | Not yet | -- | −10.5% |
From daily values since 28-08-2025, 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)
Nippon India NIFTY India Manufacturing ETF (Direct)
Nifty India Manufacturing TRI
Against Nifty India Manufacturing TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis India Manufacturing Fund (Direct) | 113% | 82% | 4.99% |
| Nippon India NIFTY India Manufacturing ETF (Direct) | 99% | 100% | 0.05% |
From month-end values since 28-08-2025. 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 Nippon India NIFTY India Manufacturing ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Axis India Manufacturing Fund, September 2026; Nippon India NIFTY India Manufacturing ETF, September 2026
Holdings in common
- Overlap
- 52.6%
- Held by both
- 39
- Only in Axis India Manufacturing
- 34
- Only in Nippon India NIFTY India Manufacturing ETF
- 38
| Security | % of Axis India Manufacturing | % of Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| Mahindra & Mahindra Limited | 4.82% | 4.98% |
| Sun Pharmaceutical Industries Limited | 3.61% | 4.59% |
| Bharat Electronics Limited | 2.95% | 3.32% |
| Divi's Laboratories Limited | 3.57% | 2.82% |
| Reliance Industries Limited | 2.81% | 4.96% |
| TVS Motor Company Limited | 2.81% | 2.30% |
| Hindalco Industries Limited | 2.26% | 3.25% |
| Maruti Suzuki India Limited | 1.76% | 3.71% |
| Hindustan Aeronautics Limited | 1.75% | 2.11% |
| Samvardhana Motherson International Limited | 2.26% | 1.72% |
| Torrent Pharmaceuticals Limited | 2.11% | 1.69% |
| Bajaj Auto Limited | 1.56% | 2.83% |
| Cummins India Limited | 2.39% | 1.53% |
| Tata Steel Limited | 1.46% | 3.65% |
| Vedanta Aluminium Metal Limited | 1.32% | 1.67% |
| CG Power and Industrial Solutions Limited | 1.30% | 1.40% |
| Bharat Forge Limited | 1.44% | 1.28% |
| GE Vernova T&D India Limited | 2.10% | 1.24% |
| Dixon Technologies (India) Limited | 1.24% | 1.29% |
| Solar Industries India Limited | 1.78% | 1.15% |
| JSW Steel Limited | 1.08% | 2.88% |
| Bharat Petroleum Corporation Limited | 1.02% | 1.45% |
| Jindal Steel Limited | 1.05% | 1.01% |
| Sona BLW Precision Forgings Limited | 3.21% | 0.89% |
| Laurus Labs Limited | 0.89% | 1.84% |
| Welspun Corp Limited | 1.79% | 0.85% |
| ABB India Limited | 0.89% | 0.85% |
| Pidilite Industries Limited | 0.85% | 1.09% |
| Hyundai Motor India Ltd | 1.59% | 0.69% |
| Ashok Leyland Limited | 0.62% | 1.05% |
| Voltas Limited | 0.55% | 0.58% |
| Bosch Limited | 0.53% | 0.97% |
| SRF Limited | 0.52% | 0.86% |
| Blue Star Limited | 0.84% | 0.47% |
| Amber Enterprises India Limited | 1.08% | 0.35% |
| K.P.R. Mill Limited | 0.44% | 0.29% |
| Anthem Biosciences Limited | 0.28% | 0.22% |
| KEI Industries Limited | 0.20% | 0.66% |
| PI Industries Limited | 0.16% | 0.45% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 52.6% means 52.6% 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 |
|---|---|
| Bharat Heavy Electricals Limited | 2.48% |
| TD Power Systems Limited | 2.12% |
| Craftsman Automation Limited | 2.11% |
| Apar Industries Limited | 2.11% |
| Sansera Engineering Limited | 2.05% |
Largest holdings only in Nippon India NIFTY India Manufacturing ETF
| Security | % of fund |
|---|---|
| Eicher Motors Limited | 2.35% |
| Tata Motors Ltd | 2.10% |
| Cipla Limited | 1.81% |
| Dr. Reddy's Laboratories Limited | 1.79% |
| Tata Motors Passenger Vehicles Limited | 1.42% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis India Manufacturing | Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| Equity | 96.9% | 99.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 3.1% | 0.2% |
Market cap of stocks
| Market cap | Axis India Manufacturing | Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| Large Cap | 50.9% | 69.0% |
| Mid Cap | 19.0% | 27.6% |
| Small Cap | 22.6% | 3.2% |
| Not on AMFI's list | 4.4% | 0.0% |
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 | Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| Pharmaceuticals & Biotechnology | 14.9% | 18.5% |
| Automobiles | 14.5% | 18.3% |
| Auto Components | 15.4% | 7.0% |
| Electrical Equipment | 14.5% | 7.0% |
| Petroleum Products | 3.8% | 7.6% |
| Ferrous Metals | 3.6% | 7.5% |
| Industrial Products | 7.4% | 6.3% |
| Aerospace & Defense | 5.3% | 5.4% |
The six largest sectors of each fund's stocks, % of the fund.
Axis India Manufacturing vs Nippon India NIFTY India Manufacturing ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis India Manufacturing Fund | Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| Total expense ratio (Direct) | 0.93% | 0.30% |
| Base expense ratio (Direct) | 0.62% | 0.21% |
| Total expense ratio (Regular) | 2.09% | Not available |
| Base expense ratio (Regular) | 1.60% | 0.00% |
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 Nippon India NIFTY India Manufacturing ETF: Frequently Asked Questions
What is the difference between Axis India Manufacturing Fund and Nippon India NIFTY India Manufacturing ETF?
Axis India Manufacturing Fund is a Thematic fund, Nippon India NIFTY India Manufacturing ETF is a mutual fund, run by Axis Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 52.6%. Axis India Manufacturing Fund charges 0.93% a year and Nippon India NIFTY India Manufacturing ETF 0.30%.
Which has given higher returns, Axis India Manufacturing Fund or Nippon India NIFTY India Manufacturing ETF?
Over 1 year: Axis India Manufacturing Fund +8.28%, Nippon India NIFTY India Manufacturing ETF −1.94%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis India Manufacturing Fund or Nippon India NIFTY India Manufacturing ETF?
Nippon India NIFTY India Manufacturing ETF charges less: 0.30% a year against 0.93%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis India Manufacturing Fund and Nippon India NIFTY India Manufacturing ETF overlap?
52.6%. They hold 39 of the same securities, the largest shared ones being M&M, SUNPHARMA, BEL. From each fund's latest monthly portfolio.
Can I invest in both Axis India Manufacturing Fund and Nippon India NIFTY India Manufacturing ETF?
Yes. 52.6% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
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.