Axis Innovation Fund vs HDFC Defence Fund
Direct Plan, Growth option · Data as on 29-10-2026
Axis Innovation Fund is a Thematic fund and HDFC Defence Fund is a Thematic fund. In the 3 years to 30-10-2026, Axis Innovation Fund (Direct) returned 18.4% a year and HDFC Defence Fund (Direct) returned 34.8% a year. Axis Innovation Fund charges 1.36% a year and HDFC Defence Fund 0.90% (Direct plans). Their portfolios overlap 2.8%: they hold 4 of the same securities.
Which is better, Axis Innovation or HDFC Defence? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Defence returned more over 3 years: 34.8% a year against 18.4%.
- HDFC Defence returned more over 1 year: 13.8% against 8.2%.
- HDFC Defence costs less: 0.90% a year against 1.36% (Direct plans).
- Axis Innovation swung less over 3 years: a standard deviation of 13.6% a year against 25.6%.
- Axis Innovation fell less in its worst fall since 02-06-2023: −19.4% against −34.5%.
- Axis Innovation holds 13.4% of the fund in foreign stocks; HDFC Defence 0.0%.
- HDFC Defence holds more in large companies: 43.5% of the fund in large caps against 15.4%.
- HDFC Defence is the larger fund: ₹11,493 Cr against ₹1,345 Cr.
- Their portfolios overlap 2.8%: 4 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 Innovation Fund | HDFC Defence Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | HDFC Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹1,345 Cr (30-09-2026) | ₹11,493 Cr (30-09-2026) |
| NAV | ₹22.34 (Direct) | ₹28.86 (Direct) |
| Expense ratio (Direct) | 1.36% | 0.90% |
| Expense ratio (Regular) | 2.29% | 1.80% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty India Defence TRI |
| Launch date | 24-12-2020 | 02-06-2023 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Ashish Naik, Krishnaa N | Rahul Baijal, Priya Ranjan, Gopal Agrawal, Bhagyesh Kagalkar |
| Exit load | Exit Load for units in excess of 20% of the investment,1% will be charged for redemption within 12 months. | In respect of each purchase/switch-in of units, an Exit load of 1% is payable if units are redeemed/switched-out within 1 yearfrom the date of allotment. No Exit Load is payable if units are redeemed / switched-out after 1 year 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 Innovation vs HDFC Defence: 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 Innovation Fund (Direct) | −2.74% | +3.52% | +10.00% | +8.24% | +18.43% | +10.45% | -- |
| HDFC Defence Fund (Direct) | −6.07% | −3.22% | +4.84% | +13.79% | +34.76% | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
Axis Innovation vs HDFC Defence: Year-wise Returns
| Year | Axis InnovationAxis Innovation | HDFC DefenceHDFC Defence |
|---|---|---|
| 2026to date | +10.27% | +19.90% |
| 2025 | +4.16% | +10.75% |
| 2024 | +29.15% | +41.88% |
| 2023 | +25.60% | -- |
| 2022 | −11.97% | -- |
| 2021 | +35.52% | -- |
Axis Innovation vs HDFC Defence: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Axis Innovation Fund
Rolling returns
Every 3-year holding period, 104 of them, one for each trading day from 02-06-2026 to 29-10-2026: 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 Innovation Fund (Direct)
HDFC Defence Fund (Direct)
Nifty 500 TRI
to
Jun 2026Jul 2023
to
Jul 2026Aug 2023
to
Aug 2026Aug 2023
to
Aug 2026Sept 2023
to
Sept 2026Oct 2023
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 Innovation | 0.0 | 0.0 | 0.0 | 4.8 | 95.2 | 0.0 | 0.0 | 17.3% | 17.5% | 14.5% | 19.8% | 100% |
| HDFC Defence | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 39.8% | 40.7% | 33.3% | 45.2% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 19.2 | 80.8 | 0.0 | 0.0 | 0.0 | 11.9% | 12.5% | 8.8% | 14.1% | -- |
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 500 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 02-06-2023. Past returns do not promise future returns.
Axis Innovation vs HDFC Defence: 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 01-06-2023 to 29-10-2026: 41 instalments, ₹4,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis InnovationAxis Innovation Fund (Direct) | ₹4,10,000 | ₹5,15,318 | ₹1,05,318 | 13.5% |
| HDFC DefenceHDFC Defence Fund (Direct) | ₹4,10,000 | ₹6,13,432 | ₹2,03,432 | 24.3% |
Axis InnovationAxis Innovation Fund (Direct)
HDFC DefenceHDFC Defence 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 Innovation vs HDFC Defence: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Innovation Fund (Direct) | HDFC Defence Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.24% | +13.79% |
| Standard deviation | 15.22% | 22.90% |
| Sharpe ratio | 0.20 | 0.37 |
| Sortino ratio | 0.28 | 0.52 |
| Maximum drawdown | −13.9% (30-03-2026) | −14.3% (31-03-2026) |
| Beta | 0.92 | 0.92 |
| Alpha | +14.75% | +5.40% |
From daily NAVs, 29-10-2025 to 29-10-2026. 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 Innovation Fund (Direct) | HDFC Defence Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.43% | +34.76% |
| Standard deviation | 13.64% | 25.64% |
| Sharpe ratio | 0.91 | 1.12 |
| Sortino ratio | 1.27 | 1.54 |
| Maximum drawdown | −19.4% (07-04-2025) | −34.5% (28-02-2025) |
| Beta | 0.84 | 0.83 |
| Alpha | +8.70% | −0.18% |
From daily NAVs, 27-10-2023 to 29-10-2026. 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 Innovation Fund (Direct) | HDFC Defence Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.71% | +36.39% |
| Standard deviation | 13.74% | 24.68% |
| Sharpe ratio | 0.68 | 1.23 |
| Sortino ratio | 0.93 | 1.69 |
| Maximum drawdown | −23.6% (17-06-2022) | −34.5% (28-02-2025) |
| Beta | 0.84 | 0.81 |
| Alpha | +2.94% | −1.99% |
From daily NAVs, 28-12-2020 to 29-10-2026. 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 Innovation Fund (Direct)
HDFC Defence Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis Innovation Fund (Direct) | −19.4% | 23-09-2024 | 07-04-2025 | 17-09-2025 | 5 months | −6.2% |
| HDFC Defence Fund (Direct) | −34.5% | 08-07-2024 | 28-02-2025 | 27-05-2025 | 3 months | −11.4% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 02-06-2023, 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 Innovation Fund (Direct)
HDFC Defence Fund (Direct)
Nifty 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Axis Innovation Fund (Direct)
HDFC Defence Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis Innovation Fund (Direct) | 108% | 75% | 7.90% |
| HDFC Defence Fund (Direct) | 204% | 108% | 20.87% |
From month-end values since 02-06-2023. 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 Innovation vs HDFC Defence: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Innovation Fund, September 2026; HDFC Defence Fund, September 2026
Holdings in common
- Overlap
- 2.8%
- Held by both
- 4
- Only in Axis Innovation
- 47
- Only in HDFC Defence
- 20
| Security | % of Axis Innovation | % of HDFC Defence |
|---|---|---|
| Bharat Electronics Limited | 1.34% | 14.87% |
| Bosch Limited | 0.95% | 4.10% |
| Indo-MIM Limited | 2.11% | 0.36% |
| Cyient Dlm Ltd | 0.16% | 3.18% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 2.8% means 2.8% 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 Innovation Fund
| Security | % of fund |
|---|---|
| Eternal Limited | 4.97% |
| One 97 Communications Limited | 3.63% |
| Ather Energy Limited | 3.18% |
| Lenskart Solutions Limited | 3.07% |
| FSN E-Commerce Ventures Limited | 2.83% |
Largest holdings only in HDFC Defence Fund
| Security | % of fund |
|---|---|
| Bharat Forge Ltd. | 12.91% |
| Hindustan Aeronautics Limited | 12.61% |
| Solar Industries India Ltd. | 10.28% |
| Astra Microwave Products Ltd. | 6.44% |
| BEML Limited | 5.11% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Innovation | HDFC Defence |
|---|---|---|
| Equity | 92.0% | 98.3% |
| Debt | 0.4% | 0.0% |
| Cash and others | 7.6% | 1.7% |
Market cap of stocks
| Market cap | Axis Innovation | HDFC Defence |
|---|---|---|
| Large Cap | 15.4% | 43.5% |
| Mid Cap | 26.2% | 23.7% |
| Small Cap | 32.6% | 30.7% |
| Foreign stocks | 13.4% | 0.0% |
| Not on AMFI's list | 4.3% | 0.4% |
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 Innovation | HDFC Defence |
|---|---|---|
| Aerospace & Defense | 1.5% | 46.1% |
| Auto Components | 4.8% | 18.2% |
| Retailing | 17.6% | 0.0% |
| Chemicals & Petrochemicals | 8.3% | 13.1% |
| Financial Technology (Fintech) | 6.4% | 0.0% |
| Agricultural, Commercial & Construction Vehicles | 0.0% | 6.2% |
| Pharmaceuticals & Biotechnology | 5.1% | 0.0% |
| Electrical Equipment | 4.4% | 5.1% |
| Automobiles | 3.2% | 4.7% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Innovation vs HDFC Defence: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Innovation Fund | HDFC Defence Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.36% | 0.90% |
| Base expense ratio (Direct) | 1.05% | 0.72% |
| Total expense ratio (Regular) | 2.29% | 1.80% |
| Base expense ratio (Regular) | 1.85% | 1.49% |
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 Innovation with
Axis Innovation Fund vs HDFC Defence Fund: Frequently Asked Questions
What is the difference between Axis Innovation Fund and HDFC Defence Fund?
Axis Innovation Fund is a Thematic fund, HDFC Defence Fund is a Thematic fund, run by Axis Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 2.8%. Axis Innovation Fund charges 1.36% a year and HDFC Defence Fund 0.90%.
Which has given higher returns, Axis Innovation Fund or HDFC Defence Fund?
Over 1 year: Axis Innovation Fund +8.24%, HDFC Defence Fund +13.79%. Over 3 years: Axis Innovation Fund +18.43% a year, HDFC Defence Fund +34.76% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Innovation Fund or HDFC Defence Fund?
HDFC Defence Fund charges less: 0.90% a year against 1.36%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Innovation Fund and HDFC Defence Fund overlap?
2.8%. They hold 4 of the same securities, the largest shared ones being BEL, BOSCHLTD, INDOMIM. From each fund's latest monthly portfolio.
Which is riskier, Axis Innovation Fund or HDFC Defence Fund?
On SEBI's riskometer, Axis Innovation Fund is rated Very High and HDFC Defence Fund Very High. Over 3 years, the standard deviation of daily returns was 13.64% and 25.64% a year.
Which is better for SIP, Axis Innovation Fund or HDFC Defence Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 29-10-2026 grew to ₹4,49,477 in Axis Innovation Fund (XIRR 12.7% a year) and ₹5,06,556 in HDFC Defence Fund (XIRR 20.9% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Axis Innovation Fund and HDFC Defence Fund?
Yes. 2.8% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages Axis Innovation Fund and HDFC Defence Fund?
Axis Innovation Fund: Ashish Naik, Krishnaa N. HDFC Defence Fund: Rahul Baijal, Priya Ranjan, 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.