Axis Nifty India Defence Index Fund vs HDFC Defence Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Nifty India Defence Index Fund is an Index fund and HDFC Defence Fund is a Thematic fund. Axis Nifty India Defence Index Fund charges 0.65% a year and HDFC Defence Fund 0.90% (Direct plans). Their portfolios overlap 69.3%: they hold 13 of the same securities.
Axis Nifty India Defence Index Fund
Index
- Expense ratio
- 0.65%
- NAV
- ₹9.65
Which is better, Axis Nifty India Defence Index 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.
- Axis Nifty India Defence Index costs less: 0.65% a year against 0.90% (Direct plans).
- HDFC Defence fell less in its worst fall since 06-05-2026: −12.8% against −14.4%.
- HDFC Defence is the larger fund: ₹11,493 Cr against ₹368 Cr.
- Their portfolios overlap 69.3%: 13 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 Nifty India Defence Index Fund | HDFC Defence Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | HDFC Mutual Fund |
| Category | Index | Thematic |
| AUM | ₹368 Cr (30-09-2026) | ₹11,493 Cr (30-09-2026) |
| NAV | ₹9.65 (Direct) | ₹28.86 (Direct) |
| Expense ratio (Direct) | 0.65% | 0.90% |
| Expense ratio (Regular) | 1.45% | 1.80% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty India Defence TRI | Nifty India Defence TRI |
| Launch date | 29-04-2026 | 02-06-2023 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Nandik Malik, Rohit Gautam | Rahul Baijal, Priya Ranjan, Gopal Agrawal, Bhagyesh Kagalkar |
| Exit load | Exit load of 0.25%, if redeemed within 15 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 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 Nifty India Defence Index 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 Nifty India Defence Index Fund (Direct) | −6.25% | −5.28% | -- | -- | -- | -- | -- |
| 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 Nifty India Defence Index vs HDFC Defence: Year-wise Returns
| Year | Axis Nifty India Defence IndexAxis Nifty India Defence Index | HDFC DefenceHDFC Defence | Nifty India Defence TRI |
|---|---|---|---|
| 2026to date | -- | +19.90% | +12.90% |
| 2025 | -- | +10.75% | +19.98% |
| 2024 | -- | +41.88% | +56.50% |
Axis Nifty India Defence Index vs HDFC Defence: Rolling Returns
Every holding period of both funds, against Nifty India Defence TRI, the benchmark of both
Axis Nifty India Defence Index vs HDFC Defence: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Nifty India Defence Index Fund (Direct) | HDFC Defence Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.67% | +36.39% |
| Standard deviation | 22.28% | 24.68% |
| Sharpe ratio | -0.67 | 1.23 |
| Sortino ratio | -0.87 | 1.69 |
| Maximum drawdown | −14.4% (23-10-2026) | −34.5% (28-02-2025) |
| Beta | 1.00 | 0.81 |
| Alpha | −0.38% | −1.99% |
From daily NAVs, 06-05-2026 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 Nifty India Defence Index Fund (Direct)
HDFC Defence Fund (Direct)
Nifty India Defence TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis Nifty India Defence Index Fund (Direct) | −14.4% | 08-09-2026 | 23-10-2026 | Not yet | -- | −13.0% |
| HDFC Defence Fund (Direct) | −12.8% | 08-09-2026 | 23-10-2026 | Not yet | -- | −11.4% |
| Nifty India Defence TRI | −14.3% | 08-09-2026 | 23-10-2026 | Not yet | -- | −12.9% |
From daily values since 06-05-2026, the first day every fund has.
Axis Nifty India Defence Index vs HDFC Defence: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Nifty India Defence Index Fund, September 2026; HDFC Defence Fund, September 2026
Holdings in common
- Overlap
- 69.3%
- Held by both
- 13
- Only in Axis Nifty India Defence Index
- 9
- Only in HDFC Defence
- 11
| Security | % of Axis Nifty India Defence Index | % of HDFC Defence |
|---|---|---|
| Bharat Electronics Limited | 20.01% | 14.87% |
| Bharat Forge Limited | 13.31% | 12.91% |
| Hindustan Aeronautics Limited | 19.72% | 12.61% |
| Solar Industries India Limited | 11.93% | 10.28% |
| MTAR Technologies Limited | 4.21% | 5.09% |
| Astra Microwave Products Limited | 3.44% | 6.44% |
| Mazagon Dock Shipbuilders Limited | 3.99% | 3.17% |
| Bharat Dynamics Limited | 2.54% | 3.19% |
| Data Patterns (India) Limited | 3.24% | 1.98% |
| BEML Limited | 1.89% | 5.11% |
| Centum Electronics Limited | 0.93% | 2.95% |
| Cochin Shipyard Limited | 3.16% | 0.34% |
| Aequs Limited | 1.15% | 0.12% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 69.3% means 69.3% 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 Nifty India Defence Index Fund
| Security | % of fund |
|---|---|
| Zen Technologies Limited | 1.84% |
| Apollo Micro Systems Limited | 1.64% |
| Garden Reach Shipbuilders & Engineers Limited | 1.59% |
| Dynamatic Technologies Limited | 1.33% |
| Paras Defence and Space Technologies Limited | 1.16% |
Largest holdings only in HDFC Defence Fund
| Security | % of fund |
|---|---|
| Eicher Motors Ltd. | 4.67% |
| Bosch Limited | 4.10% |
| Cyient DLM Limited | 3.18% |
| Premier Explosives Ltd. | 2.77% |
| Sedemac Mechatronics Limited | 1.21% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Nifty India Defence Index | HDFC Defence |
|---|---|---|
| Equity | 99.1% | 98.3% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.9% | 1.7% |
Market cap of stocks
| Market cap | Axis Nifty India Defence Index | HDFC Defence |
|---|---|---|
| Large Cap | 51.7% | 43.5% |
| Mid Cap | 23.0% | 23.7% |
| Small Cap | 24.4% | 30.7% |
| Not on AMFI's list | 0.0% | 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 Nifty India Defence Index | HDFC Defence |
|---|---|---|
| Aerospace & Defense | 59.2% | 46.1% |
| Auto Components | 13.3% | 18.2% |
| Chemicals & Petrochemicals | 11.9% | 13.1% |
| Industrial Manufacturing | 8.5% | 4.1% |
| Agricultural, Commercial & Construction Vehicles | 1.9% | 6.2% |
| Electrical Equipment | 4.2% | 5.1% |
| Automobiles | 0.0% | 4.7% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Nifty India Defence Index vs HDFC Defence: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Nifty India Defence Index Fund | HDFC Defence Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.65% | 0.90% |
| Base expense ratio (Direct) | 0.20% | 0.72% |
| Total expense ratio (Regular) | 1.45% | 1.80% |
| Base expense ratio (Regular) | 0.90% | 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
Axis Nifty India Defence Index Fund vs HDFC Defence Fund: Frequently Asked Questions
What is the difference between Axis Nifty India Defence Index Fund and HDFC Defence Fund?
Axis Nifty India Defence Index Fund is an Index fund, HDFC Defence Fund is a Thematic fund, run by Axis Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 69.3%. Axis Nifty India Defence Index Fund charges 0.65% a year and HDFC Defence Fund 0.90%.
Which has the lower expense ratio, Axis Nifty India Defence Index Fund or HDFC Defence Fund?
Axis Nifty India Defence Index Fund charges less: 0.65% a year against 0.90%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Nifty India Defence Index Fund and HDFC Defence Fund overlap?
69.3%. They hold 13 of the same securities, the largest shared ones being BEL, BHARATFORG, HAL. From each fund's latest monthly portfolio.
Which is riskier, Axis Nifty India Defence Index Fund or HDFC Defence Fund?
On SEBI's riskometer, Axis Nifty India Defence Index Fund is rated Very High and HDFC Defence Fund Very High. Over their common history, the standard deviation of daily returns was 22.28% and 24.68% a year.
Can I invest in both Axis Nifty India Defence Index Fund and HDFC Defence Fund?
Yes. 69.3% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Axis Nifty India Defence Index Fund and HDFC Defence Fund?
Axis Nifty India Defence Index Fund: Nandik Malik, Rohit Gautam. 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.