Axis Nifty India Defence Index Fund vs Invesco India PSU Equity Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Nifty India Defence Index Fund is an Index fund and Invesco India PSU Equity Fund is a Thematic fund. Axis Nifty India Defence Index Fund charges 0.65% a year and Invesco India PSU Equity Fund 1.23% (Direct plans). Their portfolios overlap 20.1%: they hold 5 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 Invesco India PSU Equity? 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 1.23% (Direct plans).
- Axis Nifty India Defence Index fell less in its worst fall since 06-05-2026: −14.4% against −14.6%.
- Invesco India PSU Equity is the larger fund: ₹1,361 Cr against ₹368 Cr.
- Their portfolios overlap 20.1%: 5 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 | Invesco India PSU Equity Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Invesco Mutual Fund |
| Category | Index | Thematic |
| AUM | ₹368 Cr (30-09-2026) | ₹1,361 Cr (30-09-2026) |
| NAV | ₹9.65 (Direct) | ₹71.51 (Direct) |
| Expense ratio (Direct) | 0.65% | 1.23% |
| Expense ratio (Regular) | 1.45% | 2.41% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty India Defence TRI | BSE PSU TRI |
| Launch date | 29-04-2026 | 18-11-2009 |
| Minimum investment | ₹100 | Not available |
| Lock in | None | None |
| Fund managers | Nandik Malik, Rohit Gautam | Hiten Jain, Sagar Gandhi |
| Exit load | Exit load of 0.25%, if redeemed within 15 days. | Exit load for units in excess of 10% of the investment, 1% will be charged for redemption within 1 year. |
Axis Nifty India Defence Index vs Invesco India PSU Equity: 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% | -- | -- | -- | -- | -- |
| Invesco India PSU Equity Fund (Direct) | −3.83% | −7.59% | −11.28% | −9.40% | +17.36% | +18.62% | +15.26% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | +13.76% |
Category average: the average of the 235 Thematic funds, same plan type.
Axis Nifty India Defence Index vs Invesco India PSU Equity: Year-wise Returns
| Year | Axis Nifty India Defence IndexAxis Nifty India Defence Index | Invesco India PSU EquityInvesco India PSU Equity |
|---|---|---|
| 2026to date | -- | −9.44% |
| 2025 | -- | +11.65% |
| 2024 | -- | +27.29% |
| 2023 | -- | +56.64% |
| 2022 | -- | +22.23% |
| 2021 | -- | +32.94% |
Axis Nifty India Defence Index vs Invesco India PSU Equity: Rolling Returns
Every holding period of both funds, against Nifty India Defence TRI, the benchmark of Axis Nifty India Defence Index Fund
Axis Nifty India Defence Index vs Invesco India PSU Equity: 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) | Invesco India PSU Equity Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.67% | +14.97% |
| Standard deviation | 22.28% | 19.33% |
| Sharpe ratio | -0.67 | 0.46 |
| Sortino ratio | -0.87 | 0.62 |
| Maximum drawdown | −14.4% (23-10-2026) | −33.4% (24-03-2020) |
| Beta | 1.00 | 0.85 |
| Alpha | −0.38% | +5.25% |
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)
Invesco India PSU Equity 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% |
| Invesco India PSU Equity Fund (Direct) | −14.6% | 07-05-2026 | 23-10-2026 | Not yet | -- | −13.4% |
| 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 Invesco India PSU Equity: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Nifty India Defence Index Fund, September 2026; Invesco India PSU Equity Fund, September 2026
Holdings in common
- Overlap
- 20.1%
- Held by both
- 5
- Only in Axis Nifty India Defence Index
- 17
- Only in Invesco India PSU Equity
- 25
| Security | % of Axis Nifty India Defence Index | % of Invesco India PSU Equity |
|---|---|---|
| Hindustan Aeronautics Limited | 19.72% | 8.96% |
| Bharat Electronics Limited | 20.01% | 5.71% |
| Bharat Dynamics Limited | 2.54% | 3.85% |
| BEML Limited | 1.89% | 3.91% |
| Mazagon Dock Shipbuilders Limited | 3.99% | 0.96% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 20.1% means 20.1% 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 |
|---|---|
| Bharat Forge Limited | 13.31% |
| Solar Industries India Limited | 11.93% |
| MTAR Technologies Limited | 4.21% |
| Astra Microwave Products Limited | 3.44% |
| Data Patterns (India) Limited | 3.24% |
Largest holdings only in Invesco India PSU Equity Fund
| Security | % of fund |
|---|---|
| State Bank of India | 7.46% |
| Indian Bank | 5.93% |
| Dredging Corporation of India Limited | 5.82% |
| Bharat Petroleum Corporation Limited | 4.54% |
| Container Corporation of India Limited | 4.07% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Nifty India Defence Index | Invesco India PSU Equity |
|---|---|---|
| Equity | 99.1% | 97.1% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.9% | 2.9% |
Market cap of stocks
| Market cap | Axis Nifty India Defence Index | Invesco India PSU Equity |
|---|---|---|
| Large Cap | 51.7% | 50.8% |
| Mid Cap | 23.0% | 20.2% |
| Small Cap | 24.4% | 23.9% |
| Not on AMFI's list | 0.0% | 2.3% |
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 | Invesco India PSU Equity |
|---|---|---|
| Aerospace & Defense | 59.2% | 18.5% |
| Banks | 0.0% | 16.7% |
| Auto Components | 13.3% | 0.0% |
| Chemicals & Petrochemicals | 11.9% | 2.3% |
| Industrial Manufacturing | 8.5% | 7.3% |
| Petroleum Products | 0.0% | 7.0% |
| Engineering Services | 0.0% | 5.8% |
| Power | 0.0% | 4.8% |
| Electrical Equipment | 4.2% | 4.3% |
| Agricultural, Commercial & Construction Vehicles | 1.9% | 3.9% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Nifty India Defence Index vs Invesco India PSU Equity: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Nifty India Defence Index Fund | Invesco India PSU Equity Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.65% | 1.23% |
| Base expense ratio (Direct) | 0.20% | 0.83% |
| Total expense ratio (Regular) | 1.45% | 2.41% |
| Base expense ratio (Regular) | 0.90% | 1.85% |
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 Invesco India PSU Equity with
Axis Nifty India Defence Index Fund vs Invesco India PSU Equity Fund: Frequently Asked Questions
What is the difference between Axis Nifty India Defence Index Fund and Invesco India PSU Equity Fund?
Axis Nifty India Defence Index Fund is an Index fund, Invesco India PSU Equity Fund is a Thematic fund, run by Axis Mutual Fund and Invesco Mutual Fund. Their portfolios overlap 20.1%. Axis Nifty India Defence Index Fund charges 0.65% a year and Invesco India PSU Equity Fund 1.23%.
Which has the lower expense ratio, Axis Nifty India Defence Index Fund or Invesco India PSU Equity Fund?
Axis Nifty India Defence Index Fund charges less: 0.65% a year against 1.23%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Nifty India Defence Index Fund and Invesco India PSU Equity Fund overlap?
20.1%. They hold 5 of the same securities, the largest shared ones being HAL, BEL, BDL. From each fund's latest monthly portfolio.
Which is riskier, Axis Nifty India Defence Index Fund or Invesco India PSU Equity Fund?
On SEBI's riskometer, Axis Nifty India Defence Index Fund is rated Very High and Invesco India PSU Equity Fund Very High. Over their common history, the standard deviation of daily returns was 22.28% and 19.33% a year.
Can I invest in both Axis Nifty India Defence Index Fund and Invesco India PSU Equity Fund?
Yes. 20.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Axis Nifty India Defence Index Fund and Invesco India PSU Equity Fund?
Axis Nifty India Defence Index Fund: Nandik Malik, Rohit Gautam. Invesco India PSU Equity Fund: Hiten Jain, Sagar Gandhi.
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.