Bajaj Finserv Banking and Financial Services Fund vs HDFC Defence Fund
Direct Plan, Growth option · Data as on 30-10-2026
Bajaj Finserv Banking and Financial Services Fund is a Thematic fund and HDFC Defence Fund is a Thematic fund. Bajaj Finserv Banking and Financial Services Fund charges 1.12% a year and HDFC Defence Fund 0.90% (Direct plans). Their portfolios overlap 0.0%: they hold 0 of the same securities.
Bajaj Finserv Banking and Financial Services Fund
Thematic
- Expense ratio
- 1.12%
- NAV
- ₹9.28
Which is better, Bajaj Finserv Banking and Financial Services 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 costs less: 0.90% a year against 1.12% (Direct plans).
- HDFC Defence fell less in its worst fall since 03-12-2025: −14.3% against −15.6%.
- Bajaj Finserv Banking and Financial Services holds more in large companies: 59.8% of the fund in large caps against 43.5%.
- HDFC Defence is the larger fund: ₹11,493 Cr against ₹469 Cr.
- Their portfolios overlap 0.0%: 0 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 | Bajaj Finserv Banking and Financial Services Fund | HDFC Defence Fund |
|---|---|---|
| Fund house | Bajaj Finserv Mutual Fund | HDFC Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹469 Cr (30-09-2026) | ₹11,493 Cr (30-09-2026) |
| NAV | ₹9.28 (Direct) | ₹28.86 (Direct) |
| Expense ratio (Direct) | 1.12% | 0.90% |
| Expense ratio (Regular) | 2.81% | 1.80% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Financial Services TRI | Nifty India Defence TRI |
| Launch date | 01-12-2025 | 02-06-2023 |
| Minimum investment | ₹500 | ₹100 |
| Lock in | None | None |
| Fund managers | Kishore Agarwal, Sayan Das Sharma, Siddharth Chaudhary | Rahul Baijal, Priya Ranjan, Gopal Agrawal, Bhagyesh Kagalkar |
| Exit load | Exit load of 1%, if redeemed within 3 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. |
Bajaj Finserv Banking and Financial Services 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 |
|---|---|---|---|---|---|---|---|
| Bajaj Finserv Banking and Financial Services Fund (Direct) | −1.80% | −7.21% | −2.54% | -- | -- | -- | -- |
| 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.
Bajaj Finserv Banking and Financial Services vs HDFC Defence: Year-wise Returns
| Year | Bajaj Finserv Banking and Financial ServicesBajaj Finserv Banking and Financial Services | HDFC DefenceHDFC Defence |
|---|---|---|
| 2026to date | −7.80% | +19.90% |
| 2025 | -- | +10.75% |
| 2024 | -- | +41.88% |
Bajaj Finserv Banking and Financial Services vs HDFC Defence: Rolling Returns
Every holding period of both funds, against Nifty Financial Services TRI, the benchmark of Bajaj Finserv Banking and Financial Services Fund
Bajaj Finserv Banking and Financial Services vs HDFC Defence: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bajaj Finserv Banking and Financial Services Fund (Direct) | HDFC Defence Fund (Direct) |
|---|---|---|
| Return (CAGR) | −7.65% | +36.39% |
| Standard deviation | 16.55% | 24.68% |
| Sharpe ratio | -0.78 | 1.23 |
| Sortino ratio | -1.06 | 1.69 |
| Maximum drawdown | −15.6% (31-03-2026) | −34.5% (28-02-2025) |
| Beta | 0.89 | 0.81 |
| Alpha | +1.26% | −1.99% |
From daily NAVs, 03-12-2025 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.
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.
Bajaj Finserv Banking and Financial Services Fund (Direct)
HDFC Defence Fund (Direct)
Nifty Financial Services TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bajaj Finserv Banking and Financial Services Fund (Direct) | −15.6% | 18-02-2026 | 31-03-2026 | Not yet | -- | −9.9% |
| HDFC Defence Fund (Direct) | −14.3% | 06-03-2026 | 31-03-2026 | 15-04-2026 | 15 days | −11.4% |
| Nifty Financial Services TRI | −17.3% | 18-02-2026 | 30-03-2026 | Not yet | -- | −12.4% |
From daily values since 03-12-2025, the first day every fund has.
Bajaj Finserv Banking and Financial Services vs HDFC Defence: Portfolio Overlap
From each fund's latest monthly portfolio: Bajaj Finserv Banking and Financial Services Fund, September 2026; HDFC Defence Fund, September 2026
Holdings in common
- Overlap
- 0.0%
- Held by both
- 0
- Only in Bajaj Finserv Banking and Financial Services
- 37
- Only in HDFC Defence
- 24
Overlap: for each holding both funds own, the smaller of its two weights, added up. 0.0% means 0.0% 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 Bajaj Finserv Banking and Financial Services Fund
| Security | % of fund |
|---|---|
| HDFC Bank Limited | 15.23% |
| ICICI Bank Limited | 12.61% |
| State Bank of India | 8.21% |
| Bajaj Finance Limited | 5.49% |
| Kotak Mahindra Bank Limited | 5.05% |
Largest holdings only in HDFC Defence Fund
| Security | % of fund |
|---|---|
| Bharat Electronics Ltd. | 14.87% |
| Bharat Forge Ltd. | 12.91% |
| Hindustan Aeronautics Limited | 12.61% |
| Solar Industries India Ltd. | 10.28% |
| Astra Microwave Products Ltd. | 6.44% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bajaj Finserv Banking and Financial Services | HDFC Defence |
|---|---|---|
| Equity | 95.7% | 98.3% |
| Debt | 0.0% | 0.0% |
| Cash and others | 4.3% | 1.7% |
Market cap of stocks
| Market cap | Bajaj Finserv Banking and Financial Services | HDFC Defence |
|---|---|---|
| Large Cap | 59.8% | 43.5% |
| Mid Cap | 10.4% | 23.7% |
| Small Cap | 20.6% | 30.7% |
| Not on AMFI's list | 4.9% | 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 | Bajaj Finserv Banking and Financial Services | HDFC Defence |
|---|---|---|
| Banks | 53.5% | 0.0% |
| Aerospace & Defense | 0.0% | 46.1% |
| Finance | 19.9% | 0.0% |
| Auto Components | 0.0% | 18.2% |
| Chemicals & Petrochemicals | 0.0% | 13.1% |
| Capital Markets | 10.9% | 0.0% |
| Insurance | 9.4% | 0.0% |
| Agricultural, Commercial & Construction Vehicles | 0.0% | 6.2% |
| Electrical Equipment | 0.0% | 5.1% |
| Automobiles | 0.0% | 4.7% |
| Financial Technology (Fintech) | 1.5% | 0.0% |
| Commercial Services & Supplies | 0.5% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
Bajaj Finserv Banking and Financial Services vs HDFC Defence: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bajaj Finserv Banking and Financial Services Fund | HDFC Defence Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.12% | 0.90% |
| Base expense ratio (Direct) | 0.66% | 0.72% |
| Total expense ratio (Regular) | 2.81% | 1.80% |
| Base expense ratio (Regular) | 2.09% | 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.
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Bajaj Finserv Banking and Financial Services Fund vs HDFC Defence Fund: Frequently Asked Questions
What is the difference between Bajaj Finserv Banking and Financial Services Fund and HDFC Defence Fund?
Bajaj Finserv Banking and Financial Services Fund is a Thematic fund, HDFC Defence Fund is a Thematic fund, run by Bajaj Finserv Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 0.0%. Bajaj Finserv Banking and Financial Services Fund charges 1.12% a year and HDFC Defence Fund 0.90%.
Which has the lower expense ratio, Bajaj Finserv Banking and Financial Services Fund or HDFC Defence Fund?
HDFC Defence Fund charges less: 0.90% a year against 1.12%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Bajaj Finserv Banking and Financial Services Fund and HDFC Defence Fund overlap?
0.0%. They hold 0 of the same securities. From each fund's latest monthly portfolio.
Which is riskier, Bajaj Finserv Banking and Financial Services Fund or HDFC Defence Fund?
On SEBI's riskometer, Bajaj Finserv Banking and Financial Services Fund is rated Very High and HDFC Defence Fund Very High. Over their common history, the standard deviation of daily returns was 16.55% and 24.68% a year.
Can I invest in both Bajaj Finserv Banking and Financial Services Fund and HDFC Defence Fund?
Yes. 0.0% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages Bajaj Finserv Banking and Financial Services Fund and HDFC Defence Fund?
Bajaj Finserv Banking and Financial Services Fund: Kishore Agarwal, Sayan Das Sharma, Siddharth Chaudhary. 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.