Bandhan Flexi Cap Fund vs ICICI Prudential Business Cycle Fund
Direct Plan, Growth option · Data as on 30-10-2026
Bandhan Flexi Cap Fund is a Flexi Cap fund and ICICI Prudential Business Cycle Fund is a Thematic fund. In the 3 years to 30-10-2026, Bandhan Flexi Cap Fund (Direct) returned 10.8% a year and ICICI Prudential Business Cycle Fund (Direct) returned 14.4% a year. Bandhan Flexi Cap Fund charges 1.52% a year and ICICI Prudential Business Cycle Fund 1.04% (Direct plans). Their portfolios overlap 46.3%: they hold 27 of the same securities.
Bandhan Flexi Cap Fund
Flexi Cap
- 3 year return
- 10.8%
- Expense ratio
- 1.52%
- NAV
- ₹222.44
ICICI Prudential Business Cycle Fund
Thematic
- 3 year return
- 14.4%
- Expense ratio
- 1.04%
- NAV
- ₹24.68
Which is better, Bandhan Flexi Cap or ICICI Prudential Business Cycle? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ICICI Prudential Business Cycle returned more over 5 years: 13.6% a year against 8.8%.
- ICICI Prudential Business Cycle returned more over 3 years: 14.4% a year against 10.8%.
- ICICI Prudential Business Cycle costs less: 1.04% a year against 1.52% (Direct plans).
- ICICI Prudential Business Cycle swung less over 3 years: a standard deviation of 12.8% a year against 12.8%.
- ICICI Prudential Business Cycle fell less in its worst fall since 19-01-2021: −14.4% against −20.6%.
- ICICI Prudential Business Cycle holds 3.0% of the fund in foreign stocks; Bandhan Flexi Cap 0.0%.
- ICICI Prudential Business Cycle is the larger fund: ₹14,889 Cr against ₹7,508 Cr.
- Their portfolios overlap 46.3%: 27 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 | Bandhan Flexi Cap Fund | ICICI Prudential Business Cycle Fund |
|---|---|---|
| Fund house | Bandhan Mutual Fund | ICICI Prudential Mutual Fund |
| Category | Flexi Cap | Thematic |
| AUM | ₹7,508 Cr (31-08-2026) | ₹14,889 Cr (30-09-2026) |
| NAV | ₹222.44 (Direct) | ₹24.68 (Direct) |
| Expense ratio (Direct) | 1.52% | 1.04% |
| Expense ratio (Regular) | 2.20% | 1.86% |
| Riskometer | Very High | Not available |
| Benchmark | BSE 500 TRI | Nifty 500 TRI |
| Launch date | 28-09-2005 | 18-01-2021 |
| Minimum investment | ₹1,000 | ₹500 |
| Lock in | None | None |
| Fund managers | Manish Gunwani, Viraj Kulkarni | Manish Banthia, Manan Tijoriwala, Divya Jain |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 1 year. | 1 % of applicable Net Asset Value If the amount sought to be redeemed or switch out within 1 months from allotment. Nil If the amount sought to be redeemed or switched out more than 1 months. |
Bandhan Flexi Cap vs ICICI Prudential Business Cycle: 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 |
|---|---|---|---|---|---|---|---|
| Bandhan Flexi Cap Fund (Direct) | +0.60% | −4.90% | −0.95% | −5.58% | +10.81% | +8.79% | +10.55% |
| ICICI Prudential Business Cycle Fund (Direct) | −0.84% | −6.59% | −5.44% | −9.46% | +14.41% | +13.57% | -- |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | +13.13% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | -- |
Category average: the average of the 46 Flexi Cap funds and the 235 Thematic funds, same plan type.
Bandhan Flexi Cap vs ICICI Prudential Business Cycle: Year-wise Returns
| Year | Bandhan Flexi CapBandhan Flexi Cap | ICICI Prudential Business CycleICICI Prudential Business Cycle |
|---|---|---|
| 2026to date | −5.91% | −9.56% |
| 2025 | +10.03% | +16.72% |
| 2024 | +15.76% | +21.33% |
| 2023 | +25.35% | +34.29% |
| 2022 | −0.68% | +11.85% |
| 2021 | +33.15% | -- |
Bandhan Flexi Cap vs ICICI Prudential Business Cycle: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of Bandhan Flexi Cap Fund
Rolling returns
Every 3-year holding period, 692 of them, one for each trading day from 19-01-2024 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.
Bandhan Flexi Cap Fund (Direct)
ICICI Prudential Business Cycle Fund (Direct)
BSE 500 TRI
to
Apr 2024Sept 2021
to
Sept 2024Mar 2022
to
Mar 2025Sept 2022
to
Sept 2025Feb 2023
to
Feb 2026Aug 2023
to
Aug 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bandhan Flexi Cap | 0.0 | 0.0 | 2.3 | 34.2 | 59.5 | 3.9 | 0.0 | 15.7% | 15.9% | 9.1% | 22.4% | 43% |
| ICICI Prudential Business Cycle | 0.0 | 0.0 | 0.0 | 4.8 | 15.9 | 47.8 | 31.4 | 22.8% | 23.4% | 13.3% | 28.7% | 100% |
| BSE 500 TRI | 0.0 | 0.0 | 3.5 | 29.8 | 57.1 | 9.7 | 0.0 | 16.1% | 16.1% | 8.4% | 22.0% | -- |
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 BSE 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 19-01-2021. Past returns do not promise future returns.
Bandhan Flexi Cap vs ICICI Prudential Business Cycle: 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 01-01-2021 to 30-10-2026: 70 instalments, ₹7,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bandhan Flexi CapBandhan Flexi Cap Fund (Direct) | ₹7,00,000 | ₹9,15,557 | ₹2,15,557 | 9.1% |
| ICICI Prudential Business CycleICICI Prudential Business Cycle Fund (Direct) | ₹7,00,000 | ₹10,17,588 | ₹3,17,588 | 12.7% |
Bandhan Flexi CapBandhan Flexi Cap Fund (Direct)
ICICI Prudential Business CycleICICI Prudential Business Cycle 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.
Bandhan Flexi Cap vs ICICI Prudential Business Cycle: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bandhan Flexi Cap Fund (Direct) | ICICI Prudential Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | −5.58% | −9.46% |
| Standard deviation | 12.99% | 14.30% |
| Sharpe ratio | -0.83 | -1.03 |
| Sortino ratio | -1.13 | -1.38 |
| Maximum drawdown | −13.9% (31-03-2026) | −14.1% (30-03-2026) |
| Beta | 0.89 | 0.97 |
| Alpha | +0.60% | −2.31% |
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 | Bandhan Flexi Cap Fund (Direct) | ICICI Prudential Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.81% | +14.41% |
| Standard deviation | 12.84% | 12.77% |
| Sharpe ratio | 0.37 | 0.66 |
| Sortino ratio | 0.51 | 0.92 |
| Maximum drawdown | −16.9% (07-04-2025) | −14.4% (28-02-2025) |
| Beta | 0.89 | 0.86 |
| Alpha | +1.36% | +4.59% |
From daily NAVs, 30-10-2023 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.
| Measure | Bandhan Flexi Cap Fund (Direct) | ICICI Prudential Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.79% | +13.57% |
| Standard deviation | 13.28% | 12.47% |
| Sharpe ratio | 0.22 | 0.62 |
| Sortino ratio | 0.31 | 0.87 |
| Maximum drawdown | −20.6% (17-06-2022) | −14.4% (28-02-2025) |
| Beta | 0.90 | 0.83 |
| Alpha | +0.41% | +5.23% |
From daily NAVs, 29-10-2021 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 | Bandhan Flexi Cap Fund (Direct) | ICICI Prudential Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.09% | +16.92% |
| Standard deviation | 14.55% | 12.61% |
| Sharpe ratio | 0.48 | 0.91 |
| Sortino ratio | 0.65 | 1.28 |
| Maximum drawdown | −36.9% (23-03-2020) | −14.4% (28-02-2025) |
| Beta | 0.87 | 0.83 |
| Alpha | +1.17% | +5.84% |
From daily NAVs, 02-01-2013 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.
Bandhan Flexi Cap Fund (Direct)
ICICI Prudential Business Cycle Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bandhan Flexi Cap Fund (Direct) | −20.6% | 17-01-2022 | 17-06-2022 | 28-06-2023 | 12 months | −6.7% |
| ICICI Prudential Business Cycle Fund (Direct) | −14.4% | 26-09-2024 | 28-02-2025 | 09-06-2025 | 3 months | −10.8% |
| BSE 500 TRI | −18.7% | 26-09-2024 | 28-02-2025 | Not yet | -- | −9.4% |
From daily values since 19-01-2021, 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.
Bandhan Flexi Cap Fund (Direct)
ICICI Prudential Business Cycle Fund (Direct)
BSE 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.
Bandhan Flexi Cap Fund (Direct)
ICICI Prudential Business Cycle Fund (Direct)
BSE 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Bandhan Flexi Cap Fund (Direct)
ICICI Prudential Business Cycle Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Bandhan Flexi Cap Fund (Direct) | 91% | 86% | 4.27% |
| ICICI Prudential Business Cycle Fund (Direct) | 99% | 73% | 4.92% |
From month-end values since 19-01-2021. 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.
Bandhan Flexi Cap vs ICICI Prudential Business Cycle: Portfolio Overlap
From each fund's latest monthly portfolio: Bandhan Flexi Cap Fund, August 2026; ICICI Prudential Business Cycle Fund, September 2026
Holdings in common
- Overlap
- 46.3%
- Held by both
- 27
- Only in Bandhan Flexi Cap
- 51
- Only in ICICI Prudential Business Cycle
- 54
| Security | % of Bandhan Flexi Cap | % of ICICI Prudential Business Cycle |
|---|---|---|
| HDFC Bank Limited | 8.50% | 9.57% |
| ICICI Bank Limited | 8.00% | 6.70% |
| Reliance Industries Limited | 5.27% | 5.31% |
| Kotak Mahindra Bank Limited | 3.85% | 3.44% |
| Bharti Airtel Limited | 3.50% | 2.97% |
| Maruti Suzuki India Limited | 2.89% | 3.95% |
| Larsen & Toubro Limited | 1.89% | 4.50% |
| HDFC Life Insurance Company Limited | 1.70% | 2.95% |
| Axis Bank Limited | 3.90% | 1.44% |
| SBI Life Insurance Company Limited | 1.28% | 1.68% |
| Hero MotoCorp Limited | 1.23% | 2.44% |
| Hyundai Motor India Ltd | 1.17% | 1.81% |
| ICICI Lombard General Insurance Company Limited | 1.15% | 1.32% |
| NTPC Limited | 1.09% | 2.28% |
| ICICI Prudential Life Insurance Company Limited | 1.21% | 1.05% |
| Shree Cement Limited | 1.05% | 1.11% |
| Trent Limited | 0.69% | 1.33% |
| Info Edge (India) Limited | 0.68% | 1.41% |
| Atul Limited | 0.51% | 0.64% |
| Swiggy Limited | 0.36% | 0.39% |
| Power Grid Corporation of India Limited | 0.70% | 0.31% |
| Mahindra & Mahindra Limited | 0.22% | 2.64% |
| DLF Limited | 0.18% | 3.25% |
| Life Insurance Corporation Of India | 1.17% | 0.17% |
| Tata Chemicals Limited | 0.51% | 0.16% |
| Godrej Consumer Products Limited | 0.12% | 0.22% |
| Brigade Enterprises Limited | 0.11% | 0.04% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 46.3% means 46.3% 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 Bandhan Flexi Cap Fund
| Security | % of fund |
|---|---|
| Infosys Limited | 3.47% |
| ITC Limited | 2.89% |
| Tata Consultancy Services Limited | 2.71% |
| Bajaj Finserv Limited | 2.42% |
| Eternal Limited | 1.97% |
Largest holdings only in ICICI Prudential Business Cycle Fund
| Security | % of fund |
|---|---|
| Ultratech Cement Ltd. | 2.77% |
| Interglobe Aviation Ltd. | 2.06% |
| Prestige Estates Projects Ltd. | 1.95% |
| Asian Paints Ltd. | 1.81% |
| Cummins India Ltd. | 0.95% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bandhan Flexi Cap | ICICI Prudential Business Cycle |
|---|---|---|
| Equity | 94.7% | 89.2% |
| Debt | 0.7% | 1.1% |
| Cash and others | 4.6% | 9.8% |
Market cap of stocks
| Market cap | Bandhan Flexi Cap | ICICI Prudential Business Cycle |
|---|---|---|
| Large Cap | 72.0% | 66.0% |
| Mid Cap | 9.9% | 13.7% |
| Small Cap | 12.8% | 6.5% |
| Foreign stocks | 0.0% | 3.0% |
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 | Bandhan Flexi Cap | ICICI Prudential Business Cycle |
|---|---|---|
| Banks | 24.3% | 21.3% |
| Automobiles | 5.5% | 10.9% |
| Insurance | 6.5% | 7.5% |
| IT - Software | 6.7% | 0.0% |
| Petroleum Products | 5.3% | 6.1% |
| Realty | 0.3% | 5.8% |
| Finance | 5.3% | 0.7% |
| Construction | 2.3% | 4.5% |
The six largest sectors of each fund's stocks, % of the fund.
Bandhan Flexi Cap vs ICICI Prudential Business Cycle: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bandhan Flexi Cap Fund | ICICI Prudential Business Cycle Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.52% | 1.04% |
| Base expense ratio (Direct) | 0.96% | 0.73% |
| Total expense ratio (Regular) | 2.20% | 1.86% |
| Base expense ratio (Regular) | 1.54% | 1.43% |
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 Bandhan Flexi Cap with
Compare ICICI Prudential Business Cycle with
- ICICI Prudential Business Cycle vs Nippon India Taiwan Equity
- ICICI Prudential Business Cycle vs HDFC Defence
- ICICI Prudential Business Cycle vs HDFC Pharma and Healthcare
- ICICI Prudential Business Cycle vs SBI Healthcare Opportunities
- ICICI Prudential Business Cycle vs Aditya Birla Sun Life International Equity
Bandhan Flexi Cap Fund vs ICICI Prudential Business Cycle Fund: Frequently Asked Questions
What is the difference between Bandhan Flexi Cap Fund and ICICI Prudential Business Cycle Fund?
Bandhan Flexi Cap Fund is a Flexi Cap fund, ICICI Prudential Business Cycle Fund is a Thematic fund, run by Bandhan Mutual Fund and ICICI Prudential Mutual Fund. Their portfolios overlap 46.3%. Bandhan Flexi Cap Fund charges 1.52% a year and ICICI Prudential Business Cycle Fund 1.04%.
Which has given higher returns, Bandhan Flexi Cap Fund or ICICI Prudential Business Cycle Fund?
Over 1 year: Bandhan Flexi Cap Fund −5.58%, ICICI Prudential Business Cycle Fund −9.46%. Over 3 years: Bandhan Flexi Cap Fund +10.81% a year, ICICI Prudential Business Cycle Fund +14.41% a year. Over 5 years: Bandhan Flexi Cap Fund +8.79% a year, ICICI Prudential Business Cycle Fund +13.57% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Bandhan Flexi Cap Fund or ICICI Prudential Business Cycle Fund?
ICICI Prudential Business Cycle Fund charges less: 1.04% a year against 1.52%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Bandhan Flexi Cap Fund and ICICI Prudential Business Cycle Fund overlap?
46.3%. They hold 27 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is better for SIP, Bandhan Flexi Cap Fund or ICICI Prudential Business Cycle Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,52,939 in Bandhan Flexi Cap Fund (XIRR 8.2% a year) and ₹8,15,695 in ICICI Prudential Business Cycle Fund (XIRR 11.4% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Bandhan Flexi Cap Fund and ICICI Prudential Business Cycle Fund?
Yes. 46.3% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Bandhan Flexi Cap Fund and ICICI Prudential Business Cycle Fund?
Bandhan Flexi Cap Fund: Manish Gunwani, Viraj Kulkarni. ICICI Prudential Business Cycle Fund: Manish Banthia, Manan Tijoriwala, Divya Jain.
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.