Bandhan Infrastructure Fund vs HDFC Infrastructure Fund
Direct Plan, Growth option · Data as on 30-10-2026
Bandhan Infrastructure Fund is a Sectoral fund and HDFC Infrastructure Fund is a Thematic fund. In the 3 years to 30-10-2026, Bandhan Infrastructure Fund (Direct) returned 14.3% a year and HDFC Infrastructure Fund (Direct) returned 12.1% a year. Bandhan Infrastructure Fund charges 1.07% a year and HDFC Infrastructure Fund 1.34% (Direct plans). Their portfolios overlap 35.0%: they hold 27 of the same securities.
Bandhan Infrastructure Fund
Sectoral
- 3 year return
- 14.3%
- Expense ratio
- 1.07%
- NAV
- ₹54.04
HDFC Infrastructure Fund
Thematic
- 3 year return
- 12.1%
- Expense ratio
- 1.34%
- NAV
- ₹48.58
Which is better, Bandhan Infrastructure or HDFC Infrastructure? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Infrastructure returned more over 5 years: 17.3% a year against 14.8%.
- Bandhan Infrastructure returned more over 3 years: 14.3% a year against 12.1%.
- Bandhan Infrastructure costs less: 1.07% a year against 1.34% (Direct plans).
- HDFC Infrastructure swung less over 3 years: a standard deviation of 16.3% a year against 19.2%.
- Bandhan Infrastructure fell less in its worst fall since 02-01-2013: −56.9% against −63.1%.
- HDFC Infrastructure is the larger fund: ₹2,251 Cr against ₹1,433 Cr.
- Their portfolios overlap 35.0%: 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 Infrastructure Fund | HDFC Infrastructure Fund |
|---|---|---|
| Fund house | Bandhan Mutual Fund | HDFC Mutual Fund |
| Category | Sectoral | Thematic |
| AUM | ₹1,433 Cr (31-08-2026) | ₹2,251 Cr (30-09-2026) |
| NAV | ₹54.04 (Direct) | ₹48.58 (Direct) |
| Expense ratio (Direct) | 1.07% | 1.34% |
| Expense ratio (Regular) | 2.28% | 2.21% |
| Riskometer | Very High | Very High |
| Benchmark | BSE India Infrastructure TRI | BSE India Infrastructure TRI |
| Launch date | 08-03-2011 | 10-03-2008 |
| Minimum investment | ₹1,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Vishal Biraia | Ashish Shah, Gopal Agrawal, Bhagyesh Kagalkar |
| Exit load | Exit load of 0.5%, if redeemed within 30 days. | In respect of each purchase/switch in of units- an Exit load of 1% is payable if units are redeemed/switched out within 30 days from the date of allotment. No Exit Load is payable if units are redeemed/switched-out after 30 days from the date of allotment. |
Bandhan Infrastructure vs HDFC Infrastructure: 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 Infrastructure Fund (Direct) | −4.22% | −7.11% | −5.94% | −8.50% | +14.28% | +14.82% | +15.01% |
| HDFC Infrastructure Fund (Direct) | −4.33% | −6.58% | −7.77% | −10.41% | +12.12% | +17.28% | +10.72% |
| Sectoral average | −1.70% | −4.49% | +2.30% | −0.58% | +15.61% | +14.51% | +14.77% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | +13.76% |
Category average: the average of the 20 Sectoral funds and the 235 Thematic funds, same plan type.
Bandhan Infrastructure vs HDFC Infrastructure: Year-wise Returns
| Year | BandhanBandhan Infrastructure | HDFCHDFC Infrastructure | BSE India Infrastructure Index TRI |
|---|---|---|---|
| 2026to date | −4.62% | −7.85% | −7.07% |
| 2025 | −5.76% | +3.18% | −2.32% |
| 2024 | +41.04% | +24.21% | +30.02% |
| 2023 | +52.16% | +56.54% | +61.08% |
| 2022 | +2.91% | +20.17% | +15.07% |
| 2021 | +66.89% | +44.15% | +51.72% |
Bandhan Infrastructure vs HDFC Infrastructure: Rolling Returns
Every holding period of both funds, against BSE India Infrastructure Index TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 2,675 of them, one for each trading day from 04-01-2016 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 Infrastructure Fund (Direct)
HDFC Infrastructure Fund (Direct)
BSE India Infrastructure Index TRI
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
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 Infrastructure | 9.1 | 5.0 | 6.8 | 13.9 | 16.7 | 20.6 | 27.9 | 18.4% | 19.6% | −15.2% | 44.8% | 66% |
| HDFC Infrastructure | 17.9 | 9.7 | 13.4 | 12.6 | 8.1 | 6.3 | 32.0 | 14.8% | 13.2% | −21.7% | 46.6% | 28% |
| BSE India Infrastructure Index TRI | 11.9 | 5.6 | 13.9 | 19.4 | 11.2 | 7.1 | 30.8 | 17.0% | 14.6% | −18.3% | 49.6% | -- |
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 India Infrastructure Index 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 02-01-2013. Past returns do not promise future returns.
Bandhan Infrastructure vs HDFC Infrastructure: 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 02-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bandhan InfrastructureBandhan Infrastructure Fund (Direct) | ₹16,60,000 | ₹53,69,824 | ₹37,09,824 | 15.6% |
| HDFC InfrastructureHDFC Infrastructure Fund (Direct) | ₹16,60,000 | ₹43,88,698 | ₹27,28,698 | 13.1% |
Bandhan InfrastructureBandhan Infrastructure Fund (Direct)
HDFC InfrastructureHDFC Infrastructure 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 Infrastructure vs HDFC Infrastructure: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bandhan Infrastructure Fund (Direct) | HDFC Infrastructure Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.50% | −10.41% |
| Standard deviation | 17.56% | 15.10% |
| Sharpe ratio | -0.78 | -1.04 |
| Sortino ratio | -1.05 | -1.36 |
| Maximum drawdown | −17.3% (31-03-2026) | −14.3% (31-03-2026) |
| Beta | 0.94 | 0.81 |
| Alpha | +1.59% | −2.43% |
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 Infrastructure Fund (Direct) | HDFC Infrastructure Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.28% | +12.12% |
| Standard deviation | 19.20% | 16.26% |
| Sharpe ratio | 0.43 | 0.37 |
| Sortino ratio | 0.57 | 0.50 |
| Maximum drawdown | −28.8% (03-03-2025) | −21.3% (03-03-2025) |
| Beta | 0.76 | 0.65 |
| Alpha | +1.69% | +0.47% |
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 Infrastructure Fund (Direct) | HDFC Infrastructure Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.82% | +17.28% |
| Standard deviation | 18.24% | 16.50% |
| Sharpe ratio | 0.49 | 0.70 |
| Sortino ratio | 0.66 | 0.93 |
| Maximum drawdown | −28.8% (03-03-2025) | −21.3% (03-03-2025) |
| Beta | 0.76 | 0.69 |
| Alpha | +0.45% | +3.73% |
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 Infrastructure Fund (Direct) | HDFC Infrastructure Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.92% | +11.23% |
| Standard deviation | 18.87% | 20.38% |
| Sharpe ratio | 0.42 | 0.25 |
| Sortino ratio | 0.56 | 0.34 |
| Maximum drawdown | −56.9% (24-03-2020) | −63.1% (23-03-2020) |
| Beta | 0.79 | 0.83 |
| Alpha | +2.08% | −0.98% |
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 Infrastructure Fund (Direct)
HDFC Infrastructure Fund (Direct)
BSE India Infrastructure Index TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bandhan Infrastructure Fund (Direct) | −56.9% | 08-01-2018 | 24-03-2020 | 21-05-2021 | 14 months | −18.6% |
| HDFC Infrastructure Fund (Direct) | −63.1% | 08-01-2018 | 23-03-2020 | 26-08-2022 | 29 months | −11.9% |
| BSE India Infrastructure Index TRI | −55.9% | 08-01-2018 | 23-03-2020 | 04-03-2021 | 11 months | −25.7% |
From daily values since 02-01-2013, 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 Infrastructure Fund (Direct)
HDFC Infrastructure Fund (Direct)
BSE India Infrastructure Index 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 Infrastructure Fund (Direct)
HDFC Infrastructure Fund (Direct)
BSE India Infrastructure Index 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 Infrastructure Fund (Direct)
HDFC Infrastructure Fund (Direct)
BSE India Infrastructure Index TRI
Against BSE India Infrastructure Index TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Bandhan Infrastructure Fund (Direct) | 89% | 80% | 10.33% |
| HDFC Infrastructure Fund (Direct) | 92% | 93% | 12.35% |
From month-end values since 02-01-2013. 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 Infrastructure vs HDFC Infrastructure: Portfolio Overlap
From each fund's latest monthly portfolio: Bandhan Infrastructure Fund, August 2026; HDFC Infrastructure Fund, September 2026
Holdings in common
- Overlap
- 35.0%
- Held by both
- 27
- Only in Bandhan Infrastructure
- 40
- Only in HDFC Infrastructure
- 45
| Security | % of Bandhan Infrastructure | % of HDFC Infrastructure |
|---|---|---|
| Larsen & Toubro Limited | 6.15% | 7.03% |
| InterGlobe Aviation Limited | 3.96% | 4.35% |
| Adani Ports and Special Economic Zone Limited | 3.41% | 3.44% |
| NTPC Limited | 3.36% | 3.23% |
| Centum Electronics Limited | 2.07% | 1.65% |
| Bharat Electronics Limited | 3.79% | 1.62% |
| Reliance Industries Limited | 4.81% | 1.58% |
| Bharti Airtel Limited | 3.80% | 1.20% |
| Tata Power Company Limited | 1.36% | 1.16% |
| GAIL (India) Limited | 1.28% | 1.10% |
| Adani Enterprises Limited | 1.80% | 1.01% |
| Power Mech Projects Limited | 0.93% | 0.98% |
| NCC Limited | 0.85% | 1.35% |
| UltraTech Cement Limited | 3.88% | 0.83% |
| Adani Power Limited | 0.81% | 1.88% |
| Ahluwalia Contracts (India) Limited | 1.87% | 0.80% |
| Acme Solar Holdings Ltd | 1.39% | 0.68% |
| Ambuja Cements Limited | 0.65% | 1.41% |
| Gateway Distriparks Limited | 0.59% | 0.66% |
| JSW Steel Limited | 0.58% | 0.67% |
| JSW Energy Limited | 0.86% | 0.53% |
| GMR Airports Limited | 0.97% | 0.51% |
| Cummins India Limited | 0.48% | 0.47% |
| HEG Limited | 0.40% | 0.26% |
| Power Grid Corporation of India Limited | 0.20% | 2.12% |
| GE Vernova T&D India Limited | 0.15% | 0.84% |
| ^^GSPL Transmission Limited | 0.05% | 0.12% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 35.0% means 35.0% 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 Bandhan Infrastructure Fund
| Security | % of fund |
|---|---|
| Kirloskar Brothers Limited | 5.06% |
| GPT Infraprojects Limited | 3.66% |
| Azad Engineering Ltd | 3.32% |
| Adani Energy Solutions Limited | 3.08% |
| PTC India Financial Services Limited | 2.34% |
Largest holdings only in HDFC Infrastructure Fund
| Security | % of fund |
|---|---|
| Kalpataru Projects International Ltd | 4.40% |
| ICICI Bank Ltd. | 3.49% |
| J.Kumar Infraprojects Ltd. | 2.88% |
| TD Power Systems Ltd. | 2.51% |
| G R Infraprojects Limited | 1.99% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bandhan Infrastructure | HDFC Infrastructure |
|---|---|---|
| Equity | 98.3% | 97.3% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.7% | 2.7% |
Market cap of stocks
| Market cap | Bandhan Infrastructure | HDFC Infrastructure |
|---|---|---|
| Large Cap | 48.7% | 49.3% |
| Mid Cap | 9.4% | 9.0% |
| Small Cap | 40.1% | 34.8% |
| Not on AMFI's list | 0.1% | 4.2% |
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 Infrastructure | HDFC Infrastructure |
|---|---|---|
| Construction | 18.6% | 21.2% |
| Power | 14.8% | 11.6% |
| Industrial Products | 9.2% | 3.4% |
| Transport Services | 5.9% | 8.7% |
| Electrical Equipment | 7.3% | 8.3% |
| Transport Infrastructure | 4.4% | 7.0% |
| Banks | 0.0% | 6.7% |
| Aerospace & Defense | 6.2% | 4.8% |
The six largest sectors of each fund's stocks, % of the fund.
Bandhan Infrastructure vs HDFC Infrastructure: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bandhan Infrastructure Fund | HDFC Infrastructure Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.07% | 1.34% |
| Base expense ratio (Direct) | 0.81% | 0.99% |
| Total expense ratio (Regular) | 2.28% | 2.21% |
| Base expense ratio (Regular) | 1.85% | 1.74% |
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 Infrastructure with
Bandhan Infrastructure Fund vs HDFC Infrastructure Fund: Frequently Asked Questions
What is the difference between Bandhan Infrastructure Fund and HDFC Infrastructure Fund?
Bandhan Infrastructure Fund is a Sectoral fund, HDFC Infrastructure Fund is a Thematic fund, run by Bandhan Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 35.0%. Bandhan Infrastructure Fund charges 1.07% a year and HDFC Infrastructure Fund 1.34%.
Which has given higher returns, Bandhan Infrastructure Fund or HDFC Infrastructure Fund?
Over 1 year: Bandhan Infrastructure Fund −8.50%, HDFC Infrastructure Fund −10.41%. Over 3 years: Bandhan Infrastructure Fund +14.28% a year, HDFC Infrastructure Fund +12.12% a year. Over 5 years: Bandhan Infrastructure Fund +14.82% a year, HDFC Infrastructure Fund +17.28% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Bandhan Infrastructure Fund or HDFC Infrastructure Fund?
Bandhan Infrastructure Fund charges less: 1.07% a year against 1.34%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Bandhan Infrastructure Fund and HDFC Infrastructure Fund overlap?
35.0%. They hold 27 of the same securities, the largest shared ones being LT, INDIGO, ADANIPORTS. From each fund's latest monthly portfolio.
Which is riskier, Bandhan Infrastructure Fund or HDFC Infrastructure Fund?
On SEBI's riskometer, Bandhan Infrastructure Fund is rated Very High and HDFC Infrastructure Fund Very High. Over 3 years, the standard deviation of daily returns was 19.20% and 16.26% a year.
Which is better for SIP, Bandhan Infrastructure Fund or HDFC Infrastructure Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,33,724 in Bandhan Infrastructure Fund (XIRR 12.3% a year) and ₹8,48,467 in HDFC Infrastructure Fund (XIRR 13.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Bandhan Infrastructure Fund and HDFC Infrastructure Fund?
Yes. 35.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Bandhan Infrastructure Fund and HDFC Infrastructure Fund?
Bandhan Infrastructure Fund: Vishal Biraia. HDFC Infrastructure Fund: Ashish Shah, 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.