Bandhan Innovation Fund vs PGIM India Flexi cap fund
Direct Plan, Growth option · Data as on 30-10-2026
Bandhan Innovation Fund is a Thematic fund and PGIM India Flexi cap fund is a Flexi Cap fund. In the year to 30-10-2026, Bandhan Innovation Fund (Direct) returned 9.9% and PGIM India Flexi cap fund (Direct) returned −4.6%. Bandhan Innovation Fund charges 0.90% a year and PGIM India Flexi cap fund 0.85% (Direct plans). Their portfolios overlap 28.9%: they hold 28 of the same securities.
Bandhan Innovation Fund
Thematic
- 1 year return
- 9.9%
- Expense ratio
- 0.90%
- NAV
- ₹15.39
PGIM India Flexi cap fund
Flexi Cap
- 1 year return
- −4.6%
- Expense ratio
- 0.85%
- NAV
- ₹41.91
Which is better, Bandhan Innovation or PGIM India Flexi cap fund? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Bandhan Innovation returned more over 1 year: 9.9% against −4.6%.
- PGIM India Flexi cap fund costs less: 0.85% a year against 0.90% (Direct plans).
- PGIM India Flexi cap fund fell less in its worst fall since 02-05-2024: −17.3% against −19.7%.
- PGIM India Flexi cap fund holds more in large companies: 55.2% of the fund in large caps against 34.6%.
- PGIM India Flexi cap fund is the larger fund: ₹5,595 Cr against ₹2,957 Cr.
- Their portfolios overlap 28.9%: 28 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 Innovation Fund | PGIM India Flexi cap fund |
|---|---|---|
| Fund house | Bandhan Mutual Fund | PGIM India Mutual Fund |
| Category | Thematic | Flexi Cap |
| AUM | ₹2,957 Cr (31-08-2026) | ₹5,595 Cr (30-09-2026) |
| NAV | ₹15.39 (Direct) | ₹41.91 (Direct) |
| Expense ratio (Direct) | 0.90% | 0.85% |
| Expense ratio (Regular) | 2.26% | 2.11% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 30-04-2024 | 04-03-2015 |
| Minimum investment | ₹1,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Manish Gunwani, Brijesh Shah, Prateek Poddar | Anandha Padmanabhan Anjeneyan, Vivek Sharma, Vinay Paharia, Puneet Pal |
| Exit load | Exit load of 0.50%, if redeemed within 30 days. | Exit load of 0.5%, if redeemed within 90 days. |
Bandhan Innovation vs PGIM India Flexi cap fund: 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 Innovation Fund (Direct) | −2.35% | +0.59% | +12.58% | +9.94% | -- | -- | -- |
| PGIM India Flexi cap fund (Direct) | −0.78% | −3.77% | +1.21% | −4.62% | +10.59% | +7.34% | +14.24% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | +13.13% |
Category average: the average of the 235 Thematic funds and the 46 Flexi Cap funds, same plan type.
Bandhan Innovation vs PGIM India Flexi cap fund: Year-wise Returns
| Year | Bandhan InnovationBandhan Innovation | PGIM India Flexi cap fundPGIM India Flexi cap fund | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | +12.81% | −3.17% | −7.51% |
| 2025 | +4.81% | +6.13% | +7.76% |
| 2024 | -- | +17.08% | +16.24% |
| 2023 | -- | +21.66% | +26.91% |
| 2022 | -- | −4.92% | +4.25% |
| 2021 | -- | +46.45% | +31.60% |
Bandhan Innovation vs PGIM India Flexi cap fund: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 376 of them, one for each trading day from 02-05-2025 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 Innovation Fund (Direct)
PGIM India Flexi cap fund (Direct)
Nifty 500 TRI
to
Jun 2025Sept 2024
to
Sept 2025Dec 2024
to
Dec 2025Mar 2025
to
Mar 2026Jun 2025
to
Jun 2026Sept 2025
to
Sept 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 Innovation | 0.0 | 7.7 | 21.5 | 27.1 | 26.9 | 15.4 | 1.3 | 13.7% | 13.9% | 1.3% | 30.2% | 94% |
| PGIM India Flexi cap fund | 14.1 | 35.9 | 34.9 | 14.9 | 0.3 | 0.0 | 0.0 | 4.8% | 5.0% | −7.0% | 16.7% | 72% |
| Nifty 500 TRI | 27.9 | 32.2 | 30.9 | 7.2 | 1.9 | 0.0 | 0.0 | 3.4% | 3.1% | −9.0% | 17.6% | -- |
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 Nifty 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 02-05-2024. Past returns do not promise future returns.
Bandhan Innovation vs PGIM India Flexi cap fund: 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 02-05-2024 to 30-10-2026: 30 instalments, ₹3,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bandhan InnovationBandhan Innovation Fund (Direct) | ₹3,00,000 | ₹3,61,895 | ₹61,895 | 15.2% |
| PGIM India Flexi cap fundPGIM India Flexi cap fund (Direct) | ₹3,00,000 | ₹3,06,305 | ₹6,305 | 1.6% |
Bandhan InnovationBandhan Innovation Fund (Direct)
PGIM India Flexi cap fundPGIM India Flexi cap 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 Innovation vs PGIM India Flexi cap fund: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bandhan Innovation Fund (Direct) | PGIM India Flexi cap fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.94% | −4.62% |
| Standard deviation | 16.51% | 13.86% |
| Sharpe ratio | 0.28 | -0.71 |
| Sortino ratio | 0.39 | -0.96 |
| Maximum drawdown | −14.3% (30-03-2026) | −14.1% (30-03-2026) |
| Beta | 1.07 | 0.95 |
| Alpha | +18.10% | +2.07% |
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 Innovation Fund (Direct) | PGIM India Flexi cap fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.56% | +13.11% |
| Standard deviation | 16.99% | 15.63% |
| Sharpe ratio | 0.75 | 0.48 |
| Sortino ratio | 1.02 | 0.65 |
| Maximum drawdown | −19.7% (28-02-2025) | −36.5% (23-03-2020) |
| Beta | 1.06 | 0.95 |
| Alpha | +16.17% | +2.14% |
From daily NAVs, 02-05-2024 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 Innovation Fund (Direct)
PGIM India Flexi cap fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bandhan Innovation Fund (Direct) | −19.7% | 02-01-2025 | 28-02-2025 | 22-07-2025 | 5 months | −5.9% |
| PGIM India Flexi cap fund (Direct) | −17.3% | 23-09-2024 | 28-02-2025 | 18-09-2025 | 7 months | −6.2% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 02-05-2024, 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 Innovation Fund (Direct)
PGIM India Flexi cap fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Bandhan Innovation Fund (Direct) | 157% | 85% | 8.59% |
| PGIM India Flexi cap fund (Direct) | 106% | 90% | 3.26% |
From month-end values since 02-05-2024. 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 Innovation vs PGIM India Flexi cap fund: Portfolio Overlap
From each fund's latest monthly portfolio: Bandhan Innovation Fund, August 2026; PGIM India Flexi cap fund, September 2026
Holdings in common
- Overlap
- 28.9%
- Held by both
- 28
- Only in Bandhan Innovation
- 55
- Only in PGIM India Flexi cap fund
- 57
| Security | % of Bandhan Innovation | % of PGIM India Flexi cap fund |
|---|---|---|
| Eternal Limited | 6.43% | 3.21% |
| ICICI Bank Limited | 3.16% | 5.81% |
| Reliance Industries Limited | 2.23% | 1.98% |
| Divi's Laboratories Limited | 1.79% | 1.34% |
| Varun Beverages Limited | 1.34% | 1.47% |
| Bharat Electronics Limited | 1.70% | 1.18% |
| Mahindra & Mahindra Limited | 2.33% | 1.14% |
| TVS Motor Company Limited | 1.13% | 2.47% |
| Info Edge (India) Limited | 1.37% | 1.07% |
| Prestige Estates Projects Limited | 1.07% | 1.08% |
| Tech Mahindra Limited | 0.90% | 1.72% |
| Affle 3i Limited | 0.86% | 1.23% |
| HDFC Bank Limited | 0.85% | 6.12% |
| Torrent Pharmaceuticals Limited | 0.90% | 0.83% |
| Multi Commodity Exchange of India Limited | 0.83% | 1.04% |
| Eicher Motors Limited | 0.80% | 0.81% |
| One 97 Communications Limited | 5.02% | 0.79% |
| Craftsman Automation Limited | 1.00% | 0.76% |
| Amagi Media Labs Limited | 0.85% | 0.75% |
| Infosys Limited | 0.70% | 1.00% |
| TD Power Systems Limited | 1.03% | 0.64% |
| Ather Energy Limited | 0.64% | 1.10% |
| Manipal Health Enterprises Ltd | 0.60% | 0.98% |
| Sai Life Sciences Limited | 0.78% | 0.57% |
| Cholamandalam Investment and Finance Company Ltd | 1.17% | 0.50% |
| GE Vernova T&D India Limited | 1.51% | 0.45% |
| Black Buck Ltd | 0.41% | 0.88% |
| Jubilant Foodworks Limited | 0.39% | 0.85% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 28.9% means 28.9% 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 Innovation Fund
| Security | % of fund |
|---|---|
| Bajaj Finserv Limited | 3.72% |
| Meesho Ltd | 2.80% |
| AstraZeneca Pharma India Limited | 2.72% |
| Coforge Limited | 2.41% |
| Honasa Consumer Limited | 2.28% |
Largest holdings only in PGIM India Flexi cap fund
| Security | % of fund |
|---|---|
| Bharti Airtel Ltd. | 3.86% |
| State Bank of India | 2.71% |
| Bajaj Finance Ltd. | 1.93% |
| Titan Company Ltd. | 1.85% |
| JSW Steel Ltd. | 1.75% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bandhan Innovation | PGIM India Flexi cap fund |
|---|---|---|
| Equity | 99.0% | 96.8% |
| Debt | 0.0% | 0.1% |
| Cash and others | 1.0% | 3.1% |
Market cap of stocks
| Market cap | Bandhan Innovation | PGIM India Flexi cap fund |
|---|---|---|
| Large Cap | 34.6% | 55.2% |
| Mid Cap | 23.6% | 21.3% |
| Small Cap | 37.4% | 17.5% |
| Not on AMFI's list | 3.4% | 2.7% |
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 Innovation | PGIM India Flexi cap fund |
|---|---|---|
| Banks | 4.0% | 19.1% |
| Retailing | 12.2% | 5.2% |
| Pharmaceuticals & Biotechnology | 9.3% | 6.2% |
| Finance | 6.8% | 4.2% |
| Automobiles | 4.9% | 5.5% |
| Financial Technology (Fintech) | 5.0% | 0.8% |
| Consumer Durables | 4.9% | 4.3% |
| IT - Software | 4.0% | 4.6% |
The six largest sectors of each fund's stocks, % of the fund.
Bandhan Innovation vs PGIM India Flexi cap fund: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bandhan Innovation Fund | PGIM India Flexi cap fund |
|---|---|---|
| Total expense ratio (Direct) | 0.90% | 0.85% |
| Base expense ratio (Direct) | 0.49% | 0.51% |
| Total expense ratio (Regular) | 2.26% | 2.11% |
| Base expense ratio (Regular) | 1.67% | 1.58% |
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 Innovation with
Bandhan Innovation Fund vs PGIM India Flexi cap fund: Frequently Asked Questions
What is the difference between Bandhan Innovation Fund and PGIM India Flexi cap fund?
Bandhan Innovation Fund is a Thematic fund, PGIM India Flexi cap fund is a Flexi Cap fund, run by Bandhan Mutual Fund and PGIM India Mutual Fund. Their portfolios overlap 28.9%. Bandhan Innovation Fund charges 0.90% a year and PGIM India Flexi cap fund 0.85%.
Which has given higher returns, Bandhan Innovation Fund or PGIM India Flexi cap fund?
Over 1 year: Bandhan Innovation Fund +9.94%, PGIM India Flexi cap fund −4.62%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Bandhan Innovation Fund or PGIM India Flexi cap fund?
PGIM India Flexi cap fund charges less: 0.85% a year against 0.90%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Bandhan Innovation Fund and PGIM India Flexi cap fund overlap?
28.9%. They hold 28 of the same securities, the largest shared ones being ETERNAL, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Bandhan Innovation Fund or PGIM India Flexi cap fund?
On SEBI's riskometer, Bandhan Innovation Fund is rated Very High and PGIM India Flexi cap fund Very High. Over 1 years, the standard deviation of daily returns was 16.51% and 13.86% a year.
Can I invest in both Bandhan Innovation Fund and PGIM India Flexi cap fund?
Yes. 28.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Bandhan Innovation Fund and PGIM India Flexi cap fund?
Bandhan Innovation Fund: Manish Gunwani, Brijesh Shah, Prateek Poddar. PGIM India Flexi cap fund: Anandha Padmanabhan Anjeneyan, Vivek Sharma, Vinay Paharia, Puneet Pal.
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.