Bandhan Multi-Factor Fund vs HDFC Defence Fund
Direct Plan, Growth option · Data as on 30-10-2026
Bandhan Multi-Factor Fund is a Thematic fund and HDFC Defence Fund is a Thematic fund. In the year to 30-10-2026, Bandhan Multi-Factor Fund (Direct) returned −11.8% and HDFC Defence Fund (Direct) returned 13.8%. Bandhan Multi-Factor Fund charges 2.76% a year and HDFC Defence Fund 0.90% (Direct plans). Their portfolios overlap 3.5%: they hold 1 of the same security.
Bandhan Multi-Factor Fund
Thematic
- 1 year return
- −11.8%
- Expense ratio
- 2.76%
- NAV
- ₹8.92
Which is better, Bandhan Multi-Factor 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 returned more over 1 year: 13.8% against −11.8%.
- HDFC Defence costs less: 0.90% a year against 2.76% (Direct plans).
- HDFC Defence fell less in its worst fall since 01-08-2025: −14.3% against −19.8%.
- Bandhan Multi-Factor holds more in large companies: 63.9% of the fund in large caps against 43.5%.
- HDFC Defence is the larger fund: ₹11,493 Cr against ₹647 Cr.
- Their portfolios overlap 3.5%: 1 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 Multi-Factor Fund | HDFC Defence Fund |
|---|---|---|
| Fund house | Bandhan Mutual Fund | HDFC Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹647 Cr (31-08-2026) | ₹11,493 Cr (30-09-2026) |
| NAV | ₹8.92 (Direct) | ₹28.86 (Direct) |
| Expense ratio (Direct) | 2.76% | 0.90% |
| Expense ratio (Regular) | 4.26% | 1.80% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 200 TRI | Nifty India Defence TRI |
| Launch date | 30-07-2025 | 02-06-2023 |
| Minimum investment | ₹1,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Rishi Sharma, Nilesh Saha, Brijesh Shah | Rahul Baijal, Priya Ranjan, Gopal Agrawal, Bhagyesh Kagalkar |
| Exit load | Exit load of 0.50%, 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 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. |
Bandhan Multi-Factor 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 |
|---|---|---|---|---|---|---|---|
| Bandhan Multi-Factor Fund (Direct) | −3.54% | −11.74% | −11.32% | −11.84% | -- | -- | -- |
| 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.
Bandhan Multi-Factor vs HDFC Defence: Year-wise Returns
| Year | Bandhan Multi-FactorBandhan Multi-Factor | HDFC DefenceHDFC Defence |
|---|---|---|
| 2026to date | −16.31% | +19.90% |
| 2025 | -- | +10.75% |
| 2024 | -- | +41.88% |
Bandhan Multi-Factor vs HDFC Defence: Rolling Returns
Every holding period of both funds, against BSE 200 TRI, the benchmark of Bandhan Multi-Factor Fund
Rolling returns
Every 1-year holding period, 60 of them, one for each trading day from 03-08-2026 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 Multi-Factor Fund (Direct)
HDFC Defence Fund (Direct)
BSE 200 TRI
to
Aug 2026Aug 2025
to
Aug 2026Sept 2025
to
Sept 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 2026Oct 2025
to
Oct 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 Multi-Factor | 58.3 | 41.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | −3.0% | −3.4% | −12.6% | 5.0% | 5% |
| HDFC Defence | 0.0 | 0.0 | 0.0 | 8.3 | 15.0 | 25.0 | 51.7 | 26.3% | 27.2% | 11.4% | 37.1% | 100% |
| BSE 200 TRI | 55.0 | 43.3 | 1.7 | 0.0 | 0.0 | 0.0 | 0.0 | −1.6% | −2.1% | −9.8% | 5.6% | -- |
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 200 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 01-08-2025. Past returns do not promise future returns.
Bandhan Multi-Factor vs HDFC Defence: 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 01-08-2025 to 30-10-2026: 15 instalments, ₹1,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bandhan Multi-FactorBandhan Multi-Factor Fund (Direct) | ₹1,50,000 | ₹1,33,541 | −₹16,459 | −16.4% |
| HDFC DefenceHDFC Defence Fund (Direct) | ₹1,50,000 | ₹1,65,195 | ₹15,195 | 15.5% |
Bandhan Multi-FactorBandhan Multi-Factor Fund (Direct)
HDFC DefenceHDFC Defence 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 Multi-Factor vs HDFC Defence: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bandhan Multi-Factor Fund (Direct) | HDFC Defence Fund (Direct) |
|---|---|---|
| Return (CAGR) | −11.84% | +13.79% |
| Standard deviation | 13.87% | 22.90% |
| Sharpe ratio | -1.23 | 0.37 |
| Sortino ratio | -1.56 | 0.52 |
| Maximum drawdown | −19.8% (23-10-2026) | −14.3% (31-03-2026) |
| Beta | 0.89 | 0.92 |
| Alpha | −5.01% | +5.40% |
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 Multi-Factor Fund (Direct) | HDFC Defence Fund (Direct) |
|---|---|---|
| Return (CAGR) | −7.70% | +36.39% |
| Standard deviation | 13.07% | 24.68% |
| Sharpe ratio | -0.99 | 1.23 |
| Sortino ratio | -1.27 | 1.69 |
| Maximum drawdown | −19.8% (23-10-2026) | −34.5% (28-02-2025) |
| Beta | 0.90 | 0.81 |
| Alpha | −5.97% | −1.99% |
From daily NAVs, 01-08-2025 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.
Bandhan Multi-Factor Fund (Direct)
HDFC Defence Fund (Direct)
BSE 200 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bandhan Multi-Factor Fund (Direct) | −19.8% | 11-02-2026 | 23-10-2026 | Not yet | -- | −18.1% |
| HDFC Defence Fund (Direct) | −14.3% | 06-03-2026 | 31-03-2026 | 15-04-2026 | 15 days | −11.4% |
| BSE 200 TRI | −14.7% | 02-01-2026 | 30-03-2026 | Not yet | -- | −9.9% |
From daily values since 01-08-2025, 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 Multi-Factor Fund (Direct)
HDFC Defence Fund (Direct)
BSE 200 TRI
Against BSE 200 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Bandhan Multi-Factor Fund (Direct) | 49% | 77% | 7.80% |
| HDFC Defence Fund (Direct) | 144% | 18% | 17.81% |
From month-end values since 01-08-2025. 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 Multi-Factor vs HDFC Defence: Portfolio Overlap
From each fund's latest monthly portfolio: Bandhan Multi-Factor Fund, August 2026; HDFC Defence Fund, September 2026
Holdings in common
- Overlap
- 3.5%
- Held by both
- 1
- Only in Bandhan Multi-Factor
- 33
- Only in HDFC Defence
- 23
| Security | % of Bandhan Multi-Factor | % of HDFC Defence |
|---|---|---|
| Eicher Motors Limited | 3.52% | 4.67% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 3.5% means 3.5% 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 Multi-Factor Fund
| Security | % of fund |
|---|---|
| Axis Bank Limited | 4.33% |
| Polycab India Limited | 4.09% |
| Suzlon Energy Limited | 4.07% |
| Tata Steel Limited | 4.07% |
| Power Grid Corporation of India Limited | 4.01% |
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 | Bandhan Multi-Factor | HDFC Defence |
|---|---|---|
| Equity | 98.6% | 98.3% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.4% | 1.7% |
Market cap of stocks
| Market cap | Bandhan Multi-Factor | HDFC Defence |
|---|---|---|
| Large Cap | 63.9% | 43.5% |
| Mid Cap | 29.9% | 23.7% |
| Small Cap | 4.7% | 30.7% |
| Not on AMFI's list | 0.0% | 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 | Bandhan Multi-Factor | HDFC Defence |
|---|---|---|
| Aerospace & Defense | 0.0% | 46.1% |
| Auto Components | 0.0% | 18.2% |
| Chemicals & Petrochemicals | 0.0% | 13.1% |
| Automobiles | 11.2% | 4.7% |
| Industrial Products | 9.8% | 0.2% |
| Banks | 8.9% | 0.0% |
| Ferrous Metals | 8.0% | 0.0% |
| Agricultural, Commercial & Construction Vehicles | 0.0% | 6.2% |
| Electrical Equipment | 4.1% | 5.1% |
| Finance | 4.9% | 0.0% |
| IT - Software | 4.8% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
Bandhan Multi-Factor vs HDFC Defence: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bandhan Multi-Factor Fund | HDFC Defence Fund |
|---|---|---|
| Total expense ratio (Direct) | 2.76% | 0.90% |
| Base expense ratio (Direct) | 0.77% | 0.72% |
| Total expense ratio (Regular) | 4.26% | 1.80% |
| Base expense ratio (Regular) | 2.08% | 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.
More comparisons
Each fund against the others of its category
Compare Bandhan Multi-Factor with
Bandhan Multi-Factor Fund vs HDFC Defence Fund: Frequently Asked Questions
What is the difference between Bandhan Multi-Factor Fund and HDFC Defence Fund?
Bandhan Multi-Factor Fund is a Thematic fund, HDFC Defence Fund is a Thematic fund, run by Bandhan Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 3.5%. Bandhan Multi-Factor Fund charges 2.76% a year and HDFC Defence Fund 0.90%.
Which has given higher returns, Bandhan Multi-Factor Fund or HDFC Defence Fund?
Over 1 year: Bandhan Multi-Factor Fund −11.84%, HDFC Defence Fund +13.79%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Bandhan Multi-Factor Fund or HDFC Defence Fund?
HDFC Defence Fund charges less: 0.90% a year against 2.76%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Bandhan Multi-Factor Fund and HDFC Defence Fund overlap?
3.5%. They hold 1 of the same securities, the largest shared ones being EICHERMOT. From each fund's latest monthly portfolio.
Which is riskier, Bandhan Multi-Factor Fund or HDFC Defence Fund?
On SEBI's riskometer, Bandhan Multi-Factor Fund is rated Very High and HDFC Defence Fund Very High. Over 1 years, the standard deviation of daily returns was 13.87% and 22.90% a year.
Can I invest in both Bandhan Multi-Factor Fund and HDFC Defence Fund?
Yes. 3.5% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages Bandhan Multi-Factor Fund and HDFC Defence Fund?
Bandhan Multi-Factor Fund: Rishi Sharma, Nilesh Saha, Brijesh Shah. 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.