Bandhan Nifty 100 Index Fund vs HDFC Multi Asset Allocation Fund

Direct Plan, Growth option · Data as on 30-10-2026

Bandhan Nifty 100 Index Fund is an Index fund and HDFC Multi Asset Allocation Fund is a Multi Asset fund. In the 3 years to 30-10-2026, Bandhan Nifty 100 Index Fund (Direct) returned 8.9% a year and HDFC Multi Asset Allocation Fund (Direct) returned 11.1% a year. Bandhan Nifty 100 Index Fund charges 0.18% a year and HDFC Multi Asset Allocation Fund 1.01% (Direct plans). Their portfolios overlap 49.6%: they hold 41 of the same securities.

Bandhan Nifty 100 Index Fund

Index

3 year return: 8.9%
Expense ratio: 0.18%
NAV: ₹14.41

See Bandhan Nifty 100 Index Fund

HDFC Multi Asset Allocation Fund

Multi Asset

3 year return: 11.1%
Expense ratio: 1.01%
NAV: ₹81.63

See HDFC Multi Asset Allocation Fund

Which is better, Bandhan Nifty 100 Index or HDFC Multi Asset Allocation? Key differences

It depends on what you want from the fund. These are the differences in numbers, from the data on this page.

HDFC Multi Asset Allocation returned more over 3 years: 11.1% a year against 8.9%.
HDFC Multi Asset Allocation returned more over 1 year: −2.3% against −8.8%.
Bandhan Nifty 100 Index costs less: 0.18% a year against 1.01% (Direct plans).
HDFC Multi Asset Allocation swung less over 3 years: a standard deviation of 7.6% a year against 13.6%.
HDFC Multi Asset Allocation fell less in its worst fall since 25-02-2022: −8.9% against −17.3%.
Bandhan Nifty 100 Index holds more in large companies: 97.9% of the fund in large caps against 56.0%.
HDFC Multi Asset Allocation is the larger fund: ₹5,782 Cr against ₹266 Cr.
Their portfolios overlap 49.6%: 41 of the same holdings.

Past returns do not promise future returns. This page is information, not investment advice.

NAV comparison

How each fund's NAV moved over the same days, as % change since the first day of the range

Bandhan Nifty 100 Index Fund (Direct)
+48.4%
HDFC Multi Asset Allocation Fund (Direct)
+64.2%

Change in NAV from 25-02-2022 to 30-10-2026

0%+20%+40%+60%+80%

Key facts

From each fund's scheme summary document and AMFI

Fact	Bandhan Nifty 100 Index Fund	HDFC Multi Asset Allocation Fund
Fund house	Bandhan Mutual Fund	HDFC Mutual Fund
Category	Index	Multi Asset
AUM	₹266 Cr (31-08-2026)	₹5,782 Cr (30-09-2026)
NAV	₹14.41 (Direct)	₹81.63 (Direct)
Expense ratio (Direct)	0.18%	1.01%
Expense ratio (Regular)	0.68%	2.02%
Riskometer	Very High	Very High
Benchmark	Nifty 100 TRI	65% Nifty 50 TRI + 22.5% Nifty Composite Debt Index + 10% Domestic Price of Gold + 2.5% Domestic Price of Silver
Launch date	24-02-2022	17-08-2005
Minimum investment	₹1,000	₹100
Lock in	None	None
Fund managers	Abhishek Jain	Ihab Dalwai, Anil Bamboli, Bhagyesh Kagalkar, Nandita Menezes, – Mr. Arun Agarwal, Gopal Agrawal
Exit load	Nil	Exit Load for units in excess of 15% of the investment,1% will be charged for redemption within 12 months.

Bandhan Nifty 100 Index vs HDFC Multi Asset Allocation: 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 Nifty 100 Index Fund (Direct)	+1.03%	−5.35%	−3.06%	−8.85%	+8.87%	--	--
HDFC Multi Asset Allocation Fund (Direct)	−0.73%	−3.58%	−1.86%	−2.29%	+11.12%	+10.21%	+10.99%
Multi Asset average	−1.71%	−3.33%	−1.78%	+2.00%	+14.20%	+12.56%	+12.92%

Category average: the average of the 37 Multi Asset funds, same plan type.

Bandhan Nifty 100 Index vs HDFC Multi Asset Allocation: Year-wise Returns

Year	Bandhan Nifty 100 IndexBandhan Nifty 100 Index	HDFC Multi Asset AllocationHDFC Multi Asset Allocation
2026to date	−9.46%	−3.74%
2025	+10.06%	+14.45%
2024	+12.69%	+14.82%
2023	+21.06%	+19.43%
2022	--	+5.77%
2021	--	+19.65%

Bandhan Nifty 100 Index vs HDFC Multi Asset Allocation: Rolling Returns

Every holding period of both funds, against Nifty 100 TRI, the benchmark of Bandhan Nifty 100 Index Fund

Rolling returns

Every 3-year holding period, 418 of them, one for each trading day from 25-02-2025 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.

0%5%10%15%20%

Apr 2022
to
Apr 2025Jul 2022
to
Jul 2025Nov 2022
to
Nov 2025Feb 2023
to
Feb 2026Jun 2023
to
Jun 2026Sept 2023
to
Sept 2026

Bandhan Nifty 100 Index Fund (Direct)HDFC Multi Asset Allocation Fund (Direct)Nifty 100 TRI

How the periods spread

Fund	5-10%	10-15%	15-20%	Mean	Median	Lowest	Highest	Beat benchmark
Bandhan Nifty 100 Index	13.2	65.6	21.3	13.0%	13.3%	6.9%	19.3%	0%
HDFC Multi Asset Allocation	0.0	45.4	54.6	14.9%	15.2%	10.7%	18.1%	90%
Nifty 100 TRI	11.0	65.1	23.9	13.2%	13.5%	7.1%	19.6%	--

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 100 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 25-02-2022. Past returns do not promise future returns.

Bandhan Nifty 100 Index vs HDFC Multi Asset Allocation: 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

Every month₹

Step up each year

PeriodFor

₹10,000 on the first trading day of every month, from 25-02-2022 to 30-10-2026: 57 instalments, ₹5,70,000 in all.

Investment	Invested	Value now	Gain	Return a year
Bandhan Nifty 100 IndexBandhan Nifty 100 Index Fund (Direct)	₹5,70,000	₹6,51,743	₹81,743	5.6%
HDFC Multi Asset AllocationHDFC Multi Asset Allocation Fund (Direct)	₹5,70,000	₹7,07,894	₹1,37,894	9.1%

₹0₹2.0 L₹4.0 L₹6.0 L₹8.0 L

2023202420252026

Bandhan Nifty 100 IndexBandhan Nifty 100 Index Fund (Direct)HDFC Multi Asset AllocationHDFC Multi Asset Allocation 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 Nifty 100 Index vs HDFC Multi Asset Allocation: Risk and Drawdowns

How much each fund swings, and the worst fall over the same days

Risk and return

Measure	Bandhan Nifty 100 Index Fund (Direct)	HDFC Multi Asset Allocation Fund (Direct)
Return (CAGR)	−8.85%	−2.29%
Standard deviation	13.89%	9.51%
Sharpe ratio	-1.02	-0.79
Sortino ratio	-1.35	-1.05
Maximum drawdown	−14.9% (30-03-2026)	−8.9% (23-03-2026)
Beta	1.00	--
Alpha	−0.17%	--

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 Nifty 100 Index Fund (Direct)	HDFC Multi Asset Allocation Fund (Direct)
Return (CAGR)	+8.87%	+11.12%
Standard deviation	13.64%	7.64%
Sharpe ratio	0.21	0.67
Sortino ratio	0.29	0.91
Maximum drawdown	−17.3% (28-02-2025)	−8.9% (23-03-2026)
Beta	1.00	--
Alpha	−0.21%	--

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 Nifty 100 Index Fund (Direct)	HDFC Multi Asset Allocation Fund (Direct)
Return (CAGR)	+8.81%	+11.06%
Standard deviation	13.41%	7.94%
Sharpe ratio	0.21	0.63
Sortino ratio	0.29	0.85
Maximum drawdown	−17.3% (28-02-2025)	−27.1% (23-03-2020)
Beta	1.00	--
Alpha	−0.20%	--

From daily NAVs, 25-02-2022 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.

−20%−15%−10%−5%0%

2023202420252026

Bandhan Nifty 100 Index Fund (Direct)HDFC Multi Asset Allocation Fund (Direct)Nifty 100 TRI

Fund	Worst fall	High before it	Bottom	Back at the high	Time to climb back	Below its high today
Bandhan Nifty 100 Index Fund (Direct)	−17.3%	26-09-2024	28-02-2025	Not yet	--	−10.3%
HDFC Multi Asset Allocation Fund (Direct)	−8.9%	29-01-2026	23-03-2026	Not yet	--	−6.2%
Nifty 100 TRI	−17.2%	26-09-2024	28-02-2025	02-01-2026	10 months	−10.1%

From daily values since 25-02-2022, 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 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.

0%5%10%15%

2026

Bandhan Nifty 100 Index Fund (Direct)HDFC Multi Asset Allocation Fund (Direct)Nifty 100 TRI

Against Nifty 100 TRI

Fund	Up capture	Down capture	Tracking error
Bandhan Nifty 100 Index Fund (Direct)	99%	100%	0.06%
HDFC Multi Asset Allocation Fund (Direct)	63%	31%	7.64%

From month-end values since 25-02-2022. 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 Nifty 100 Index vs HDFC Multi Asset Allocation: Portfolio Overlap

From each fund's latest monthly portfolio: Bandhan Nifty 100 Index Fund, August 2026; HDFC Multi Asset Allocation Fund, September 2026

Holdings in common

Overlap: 49.6%
Held by both: 41
Only in Bandhan Nifty 100 Index: 59
Only in HDFC Multi Asset Allocation: 72

Security	% of Bandhan Nifty 100 Index	% of HDFC Multi Asset Allocation
HDFC Bank Limited	8.13%	6.86%
Reliance Industries Limited	6.46%	4.86%
ICICI Bank Limited	7.80%	4.74%
Bharti Airtel Limited	4.12%	2.89%
Axis Bank Limited	2.80%	2.54%
Kotak Mahindra Bank Limited	2.31%	2.60%
Sun Pharmaceutical Industries Limited	1.57%	1.72%
Maruti Suzuki India Limited	1.32%	1.94%
Infosys Limited	2.98%	1.29%
State Bank of India	3.28%	1.24%
Tata Consultancy Services Limited	1.83%	1.24%
Larsen & Toubro Limited	3.54%	1.17%
NTPC Limited	1.16%	1.87%
Tata Steel Limited	1.14%	1.21%
Hindustan Unilever Limited	1.31%	0.93%
Divi's Laboratories Limited	0.90%	1.61%
Eternal Limited	1.78%	0.89%
Power Grid Corporation of India Limited	0.89%	1.02%
InterGlobe Aviation Limited	0.89%	1.29%
Bajaj Finserv Limited	0.88%	1.07%
HCL Technologies Limited	1.04%	0.85%
ITC Limited	1.84%	0.68%
Oil & Natural Gas Corporation Limited	0.67%	0.98%
Bajaj Auto Limited	1.01%	0.66%
Apollo Hospitals Enterprise Limited	0.69%	0.66%
Eicher Motors Limited	0.82%	0.65%
SBI Life Insurance Company Limited	0.59%	0.88%
Cipla Limited	0.59%	0.54%
Tech Mahindra Limited	0.77%	0.53%
Tata Motors Ltd	0.74%	0.51%
Bharat Petroleum Corporation Limited	0.49%	0.52%
HDFC Life Insurance Company Limited	0.44%	1.01%
Bajaj Finance Limited	2.12%	0.43%
Hindalco Industries Limited	1.10%	0.33%
United Spirits Limited	0.33%	0.54%
Jindal Steel Limited	0.33%	0.39%
Titan Company Limited	1.58%	0.27%
Godrej Consumer Products Limited	0.27%	0.95%
Mahindra & Mahindra Limited	2.19%	0.25%
Hyundai Motor India Ltd	0.24%	0.87%
Ambuja Cements Limited	0.19%	0.40%

Overlap: for each holding both funds own, the smaller of its two weights, added up. 49.6% means 49.6% 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 Nifty 100 Index Fund

Security	% of fund
Shriram Finance Limited	1.16%
Bharat Electronics Limited	1.11%
UltraTech Cement Limited	1.01%
Grasim Industries Limited	0.95%
JSW Steel Limited	0.92%

Largest holdings only in HDFC Multi Asset Allocation Fund

Security	% of fund
HDFC Gold Exchange Traded Fund	11.71%
HDFC Silver ETF	1.81%
Muthoot Finance Ltd.	1.29%
7.18% GOI MAT 140833	1.20%
ICICI Lombard General Insurance Co	1.15%

Asset and sector split

Share of each fund, from its latest monthly portfolio

Asset allocation

Asset	Bandhan Nifty 100 Index	HDFC Multi Asset Allocation
Equity	101.5%	69.1%
Debt	0.0%	11.2%
Cash and others	-1.5%	19.7%

Market cap of stocks

Market cap	Bandhan Nifty 100 Index	HDFC Multi Asset Allocation
Large Cap	97.9%	56.0%
Mid Cap	3.6%	5.3%
Small Cap	0.0%	7.8%

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 Nifty 100 Index	HDFC Multi Asset Allocation
Banks	25.5%	18.0%
Petroleum Products	7.3%	5.4%
IT - Software	7.3%	4.1%
Finance	6.9%	2.3%
Automobiles	6.8%	5.3%
Pharmaceuticals & Biotechnology	4.4%	4.6%
Telecom - Services	4.1%	3.5%

The six largest sectors of each fund's stocks, % of the fund.

Bandhan Nifty 100 Index vs HDFC Multi Asset Allocation: Expense Ratio

What each plan charges a year, from AMFI's expense ratio file

Charge	Bandhan Nifty 100 Index Fund	HDFC Multi Asset Allocation Fund
Total expense ratio (Direct)	0.18%	1.01%
Base expense ratio (Direct)	0.08%	0.73%
Total expense ratio (Regular)	0.68%	2.02%
Base expense ratio (Regular)	0.51%	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 HDFC Multi Asset Allocation with

Bandhan Nifty 100 Index Fund vs HDFC Multi Asset Allocation Fund: Frequently Asked Questions

What is the difference between Bandhan Nifty 100 Index Fund and HDFC Multi Asset Allocation Fund?

Bandhan Nifty 100 Index Fund is an Index fund, HDFC Multi Asset Allocation Fund is a Multi Asset fund, run by Bandhan Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 49.6%. Bandhan Nifty 100 Index Fund charges 0.18% a year and HDFC Multi Asset Allocation Fund 1.01%.

Which has given higher returns, Bandhan Nifty 100 Index Fund or HDFC Multi Asset Allocation Fund?

Over 1 year: Bandhan Nifty 100 Index Fund −8.85%, HDFC Multi Asset Allocation Fund −2.29%. Over 3 years: Bandhan Nifty 100 Index Fund +8.87% a year, HDFC Multi Asset Allocation Fund +11.12% a year. As on 30-10-2026. Past returns do not promise future returns.

Which has the lower expense ratio, Bandhan Nifty 100 Index Fund or HDFC Multi Asset Allocation Fund?

Bandhan Nifty 100 Index Fund charges less: 0.18% a year against 1.01%. These are the Direct plans' total expense ratios reported to AMFI.

How much do Bandhan Nifty 100 Index Fund and HDFC Multi Asset Allocation Fund overlap?

49.6%. They hold 41 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, ICICIBANK. From each fund's latest monthly portfolio.

Which is riskier, Bandhan Nifty 100 Index Fund or HDFC Multi Asset Allocation Fund?

On SEBI's riskometer, Bandhan Nifty 100 Index Fund is rated Very High and HDFC Multi Asset Allocation Fund Very High. Over 3 years, the standard deviation of daily returns was 13.64% and 7.64% a year.

Which is better for SIP, Bandhan Nifty 100 Index Fund or HDFC Multi Asset Allocation Fund?

Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,72,224 in Bandhan Nifty 100 Index Fund (XIRR 0.4% a year) and ₹4,01,856 in HDFC Multi Asset Allocation Fund (XIRR 5.3% a year). Both received 37 instalments. Past returns do not promise future returns.

Can I invest in both Bandhan Nifty 100 Index Fund and HDFC Multi Asset Allocation Fund?

Yes. 49.6% of each fund's money sits in the same holdings, so a large part of the two investments would move together.

Who manages Bandhan Nifty 100 Index Fund and HDFC Multi Asset Allocation Fund?

Bandhan Nifty 100 Index Fund: Abhishek Jain. HDFC Multi Asset Allocation Fund: Ihab Dalwai, Anil Bamboli, Bhagyesh Kagalkar, Nandita Menezes, – Mr. Arun Agarwal, Gopal Agrawal.

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.