Bank of India Business Cycle Fund vs ICICI Prudential Nifty 100 Low Volatility 30 ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Bank of India Business Cycle Fund is a Thematic fund and ICICI Prudential Nifty 100 Low Volatility 30 ETF is an ETF fund. In the year to 30-10-2026, Bank of India Business Cycle Fund (Direct) returned −2.5% and ICICI Prudential Nifty 100 Low Volatility 30 ETF returned −8.0%. Bank of India Business Cycle Fund charges 1.37% a year and ICICI Prudential Nifty 100 Low Volatility 30 ETF 0.52%. Their portfolios overlap 33.6%: they hold 15 of the same securities.
Bank of India Business Cycle Fund
Thematic
- 1 year return
- −2.5%
- Expense ratio
- 1.37%
- NAV
- ₹9.36
ICICI Prudential Nifty 100 Low Volatility 30 ETF
ETF
- 1 year return
- −8.0%
- Expense ratio
- 0.52%
- NAV
- ₹20.98
Which is better, Bank of India Business Cycle or ICICI Prudential Nifty 100 Low Volatility 30 ETF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Bank of India Business Cycle returned more over 1 year: −2.5% against −8.0%.
- ICICI Prudential Nifty 100 Low Volatility 30 ETF costs less: 0.52% a year against 1.37%.
- ICICI Prudential Nifty 100 Low Volatility 30 ETF fell less in its worst fall since 02-09-2024: −18.2% against −25.2%.
- ICICI Prudential Nifty 100 Low Volatility 30 ETF holds more in large companies: 96.8% of the fund in large caps against 43.9%.
- ICICI Prudential Nifty 100 Low Volatility 30 ETF is the larger fund: ₹3,114 Cr against ₹437 Cr.
- Their portfolios overlap 33.6%: 15 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 | Bank of India Business Cycle Fund | ICICI Prudential Nifty 100 Low Volatility 30 ETF |
|---|---|---|
| Fund house | Bank of India Mutual Fund | ICICI Prudential Mutual Fund |
| Category | Thematic | ETF |
| AUM | ₹437 Cr (30-09-2026) | ₹3,114 Cr (30-09-2026) |
| NAV | ₹9.36 (Direct) | ₹20.98 |
| Expense ratio (Direct) | 1.37% | Not available |
| Expense ratio (Regular) | 2.65% | Not available |
| Riskometer | Very High | Not available |
| Benchmark | Nifty 500 TRI | Nifty 100 Low Volatility 30 TRI |
| Launch date | 30-08-2024 | 03-07-2017 |
| Minimum investment | ₹5,000 | During Ongoing/Continuous Offer: On Stock Exchanges: Investors can buy/sell units of the Scheme in round lot of 1 unit and in multiples thereof. Directly with the Mutual Fund: Investors can buy or sell units of the scheme in creation unit size and its mul |
| Lock in | None | None |
| Fund managers | Alok Singh | Nishit Patel, Ajaykumar Solanki, Ashwini Bharucha, Venus Ahuja |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 3 months. | Not available |
Bank of India Business Cycle vs ICICI Prudential Nifty 100 Low Volatility 30 ETF: 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 |
|---|---|---|---|---|---|---|---|
| Bank of India Business Cycle Fund (Direct) | −3.80% | −3.11% | 0.00% | −2.50% | -- | -- | -- |
| ICICI Prudential Nifty 100 Low Volatility 30 ETF | +1.27% | −7.49% | −2.76% | −7.99% | +9.41% | +8.60% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
Bank of India Business Cycle vs ICICI Prudential Nifty 100 Low Volatility 30 ETF: Year-wise Returns
| Year | Bank of India Business CycleBank of India Business Cycle | ICICI Prudential Nifty 100 Low Volatility 30 ETFICICI Prudential Nifty 100 Low Volatility 30 ETF |
|---|---|---|
| 2026to date | +2.52% | −9.49% |
| 2025 | −7.40% | +10.95% |
| 2024 | -- | +11.83% |
| 2023 | -- | +31.21% |
| 2022 | -- | +1.54% |
| 2021 | -- | +23.61% |
Bank of India Business Cycle vs ICICI Prudential Nifty 100 Low Volatility 30 ETF: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Bank of India Business Cycle Fund
Rolling returns
Every 1-year holding period, 285 of them, one for each trading day from 02-09-2025 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.
Bank of India Business Cycle Fund (Direct)
ICICI Prudential Nifty 100 Low Volatility 30 ETF
Nifty 500 TRI
to
Oct 2025Dec 2024
to
Dec 2025Feb 2025
to
Feb 2026May 2025
to
May 2026Jul 2025
to
Jul 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bank of India Business Cycle | 42.8 | 30.2 | 21.8 | 5.3 | 0.0 | 0.0 | 0.0 | 0.5% | 1.8% | −13.3% | 12.6% | 45% |
| ICICI Prudential Nifty 100 Low Volatility 30 ETF | 38.1 | 23.8 | 24.1 | 14.0 | 0.0 | 0.0 | 0.0 | 2.7% | 1.6% | −10.9% | 14.1% | 37% |
| Nifty 500 TRI | 31.2 | 29.5 | 29.1 | 8.1 | 2.1 | 0.0 | 0.0 | 3.2% | 2.6% | −9.0% | 15.9% | -- |
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 02-09-2024. Past returns do not promise future returns.
Bank of India Business Cycle vs ICICI Prudential Nifty 100 Low Volatility 30 ETF: 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 02-09-2024 to 30-10-2026: 26 instalments, ₹2,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bank of India Business CycleBank of India Business Cycle Fund (Direct) | ₹2,60,000 | ₹2,63,120 | ₹3,120 | 1.1% |
| ICICI Prudential Nifty 100 Low Volatility 30 ETFICICI Prudential Nifty 100 Low Volatility 30 ETF | ₹2,60,000 | ₹2,51,539 | −₹8,461 | −2.9% |
Bank of India Business CycleBank of India Business Cycle Fund (Direct)
ICICI Prudential Nifty 100 Low Volatility 30 ETFICICI Prudential Nifty 100 Low Volatility 30 ETF
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.
Bank of India Business Cycle vs ICICI Prudential Nifty 100 Low Volatility 30 ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bank of India Business Cycle Fund (Direct) | ICICI Prudential Nifty 100 Low Volatility 30 ETF |
|---|---|---|
| Return (CAGR) | −2.50% | −7.99% |
| Standard deviation | 14.43% | 12.46% |
| Sharpe ratio | -0.54 | -1.06 |
| Sortino ratio | -0.72 | -1.39 |
| Maximum drawdown | −15.3% (30-03-2026) | −14.3% (31-03-2026) |
| Beta | 0.93 | 1.00 |
| Alpha | +3.99% | −0.50% |
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 | Bank of India Business Cycle Fund (Direct) | ICICI Prudential Nifty 100 Low Volatility 30 ETF |
|---|---|---|
| Return (CAGR) | −3.11% | +11.91% |
| Standard deviation | 15.53% | 13.70% |
| Sharpe ratio | -0.57 | 0.48 |
| Sortino ratio | -0.76 | 0.66 |
| Maximum drawdown | −25.2% (28-02-2025) | −30.5% (23-03-2020) |
| Beta | 1.00 | 0.99 |
| Alpha | −0.26% | −0.50% |
From daily NAVs, 02-09-2024 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.
Bank of India Business Cycle Fund (Direct)
ICICI Prudential Nifty 100 Low Volatility 30 ETF
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bank of India Business Cycle Fund (Direct) | −25.2% | 11-12-2024 | 28-02-2025 | Not yet | -- | −10.6% |
| ICICI Prudential Nifty 100 Low Volatility 30 ETF | −18.2% | 27-09-2024 | 04-03-2025 | Not yet | -- | −11.1% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 02-09-2024, 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.
Bank of India Business Cycle Fund (Direct)
ICICI Prudential Nifty 100 Low Volatility 30 ETF
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Bank of India Business Cycle Fund (Direct) | 124% | 117% | 9.55% |
| ICICI Prudential Nifty 100 Low Volatility 30 ETF | 66% | 77% | 6.68% |
From month-end values since 02-09-2024. 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.
Bank of India Business Cycle vs ICICI Prudential Nifty 100 Low Volatility 30 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Bank of India Business Cycle Fund, September 2026; ICICI Prudential Nifty 100 Low Volatility 30 ETF, September 2026
Holdings in common
- Overlap
- 33.6%
- Held by both
- 15
- Only in Bank of India Business Cycle
- 36
- Only in ICICI Prudential Nifty 100 Low Volatility 30 ETF
- 15
| Security | % of Bank of India Business Cycle | % of ICICI Prudential Nifty 100 Low Volatility 30 ETF |
|---|---|---|
| ICICI Bank Limited | 5.41% | 3.84% |
| NTPC Limited | 4.16% | 3.79% |
| Bharti Airtel Limited | 3.78% | 3.65% |
| Apollo Hospitals Enterprise Limited | 3.36% | 3.81% |
| State Bank of India | 5.07% | 3.08% |
| Power Grid Corporation of India Limited | 2.82% | 3.39% |
| Britannia Industries Limited | 2.43% | 3.68% |
| Reliance Industries Limited | 2.28% | 3.47% |
| HDFC Bank Limited | 2.27% | 3.39% |
| Dr. Reddy's Laboratories Limited | 1.24% | 3.23% |
| Bajaj Auto Limited | 1.19% | 3.13% |
| Tata Power Company Limited | 1.15% | 3.42% |
| UltraTech Cement Limited | 1.00% | 3.16% |
| Asian Paints Limited | 0.99% | 3.04% |
| SBI Life Insurance Company Limited | 0.47% | 3.62% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 33.6% means 33.6% 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 Bank of India Business Cycle Fund
| Security | % of fund |
|---|---|
| Quality Power Electrical Eqp Ltd | 3.19% |
| LG Electronics India Ltd | 3.03% |
| Glenmark Pharmaceuticals Limited | 2.94% |
| Sky Gold And Diamonds Limited | 2.67% |
| Aequs Limited | 2.58% |
Largest holdings only in ICICI Prudential Nifty 100 Low Volatility 30 ETF
| Security | % of fund |
|---|---|
| Sun Pharmaceutical Industries Ltd. | 3.82% |
| Kotak Mahindra Bank Ltd. | 3.63% |
| Nestle India Ltd. | 3.53% |
| ITC Ltd. | 3.50% |
| Cipla Ltd. | 3.42% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bank of India Business Cycle | ICICI Prudential Nifty 100 Low Volatility 30 ETF |
|---|---|---|
| Equity | 94.7% | 100.0% |
| Debt | 0.1% | 0.0% |
| Cash and others | 5.2% | 0.0% |
Market cap of stocks
| Market cap | Bank of India Business Cycle | ICICI Prudential Nifty 100 Low Volatility 30 ETF |
|---|---|---|
| Large Cap | 43.9% | 96.8% |
| Mid Cap | 15.9% | 3.2% |
| Small Cap | 28.3% | 0.0% |
| Not on AMFI's list | 6.5% | 0.0% |
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 | Bank of India Business Cycle | ICICI Prudential Nifty 100 Low Volatility 30 ETF |
|---|---|---|
| Banks | 12.8% | 13.9% |
| Pharmaceuticals & Biotechnology | 5.6% | 13.8% |
| Consumer Durables | 11.8% | 6.1% |
| Power | 8.8% | 10.6% |
| Electrical Equipment | 8.0% | 0.0% |
| Food Products | 4.0% | 7.2% |
| Insurance | 0.5% | 6.9% |
| Diversified Fmcg | 0.0% | 6.9% |
| Capital Markets | 4.9% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
Bank of India Business Cycle vs ICICI Prudential Nifty 100 Low Volatility 30 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bank of India Business Cycle Fund | ICICI Prudential Nifty 100 Low Volatility 30 ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.37% | Not available |
| Base expense ratio (Direct) | 1.01% | 0.00% |
| Total expense ratio (Regular) | 2.65% | Not available |
| Base expense ratio (Regular) | 2.10% | 0.36% |
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 Bank of India Business Cycle with
Bank of India Business Cycle Fund vs ICICI Prudential Nifty 100 Low Volatility 30 ETF: Frequently Asked Questions
What is the difference between Bank of India Business Cycle Fund and ICICI Prudential Nifty 100 Low Volatility 30 ETF?
Bank of India Business Cycle Fund is a Thematic fund, ICICI Prudential Nifty 100 Low Volatility 30 ETF is an ETF fund, run by Bank of India Mutual Fund and ICICI Prudential Mutual Fund. Their portfolios overlap 33.6%. Bank of India Business Cycle Fund charges 1.37% a year and ICICI Prudential Nifty 100 Low Volatility 30 ETF 0.52%.
Which has given higher returns, Bank of India Business Cycle Fund or ICICI Prudential Nifty 100 Low Volatility 30 ETF?
Over 1 year: Bank of India Business Cycle Fund −2.50%, ICICI Prudential Nifty 100 Low Volatility 30 ETF −7.99%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Bank of India Business Cycle Fund or ICICI Prudential Nifty 100 Low Volatility 30 ETF?
ICICI Prudential Nifty 100 Low Volatility 30 ETF charges less: 0.52% a year against 1.37%. These are the total expense ratios reported to AMFI.
How much do Bank of India Business Cycle Fund and ICICI Prudential Nifty 100 Low Volatility 30 ETF overlap?
33.6%. They hold 15 of the same securities, the largest shared ones being ICICIBANK, NTPC, BHARTIARTL. From each fund's latest monthly portfolio.
Can I invest in both Bank of India Business Cycle Fund and ICICI Prudential Nifty 100 Low Volatility 30 ETF?
Yes. 33.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Bank of India Business Cycle Fund and ICICI Prudential Nifty 100 Low Volatility 30 ETF?
Bank of India Business Cycle Fund: Alok Singh. ICICI Prudential Nifty 100 Low Volatility 30 ETF: Nishit Patel, Ajaykumar Solanki, Ashwini Bharucha, Venus Ahuja.
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.