Baroda BNP Paribas Banking and Financial Services Fund vs HDFC Defence Fund
Direct Plan, Growth option · Data as on 30-10-2026
Baroda BNP Paribas Banking and Financial Services Fund is a Thematic fund and HDFC Defence Fund is a Thematic fund. In the 3 years to 30-10-2026, Baroda BNP Paribas Banking and Financial Services Fund (Direct) returned 12.8% a year and HDFC Defence Fund (Direct) returned 34.8% a year. Baroda BNP Paribas Banking and Financial Services Fund charges 1.09% a year and HDFC Defence Fund 0.90% (Direct plans). Their portfolios overlap 0.0%: they hold 0 of the same securities.
Baroda BNP Paribas Banking and Financial Services Fund
Thematic
- 3 year return
- 12.8%
- Expense ratio
- 1.09%
- NAV
- ₹52.42
Which is better, Baroda BNP Paribas Banking and Financial Services 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 3 years: 34.8% a year against 12.8%.
- HDFC Defence returned more over 1 year: 13.8% against −5.9%.
- HDFC Defence costs less: 0.90% a year against 1.09% (Direct plans).
- Baroda BNP Paribas Banking and Financial Services swung less over 3 years: a standard deviation of 16.4% a year against 25.6%.
- Baroda BNP Paribas Banking and Financial Services fell less in its worst fall since 02-06-2023: −16.4% against −34.5%.
- Baroda BNP Paribas Banking and Financial Services holds more in large companies: 54.7% of the fund in large caps against 43.5%.
- HDFC Defence is the larger fund: ₹11,493 Cr against ₹516 Cr.
- Their portfolios overlap 0.0%: 0 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 | Baroda BNP Paribas Banking and Financial Services Fund | HDFC Defence Fund |
|---|---|---|
| Fund house | Baroda BNP Paribas Mutual Fund | HDFC Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹516 Cr (30-09-2026) | ₹11,493 Cr (30-09-2026) |
| NAV | ₹52.42 (Direct) | ₹28.86 (Direct) |
| Expense ratio (Direct) | 1.09% | 0.90% |
| Expense ratio (Regular) | 2.69% | 1.80% |
| Riskometer | Not available | Very High |
| Benchmark | Not available | Nifty India Defence TRI |
| Launch date | Not available | 02-06-2023 |
| Minimum investment | Not available | ₹100 |
| Lock in | Not available | None |
| Fund managers | Not available | Rahul Baijal, Priya Ranjan, Gopal Agrawal, Bhagyesh Kagalkar |
| Exit load | Not available | 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. |
Baroda BNP Paribas Banking and Financial Services 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 |
|---|---|---|---|---|---|---|---|
| Baroda BNP Paribas Banking and Financial Services Fund (Direct) | −2.92% | −6.09% | −1.57% | −5.88% | +12.79% | +9.67% | +11.10% |
| 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.
Baroda BNP Paribas Banking and Financial Services vs HDFC Defence: Year-wise Returns
| Year | Baroda BNP Paribas Banking and Financial ServicesBaroda BNP Paribas Banking and Financial Services | HDFC DefenceHDFC Defence |
|---|---|---|
| 2026to date | −6.98% | +19.90% |
| 2025 | +16.30% | +10.75% |
| 2024 | +14.00% | +41.88% |
| 2023 | +21.84% | -- |
| 2022 | +16.70% | -- |
| 2021 | +8.97% | -- |
Baroda BNP Paribas Banking and Financial Services vs HDFC Defence: Rolling Returns
Every holding period of both funds, against Nifty Financial Services TRI, the benchmark of Baroda BNP Paribas Banking and Financial Services Fund
Rolling returns
Every 3-year holding period, 103 of them, one for each trading day from 02-06-2026 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.
Baroda BNP Paribas Banking and Financial Services Fund (Direct)
HDFC Defence Fund (Direct)
Nifty Financial Services TRI
to
Jun 2026Jul 2023
to
Jul 2026Aug 2023
to
Aug 2026Aug 2023
to
Aug 2026Sept 2023
to
Sept 2026Oct 2023
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Baroda BNP Paribas Banking and Financial Services | 0.0 | 0.0 | 0.0 | 50.5 | 49.5 | 0.0 | 0.0 | 14.8% | 14.9% | 12.4% | 16.8% | 100% |
| HDFC Defence | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 39.8% | 40.7% | 33.3% | 45.2% | 100% |
| Nifty Financial Services TRI | 0.0 | 0.0 | 45.6 | 54.4 | 0.0 | 0.0 | 0.0 | 10.3% | 10.2% | 7.9% | 12.2% | -- |
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 Financial Services 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 02-06-2023. Past returns do not promise future returns.
Baroda BNP Paribas Banking and Financial Services 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 01-06-2023 to 30-10-2026: 41 instalments, ₹4,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Baroda BNP Paribas Banking and Financial ServicesBaroda BNP Paribas Banking and Financial Services Fund (Direct) | ₹4,10,000 | ₹4,55,314 | ₹45,314 | 6.1% |
| HDFC DefenceHDFC Defence Fund (Direct) | ₹4,10,000 | ₹6,13,432 | ₹2,03,432 | 24.3% |
Baroda BNP Paribas Banking and Financial ServicesBaroda BNP Paribas Banking and Financial Services 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.
Baroda BNP Paribas Banking and Financial Services vs HDFC Defence: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Baroda BNP Paribas Banking and Financial Services Fund (Direct) | HDFC Defence Fund (Direct) |
|---|---|---|
| Return (CAGR) | −5.88% | +13.79% |
| Standard deviation | 17.42% | 22.90% |
| Sharpe ratio | -0.64 | 0.37 |
| Sortino ratio | -0.88 | 0.52 |
| Maximum drawdown | −16.4% (31-03-2026) | −14.3% (31-03-2026) |
| Beta | 0.95 | 0.92 |
| Alpha | +2.35% | +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 | Baroda BNP Paribas Banking and Financial Services Fund (Direct) | HDFC Defence Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.79% | +34.76% |
| Standard deviation | 16.45% | 25.64% |
| Sharpe ratio | 0.41 | 1.12 |
| Sortino ratio | 0.57 | 1.54 |
| Maximum drawdown | −16.4% (31-03-2026) | −34.5% (28-02-2025) |
| Beta | 0.96 | 0.83 |
| Alpha | +3.16% | −0.18% |
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 | Baroda BNP Paribas Banking and Financial Services Fund (Direct) | HDFC Defence Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.13% | +36.39% |
| Standard deviation | 20.73% | 24.68% |
| Sharpe ratio | 0.25 | 1.23 |
| Sortino ratio | 0.34 | 1.69 |
| Maximum drawdown | −42.8% (23-03-2020) | −34.5% (28-02-2025) |
| Beta | 0.95 | 0.81 |
| Alpha | −1.38% | −1.99% |
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.
Baroda BNP Paribas Banking and Financial Services Fund (Direct)
HDFC Defence Fund (Direct)
Nifty Financial Services TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Baroda BNP Paribas Banking and Financial Services Fund (Direct) | −16.4% | 18-02-2026 | 31-03-2026 | Not yet | -- | −9.7% |
| HDFC Defence Fund (Direct) | −34.5% | 08-07-2024 | 28-02-2025 | 27-05-2025 | 3 months | −11.4% |
| Nifty Financial Services TRI | −17.3% | 18-02-2026 | 30-03-2026 | Not yet | -- | −12.4% |
From daily values since 02-06-2023, 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.
Baroda BNP Paribas Banking and Financial Services Fund (Direct)
HDFC Defence Fund (Direct)
Nifty Financial Services 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.
Baroda BNP Paribas Banking and Financial Services Fund (Direct)
HDFC Defence Fund (Direct)
Nifty Financial Services TRI
Against Nifty Financial Services TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Baroda BNP Paribas Banking and Financial Services Fund (Direct) | 107% | 85% | 5.19% |
| HDFC Defence Fund (Direct) | 201% | 72% | 24.02% |
From month-end values since 02-06-2023. 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.
Baroda BNP Paribas Banking and Financial Services vs HDFC Defence: Portfolio Overlap
From each fund's latest monthly portfolio: Baroda BNP Paribas Banking and Financial Services Fund, September 2026; HDFC Defence Fund, September 2026
Holdings in common
- Overlap
- 0.0%
- Held by both
- 0
- Only in Baroda BNP Paribas Banking and Financial Services
- 38
- Only in HDFC Defence
- 24
Overlap: for each holding both funds own, the smaller of its two weights, added up. 0.0% means 0.0% 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 Baroda BNP Paribas Banking and Financial Services Fund
| Security | % of fund |
|---|---|
| ICICI Bank Limited | 9.22% |
| State Bank of India | 6.99% |
| HDFC Bank Limited | 6.25% |
| Axis Bank Limited | 5.89% |
| Kotak Mahindra Bank Limited | 5.45% |
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 | Baroda BNP Paribas Banking and Financial Services | HDFC Defence |
|---|---|---|
| Equity | 96.4% | 98.3% |
| Debt | 0.9% | 0.0% |
| Cash and others | 2.6% | 1.7% |
Market cap of stocks
| Market cap | Baroda BNP Paribas Banking and Financial Services | HDFC Defence |
|---|---|---|
| Large Cap | 54.7% | 43.5% |
| Mid Cap | 21.8% | 23.7% |
| Small Cap | 15.9% | 30.7% |
| Not on AMFI's list | 4.0% | 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 | Baroda BNP Paribas Banking and Financial Services | HDFC Defence |
|---|---|---|
| Banks | 51.7% | 0.0% |
| Aerospace & Defense | 0.0% | 46.1% |
| Finance | 21.0% | 0.0% |
| Auto Components | 0.0% | 18.2% |
| Chemicals & Petrochemicals | 0.0% | 13.1% |
| Capital Markets | 12.6% | 0.0% |
| Financial Technology (Fintech) | 7.9% | 0.0% |
| Agricultural, Commercial & Construction Vehicles | 0.0% | 6.2% |
| Electrical Equipment | 0.0% | 5.1% |
| Automobiles | 0.0% | 4.7% |
| Insurance | 3.2% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
Baroda BNP Paribas Banking and Financial Services vs HDFC Defence: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Baroda BNP Paribas Banking and Financial Services Fund | HDFC Defence Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.09% | 0.90% |
| Base expense ratio (Direct) | 0.68% | 0.72% |
| Total expense ratio (Regular) | 2.69% | 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
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Baroda BNP Paribas Banking and Financial Services Fund vs HDFC Defence Fund: Frequently Asked Questions
What is the difference between Baroda BNP Paribas Banking and Financial Services Fund and HDFC Defence Fund?
Baroda BNP Paribas Banking and Financial Services Fund is a Thematic fund, HDFC Defence Fund is a Thematic fund, run by Baroda BNP Paribas Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 0.0%. Baroda BNP Paribas Banking and Financial Services Fund charges 1.09% a year and HDFC Defence Fund 0.90%.
Which has given higher returns, Baroda BNP Paribas Banking and Financial Services Fund or HDFC Defence Fund?
Over 1 year: Baroda BNP Paribas Banking and Financial Services Fund −5.88%, HDFC Defence Fund +13.79%. Over 3 years: Baroda BNP Paribas Banking and Financial Services Fund +12.79% a year, HDFC Defence Fund +34.76% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Baroda BNP Paribas Banking and Financial Services Fund or HDFC Defence Fund?
HDFC Defence Fund charges less: 0.90% a year against 1.09%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Baroda BNP Paribas Banking and Financial Services Fund and HDFC Defence Fund overlap?
0.0%. They hold 0 of the same securities. From each fund's latest monthly portfolio.
Which is better for SIP, Baroda BNP Paribas Banking and Financial Services Fund or HDFC Defence Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,97,769 in Baroda BNP Paribas Banking and Financial Services Fund (XIRR 4.6% a year) and ₹5,06,556 in HDFC Defence Fund (XIRR 20.9% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Baroda BNP Paribas Banking and Financial Services Fund and HDFC Defence Fund?
Yes. 0.0% of each fund's money sits in the same holdings, so the two hold mostly different investments.
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.