Baroda BNP Paribas Innovation Fund vs HDFC Innovation Fund
Direct Plan, Growth option · Data as on 30-10-2026
Baroda BNP Paribas Innovation Fund is a Thematic fund and HDFC Innovation Fund is a Thematic fund. In the year to 30-10-2026, Baroda BNP Paribas Innovation Fund (Direct) returned 4.8% and HDFC Innovation Fund (Direct) returned 10.0%. Baroda BNP Paribas Innovation Fund charges 1.29% a year and HDFC Innovation Fund 1.02% (Direct plans). Their portfolios overlap 27.6%: they hold 18 of the same securities.
Baroda BNP Paribas Innovation Fund
Thematic
- 1 year return
- 4.8%
- Expense ratio
- 1.29%
- NAV
- ₹13.60
Which is better, Baroda BNP Paribas Innovation or HDFC Innovation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Innovation returned more over 1 year: 10.0% against 4.8%.
- HDFC Innovation costs less: 1.02% a year against 1.29% (Direct plans).
- Baroda BNP Paribas Innovation fell less in its worst fall since 17-07-2025: −12.2% against −12.3%.
- HDFC Innovation holds more in large companies: 44.3% of the fund in large caps against 31.4%.
- HDFC Innovation is the larger fund: ₹3,152 Cr against ₹859 Cr.
- Their portfolios overlap 27.6%: 18 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 Innovation Fund | HDFC Innovation Fund |
|---|---|---|
| Fund house | Baroda BNP Paribas Mutual Fund | HDFC Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹859 Cr (30-09-2026) | ₹3,152 Cr (30-09-2026) |
| NAV | ₹13.60 (Direct) | ₹11.52 (Direct) |
| Expense ratio (Direct) | 1.29% | 1.02% |
| Expense ratio (Regular) | 2.51% | 2.09% |
| Riskometer | Not available | Very High |
| Benchmark | Not available | Nifty 500 TRI |
| Launch date | Not available | 17-07-2025 |
| Minimum investment | Not available | ₹100 |
| Lock in | Not available | None |
| Fund managers | Not available | Amit Sinha, Gopal Agrawal, Bhagyesh Kagalkar |
| Exit load | Not available | • In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed/ switched-out within 1 month from the date of allotment. • No Exit Load is payable if Units are redeemed / switched-out after 1 month from the date of allotment. |
Baroda BNP Paribas Innovation vs HDFC Innovation: 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 Innovation Fund (Direct) | −1.16% | −1.35% | +3.84% | +4.76% | -- | -- | -- |
| HDFC Innovation Fund (Direct) | −1.16% | +0.14% | +11.94% | +9.99% | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
Baroda BNP Paribas Innovation vs HDFC Innovation: Year-wise Returns
| Year | Baroda BNP ParibasBaroda BNP Paribas Innovation | HDFCHDFC Innovation | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | +5.16% | +12.17% | −7.51% |
| 2025 | −0.64% | -- | +7.76% |
Baroda BNP Paribas Innovation vs HDFC Innovation: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 71 of them, one for each trading day from 17-07-2026 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 Innovation Fund (Direct)
HDFC Innovation Fund (Direct)
Nifty 500 TRI
to
Jul 2026Aug 2025
to
Aug 2026Aug 2025
to
Aug 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Baroda BNP Paribas Innovation | 0.0 | 7.0 | 31.0 | 46.5 | 15.5 | 0.0 | 0.0 | 10.7% | 10.7% | 1.3% | 17.5% | 100% |
| HDFC Innovation | 0.0 | 0.0 | 9.9 | 33.8 | 38.0 | 18.3 | 0.0 | 15.8% | 16.2% | 5.6% | 22.8% | 100% |
| Nifty 500 TRI | 46.5 | 39.4 | 14.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1% | 0.6% | −9.0% | 6.8% | -- |
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 17-07-2025. Past returns do not promise future returns.
Baroda BNP Paribas Innovation vs HDFC Innovation: 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 01-07-2025 to 30-10-2026: 16 instalments, ₹1,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Baroda BNP Paribas InnovationBaroda BNP Paribas Innovation Fund (Direct) | ₹1,60,000 | ₹1,67,801 | ₹7,801 | 7.0% |
| HDFC InnovationHDFC Innovation Fund (Direct) | ₹1,60,000 | ₹1,76,732 | ₹16,732 | 15.0% |
Baroda BNP Paribas InnovationBaroda BNP Paribas Innovation Fund (Direct)
HDFC InnovationHDFC Innovation 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 Innovation vs HDFC Innovation: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Baroda BNP Paribas Innovation Fund (Direct) | HDFC Innovation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.76% | +9.99% |
| Standard deviation | 15.72% | 15.01% |
| Sharpe ratio | -0.03 | 0.32 |
| Sortino ratio | -0.04 | 0.44 |
| Maximum drawdown | −12.2% (23-03-2026) | −12.3% (31-03-2026) |
| Beta | 1.00 | 0.95 |
| Alpha | +12.04% | +16.66% |
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 Innovation Fund (Direct) | HDFC Innovation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.24% | +11.54% |
| Standard deviation | 15.76% | 14.15% |
| Sharpe ratio | 0.40 | 0.44 |
| Sortino ratio | 0.55 | 0.61 |
| Maximum drawdown | −22.3% (07-04-2025) | −12.3% (31-03-2026) |
| Beta | 0.99 | 0.96 |
| Alpha | +8.55% | +15.30% |
From daily NAVs, 07-03-2024 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.
Baroda BNP Paribas Innovation Fund (Direct)
HDFC Innovation Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Baroda BNP Paribas Innovation Fund (Direct) | −12.2% | 01-12-2025 | 23-03-2026 | 06-05-2026 | 44 days | −6.3% |
| HDFC Innovation Fund (Direct) | −12.3% | 17-11-2025 | 31-03-2026 | 06-05-2026 | 36 days | −5.5% |
| Nifty 500 TRI | −14.7% | 02-01-2026 | 30-03-2026 | Not yet | -- | −8.4% |
From daily values since 17-07-2025, 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.
Baroda BNP Paribas Innovation Fund (Direct)
HDFC Innovation Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Baroda BNP Paribas Innovation Fund (Direct) | 136% | 82% | 5.55% |
| HDFC Innovation Fund (Direct) | 144% | 65% | 7.08% |
From month-end values since 17-07-2025. 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.
Baroda BNP Paribas Innovation vs HDFC Innovation: Portfolio Overlap
From each fund's latest monthly portfolio: Baroda BNP Paribas Innovation Fund, September 2026; HDFC Innovation Fund, September 2026
Holdings in common
- Overlap
- 27.6%
- Held by both
- 18
- Only in Baroda BNP Paribas Innovation
- 30
- Only in HDFC Innovation
- 60
| Security | % of Baroda BNP Paribas Innovation | % of HDFC Innovation |
|---|---|---|
| Divi's Laboratories Limited | 4.32% | 3.32% |
| Eternal Limited | 3.16% | 9.19% |
| Lenskart Solutions Limited | 2.58% | 2.52% |
| Bharat Electronics Limited | 2.48% | 3.12% |
| Bajaj Finance Limited | 2.41% | 4.02% |
| Navin Fluorine International Limited | 3.45% | 2.30% |
| Mahindra & Mahindra Limited | 2.16% | 3.10% |
| GE Vernova T&D India Limited | 1.54% | 2.12% |
| PB Fintech Limited | 1.28% | 2.41% |
| Amagi Media Labs Limited | 2.59% | 1.08% |
| Billionbrains Garage Ventures Ltd | 1.73% | 1.06% |
| Lupin Limited | 2.13% | 0.91% |
| Cummins India Limited | 1.74% | 0.81% |
| 3M India Limited | 2.36% | 0.68% |
| Persistent Systems Limited | 1.23% | 0.63% |
| Aequs Limited | 1.07% | 0.63% |
| Infosys Limited | 1.02% | 0.46% |
| One 97 Communications Limited | 5.27% | 0.14% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 27.6% means 27.6% 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 Baroda BNP Paribas Innovation Fund
| Security | % of fund |
|---|---|
| Linde India Limited | 4.07% |
| Acutaas Chemicals Limited | 3.82% |
| Hitachi Energy India Limited | 3.53% |
| Bosch Limited | 3.29% |
| TVS Motor Company Limited | 3.27% |
Largest holdings only in HDFC Innovation Fund
| Security | % of fund |
|---|---|
| Rubicon Research Limited | 3.21% |
| Hindustan Aeronautics Limited | 2.72% |
| Sun Pharmaceutical Industries Ltd. | 2.54% |
| INFO EDGE (INDIA) LIMITED | 2.34% |
| Torrent Pharmaceuticals Ltd. | 2.25% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Baroda BNP Paribas Innovation | HDFC Innovation |
|---|---|---|
| Equity | 94.5% | 93.2% |
| Debt | 1.1% | 0.0% |
| Cash and others | 4.3% | 6.8% |
Market cap of stocks
| Market cap | Baroda BNP Paribas Innovation | HDFC Innovation |
|---|---|---|
| Large Cap | 31.4% | 44.3% |
| Mid Cap | 34.6% | 21.0% |
| Small Cap | 26.6% | 22.6% |
| Not on AMFI's list | 1.9% | 5.3% |
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 Innovation | HDFC Innovation |
|---|---|---|
| Pharmaceuticals & Biotechnology | 14.6% | 16.5% |
| Retailing | 8.5% | 14.8% |
| Financial Technology (Fintech) | 10.3% | 2.5% |
| Chemicals & Petrochemicals | 9.2% | 4.1% |
| Electrical Equipment | 5.1% | 8.3% |
| Capital Markets | 8.2% | 2.5% |
| Aerospace & Defense | 3.5% | 7.2% |
| Automobiles | 6.2% | 4.4% |
| Finance | 2.4% | 5.4% |
| Auto Components | 4.0% | 5.4% |
The six largest sectors of each fund's stocks, % of the fund.
Baroda BNP Paribas Innovation vs HDFC Innovation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Baroda BNP Paribas Innovation Fund | HDFC Innovation Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.29% | 1.02% |
| Base expense ratio (Direct) | 0.89% | 0.76% |
| Total expense ratio (Regular) | 2.51% | 2.09% |
| Base expense ratio (Regular) | 1.95% | 1.67% |
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 Baroda BNP Paribas Innovation with
Baroda BNP Paribas Innovation Fund vs HDFC Innovation Fund: Frequently Asked Questions
What is the difference between Baroda BNP Paribas Innovation Fund and HDFC Innovation Fund?
Baroda BNP Paribas Innovation Fund is a Thematic fund, HDFC Innovation Fund is a Thematic fund, run by Baroda BNP Paribas Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 27.6%. Baroda BNP Paribas Innovation Fund charges 1.29% a year and HDFC Innovation Fund 1.02%.
Which has given higher returns, Baroda BNP Paribas Innovation Fund or HDFC Innovation Fund?
Over 1 year: Baroda BNP Paribas Innovation Fund +4.76%, HDFC Innovation Fund +9.99%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Baroda BNP Paribas Innovation Fund or HDFC Innovation Fund?
HDFC Innovation Fund charges less: 1.02% a year against 1.29%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Baroda BNP Paribas Innovation Fund and HDFC Innovation Fund overlap?
27.6%. They hold 18 of the same securities, the largest shared ones being DIVISLAB, ETERNAL, LENSKART. From each fund's latest monthly portfolio.
Can I invest in both Baroda BNP Paribas Innovation Fund and HDFC Innovation Fund?
Yes. 27.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
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.