Bharat 22 ETF vs CPSE ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Bharat 22 ETF is an ETF fund and CPSE ETF is a mutual fund. In the 3 years to 30-10-2026, Bharat 22 ETF (Regular) returned 13.9% a year and CPSE ETF (Direct) returned 18.6% a year. Bharat 22 ETF charges 0.07% a year and CPSE ETF 0.08%. Their portfolios overlap 35.7%: they hold 9 of the same securities.
Which is better, Bharat 22 ETF or CPSE ETF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- CPSE ETF returned more over 5 years: 24.6% a year against 19.4%.
- CPSE ETF returned more over 3 years: 18.6% a year against 13.9%.
- Bharat 22 ETF costs less: 0.07% a year against 0.08%.
- Bharat 22 ETF swung less over 3 years: a standard deviation of 18.2% a year against 21.6%.
- Bharat 22 ETF fell less in its worst fall since 27-11-2017: −47.9% against −54.1%.
- CPSE ETF is the larger fund: ₹18,645 Cr against ₹9,531 Cr.
- Their portfolios overlap 35.7%: 9 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 | Bharat 22 ETF | CPSE ETF |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | Nippon India Mutual Fund |
| Category | ETF | Not available |
| AUM | ₹9,531 Cr (30-09-2026) | ₹18,645 Cr (30-09-2026) |
| NAV | ₹108.99 (Regular) | ₹88.53 (Direct) |
| Expense ratio (Direct) | Not available | 0.08% |
| Expense ratio (Regular) | 0.07% | Not available |
| Riskometer | Not available | Not available |
| Benchmark | BSE Bharat 22 TRI | Not available |
| Launch date | 24-11-2017 | Not available |
| Minimum investment | 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 | Not available |
| Lock in | None | Not available |
| Fund managers | Nishit Patel, Ashwini Bharucha, Ajaykumar Solanki, Venus Ahuja | Not available |
| Exit load | Not available | Not available |
Bharat 22 ETF vs CPSE 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 |
|---|---|---|---|---|---|---|---|
| Bharat 22 ETF (Regular) | −1.16% | −5.79% | −12.31% | −6.66% | +13.88% | +19.37% | -- |
| CPSE ETF (Direct) | −2.75% | −6.25% | −18.12% | −6.49% | +18.55% | +24.55% | -- |
Bharat 22 ETF vs CPSE ETF: Year-wise Returns
| Year | Bharat 22Bharat 22 ETF | CPSECPSE ETF |
|---|---|---|
| 2026to date | −7.98% | −3.39% |
| 2025 | +10.02% | +7.18% |
| 2024 | +18.21% | +28.03% |
| 2023 | +59.48% | +75.62% |
| 2022 | +28.39% | +27.95% |
| 2021 | +40.00% | +46.00% |
Bharat 22 ETF vs CPSE ETF: Rolling Returns
Every holding period of both funds, against BSE Bharat 22 Index TRI, the benchmark of Bharat 22 ETF
Rolling returns
Every 3-year holding period, 1,462 of them, one for each trading day from 27-11-2020 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.
Bharat 22 ETF (Regular)
CPSE ETF (Direct)
BSE Bharat 22 Index TRI
to
May 2021May 2019
to
May 2022May 2020
to
May 2023May 2021
to
May 2024May 2022
to
May 2025May 2023
to
May 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bharat 22 ETF | 4.8 | 7.5 | 10.7 | 8.3 | 10.9 | 4.4 | 53.4 | 23.4% | 26.3% | −8.2% | 47.3% | 0% |
| CPSE ETF | 11.9 | 3.2 | 9.6 | 5.0 | 7.9 | 3.1 | 59.2 | 27.0% | 34.0% | −14.5% | 60.3% | 61% |
| BSE Bharat 22 Index TRI | 4.8 | 7.4 | 10.8 | 8.1 | 10.8 | 4.4 | 53.8 | 23.7% | 26.6% | −8.1% | 47.7% | -- |
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 Bharat 22 Index 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 27-11-2017. Past returns do not promise future returns.
Bharat 22 ETF vs CPSE 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 27-11-2017 to 30-10-2026: 108 instalments, ₹10,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bharat 22 ETFBharat 22 ETF (Regular) | ₹10,80,000 | ₹24,09,780 | ₹13,29,780 | 17.2% |
| CPSE ETFCPSE ETF (Direct) | ₹10,80,000 | ₹27,67,816 | ₹16,87,816 | 20.1% |
Bharat 22 ETFBharat 22 ETF (Regular)
CPSE ETFCPSE ETF (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.
Bharat 22 ETF vs CPSE ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bharat 22 ETF (Regular) | CPSE ETF (Direct) |
|---|---|---|
| Return (CAGR) | −6.66% | −6.49% |
| Standard deviation | 14.91% | 15.21% |
| Sharpe ratio | -0.80 | -0.77 |
| Sortino ratio | -1.05 | -1.06 |
| Maximum drawdown | −17.3% (23-10-2026) | −21.1% (23-10-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.19% | −0.07% |
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 | Bharat 22 ETF (Regular) | CPSE ETF (Direct) |
|---|---|---|
| Return (CAGR) | +13.88% | +18.55% |
| Standard deviation | 18.21% | 21.62% |
| Sharpe ratio | 0.43 | 0.58 |
| Sortino ratio | 0.57 | 0.79 |
| Maximum drawdown | −21.8% (28-02-2025) | −28.0% (28-02-2025) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.25% | −0.12% |
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 | Bharat 22 ETF (Regular) | CPSE ETF (Direct) |
|---|---|---|
| Return (CAGR) | +19.37% | +24.55% |
| Standard deviation | 17.13% | 20.47% |
| Sharpe ratio | 0.79 | 0.92 |
| Sortino ratio | 1.07 | 1.27 |
| Maximum drawdown | −21.8% (28-02-2025) | −28.0% (28-02-2025) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.26% | −0.23% |
From daily NAVs, 29-10-2021 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 | Bharat 22 ETF (Regular) | CPSE ETF (Direct) |
|---|---|---|
| Return (CAGR) | +12.65% | +13.53% |
| Standard deviation | 19.47% | 21.70% |
| Sharpe ratio | 0.38 | 0.38 |
| Sortino ratio | 0.50 | 0.52 |
| Maximum drawdown | −47.9% (24-03-2020) | −54.1% (19-03-2020) |
| Beta | 1.00 | -- |
| Alpha | −0.17% | -- |
From daily NAVs, 27-11-2017 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.
Bharat 22 ETF (Regular)
CPSE ETF (Direct)
BSE Bharat 22 Index TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bharat 22 ETF (Regular) | −47.9% | 27-05-2019 | 24-03-2020 | 04-06-2021 | 14 months | −14.7% |
| CPSE ETF (Direct) | −54.1% | 12-01-2018 | 19-03-2020 | 05-10-2021 | 19 months | −18.7% |
| BSE Bharat 22 Index TRI | −48.2% | 27-05-2019 | 24-03-2020 | 04-06-2021 | 14 months | −14.6% |
From daily values since 27-11-2017, 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.
Bharat 22 ETF (Regular)
CPSE ETF (Direct)
BSE Bharat 22 Index 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.
Bharat 22 ETF (Regular)
CPSE ETF (Direct)
BSE Bharat 22 Index TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Bharat 22 ETF (Regular)
CPSE ETF (Direct)
BSE Bharat 22 Index TRI
Against BSE Bharat 22 Index TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Bharat 22 ETF (Regular) | 99% | 100% | 0.17% |
| CPSE ETF (Direct) | 102% | 101% | 10.69% |
From month-end values since 27-11-2017. 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.
Bharat 22 ETF vs CPSE ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Bharat 22 ETF, September 2026; CPSE ETF, September 2026
Holdings in common
- Overlap
- 35.7%
- Held by both
- 9
- Only in Bharat 22 ETF
- 13
- Only in CPSE ETF
- 2
| Security | % of Bharat 22 ETF | % of CPSE ETF |
|---|---|---|
| NTPC Ltd. | 9.64% | 20.22% |
| Power Grid Corporation Of India Ltd. | 7.48% | 17.83% |
| Coal India Ltd. | 5.81% | 15.39% |
| Oil & Natural Gas Corporation Ltd. | 5.27% | 13.26% |
| Bharat Electronics Ltd. | 4.96% | 20.19% |
| NHPC Ltd. | 1.43% | 4.15% |
| NLC India Ltd. | 0.53% | 1.44% |
| NBCC (India) Ltd. | 0.29% | 1.23% |
| SJVN Ltd. | 0.26% | 0.64% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 35.7% means 35.7% 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 Bharat 22 ETF
| Security | % of fund |
|---|---|
| Larsen & Toubro Ltd. | 15.59% |
| ITC Ltd. | 14.23% |
| State Bank Of India | 8.87% |
| Axis Bank Ltd. | 7.79% |
| National Aluminium Company Ltd. | 4.78% |
Largest holdings only in CPSE ETF
| Security | % of fund |
|---|---|
| Oil India Limited | 3.70% |
| Cochin Shipyard Limited | 1.92% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bharat 22 ETF | CPSE ETF |
|---|---|---|
| Equity | 100.0% | 100.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.0% | 0.0% |
Market cap of stocks
| Market cap | Bharat 22 ETF | CPSE ETF |
|---|---|---|
| Large Cap | 91.6% | 86.9% |
| Mid Cap | 7.6% | 11.2% |
| Small Cap | 0.8% | 1.9% |
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 | Bharat 22 ETF | CPSE ETF |
|---|---|---|
| Power | 19.4% | 44.3% |
| Aerospace & Defense | 5.0% | 20.2% |
| Banks | 18.3% | 0.0% |
| Oil | 5.3% | 17.0% |
| Construction | 16.2% | 1.2% |
| Consumable Fuels | 5.8% | 15.4% |
| Diversified Fmcg | 14.2% | 0.0% |
| Petroleum Products | 6.5% | 0.0% |
| Industrial Manufacturing | 0.0% | 1.9% |
The six largest sectors of each fund's stocks, % of the fund.
Bharat 22 ETF vs CPSE ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bharat 22 ETF | CPSE ETF |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.08% |
| Base expense ratio (Direct) | 0.00% | 0.06% |
| Total expense ratio (Regular) | 0.07% | Not available |
| Base expense ratio (Regular) | 0.06% | 0.00% |
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.
Bharat 22 ETF vs CPSE ETF: Frequently Asked Questions
What is the difference between Bharat 22 ETF and CPSE ETF?
Bharat 22 ETF is an ETF fund, CPSE ETF is a mutual fund, run by ICICI Prudential Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 35.7%. Bharat 22 ETF charges 0.07% a year and CPSE ETF 0.08%.
Which has given higher returns, Bharat 22 ETF or CPSE ETF?
Over 1 year: Bharat 22 ETF −6.66%, CPSE ETF −6.49%. Over 3 years: Bharat 22 ETF +13.88% a year, CPSE ETF +18.55% a year. Over 5 years: Bharat 22 ETF +19.37% a year, CPSE ETF +24.55% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Bharat 22 ETF or CPSE ETF?
Bharat 22 ETF charges less: 0.07% a year against 0.08%. These are the total expense ratios reported to AMFI.
How much do Bharat 22 ETF and CPSE ETF overlap?
35.7%. They hold 9 of the same securities, the largest shared ones being NTPC, POWERGRID, COALINDIA. From each fund's latest monthly portfolio.
Which is better for SIP, Bharat 22 ETF or CPSE ETF?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,68,120 in Bharat 22 ETF (XIRR 13.9% a year) and ₹9,65,167 in CPSE ETF (XIRR 18.1% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Bharat 22 ETF and CPSE ETF?
Yes. 35.7% 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.