Canara Robeco Manufacturing Fund vs HDFC Defence Fund
Direct Plan, Growth option · Data as on 30-10-2026
Canara Robeco Manufacturing Fund is a Thematic fund and HDFC Defence Fund is a Thematic fund. In the year to 30-10-2026, Canara Robeco Manufacturing Fund (Direct) returned 0.8% and HDFC Defence Fund (Direct) returned 13.8%. Canara Robeco Manufacturing Fund charges 1.01% a year and HDFC Defence Fund 0.90% (Direct plans). Their portfolios overlap 13.4%: they hold 7 of the same securities.
Canara Robeco Manufacturing Fund
Thematic
- 1 year return
- 0.8%
- Expense ratio
- 1.01%
- NAV
- ₹13.30
Which is better, Canara Robeco Manufacturing 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 1 year: 13.8% against 0.8%.
- HDFC Defence costs less: 0.90% a year against 1.01% (Direct plans).
- Canara Robeco Manufacturing fell less in its worst fall since 15-03-2024: −24.2% against −34.5%.
- HDFC Defence is the larger fund: ₹11,493 Cr against ₹1,697 Cr.
- Their portfolios overlap 13.4%: 7 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 | Canara Robeco Manufacturing Fund | HDFC Defence Fund |
|---|---|---|
| Fund house | Canara Robeco Mutual Fund | HDFC Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹1,697 Cr (30-09-2026) | ₹11,493 Cr (30-09-2026) |
| NAV | ₹13.30 (Direct) | ₹28.86 (Direct) |
| Expense ratio (Direct) | 1.01% | 0.90% |
| Expense ratio (Regular) | 2.27% | 1.80% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty India Manufacturing TRI | Nifty India Defence TRI |
| Launch date | 11-03-2024 | 02-06-2023 |
| Minimum investment | ₹5,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Pranav Gokhale / Mr. Shobhit Tiwari | Rahul Baijal, Priya Ranjan, Gopal Agrawal, Bhagyesh Kagalkar |
| Exit load | 1% - if redeemed/switched out within 365 days from the date of allotment. Nil - if redeemed/switched out after 365 days from the date of allotment | 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. |
Canara Robeco Manufacturing 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 |
|---|---|---|---|---|---|---|---|
| Canara Robeco Manufacturing Fund (Direct) | −6.54% | −5.27% | −0.75% | +0.83% | -- | -- | -- |
| 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.
Canara Robeco Manufacturing vs HDFC Defence: Year-wise Returns
| Year | Canara Robeco ManufacturingCanara Robeco Manufacturing | HDFC DefenceHDFC Defence |
|---|---|---|
| 2026to date | +4.56% | +19.90% |
| 2025 | +2.17% | +10.75% |
| 2024 | -- | +41.88% |
Canara Robeco Manufacturing vs HDFC Defence: Rolling Returns
Every holding period of both funds, against Nifty India Manufacturing TRI, the benchmark of Canara Robeco Manufacturing Fund
Rolling returns
Every 1-year holding period, 400 of them, one for each trading day from 17-03-2025 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.
Canara Robeco Manufacturing Fund (Direct)
HDFC Defence Fund (Direct)
Nifty India Manufacturing TRI
to
May 2025Aug 2024
to
Aug 2025Nov 2024
to
Nov 2025Mar 2025
to
Mar 2026Jun 2025
to
Jun 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Canara Robeco Manufacturing | 16.8 | 22.0 | 23.3 | 21.0 | 13.3 | 3.5 | 0.3 | 7.6% | 7.6% | −4.8% | 25.1% | 57% |
| HDFC Defence | 1.5 | 8.3 | 11.8 | 18.8 | 20.3 | 15.3 | 24.3 | 18.7% | 17.0% | −1.5% | 54.2% | 92% |
| Nifty India Manufacturing TRI | 20.3 | 15.8 | 18.8 | 26.3 | 11.8 | 5.5 | 1.8 | 8.3% | 8.4% | −6.6% | 29.7% | -- |
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 Nifty India Manufacturing 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 15-03-2024. Past returns do not promise future returns.
Canara Robeco Manufacturing 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 15-03-2024 to 30-10-2026: 32 instalments, ₹3,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Canara Robeco ManufacturingCanara Robeco Manufacturing Fund (Direct) | ₹3,20,000 | ₹3,43,984 | ₹23,984 | 5.4% |
| HDFC DefenceHDFC Defence Fund (Direct) | ₹3,20,000 | ₹4,00,029 | ₹80,029 | 17.1% |
Canara Robeco ManufacturingCanara Robeco Manufacturing 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.
Canara Robeco Manufacturing vs HDFC Defence: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Canara Robeco Manufacturing Fund (Direct) | HDFC Defence Fund (Direct) |
|---|---|---|
| Return (CAGR) | +0.83% | +13.79% |
| Standard deviation | 16.95% | 22.90% |
| Sharpe ratio | -0.26 | 0.37 |
| Sortino ratio | -0.35 | 0.52 |
| Maximum drawdown | −12.2% (23-10-2026) | −14.3% (31-03-2026) |
| Beta | 1.00 | 0.92 |
| Alpha | +2.56% | +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 | Canara Robeco Manufacturing Fund (Direct) | HDFC Defence Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.07% | +36.39% |
| Standard deviation | 17.10% | 24.68% |
| Sharpe ratio | 0.36 | 1.23 |
| Sortino ratio | 0.48 | 1.69 |
| Maximum drawdown | −24.2% (28-02-2025) | −34.5% (28-02-2025) |
| Beta | 0.99 | 0.81 |
| Alpha | +1.50% | −1.99% |
From daily NAVs, 15-03-2024 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.
Canara Robeco Manufacturing Fund (Direct)
HDFC Defence Fund (Direct)
Nifty India Manufacturing TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Canara Robeco Manufacturing Fund (Direct) | −24.2% | 27-09-2024 | 28-02-2025 | 29-04-2026 | 14 months | −10.1% |
| HDFC Defence Fund (Direct) | −34.5% | 08-07-2024 | 28-02-2025 | 27-05-2025 | 3 months | −11.4% |
| Nifty India Manufacturing TRI | −23.0% | 27-09-2024 | 07-04-2025 | 05-01-2026 | 9 months | −10.5% |
From daily values since 15-03-2024, 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.
Canara Robeco Manufacturing Fund (Direct)
HDFC Defence Fund (Direct)
Nifty India Manufacturing TRI
Against Nifty India Manufacturing TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Canara Robeco Manufacturing Fund (Direct) | 109% | 101% | 7.19% |
| HDFC Defence Fund (Direct) | 161% | 106% | 21.24% |
From month-end values since 15-03-2024. 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.
Canara Robeco Manufacturing vs HDFC Defence: Portfolio Overlap
From each fund's latest monthly portfolio: Canara Robeco Manufacturing Fund, September 2026; HDFC Defence Fund, September 2026
Holdings in common
- Overlap
- 13.4%
- Held by both
- 7
- Only in Canara Robeco Manufacturing
- 51
- Only in HDFC Defence
- 17
| Security | % of Canara Robeco Manufacturing | % of HDFC Defence |
|---|---|---|
| Bharat Electronics Ltd | 4.49% | 14.87% |
| Hindustan Aeronautics Ltd | 2.98% | 12.61% |
| Solar Industries India Ltd | 2.39% | 10.28% |
| MTAR Technologies Ltd | 1.81% | 5.09% |
| Tata Motors Ltd | 2.08% | 1.07% |
| Indo Mim Ltd | 1.60% | 0.36% |
| Cochin Shipyard Ltd | 0.89% | 0.34% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 13.4% means 13.4% 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 Canara Robeco Manufacturing Fund
| Security | % of fund |
|---|---|
| Mahindra & Mahindra Ltd | 5.07% |
| Syrma SGS Technology Ltd | 3.87% |
| Tata Steel Ltd | 3.49% |
| Ge Vernova T&D India Ltd | 3.43% |
| Bharat Heavy Electricals Ltd | 3.43% |
Largest holdings only in HDFC Defence Fund
| Security | % of fund |
|---|---|
| Bharat Forge Ltd. | 12.91% |
| Astra Microwave Products Ltd. | 6.44% |
| BEML Limited | 5.11% |
| Eicher Motors Ltd. | 4.67% |
| Bosch Limited | 4.10% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Canara Robeco Manufacturing | HDFC Defence |
|---|---|---|
| Equity | 96.9% | 98.3% |
| Debt | 0.0% | 0.0% |
| Cash and others | 3.1% | 1.7% |
Market cap of stocks
| Market cap | Canara Robeco Manufacturing | HDFC Defence |
|---|---|---|
| Large Cap | 41.8% | 43.5% |
| Mid Cap | 16.5% | 23.7% |
| Small Cap | 34.7% | 30.7% |
| Not on AMFI's list | 3.9% | 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 | Canara Robeco Manufacturing | HDFC Defence |
|---|---|---|
| Aerospace & Defense | 7.5% | 46.1% |
| Auto Components | 4.5% | 18.2% |
| Electrical Equipment | 16.5% | 5.1% |
| Chemicals & Petrochemicals | 4.4% | 13.1% |
| Pharmaceuticals & Biotechnology | 12.2% | 0.0% |
| Industrial Products | 9.3% | 0.2% |
| Automobiles | 8.2% | 4.7% |
| Consumer Durables | 7.8% | 0.0% |
| Agricultural, Commercial & Construction Vehicles | 2.1% | 6.2% |
The six largest sectors of each fund's stocks, % of the fund.
Canara Robeco Manufacturing vs HDFC Defence: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Canara Robeco Manufacturing Fund | HDFC Defence Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.01% | 0.90% |
| Base expense ratio (Direct) | 0.71% | 0.72% |
| Total expense ratio (Regular) | 2.27% | 1.80% |
| Base expense ratio (Regular) | 1.80% | 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
Compare Canara Robeco Manufacturing with
Canara Robeco Manufacturing Fund vs HDFC Defence Fund: Frequently Asked Questions
What is the difference between Canara Robeco Manufacturing Fund and HDFC Defence Fund?
Canara Robeco Manufacturing Fund is a Thematic fund, HDFC Defence Fund is a Thematic fund, run by Canara Robeco Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 13.4%. Canara Robeco Manufacturing Fund charges 1.01% a year and HDFC Defence Fund 0.90%.
Which has given higher returns, Canara Robeco Manufacturing Fund or HDFC Defence Fund?
Over 1 year: Canara Robeco Manufacturing Fund +0.83%, HDFC Defence Fund +13.79%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Canara Robeco Manufacturing Fund or HDFC Defence Fund?
HDFC Defence Fund charges less: 0.90% a year against 1.01%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Canara Robeco Manufacturing Fund and HDFC Defence Fund overlap?
13.4%. They hold 7 of the same securities, the largest shared ones being BEL, HAL, SOLARINDS. From each fund's latest monthly portfolio.
Which is riskier, Canara Robeco Manufacturing Fund or HDFC Defence Fund?
On SEBI's riskometer, Canara Robeco Manufacturing Fund is rated Very High and HDFC Defence Fund Very High. Over 1 years, the standard deviation of daily returns was 16.95% and 22.90% a year.
Can I invest in both Canara Robeco Manufacturing Fund and HDFC Defence Fund?
Yes. 13.4% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Canara Robeco Manufacturing Fund and HDFC Defence Fund?
Canara Robeco Manufacturing Fund: Pranav Gokhale / Mr. Shobhit Tiwari. HDFC Defence Fund: Rahul Baijal, Priya Ranjan, Gopal Agrawal, Bhagyesh Kagalkar.
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.