DSP Business Cycle Fund vs DSP Large Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP Business Cycle Fund is a Thematic fund and DSP Large Cap Fund is a Large Cap fund. In the year to 30-10-2026, DSP Business Cycle Fund (Direct) returned −3.5% and DSP Large Cap Fund (Direct) returned −8.6%. DSP Business Cycle Fund charges 1.12% a year and DSP Large Cap Fund 1.18% (Direct plans). Their portfolios overlap 67.6%: they hold 31 of the same securities.
DSP Business Cycle Fund
Thematic
- 1 year return
- −3.5%
- Expense ratio
- 1.12%
- NAV
- ₹10.05
Which is better, DSP Business Cycle or DSP Large Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- DSP Business Cycle returned more over 1 year: −3.5% against −8.6%.
- DSP Business Cycle costs less: 1.12% a year against 1.18% (Direct plans).
- DSP Large Cap fell less in its worst fall since 18-12-2024: −13.3% against −14.8%.
- DSP Large Cap holds more in large companies: 90.3% of the fund in large caps against 65.1%.
- DSP Large Cap is the larger fund: ₹6,642 Cr against ₹1,474 Cr.
- Their portfolios overlap 67.6%: 31 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 | DSP Business Cycle Fund | DSP Large Cap Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | DSP Mutual Fund |
| Category | Thematic | Large Cap |
| AUM | ₹1,474 Cr (30-09-2026) | ₹6,642 Cr (30-09-2026) |
| NAV | ₹10.05 (Direct) | ₹484.71 (Direct) |
| Expense ratio (Direct) | 1.12% | 1.18% |
| Expense ratio (Regular) | 2.58% | 2.07% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 100 TRI |
| Launch date | 17-12-2024 | 10-03-2003 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Anish Tawakley, Sandeep Yadav, Aparna Karnik | Anish Tawakley |
| Exit load | 0.5% for redemption within 1 Month | Exit load of 1% if redeemed less than 12 months |
DSP Business Cycle vs DSP Large Cap: 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 |
|---|---|---|---|---|---|---|---|
| DSP Business Cycle Fund (Direct) | −0.33% | −5.94% | −2.81% | −3.53% | -- | -- | -- |
| DSP Large Cap Fund (Direct) | +1.48% | −4.89% | −2.57% | −8.56% | +10.95% | +9.10% | +10.38% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
| Large Cap average | +0.62% | −4.36% | −1.05% | −6.33% | +10.38% | +8.23% | +11.81% |
Category average: the average of the 235 Thematic funds and the 35 Large Cap funds, same plan type.
DSP Business Cycle vs DSP Large Cap: Year-wise Returns
| Year | Business CycleDSP Business Cycle | Large CapDSP Large Cap |
|---|---|---|
| 2026to date | −3.77% | −9.39% |
| 2025 | +4.31% | +9.40% |
| 2024 | -- | +21.50% |
| 2023 | -- | +27.60% |
| 2022 | -- | +2.24% |
| 2021 | -- | +20.45% |
DSP Business Cycle vs DSP Large Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of DSP Business Cycle Fund
Rolling returns
Every 1-year holding period, 212 of them, one for each trading day from 18-12-2025 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.
DSP Business Cycle Fund (Direct)
DSP Large Cap Fund (Direct)
Nifty 500 TRI
to
Jan 2026Mar 2025
to
Mar 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Aug 2025
to
Aug 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DSP Business Cycle | 10.4 | 31.1 | 35.4 | 14.6 | 7.5 | 0.9 | 0.0 | 6.4% | 5.8% | −5.4% | 21.4% | 91% |
| DSP Large Cap | 60.4 | 12.3 | 16.5 | 10.8 | 0.0 | 0.0 | 0.0 | 0.5% | −1.5% | −10.7% | 12.7% | 12% |
| Nifty 500 TRI | 27.8 | 31.6 | 28.3 | 9.4 | 2.8 | 0.0 | 0.0 | 3.5% | 2.8% | −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 18-12-2024. Past returns do not promise future returns.
DSP Business Cycle vs DSP Large Cap: 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 18-12-2024 to 30-10-2026: 23 instalments, ₹2,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| DSP Business CycleDSP Business Cycle Fund (Direct) | ₹2,30,000 | ₹2,30,311 | ₹311 | 0.1% |
| DSP Large CapDSP Large Cap Fund (Direct) | ₹2,30,000 | ₹2,21,982 | −₹8,018 | −3.5% |
DSP Business CycleDSP Business Cycle Fund (Direct)
DSP Large CapDSP Large Cap 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.
DSP Business Cycle vs DSP Large Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP Business Cycle Fund (Direct) | DSP Large Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −3.53% | −8.56% |
| Standard deviation | 13.92% | 12.79% |
| Sharpe ratio | -0.63 | -1.08 |
| Sortino ratio | -0.87 | -1.45 |
| Maximum drawdown | −11.9% (30-03-2026) | −13.3% (31-03-2026) |
| Beta | 0.94 | 0.89 |
| Alpha | +2.99% | −1.34% |
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 | DSP Business Cycle Fund (Direct) | DSP Large Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +0.26% | +11.06% |
| Standard deviation | 13.60% | 16.29% |
| Sharpe ratio | -0.39 | 0.31 |
| Sortino ratio | -0.53 | 0.42 |
| Maximum drawdown | −14.8% (28-02-2025) | −40.3% (23-03-2020) |
| Beta | 0.92 | 0.99 |
| Alpha | +1.15% | −0.84% |
From daily NAVs, 18-12-2024 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.
DSP Business Cycle Fund (Direct)
DSP Large Cap Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP Business Cycle Fund (Direct) | −14.8% | 02-01-2025 | 28-02-2025 | 25-06-2025 | 4 months | −7.5% |
| DSP Large Cap Fund (Direct) | −13.3% | 02-01-2026 | 31-03-2026 | Not yet | -- | −9.8% |
| Nifty 500 TRI | −14.7% | 02-01-2026 | 30-03-2026 | Not yet | -- | −8.4% |
From daily values since 18-12-2024, 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.
DSP Business Cycle Fund (Direct)
DSP Large Cap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| DSP Business Cycle Fund (Direct) | 99% | 97% | 3.94% |
| DSP Large Cap Fund (Direct) | 73% | 75% | 5.29% |
From month-end values since 18-12-2024. 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.
DSP Business Cycle vs DSP Large Cap: Portfolio Overlap
From each fund's latest monthly portfolio: DSP Business Cycle Fund, September 2026; DSP Large Cap Fund, September 2026
Holdings in common
- Overlap
- 67.6%
- Held by both
- 31
- Only in DSP Business Cycle
- 24
- Only in DSP Large Cap
- 10
| Security | % of DSP Business Cycle | % of DSP Large Cap |
|---|---|---|
| ICICI Bank Limited | 9.85% | 9.72% |
| HDFC Bank Limited | 9.55% | 10.08% |
| Axis Bank Limited | 5.42% | 5.91% |
| Bharti Airtel Limited | 4.44% | 6.04% |
| Larsen & Toubro Limited | 3.98% | 4.74% |
| Reliance Industries Limited | 3.12% | 4.06% |
| Mahindra & Mahindra Limited | 3.11% | 4.84% |
| NTPC Limited | 2.71% | 3.08% |
| Ultratech Cement Limited | 2.68% | 2.73% |
| Asian Paints Limited | 2.63% | 2.32% |
| Maruti Suzuki India Limited | 2.30% | 2.38% |
| DLF Limited | 2.67% | 2.19% |
| Hero MotoCorp Limited | 2.28% | 2.12% |
| HDFC Life Insurance Co Limited | 1.61% | 2.74% |
| Hyundai Motor India Limited | 1.45% | 1.79% |
| Power Grid Corporation of India Limited | 1.04% | 1.18% |
| Life Insurance Corporation Of India | 0.96% | 1.05% |
| Oil & Natural Gas Corporation Limited | 0.93% | 1.40% |
| Interglobe Aviation Limited | 1.13% | 0.91% |
| Info Edge (India) Limited | 0.83% | 0.93% |
| Bharat Petroleum Corporation Limited | 0.81% | 1.07% |
| State Bank of India | 0.85% | 0.79% |
| SBI Life Insurance Co Limited | 0.77% | 2.78% |
| Page Industries Limited | 1.19% | 0.76% |
| Shree Cement Limited | 1.06% | 0.73% |
| ICICI Prudential Life Insurance Co Limited | 0.86% | 0.49% |
| Hindustan Aeronautics Limited | 0.45% | 1.63% |
| Indus Towers Limited | 0.43% | 0.48% |
| Trent Limited | 0.37% | 0.53% |
| Bank of Baroda | 0.53% | 0.34% |
| Hindustan Petroleum Corporation Limited | 0.68% | 0.24% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 67.6% means 67.6% 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 DSP Business Cycle Fund
| Security | % of fund |
|---|---|
| Schaeffler India Limited | 1.24% |
| Voltas Limited | 1.18% |
| Multi Commodity Exchange Of India Limited | 0.95% |
| Apollo Tyres Limited | 0.78% |
| United Breweries Limited | 0.77% |
Largest holdings only in DSP Large Cap Fund
| Security | % of fund |
|---|---|
| Infosys Limited | 3.99% |
| ITC Limited | 3.97% |
| Cipla Limited | 2.76% |
| Kotak Mahindra Bank Limited | 2.50% |
| Petronet LNG Limited | 1.39% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP Business Cycle | DSP Large Cap |
|---|---|---|
| Equity | 82.7% | 98.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 17.3% | 2.0% |
Market cap of stocks
| Market cap | DSP Business Cycle | DSP Large Cap |
|---|---|---|
| Large Cap | 65.1% | 90.3% |
| Mid Cap | 12.4% | 7.7% |
| Small Cap | 5.2% | 0.0% |
| Not on AMFI's list | 0.1% | 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 | DSP Business Cycle | DSP Large Cap |
|---|---|---|
| Banks | 26.2% | 29.3% |
| Automobiles | 9.5% | 11.1% |
| Insurance | 5.3% | 7.1% |
| Telecom - Services | 4.9% | 6.5% |
| Petroleum Products | 4.6% | 5.8% |
| Construction | 4.0% | 4.7% |
| Cement & Cement Products | 4.2% | 3.5% |
The six largest sectors of each fund's stocks, % of the fund.
DSP Business Cycle vs DSP Large Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP Business Cycle Fund | DSP Large Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.12% | 1.18% |
| Base expense ratio (Direct) | 0.55% | 0.79% |
| Total expense ratio (Regular) | 2.58% | 2.07% |
| Base expense ratio (Regular) | 1.81% | 1.55% |
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 DSP Business Cycle with
DSP Business Cycle Fund vs DSP Large Cap Fund: Frequently Asked Questions
What is the difference between DSP Business Cycle Fund and DSP Large Cap Fund?
DSP Business Cycle Fund is a Thematic fund, DSP Large Cap Fund is a Large Cap fund, run by DSP Mutual Fund. Their portfolios overlap 67.6%. DSP Business Cycle Fund charges 1.12% a year and DSP Large Cap Fund 1.18%.
Which has given higher returns, DSP Business Cycle Fund or DSP Large Cap Fund?
Over 1 year: DSP Business Cycle Fund −3.53%, DSP Large Cap Fund −8.56%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, DSP Business Cycle Fund or DSP Large Cap Fund?
DSP Business Cycle Fund charges less: 1.12% a year against 1.18%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP Business Cycle Fund and DSP Large Cap Fund overlap?
67.6%. They hold 31 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, DSP Business Cycle Fund or DSP Large Cap Fund?
On SEBI's riskometer, DSP Business Cycle Fund is rated Very High and DSP Large Cap Fund Very High. Over 1 years, the standard deviation of daily returns was 13.92% and 12.79% a year.
Can I invest in both DSP Business Cycle Fund and DSP Large Cap Fund?
Yes. 67.6% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages DSP Business Cycle Fund and DSP Large Cap Fund?
DSP Business Cycle Fund: Anish Tawakley, Sandeep Yadav, Aparna Karnik. DSP Large Cap Fund: Anish Tawakley.
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.