Franklin India Multi-Factor Fund vs HDFC Defence Fund
Direct Plan, Growth option · Data as on 30-10-2026
Franklin India Multi-Factor Fund is a Thematic fund and HDFC Defence Fund is a Thematic fund. Franklin India Multi-Factor Fund charges 1.14% a year and HDFC Defence Fund 0.90% (Direct plans). Their portfolios overlap 3.9%: they hold 4 of the same securities.
Franklin India Multi-Factor Fund
Thematic
- Expense ratio
- 1.14%
- NAV
- ₹9.02
Which is better, Franklin India Multi-Factor 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 costs less: 0.90% a year against 1.14% (Direct plans).
- Franklin India Multi-Factor fell less in its worst fall since 28-11-2025: −13.8% against −14.3%.
- Franklin India Multi-Factor holds more in large companies: 71.7% of the fund in large caps against 43.5%.
- HDFC Defence is the larger fund: ₹11,493 Cr against ₹581 Cr.
- Their portfolios overlap 3.9%: 4 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 | Franklin India Multi-Factor Fund | HDFC Defence Fund |
|---|---|---|
| Fund house | Franklin Templeton Mutual Fund | HDFC Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹581 Cr (30-09-2026) | ₹11,493 Cr (30-09-2026) |
| NAV | ₹9.02 (Direct) | ₹28.86 (Direct) |
| Expense ratio (Direct) | 1.14% | 0.90% |
| Expense ratio (Regular) | 2.80% | 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. |
Franklin India Multi-Factor 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 |
|---|---|---|---|---|---|---|---|
| Franklin India Multi-Factor Fund (Direct) | −0.19% | −6.70% | −5.31% | -- | -- | -- | -- |
| 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.
Franklin India Multi-Factor vs HDFC Defence: Year-wise Returns
| Year | Franklin India Multi-FactorFranklin India Multi-Factor | HDFC DefenceHDFC Defence |
|---|---|---|
| 2026to date | −10.63% | +19.90% |
| 2025 | -- | +10.75% |
| 2024 | -- | +41.88% |
Franklin India Multi-Factor vs HDFC Defence: Rolling Returns
Every holding period of both funds, against BSE 200 TRI, the benchmark of Franklin India Multi-Factor Fund
Franklin India Multi-Factor vs HDFC Defence: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Franklin India Multi-Factor Fund (Direct) | HDFC Defence Fund (Direct) |
|---|---|---|
| Return (CAGR) | −10.62% | +36.39% |
| Standard deviation | 14.25% | 24.68% |
| Sharpe ratio | -1.11 | 1.23 |
| Sortino ratio | -1.45 | 1.69 |
| Maximum drawdown | −13.8% (31-03-2026) | −34.5% (28-02-2025) |
| Beta | 0.97 | 0.81 |
| Alpha | −1.09% | −1.99% |
From daily NAVs, 28-11-2025 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.
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.
Franklin India Multi-Factor Fund (Direct)
HDFC Defence Fund (Direct)
BSE 200 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Franklin India Multi-Factor Fund (Direct) | −13.8% | 02-01-2026 | 31-03-2026 | Not yet | -- | −11.3% |
| HDFC Defence Fund (Direct) | −14.3% | 06-03-2026 | 31-03-2026 | 15-04-2026 | 15 days | −11.4% |
| BSE 200 TRI | −14.7% | 02-01-2026 | 30-03-2026 | Not yet | -- | −9.9% |
From daily values since 28-11-2025, the first day every fund has.
Franklin India Multi-Factor vs HDFC Defence: Portfolio Overlap
From each fund's latest monthly portfolio: Franklin India Multi-Factor Fund, September 2026; HDFC Defence Fund, September 2026
Holdings in common
- Overlap
- 3.9%
- Held by both
- 4
- Only in Franklin India Multi-Factor
- 86
- Only in HDFC Defence
- 20
| Security | % of Franklin India Multi-Factor | % of HDFC Defence |
|---|---|---|
| Solar Industries India Ltd | 1.20% | 10.28% |
| Tata Motors Ltd | 1.13% | 1.07% |
| Bharat Electronics Ltd | 1.00% | 14.87% |
| Hindustan Aeronautics Ltd | 0.65% | 12.61% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 3.9% means 3.9% 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 Franklin India Multi-Factor Fund
| Security | % of fund |
|---|---|
| HDFC Bank Ltd | 5.90% |
| ICICI Bank Ltd | 5.08% |
| Reliance Industries Ltd | 4.24% |
| Bharti Airtel Ltd | 3.83% |
| State Bank of India | 2.71% |
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% |
| MTAR Technologies Limited | 5.09% |
| Eicher Motors Ltd. | 4.67% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Franklin India Multi-Factor | HDFC Defence |
|---|---|---|
| Equity | 97.6% | 98.3% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.4% | 1.7% |
Market cap of stocks
| Market cap | Franklin India Multi-Factor | HDFC Defence |
|---|---|---|
| Large Cap | 71.7% | 43.5% |
| Mid Cap | 18.2% | 23.7% |
| Small Cap | 7.4% | 30.7% |
| Not on AMFI's list | 0.4% | 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 | Franklin India Multi-Factor | HDFC Defence |
|---|---|---|
| Aerospace & Defense | 1.6% | 46.1% |
| Banks | 19.4% | 0.0% |
| Auto Components | 1.3% | 18.2% |
| Chemicals & Petrochemicals | 2.4% | 13.1% |
| Finance | 7.5% | 0.0% |
| Pharmaceuticals & Biotechnology | 6.4% | 0.0% |
| Agricultural, Commercial & Construction Vehicles | 1.1% | 6.2% |
| IT - Software | 5.9% | 0.0% |
| Electrical Equipment | 0.7% | 5.1% |
| Telecom - Services | 5.1% | 0.0% |
| Petroleum Products | 5.0% | 0.0% |
| Automobiles | 4.0% | 4.7% |
The six largest sectors of each fund's stocks, % of the fund.
Franklin India Multi-Factor vs HDFC Defence: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Franklin India Multi-Factor Fund | HDFC Defence Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.14% | 0.90% |
| Base expense ratio (Direct) | 0.62% | 0.72% |
| Total expense ratio (Regular) | 2.80% | 1.80% |
| Base expense ratio (Regular) | 2.07% | 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 Franklin India Multi-Factor with
Franklin India Multi-Factor Fund vs HDFC Defence Fund: Frequently Asked Questions
What is the difference between Franklin India Multi-Factor Fund and HDFC Defence Fund?
Franklin India Multi-Factor Fund is a Thematic fund, HDFC Defence Fund is a Thematic fund, run by Franklin Templeton Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 3.9%. Franklin India Multi-Factor Fund charges 1.14% a year and HDFC Defence Fund 0.90%.
Which has the lower expense ratio, Franklin India Multi-Factor Fund or HDFC Defence Fund?
HDFC Defence Fund charges less: 0.90% a year against 1.14%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Franklin India Multi-Factor Fund and HDFC Defence Fund overlap?
3.9%. They hold 4 of the same securities, the largest shared ones being SOLARINDS, TMCV, BEL. From each fund's latest monthly portfolio.
Can I invest in both Franklin India Multi-Factor Fund and HDFC Defence Fund?
Yes. 3.9% 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.