Groww Nifty PSE ETF vs HDFC Defence Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Groww Nifty PSE ETF is an ETF fund and HDFC Defence Fund is a Thematic fund. Groww Nifty PSE ETF charges 0.56% a year and HDFC Defence Fund 0.90%. Their portfolios overlap 19.1%: they hold 2 of the same securities.
Which is better, Groww Nifty PSE ETF 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.
- Groww Nifty PSE ETF costs less: 0.56% a year against 0.90%.
- HDFC Defence fell less in its worst fall since 10-02-2026: −14.3% against −17.0%.
- Groww Nifty PSE ETF holds more in large companies: 81.5% of the fund in large caps against 43.5%.
- HDFC Defence is the larger fund: ₹11,493 Cr against ₹17 Cr.
- Their portfolios overlap 19.1%: 2 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 | Groww Nifty PSE ETF | HDFC Defence Fund |
|---|---|---|
| Fund house | Groww Mutual Fund | HDFC Mutual Fund |
| Category | ETF | Thematic |
| AUM | ₹17 Cr (30-09-2026) | ₹11,493 Cr (30-09-2026) |
| NAV | ₹91.55 | ₹28.86 (Direct) |
| Expense ratio (Direct) | Not available | 0.90% |
| Expense ratio (Regular) | Not available | 1.80% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty PSE TRI | Nifty India Defence TRI |
| Launch date | 09-02-2026 | 02-06-2023 |
| Minimum investment | ₹500 | ₹100 |
| Lock in | None | None |
| Fund managers | Aakash Chauhan, Nikhil Satam, Shashi Kumar | Rahul Baijal, Priya Ranjan, Gopal Agrawal, Bhagyesh Kagalkar |
| Exit load | Nil | 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. |
Groww Nifty PSE ETF 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 |
|---|---|---|---|---|---|---|---|
| Groww Nifty PSE ETF | −3.00% | −7.65% | −14.15% | -- | -- | -- | -- |
| 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.
Groww Nifty PSE ETF vs HDFC Defence: Year-wise Returns
| Year | Groww Nifty PSE ETFGroww Nifty PSE ETF | HDFC DefenceHDFC Defence |
|---|---|---|
| 2026to date | -- | +19.90% |
| 2025 | -- | +10.75% |
| 2024 | -- | +41.88% |
Groww Nifty PSE ETF vs HDFC Defence: Rolling Returns
Every holding period of both funds, against Nifty PSE TRI, the benchmark of Groww Nifty PSE ETF
Groww Nifty PSE ETF vs HDFC Defence: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Groww Nifty PSE ETF | HDFC Defence Fund (Direct) |
|---|---|---|
| Return (CAGR) | −16.29% | +36.39% |
| Standard deviation | 14.42% | 24.68% |
| Sharpe ratio | -1.49 | 1.23 |
| Sortino ratio | -1.83 | 1.69 |
| Maximum drawdown | −17.0% (23-10-2026) | −34.5% (28-02-2025) |
| Beta | 1.00 | 0.81 |
| Alpha | −0.48% | −1.99% |
From daily NAVs, 10-02-2026 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.
Groww Nifty PSE ETF
HDFC Defence Fund (Direct)
Nifty PSE TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Groww Nifty PSE ETF | −17.0% | 28-04-2026 | 23-10-2026 | Not yet | -- | −15.2% |
| HDFC Defence Fund (Direct) | −14.3% | 06-03-2026 | 31-03-2026 | 15-04-2026 | 15 days | −11.4% |
| Nifty PSE TRI | −16.8% | 28-04-2026 | 23-10-2026 | Not yet | -- | −15.0% |
From daily values since 10-02-2026, the first day every fund has.
Groww Nifty PSE ETF vs HDFC Defence: Portfolio Overlap
From each fund's latest monthly portfolio: Groww Nifty PSE ETF, September 2026; HDFC Defence Fund, September 2026
Holdings in common
- Overlap
- 19.1%
- Held by both
- 2
- Only in Groww Nifty PSE ETF
- 18
- Only in HDFC Defence
- 22
| Security | % of Groww Nifty PSE ETF | % of HDFC Defence |
|---|---|---|
| Bharat Electronics Limited | 11.66% | 14.87% |
| Hindustan Aeronautics Limited | 7.42% | 12.61% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 19.1% means 19.1% 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 Groww Nifty PSE ETF
| Security | % of fund |
|---|---|
| NTPC Limited | 12.86% |
| Power Grid Corporation of India Limited | 9.89% |
| Coal India Limited | 8.54% |
| Oil & Natural Gas Corporation Limited | 7.35% |
| Bharat Petroleum Corporation Limited | 5.10% |
Largest holdings only in HDFC Defence Fund
| Security | % of fund |
|---|---|
| Bharat Forge Ltd. | 12.91% |
| Solar Industries India Ltd. | 10.28% |
| Astra Microwave Products Ltd. | 6.44% |
| BEML Limited | 5.11% |
| MTAR Technologies Limited | 5.09% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Groww Nifty PSE ETF | HDFC Defence |
|---|---|---|
| Equity | 100.0% | 98.3% |
| Debt | 0.0% | 0.0% |
| Cash and others | -0.0% | 1.7% |
Market cap of stocks
| Market cap | Groww Nifty PSE ETF | HDFC Defence |
|---|---|---|
| Large Cap | 81.5% | 43.5% |
| Mid Cap | 18.6% | 23.7% |
| Small Cap | 0.0% | 30.7% |
| Not on AMFI's list | 0.0% | 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 | Groww Nifty PSE ETF | HDFC Defence |
|---|---|---|
| Aerospace & Defense | 19.1% | 46.1% |
| Power | 25.1% | 0.0% |
| Auto Components | 0.0% | 18.2% |
| Chemicals & Petrochemicals | 0.0% | 13.1% |
| Petroleum Products | 12.2% | 0.0% |
| Oil | 9.4% | 0.0% |
| Finance | 8.6% | 0.0% |
| Consumable Fuels | 8.5% | 0.0% |
| Agricultural, Commercial & Construction Vehicles | 0.0% | 6.2% |
| Electrical Equipment | 5.1% | 5.1% |
| Automobiles | 0.0% | 4.7% |
The six largest sectors of each fund's stocks, % of the fund.
Groww Nifty PSE ETF vs HDFC Defence: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Groww Nifty PSE ETF | HDFC Defence Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.90% |
| Base expense ratio (Direct) | 0.45% | 0.72% |
| Total expense ratio (Regular) | Not available | 1.80% |
| Base expense ratio (Regular) | 0.00% | 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
Groww Nifty PSE ETF vs HDFC Defence Fund: Frequently Asked Questions
What is the difference between Groww Nifty PSE ETF and HDFC Defence Fund?
Groww Nifty PSE ETF is an ETF fund, HDFC Defence Fund is a Thematic fund, run by Groww Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 19.1%. Groww Nifty PSE ETF charges 0.56% a year and HDFC Defence Fund 0.90%.
Which has the lower expense ratio, Groww Nifty PSE ETF or HDFC Defence Fund?
Groww Nifty PSE ETF charges less: 0.56% a year against 0.90%. These are the total expense ratios reported to AMFI.
How much do Groww Nifty PSE ETF and HDFC Defence Fund overlap?
19.1%. They hold 2 of the same securities, the largest shared ones being BEL, HAL. From each fund's latest monthly portfolio.
Which is riskier, Groww Nifty PSE ETF or HDFC Defence Fund?
On SEBI's riskometer, Groww Nifty PSE ETF is rated Very High and HDFC Defence Fund Very High. Over their common history, the standard deviation of daily returns was 14.42% and 24.68% a year.
Can I invest in both Groww Nifty PSE ETF and HDFC Defence Fund?
Yes. 19.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Groww Nifty PSE ETF and HDFC Defence Fund?
Groww Nifty PSE ETF: Aakash Chauhan, Nikhil Satam, Shashi Kumar. 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.