HDFC Business Cycle Fund vs Invesco India ESG Integration Strategy Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Business Cycle Fund is a Thematic fund and Invesco India ESG Integration Strategy Fund is a Thematic fund. In the 3 years to 30-10-2026, HDFC Business Cycle Fund (Direct) returned 10.8% a year and Invesco India ESG Integration Strategy Fund (Direct) returned 9.3% a year. HDFC Business Cycle Fund charges 1.16% a year and Invesco India ESG Integration Strategy Fund 1.28% (Direct plans). Their portfolios overlap 31.4%: they hold 14 of the same securities.
HDFC Business Cycle Fund
Thematic
- 3 year return
- 10.8%
- Expense ratio
- 1.16%
- NAV
- ₹15.18
Invesco India ESG Integration Strategy Fund
Thematic
- 3 year return
- 9.3%
- Expense ratio
- 1.28%
- NAV
- ₹17.98
Which is better, HDFC Business Cycle or Invesco India ESG Integration Strategy? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Business Cycle returned more over 3 years: 10.8% a year against 9.3%.
- HDFC Business Cycle returned more over 1 year: −3.4% against −5.9%.
- HDFC Business Cycle costs less: 1.16% a year against 1.28% (Direct plans).
- HDFC Business Cycle swung less over 3 years: a standard deviation of 13.9% a year against 14.3%.
- HDFC Business Cycle fell less in its worst fall since 30-11-2022: −18.0% against −22.3%.
- Invesco India ESG Integration Strategy holds more in large companies: 74.9% of the fund in large caps against 36.4%.
- HDFC Business Cycle is the larger fund: ₹2,646 Cr against ₹360 Cr.
- Their portfolios overlap 31.4%: 14 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 | HDFC Business Cycle Fund | Invesco India ESG Integration Strategy Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Invesco Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹2,646 Cr (30-09-2026) | ₹360 Cr (30-09-2026) |
| NAV | ₹15.18 (Direct) | ₹17.98 (Direct) |
| Expense ratio (Direct) | 1.16% | 1.28% |
| Expense ratio (Regular) | 2.14% | 2.56% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 100 ESG TRI |
| Launch date | 30-11-2022 | 20-03-2021 |
| Minimum investment | ₹100 | Not available |
| Lock in | None | None |
| Fund managers | Amar Kalkundrikar, Gopal Agrawal, Bhagyesh Kagalkar | Taher Badshah, Haresh Kapoor |
| Exit load | In respect of each purchase/switch-in of units, an Exit Load of 1.00% is payable if Units are redeemed/switched-out within 1 year from 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. | Exit load for units in excess of 10% of the investment,1% will be charged for redemption within 365 days |
HDFC Business Cycle vs Invesco India ESG Integration Strategy: 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 |
|---|---|---|---|---|---|---|---|
| HDFC Business Cycle Fund (Direct) | −2.40% | −3.93% | +3.09% | −3.42% | +10.75% | -- | -- |
| Invesco India ESG Integration Strategy Fund (Direct) | +1.18% | −3.18% | +5.70% | −5.91% | +9.27% | +6.26% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | -- |
Category average: the average of the 235 Thematic funds, same plan type.
HDFC Business Cycle vs Invesco India ESG Integration Strategy: Year-wise Returns
| Year | HDFC Business CycleHDFC Business Cycle | Invesco India ESG Integration StrategyInvesco India ESG Integration Strategy |
|---|---|---|
| 2026to date | −0.37% | −3.80% |
| 2025 | +2.68% | −1.79% |
| 2024 | +15.28% | +22.46% |
| 2023 | +29.85% | +26.24% |
| 2022 | -- | −8.95% |
HDFC Business Cycle vs Invesco India ESG Integration Strategy: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of HDFC Business Cycle Fund
Rolling returns
Every 3-year holding period, 225 of them, one for each trading day from 01-12-2025 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.
HDFC Business Cycle Fund (Direct)
Invesco India ESG Integration Strategy Fund (Direct)
Nifty 500 TRI
to
Dec 2025Feb 2023
to
Feb 2026Apr 2023
to
Apr 2026Jun 2023
to
Jun 2026Aug 2023
to
Aug 2026Oct 2023
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Business Cycle | 0.0 | 0.0 | 2.7 | 76.0 | 21.3 | 0.0 | 0.0 | 13.1% | 12.9% | 9.3% | 16.4% | 22% |
| Invesco India ESG Integration Strategy | 0.0 | 0.0 | 20.0 | 74.7 | 5.3 | 0.0 | 0.0 | 11.7% | 11.4% | 7.5% | 16.2% | 0% |
| Nifty 500 TRI | 0.0 | 0.0 | 8.4 | 48.9 | 42.7 | 0.0 | 0.0 | 14.1% | 14.1% | 8.8% | 18.1% | -- |
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 30-11-2022. Past returns do not promise future returns.
HDFC Business Cycle vs Invesco India ESG Integration Strategy: 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 30-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Business CycleHDFC Business Cycle Fund (Direct) | ₹4,80,000 | ₹5,56,713 | ₹76,713 | 7.4% |
| Invesco India ESG Integration StrategyInvesco India ESG Integration Strategy Fund (Direct) | ₹4,80,000 | ₹5,36,807 | ₹56,807 | 5.5% |
HDFC Business CycleHDFC Business Cycle Fund (Direct)
Invesco India ESG Integration StrategyInvesco India ESG Integration Strategy 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.
HDFC Business Cycle vs Invesco India ESG Integration Strategy: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Business Cycle Fund (Direct) | Invesco India ESG Integration Strategy Fund (Direct) |
|---|---|---|
| Return (CAGR) | −3.42% | −5.91% |
| Standard deviation | 15.04% | 14.94% |
| Sharpe ratio | -0.58 | -0.75 |
| Sortino ratio | -0.78 | -1.01 |
| Maximum drawdown | −16.6% (23-03-2026) | −18.7% (30-03-2026) |
| Beta | 0.99 | 1.00 |
| Alpha | +3.78% | −0.10% |
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 | HDFC Business Cycle Fund (Direct) | Invesco India ESG Integration Strategy Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.75% | +9.27% |
| Standard deviation | 13.88% | 14.27% |
| Sharpe ratio | 0.34 | 0.23 |
| Sortino ratio | 0.46 | 0.31 |
| Maximum drawdown | −18.0% (23-03-2026) | −22.3% (30-03-2026) |
| Beta | 0.93 | 0.98 |
| Alpha | +0.84% | −1.17% |
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 | HDFC Business Cycle Fund (Direct) | Invesco India ESG Integration Strategy Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.21% | +11.05% |
| Standard deviation | 12.73% | 13.71% |
| Sharpe ratio | 0.40 | 0.40 |
| Sortino ratio | 0.54 | 0.55 |
| Maximum drawdown | −18.0% (23-03-2026) | −22.8% (20-06-2022) |
| Beta | 0.90 | 0.92 |
| Alpha | +2.08% | +1.04% |
From daily NAVs, 30-11-2022 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.
HDFC Business Cycle Fund (Direct)
Invesco India ESG Integration Strategy Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Business Cycle Fund (Direct) | −18.0% | 23-09-2024 | 23-03-2026 | 03-08-2026 | 4 months | −6.6% |
| Invesco India ESG Integration Strategy Fund (Direct) | −22.3% | 24-09-2024 | 30-03-2026 | Not yet | -- | −10.1% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 30-11-2022, 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.
HDFC Business Cycle Fund (Direct)
Invesco India ESG Integration Strategy Fund (Direct)
Nifty 500 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.
HDFC Business Cycle Fund (Direct)
Invesco India ESG Integration Strategy Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Business Cycle Fund (Direct) | 98% | 86% | 4.49% |
| Invesco India ESG Integration Strategy Fund (Direct) | 94% | 91% | 4.83% |
From month-end values since 30-11-2022. 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.
HDFC Business Cycle vs Invesco India ESG Integration Strategy: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Business Cycle Fund, September 2026; Invesco India ESG Integration Strategy Fund, September 2026
Holdings in common
- Overlap
- 31.4%
- Held by both
- 14
- Only in HDFC Business Cycle
- 49
- Only in Invesco India ESG Integration Strategy
- 26
| Security | % of HDFC Business Cycle | % of Invesco India ESG Integration Strategy |
|---|---|---|
| ICICI Bank Ltd. | 5.21% | 6.74% |
| Bharti Airtel Ltd. | 5.69% | 4.95% |
| Titan Company Ltd. | 4.46% | 4.00% |
| HDFC Bank Ltd. | 3.24% | 4.11% |
| Kotak Mahindra Bank Limited | 5.31% | 3.22% |
| Eternal Limited | 2.86% | 3.82% |
| Cholamandalam Investment & Finance Co. Ltd. | 2.28% | 2.39% |
| Home First Finance Company India Ltd | 2.23% | 1.45% |
| InterGlobe Aviation Ltd. | 1.16% | 2.21% |
| Chalet Hotels Ltd. | 0.93% | 1.42% |
| CG Power and Industrial Solutions Ltd. | 0.88% | 2.49% |
| Torrent Pharmaceuticals Ltd. | 0.54% | 3.28% |
| Axis Bank Ltd. | 0.46% | 4.03% |
| Grindwell Norton Ltd. | 0.27% | 1.18% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 31.4% means 31.4% 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 HDFC Business Cycle Fund
| Security | % of fund |
|---|---|
| Anthem Biosciences Limited | 3.78% |
| PEARL GLOBAL INDUSTRIES LIMITED | 3.28% |
| Vishal Mega Mart Limited | 2.52% |
| Clean Max Enviro Energy Solutions Limited | 2.38% |
| Indusind Bank Ltd. | 2.24% |
Largest holdings only in Invesco India ESG Integration Strategy Fund
| Security | % of fund |
|---|---|
| Bajaj Finance Ltd | 4.81% |
| Infosys Limited | 3.45% |
| Tech Mahindra Limited | 3.38% |
| Apollo Hospitals Enterprise Limited | 3.28% |
| Nuvama Wealth Management Ltd | 3.16% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Business Cycle | Invesco India ESG Integration Strategy |
|---|---|---|
| Equity | 86.9% | 98.4% |
| Debt | 1.1% | 0.0% |
| Cash and others | 12.0% | 1.6% |
Market cap of stocks
| Market cap | HDFC Business Cycle | Invesco India ESG Integration Strategy |
|---|---|---|
| Large Cap | 36.4% | 74.9% |
| Mid Cap | 19.5% | 5.4% |
| Small Cap | 28.0% | 18.1% |
| Not on AMFI's list | 3.0% | 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 | HDFC Business Cycle | Invesco India ESG Integration Strategy |
|---|---|---|
| Banks | 16.5% | 19.6% |
| IT - Software | 0.0% | 11.8% |
| Finance | 8.4% | 11.2% |
| Capital Markets | 1.3% | 8.2% |
| Retailing | 7.7% | 3.8% |
| Pharmaceuticals & Biotechnology | 7.4% | 6.1% |
| Telecom - Services | 5.7% | 5.0% |
| Consumer Durables | 4.7% | 5.2% |
| Power | 4.8% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Business Cycle vs Invesco India ESG Integration Strategy: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Business Cycle Fund | Invesco India ESG Integration Strategy Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.16% | 1.28% |
| Base expense ratio (Direct) | 0.86% | 0.98% |
| Total expense ratio (Regular) | 2.14% | 2.56% |
| Base expense ratio (Regular) | 1.71% | 2.09% |
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 HDFC Business Cycle with
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- Invesco India ESG Integration Strategy vs Aditya Birla Sun Life International Equity
HDFC Business Cycle Fund vs Invesco India ESG Integration Strategy Fund: Frequently Asked Questions
What is the difference between HDFC Business Cycle Fund and Invesco India ESG Integration Strategy Fund?
HDFC Business Cycle Fund is a Thematic fund, Invesco India ESG Integration Strategy Fund is a Thematic fund, run by HDFC Mutual Fund and Invesco Mutual Fund. Their portfolios overlap 31.4%. HDFC Business Cycle Fund charges 1.16% a year and Invesco India ESG Integration Strategy Fund 1.28%.
Which has given higher returns, HDFC Business Cycle Fund or Invesco India ESG Integration Strategy Fund?
Over 1 year: HDFC Business Cycle Fund −3.42%, Invesco India ESG Integration Strategy Fund −5.91%. Over 3 years: HDFC Business Cycle Fund +10.75% a year, Invesco India ESG Integration Strategy Fund +9.27% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Business Cycle Fund or Invesco India ESG Integration Strategy Fund?
HDFC Business Cycle Fund charges less: 1.16% a year against 1.28%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Business Cycle Fund and Invesco India ESG Integration Strategy Fund overlap?
31.4%. They hold 14 of the same securities, the largest shared ones being ICICIBANK, BHARTIARTL, TITAN. From each fund's latest monthly portfolio.
Which is riskier, HDFC Business Cycle Fund or Invesco India ESG Integration Strategy Fund?
On SEBI's riskometer, HDFC Business Cycle Fund is rated Very High and Invesco India ESG Integration Strategy Fund Very High. Over 3 years, the standard deviation of daily returns was 13.88% and 14.27% a year.
Which is better for SIP, HDFC Business Cycle Fund or Invesco India ESG Integration Strategy Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,93,771 in HDFC Business Cycle Fund (XIRR 4.0% a year) and ₹3,80,685 in Invesco India ESG Integration Strategy Fund (XIRR 1.8% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Business Cycle Fund and Invesco India ESG Integration Strategy Fund?
Yes. 31.4% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Business Cycle Fund and Invesco India ESG Integration Strategy Fund?
HDFC Business Cycle Fund: Amar Kalkundrikar, Gopal Agrawal, Bhagyesh Kagalkar. Invesco India ESG Integration Strategy Fund: Taher Badshah, Haresh Kapoor.
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.