HDFC Business Cycle Fund vs Nippon India Taiwan Equity Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Business Cycle Fund is a Thematic fund and Nippon India Taiwan Equity Fund is a Thematic fund. In the 3 years to 30-10-2026, HDFC Business Cycle Fund (Direct) returned 10.8% a year and Nippon India Taiwan Equity Fund (Direct) returned 54.8% a year. HDFC Business Cycle Fund charges 1.16% a year and Nippon India Taiwan Equity Fund 1.08% (Direct plans). Their portfolios overlap 0.0%: they hold 0 of the same securities.
HDFC Business Cycle Fund
Thematic
- 3 year return
- 10.8%
- Expense ratio
- 1.16%
- NAV
- ₹15.18
Nippon India Taiwan Equity Fund
Thematic
- 3 year return
- 54.8%
- Expense ratio
- 1.08%
- NAV
- ₹31.86
Which is better, HDFC Business Cycle or Nippon India Taiwan Equity? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Nippon India Taiwan Equity returned more over 3 years: 54.8% a year against 10.8%.
- Nippon India Taiwan Equity returned more over 1 year: 75.7% against −3.4%.
- Nippon India Taiwan Equity costs less: 1.08% a year against 1.16% (Direct plans).
- HDFC Business Cycle swung less over 3 years: a standard deviation of 13.9% a year against 35.3%.
- HDFC Business Cycle fell less in its worst fall since 30-11-2022: −18.0% against −37.6%.
- Nippon India Taiwan Equity holds 90.8% of the fund in foreign stocks; HDFC Business Cycle 0.0%.
- HDFC Business Cycle holds more in large companies: 36.4% of the fund in large caps against 0.0%.
- HDFC Business Cycle is the larger fund: ₹2,646 Cr against ₹1,147 Cr.
- Their portfolios overlap 0.0%: 0 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 | Nippon India Taiwan Equity Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Nippon India Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹2,646 Cr (30-09-2026) | ₹1,147 Cr (30-09-2026) |
| NAV | ₹15.18 (Direct) | ₹31.86 (Direct) |
| Expense ratio (Direct) | 1.16% | 1.08% |
| Expense ratio (Regular) | 2.14% | 2.36% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Taiwan Capitalization Weighted Stock Index (TAIEX) |
| Launch date | 30-11-2022 | 11-12-2021 |
| Minimum investment | ₹100 | 500; Note - Lumpsum subscription under the Scheme is suspended temporarily with effect from February 26, 2024 |
| Lock in | None | None |
| Fund managers | Amar Kalkundrikar, Gopal Agrawal, Bhagyesh Kagalkar | Kinjal Desai |
| 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. | 1% if redeemed or switched out on or before completion of 3 months from the date of allotment of units. Nil, thereafter |
HDFC Business Cycle vs Nippon India Taiwan Equity: 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% | -- | -- |
| Nippon India Taiwan Equity Fund (Direct) | −16.05% | +11.27% | −9.87% | +75.71% | +54.78% | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
HDFC Business Cycle vs Nippon India Taiwan Equity: Year-wise Returns
| Year | HDFC Business CycleHDFC Business Cycle | Nippon India Taiwan EquityNippon India Taiwan Equity |
|---|---|---|
| 2026to date | −0.37% | +66.72% |
| 2025 | +2.68% | +52.84% |
| 2024 | +15.28% | +25.96% |
| 2023 | +29.85% | +46.55% |
| 2022 | -- | −33.29% |
HDFC Business Cycle vs Nippon India Taiwan Equity: 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)
Nippon India Taiwan Equity 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% |
| Nippon India Taiwan Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 54.0% | 57.3% | 35.4% | 69.5% | 100% |
| 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 Nippon India Taiwan Equity: 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% |
| Nippon India Taiwan EquityNippon India Taiwan Equity Fund (Direct) | ₹4,80,000 | ₹12,92,540 | ₹8,12,540 | 53.4% |
HDFC Business CycleHDFC Business Cycle Fund (Direct)
Nippon India Taiwan EquityNippon India Taiwan Equity 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 Nippon India Taiwan Equity: 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) | Nippon India Taiwan Equity Fund (Direct) |
|---|---|---|
| Return (CAGR) | −3.42% | +75.71% |
| Standard deviation | 15.04% | 40.75% |
| Sharpe ratio | -0.58 | 1.73 |
| Sortino ratio | -0.78 | 2.48 |
| Maximum drawdown | −16.6% (23-03-2026) | −29.6% (30-07-2026) |
| Beta | 0.99 | -- |
| Alpha | +3.78% | -- |
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) | Nippon India Taiwan Equity Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.75% | +54.78% |
| Standard deviation | 13.88% | 35.27% |
| Sharpe ratio | 0.34 | 1.38 |
| Sortino ratio | 0.46 | 2.03 |
| Maximum drawdown | −18.0% (23-03-2026) | −37.6% (09-04-2025) |
| Beta | 0.93 | -- |
| Alpha | +0.84% | -- |
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) | Nippon India Taiwan Equity Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.21% | +27.46% |
| Standard deviation | 12.73% | 32.62% |
| Sharpe ratio | 0.40 | 0.66 |
| Sortino ratio | 0.54 | 0.95 |
| Maximum drawdown | −18.0% (23-03-2026) | −44.8% (25-10-2022) |
| Beta | 0.90 | -- |
| Alpha | +2.08% | -- |
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)
Nippon India Taiwan Equity 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% |
| Nippon India Taiwan Equity Fund (Direct) | −37.6% | 07-01-2025 | 09-04-2025 | 11-06-2025 | 2 months | −21.7% |
| 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)
Nippon India Taiwan Equity 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)
Nippon India Taiwan Equity 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% |
| Nippon India Taiwan Equity Fund (Direct) | 140% | -68% | 34.71% |
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 Nippon India Taiwan Equity: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Business Cycle Fund, September 2026; Nippon India Taiwan Equity Fund, September 2026
Holdings in common
- Overlap
- 0.0%
- Held by both
- 0
- Only in HDFC Business Cycle
- 63
- Only in Nippon India Taiwan Equity
- 0
Overlap: for each holding both funds own, the smaller of its two weights, added up. 0.0% means 0.0% 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 |
|---|---|
| Bharti Airtel Ltd. | 5.69% |
| Kotak Mahindra Bank Limited | 5.31% |
| ICICI Bank Ltd. | 5.21% |
| Titan Company Ltd. | 4.46% |
| Anthem Biosciences Limited | 3.78% |
Largest holdings only in Nippon India Taiwan Equity Fund
Every holding of this fund is also held by the other.
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Business Cycle | Nippon India Taiwan Equity |
|---|---|---|
| Equity | 86.9% | 90.8% |
| Debt | 1.1% | 0.0% |
| Cash and others | 12.0% | 9.2% |
Market cap of stocks
| Market cap | HDFC Business Cycle | Nippon India Taiwan Equity |
|---|---|---|
| Large Cap | 36.4% | 0.0% |
| Mid Cap | 19.5% | 0.0% |
| Small Cap | 28.0% | 0.0% |
| Foreign stocks | 0.0% | 90.8% |
| 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 | Nippon India Taiwan Equity |
|---|---|---|
| Semiconductors | 0.0% | 31.5% |
| Electronic Components | 0.0% | 25.1% |
| Banks | 16.5% | 0.0% |
| Semiconductor Materials & Equipment | 0.0% | 11.8% |
| Finance | 8.4% | 0.0% |
| Electronic Equipment & Instruments | 0.0% | 8.2% |
| Retailing | 7.7% | 0.0% |
| Pharmaceuticals & Biotechnology | 7.4% | 0.0% |
| Telecom - Services | 5.7% | 0.0% |
| Communications Equipment | 0.0% | 5.1% |
| Technology Hardware, Storage & Peripherals | 0.0% | 4.8% |
| Power | 4.8% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Business Cycle vs Nippon India Taiwan Equity: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Business Cycle Fund | Nippon India Taiwan Equity Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.16% | 1.08% |
| Base expense ratio (Direct) | 0.86% | 0.80% |
| Total expense ratio (Regular) | 2.14% | 2.36% |
| Base expense ratio (Regular) | 1.71% | 1.92% |
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
HDFC Business Cycle Fund vs Nippon India Taiwan Equity Fund: Frequently Asked Questions
What is the difference between HDFC Business Cycle Fund and Nippon India Taiwan Equity Fund?
HDFC Business Cycle Fund is a Thematic fund, Nippon India Taiwan Equity Fund is a Thematic fund, run by HDFC Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 0.0%. HDFC Business Cycle Fund charges 1.16% a year and Nippon India Taiwan Equity Fund 1.08%.
Which has given higher returns, HDFC Business Cycle Fund or Nippon India Taiwan Equity Fund?
Over 1 year: HDFC Business Cycle Fund −3.42%, Nippon India Taiwan Equity Fund +75.71%. Over 3 years: HDFC Business Cycle Fund +10.75% a year, Nippon India Taiwan Equity Fund +54.78% 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 Nippon India Taiwan Equity Fund?
Nippon India Taiwan Equity Fund charges less: 1.08% a year against 1.16%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Business Cycle Fund and Nippon India Taiwan Equity Fund overlap?
0.0%. They hold 0 of the same securities. From each fund's latest monthly portfolio.
Which is riskier, HDFC Business Cycle Fund or Nippon India Taiwan Equity Fund?
On SEBI's riskometer, HDFC Business Cycle Fund is rated Very High and Nippon India Taiwan Equity Fund Very High. Over 3 years, the standard deviation of daily returns was 13.88% and 35.27% a year.
Which is better for SIP, HDFC Business Cycle Fund or Nippon India Taiwan Equity 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 ₹8,42,956 in Nippon India Taiwan Equity Fund (XIRR 59.7% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Business Cycle Fund and Nippon India Taiwan Equity Fund?
Yes. 0.0% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages HDFC Business Cycle Fund and Nippon India Taiwan Equity Fund?
HDFC Business Cycle Fund: Amar Kalkundrikar, Gopal Agrawal, Bhagyesh Kagalkar. Nippon India Taiwan Equity Fund: Kinjal Desai.
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.