HDFC Business Cycle Fund vs PGIM India Large Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Business Cycle Fund is a Thematic fund and PGIM India Large Cap Fund is a Large Cap fund. In the 3 years to 30-10-2026, HDFC Business Cycle Fund (Direct) returned 10.8% a year and PGIM India Large Cap Fund (Direct) returned 8.0% a year. HDFC Business Cycle Fund charges 1.16% a year and PGIM India Large Cap Fund 1.09% (Direct plans). Their portfolios overlap 28.2%: they hold 14 of the same securities.
HDFC Business Cycle Fund
Thematic
- 3 year return
- 10.8%
- Expense ratio
- 1.16%
- NAV
- ₹15.18
PGIM India Large Cap Fund
Large Cap
- 3 year return
- 8.0%
- Expense ratio
- 1.09%
- NAV
- ₹386.29
Which is better, HDFC Business Cycle or PGIM India 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.
- HDFC Business Cycle returned more over 3 years: 10.8% a year against 8.0%.
- HDFC Business Cycle returned more over 1 year: −3.4% against −7.6%.
- PGIM India Large Cap costs less: 1.09% a year against 1.16% (Direct plans).
- PGIM India Large Cap swung less over 3 years: a standard deviation of 12.9% a year against 13.9%.
- PGIM India Large Cap fell less in its worst fall since 30-11-2022: −17.0% against −18.0%.
- PGIM India Large Cap holds more in large companies: 86.6% of the fund in large caps against 36.4%.
- HDFC Business Cycle is the larger fund: ₹2,646 Cr against ₹502 Cr.
- Their portfolios overlap 28.2%: 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 | PGIM India Large Cap Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | PGIM India Mutual Fund |
| Category | Thematic | Large Cap |
| AUM | ₹2,646 Cr (30-09-2026) | ₹502 Cr (30-09-2026) |
| NAV | ₹15.18 (Direct) | ₹386.29 (Direct) |
| Expense ratio (Direct) | 1.16% | 1.09% |
| Expense ratio (Regular) | 2.14% | 2.62% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 100 TRI |
| Launch date | 30-11-2022 | 30-01-2003 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Amar Kalkundrikar, Gopal Agrawal, Bhagyesh Kagalkar | Anandha Padmanabhan Anjeneyan, Vivek Sharma, Vinay Paharia, and Mr. Akhil Dhar |
| 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 of 0.5%, if redeemed within 90 days. |
HDFC Business Cycle vs PGIM India 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 |
|---|---|---|---|---|---|---|---|
| HDFC Business Cycle Fund (Direct) | −2.40% | −3.93% | +3.09% | −3.42% | +10.75% | -- | -- |
| PGIM India Large Cap Fund (Direct) | +1.19% | −4.29% | −0.57% | −7.56% | +8.01% | +6.73% | +10.68% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
| 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.
HDFC Business Cycle vs PGIM India Large Cap: Year-wise Returns
| Year | HDFC Business CycleHDFC Business Cycle | PGIM India Large CapPGIM India Large Cap |
|---|---|---|
| 2026to date | −0.37% | −7.49% |
| 2025 | +2.68% | +8.99% |
| 2024 | +15.28% | +11.08% |
| 2023 | +29.85% | +21.49% |
| 2022 | -- | +2.99% |
| 2021 | -- | +22.81% |
HDFC Business Cycle vs PGIM India Large Cap: 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)
PGIM India Large Cap 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% |
| PGIM India Large Cap | 0.0 | 0.0 | 54.7 | 45.3 | 0.0 | 0.0 | 0.0 | 10.3% | 9.7% | 6.1% | 14.6% | 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 PGIM India 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 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% |
| PGIM India Large CapPGIM India Large Cap Fund (Direct) | ₹4,80,000 | ₹5,23,357 | ₹43,357 | 4.3% |
HDFC Business CycleHDFC Business Cycle Fund (Direct)
PGIM India Large CapPGIM India 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.
HDFC Business Cycle vs PGIM India Large Cap: 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) | PGIM India Large Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −3.42% | −7.56% |
| Standard deviation | 15.04% | 13.69% |
| Sharpe ratio | -0.58 | -0.94 |
| Sortino ratio | -0.78 | -1.25 |
| Maximum drawdown | −16.6% (23-03-2026) | −15.1% (31-03-2026) |
| Beta | 0.99 | 0.98 |
| Alpha | +3.78% | +0.79% |
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) | PGIM India Large Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.75% | +8.01% |
| Standard deviation | 13.88% | 12.90% |
| Sharpe ratio | 0.34 | 0.15 |
| Sortino ratio | 0.46 | 0.21 |
| Maximum drawdown | −18.0% (23-03-2026) | −17.0% (28-02-2025) |
| Beta | 0.93 | 0.93 |
| Alpha | +0.84% | −0.85% |
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) | PGIM India Large Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.21% | +11.56% |
| Standard deviation | 12.73% | 15.17% |
| Sharpe ratio | 0.40 | 0.40 |
| Sortino ratio | 0.54 | 0.55 |
| Maximum drawdown | −18.0% (23-03-2026) | −37.4% (23-03-2020) |
| Beta | 0.90 | 0.94 |
| Alpha | +2.08% | −0.80% |
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)
PGIM India 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 |
|---|---|---|---|---|---|---|
| HDFC Business Cycle Fund (Direct) | −18.0% | 23-09-2024 | 23-03-2026 | 03-08-2026 | 4 months | −6.6% |
| PGIM India Large Cap Fund (Direct) | −17.0% | 26-09-2024 | 28-02-2025 | 28-11-2025 | 9 months | −8.4% |
| 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)
PGIM India Large Cap 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)
PGIM India Large Cap 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% |
| PGIM India Large Cap Fund (Direct) | 84% | 88% | 3.87% |
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 PGIM India Large Cap: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Business Cycle Fund, September 2026; PGIM India Large Cap Fund, September 2026
Holdings in common
- Overlap
- 28.2%
- Held by both
- 14
- Only in HDFC Business Cycle
- 49
- Only in PGIM India Large Cap
- 42
| Security | % of HDFC Business Cycle | % of PGIM India Large Cap |
|---|---|---|
| ICICI Bank Ltd. | 5.21% | 8.13% |
| Bharti Airtel Ltd. | 5.69% | 5.01% |
| HDFC Bank Ltd. | 3.24% | 8.45% |
| Kotak Mahindra Bank Limited | 5.31% | 3.12% |
| Eternal Limited | 2.86% | 3.31% |
| Titan Company Ltd. | 4.46% | 2.76% |
| MANKIND PHARMA LIMITED | 1.37% | 1.36% |
| InterGlobe Aviation Ltd. | 1.16% | 1.29% |
| CG Power and Industrial Solutions Ltd. | 0.88% | 0.86% |
| Vishal Mega Mart Limited | 2.52% | 0.69% |
| ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY LIMITED | 1.27% | 0.54% |
| Torrent Pharmaceuticals Ltd. | 0.54% | 1.15% |
| Axis Bank Ltd. | 0.46% | 2.29% |
| GE Vernova T&D India Limited | 1.20% | 0.41% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 28.2% means 28.2% 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% |
| Clean Max Enviro Energy Solutions Limited | 2.38% |
| Cholamandalam Investment & Finance Co. Ltd. | 2.28% |
| Indusind Bank Ltd. | 2.24% |
Largest holdings only in PGIM India Large Cap Fund
| Security | % of fund |
|---|---|
| State Bank of India | 4.12% |
| Reliance Industries Ltd. | 4.09% |
| Larsen & Toubro Ltd. | 4.07% |
| Bajaj Finance Ltd. | 2.55% |
| Tech Mahindra Ltd. | 2.33% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Business Cycle | PGIM India Large Cap |
|---|---|---|
| Equity | 86.9% | 97.6% |
| Debt | 1.1% | 0.1% |
| Cash and others | 12.0% | 2.3% |
Market cap of stocks
| Market cap | HDFC Business Cycle | PGIM India Large Cap |
|---|---|---|
| Large Cap | 36.4% | 86.6% |
| Mid Cap | 19.5% | 9.3% |
| Small Cap | 28.0% | 0.0% |
| Not on AMFI's list | 3.0% | 1.6% |
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 | PGIM India Large Cap |
|---|---|---|
| Banks | 16.5% | 26.1% |
| Finance | 8.4% | 5.1% |
| Retailing | 7.7% | 4.0% |
| Pharmaceuticals & Biotechnology | 7.4% | 5.6% |
| IT - Software | 0.0% | 6.2% |
| Automobiles | 2.6% | 6.2% |
| Telecom - Services | 5.7% | 5.0% |
| Power | 4.8% | 3.5% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Business Cycle vs PGIM India Large Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Business Cycle Fund | PGIM India Large Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.16% | 1.09% |
| Base expense ratio (Direct) | 0.86% | 0.80% |
| Total expense ratio (Regular) | 2.14% | 2.62% |
| Base expense ratio (Regular) | 1.71% | 2.10% |
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 PGIM India Large Cap Fund: Frequently Asked Questions
What is the difference between HDFC Business Cycle Fund and PGIM India Large Cap Fund?
HDFC Business Cycle Fund is a Thematic fund, PGIM India Large Cap Fund is a Large Cap fund, run by HDFC Mutual Fund and PGIM India Mutual Fund. Their portfolios overlap 28.2%. HDFC Business Cycle Fund charges 1.16% a year and PGIM India Large Cap Fund 1.09%.
Which has given higher returns, HDFC Business Cycle Fund or PGIM India Large Cap Fund?
Over 1 year: HDFC Business Cycle Fund −3.42%, PGIM India Large Cap Fund −7.56%. Over 3 years: HDFC Business Cycle Fund +10.75% a year, PGIM India Large Cap Fund +8.01% 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 PGIM India Large Cap Fund?
PGIM India Large Cap Fund charges less: 1.09% a year against 1.16%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Business Cycle Fund and PGIM India Large Cap Fund overlap?
28.2%. They hold 14 of the same securities, the largest shared ones being ICICIBANK, BHARTIARTL, HDFCBANK. From each fund's latest monthly portfolio.
Which is riskier, HDFC Business Cycle Fund or PGIM India Large Cap Fund?
On SEBI's riskometer, HDFC Business Cycle Fund is rated Very High and PGIM India Large Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 13.88% and 12.90% a year.
Which is better for SIP, HDFC Business Cycle Fund or PGIM India Large Cap 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 ₹3,77,669 in PGIM India Large Cap Fund (XIRR 1.3% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Business Cycle Fund and PGIM India Large Cap Fund?
Yes. 28.2% 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 PGIM India Large Cap Fund?
HDFC Business Cycle Fund: Amar Kalkundrikar, Gopal Agrawal, Bhagyesh Kagalkar. PGIM India Large Cap Fund: Anandha Padmanabhan Anjeneyan, Vivek Sharma, Vinay Paharia, and Mr. Akhil Dhar.
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.