HDFC Defence Fund vs ICICI Prudential MNC Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Defence Fund is a Thematic fund and ICICI Prudential MNC Fund is a Thematic fund. In the 3 years to 30-10-2026, HDFC Defence Fund (Direct) returned 34.8% a year and ICICI Prudential MNC Fund (Direct) returned 9.8% a year. HDFC Defence Fund charges 0.90% a year and ICICI Prudential MNC Fund 1.26% (Direct plans). Their portfolios overlap 0.0%: they hold 0 of the same securities.
ICICI Prudential MNC Fund
Thematic
- 3 year return
- 9.8%
- Expense ratio
- 1.26%
- NAV
- ₹31.01
Which is better, HDFC Defence or ICICI Prudential MNC? 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 returned more over 3 years: 34.8% a year against 9.8%.
- HDFC Defence returned more over 1 year: 13.8% against −1.9%.
- HDFC Defence costs less: 0.90% a year against 1.26% (Direct plans).
- ICICI Prudential MNC swung less over 3 years: a standard deviation of 11.5% a year against 25.6%.
- ICICI Prudential MNC fell less in its worst fall since 02-06-2023: −19.5% against −34.5%.
- HDFC Defence is the larger fund: ₹11,493 Cr against ₹1,703 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 Defence Fund | ICICI Prudential MNC Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | ICICI Prudential Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹11,493 Cr (30-09-2026) | ₹1,703 Cr (30-09-2026) |
| NAV | ₹28.86 (Direct) | ₹31.01 (Direct) |
| Expense ratio (Direct) | 0.90% | 1.26% |
| Expense ratio (Regular) | 1.80% | 2.18% |
| Riskometer | Very High | Not available |
| Benchmark | Nifty India Defence TRI | Nifty MNC TRI |
| Launch date | 02-06-2023 | 17-06-2019 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Rahul Baijal, Priya Ranjan, Gopal Agrawal, Bhagyesh Kagalkar | Roshan Chutkey, Sharmila D’mello |
| Exit load | 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. | 1 % of applicable Net Asset Value If the amount sought to be redeemed or switch out within 1 month from allotment. Nil If the amount sought to be redeemed or switched out more than 1 month. |
HDFC Defence vs ICICI Prudential MNC: 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 Defence Fund (Direct) | −6.07% | −3.22% | +4.84% | +13.79% | +34.76% | -- | -- |
| ICICI Prudential MNC Fund (Direct) | −3.64% | −7.71% | −2.97% | −1.93% | +9.81% | +10.02% | -- |
| 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 Defence vs ICICI Prudential MNC: Year-wise Returns
| Year | HDFC DefenceHDFC Defence | ICICI Prudential MNCICICI Prudential MNC |
|---|---|---|
| 2026to date | +19.90% | −3.28% |
| 2025 | +10.75% | +6.51% |
| 2024 | +41.88% | +17.72% |
| 2023 | -- | +28.04% |
| 2022 | -- | +0.91% |
| 2021 | -- | +42.89% |
HDFC Defence vs ICICI Prudential MNC: Rolling Returns
Every holding period of both funds, against Nifty India Defence TRI, the benchmark of HDFC Defence Fund
Rolling returns
Every 3-year holding period, 103 of them, one for each trading day from 02-06-2026 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 Defence Fund (Direct)
ICICI Prudential MNC Fund (Direct)
Nifty India Defence TRI
to
Jun 2026Jul 2023
to
Jul 2026Aug 2023
to
Aug 2026Aug 2023
to
Aug 2026Sept 2023
to
Sept 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 Defence | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 39.8% | 40.7% | 33.3% | 45.2% | 0% |
| ICICI Prudential MNC | 0.0 | 0.0 | 24.0 | 76.0 | 0.0 | 0.0 | 0.0 | 12.2% | 13.1% | 8.4% | 15.0% | 0% |
| Nifty India Defence TRI | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 47.4% | 48.6% | 39.8% | 55.7% | -- |
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 India Defence 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 02-06-2023. Past returns do not promise future returns.
HDFC Defence vs ICICI Prudential MNC: 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 02-06-2023 to 30-10-2026: 41 instalments, ₹4,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC DefenceHDFC Defence Fund (Direct) | ₹4,10,000 | ₹6,13,432 | ₹2,03,432 | 24.3% |
| ICICI Prudential MNCICICI Prudential MNC Fund (Direct) | ₹4,10,000 | ₹4,45,120 | ₹35,120 | 4.8% |
HDFC DefenceHDFC Defence Fund (Direct)
ICICI Prudential MNCICICI Prudential MNC 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 Defence vs ICICI Prudential MNC: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Defence Fund (Direct) | ICICI Prudential MNC Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.79% | −1.93% |
| Standard deviation | 22.90% | 12.84% |
| Sharpe ratio | 0.37 | -0.56 |
| Sortino ratio | 0.52 | -0.74 |
| Maximum drawdown | −14.3% (31-03-2026) | −13.3% (23-10-2026) |
| Beta | 0.92 | 0.77 |
| Alpha | +5.40% | +0.35% |
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 Defence Fund (Direct) | ICICI Prudential MNC Fund (Direct) |
|---|---|---|
| Return (CAGR) | +34.76% | +9.81% |
| Standard deviation | 25.64% | 11.47% |
| Sharpe ratio | 1.12 | 0.33 |
| Sortino ratio | 1.54 | 0.45 |
| Maximum drawdown | −34.5% (28-02-2025) | −19.5% (07-04-2025) |
| Beta | 0.83 | 0.75 |
| Alpha | −0.18% | +0.19% |
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 Defence Fund (Direct) | ICICI Prudential MNC Fund (Direct) |
|---|---|---|
| Return (CAGR) | +36.39% | +16.59% |
| Standard deviation | 24.68% | 13.36% |
| Sharpe ratio | 1.23 | 0.86 |
| Sortino ratio | 1.69 | 1.16 |
| Maximum drawdown | −34.5% (28-02-2025) | −30.7% (23-03-2020) |
| Beta | 0.81 | 0.75 |
| Alpha | −1.99% | +5.66% |
From daily NAVs, 02-06-2023 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.
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 Defence Fund (Direct)
ICICI Prudential MNC Fund (Direct)
Nifty India Defence TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Defence Fund (Direct) | −34.5% | 08-07-2024 | 28-02-2025 | 27-05-2025 | 3 months | −11.4% |
| ICICI Prudential MNC Fund (Direct) | −19.5% | 27-09-2024 | 07-04-2025 | 02-07-2026 | 15 months | −10.6% |
| Nifty India Defence TRI | −37.9% | 11-07-2024 | 18-02-2025 | 16-05-2025 | 3 months | −12.9% |
From daily values since 02-06-2023, 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 Defence Fund (Direct)
ICICI Prudential MNC Fund (Direct)
Nifty India Defence 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 Defence Fund (Direct)
ICICI Prudential MNC Fund (Direct)
Nifty India Defence TRI
Against Nifty India Defence TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Defence Fund (Direct) | 86% | 86% | 8.97% |
| ICICI Prudential MNC Fund (Direct) | 29% | 34% | 26.66% |
From month-end values since 02-06-2023. 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 Defence vs ICICI Prudential MNC: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Defence Fund, September 2026; ICICI Prudential MNC Fund, September 2026
Holdings in common
- Overlap
- 0.0%
- Held by both
- 0
- Only in HDFC Defence
- 24
- Only in ICICI Prudential MNC
- 49
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 Defence Fund
| Security | % of fund |
|---|---|
| Bharat Electronics Ltd. | 14.87% |
| Bharat Forge Ltd. | 12.91% |
| Hindustan Aeronautics Limited | 12.61% |
| Solar Industries India Ltd. | 10.28% |
| Astra Microwave Products Ltd. | 6.44% |
Largest holdings only in ICICI Prudential MNC Fund
| Security | % of fund |
|---|---|
| Hindustan Unilever Ltd. | 7.09% |
| Maruti Suzuki India Ltd. | 6.23% |
| Sona Blw Precision Forgings Ltd. | 4.88% |
| Britannia Industries Ltd. | 4.83% |
| Nestle India Ltd. | 4.59% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Defence | ICICI Prudential MNC |
|---|---|---|
| Equity | 98.3% | 96.6% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.7% | 3.4% |
Market cap of stocks
| Market cap | HDFC Defence | ICICI Prudential MNC |
|---|---|---|
| Large Cap | 43.5% | 42.9% |
| Mid Cap | 23.7% | 22.2% |
| Small Cap | 30.7% | 30.8% |
| Foreign stocks | 0.0% | 0.7% |
| Not on AMFI's list | 0.4% | 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 Defence | ICICI Prudential MNC |
|---|---|---|
| Aerospace & Defense | 46.1% | 0.0% |
| Pharmaceuticals & Biotechnology | 0.0% | 18.6% |
| Auto Components | 18.2% | 12.3% |
| Chemicals & Petrochemicals | 13.1% | 1.6% |
| Automobiles | 4.7% | 11.0% |
| Food Products | 0.0% | 9.4% |
| Diversified Fmcg | 0.0% | 7.1% |
| Agricultural, Commercial & Construction Vehicles | 6.2% | 0.0% |
| Industrial Products | 0.2% | 6.2% |
| Electrical Equipment | 5.1% | 4.8% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Defence vs ICICI Prudential MNC: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Defence Fund | ICICI Prudential MNC Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.90% | 1.26% |
| Base expense ratio (Direct) | 0.72% | 0.99% |
| Total expense ratio (Regular) | 1.80% | 2.18% |
| Base expense ratio (Regular) | 1.49% | 1.80% |
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 Defence with
HDFC Defence Fund vs ICICI Prudential MNC Fund: Frequently Asked Questions
What is the difference between HDFC Defence Fund and ICICI Prudential MNC Fund?
HDFC Defence Fund is a Thematic fund, ICICI Prudential MNC Fund is a Thematic fund, run by HDFC Mutual Fund and ICICI Prudential Mutual Fund. Their portfolios overlap 0.0%. HDFC Defence Fund charges 0.90% a year and ICICI Prudential MNC Fund 1.26%.
Which has given higher returns, HDFC Defence Fund or ICICI Prudential MNC Fund?
Over 1 year: HDFC Defence Fund +13.79%, ICICI Prudential MNC Fund −1.93%. Over 3 years: HDFC Defence Fund +34.76% a year, ICICI Prudential MNC Fund +9.81% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Defence Fund or ICICI Prudential MNC Fund?
HDFC Defence Fund charges less: 0.90% a year against 1.26%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Defence Fund and ICICI Prudential MNC Fund overlap?
0.0%. They hold 0 of the same securities. From each fund's latest monthly portfolio.
Which is better for SIP, HDFC Defence Fund or ICICI Prudential MNC Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹5,06,556 in HDFC Defence Fund (XIRR 20.9% a year) and ₹3,90,161 in ICICI Prudential MNC Fund (XIRR 3.4% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Defence Fund and ICICI Prudential MNC Fund?
Yes. 0.0% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages HDFC Defence Fund and ICICI Prudential MNC Fund?
HDFC Defence Fund: Rahul Baijal, Priya Ranjan, Gopal Agrawal, Bhagyesh Kagalkar. ICICI Prudential MNC Fund: Roshan Chutkey, Sharmila D’mello.
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.