HDFC Defence Fund vs Kotak Services Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Defence Fund is a Thematic fund and Kotak Services Fund is a Thematic fund. HDFC Defence Fund charges 0.90% a year and Kotak Services Fund 1.25% (Direct plans). Their portfolios overlap 0.2%: they hold 1 of the same security.
Which is better, HDFC Defence or Kotak Services? 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 costs less: 0.90% a year against 1.25% (Direct plans).
- Kotak Services fell less in its worst fall since 02-03-2026: −7.1% against −14.3%.
- Kotak Services holds more in large companies: 70.5% of the fund in large caps against 43.5%.
- HDFC Defence is the larger fund: ₹11,493 Cr against ₹711 Cr.
- Their portfolios overlap 0.2%: 1 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 | Kotak Services Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹11,493 Cr (30-09-2026) | ₹711 Cr (30-09-2026) |
| NAV | ₹28.86 (Direct) | ₹10.19 (Direct) |
| Expense ratio (Direct) | 0.90% | 1.25% |
| Expense ratio (Regular) | 1.80% | 2.61% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty India Defence TRI | Nifty Services Sector TRI |
| Launch date | 02-06-2023 | 25-02-2026 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Rahul Baijal, Priya Ranjan, Gopal Agrawal, Bhagyesh Kagalkar | Rohit Tandon, Abhishek Bisen |
| 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. | Exit load of 0.5%, if redeemed within 90 days. |
HDFC Defence vs Kotak Services: 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% | -- | -- |
| Kotak Services Fund (Direct) | +1.21% | −2.92% | +0.36% | -- | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | -- | -- | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
HDFC Defence vs Kotak Services: Year-wise Returns
| Year | HDFC DefenceHDFC Defence | Kotak ServicesKotak Services |
|---|---|---|
| 2026to date | +19.90% | -- |
| 2025 | +10.75% | -- |
| 2024 | +41.88% | -- |
HDFC Defence vs Kotak Services: Rolling Returns
Every holding period of both funds, against Nifty India Defence TRI, the benchmark of HDFC Defence Fund
HDFC Defence vs Kotak Services: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Defence Fund (Direct) | Kotak Services Fund (Direct) |
|---|---|---|
| Return (CAGR) | +36.39% | +2.63% |
| Standard deviation | 24.68% | 12.62% |
| Sharpe ratio | 1.23 | -0.21 |
| Sortino ratio | 1.69 | -0.29 |
| Maximum drawdown | −34.5% (28-02-2025) | −7.1% (13-05-2026) |
| Beta | 0.81 | 0.69 |
| Alpha | −1.99% | +3.65% |
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)
Kotak Services 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) | −14.3% | 06-03-2026 | 31-03-2026 | 15-04-2026 | 15 days | −11.4% |
| Kotak Services Fund (Direct) | −7.1% | 21-04-2026 | 13-05-2026 | 07-07-2026 | 55 days | −5.0% |
| Nifty India Defence TRI | −15.4% | 06-03-2026 | 30-03-2026 | 15-04-2026 | 16 days | −12.9% |
From daily values since 02-03-2026, the first day every fund has.
HDFC Defence vs Kotak Services: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Defence Fund, September 2026; Kotak Services Fund, September 2026
Holdings in common
- Overlap
- 0.2%
- Held by both
- 1
- Only in HDFC Defence
- 23
- Only in Kotak Services
- 48
| Security | % of HDFC Defence | % of Kotak Services |
|---|---|---|
| JNK India Limited | 0.21% | 0.37% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 0.2% means 0.2% 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 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 Kotak Services Fund
| Security | % of fund |
|---|---|
| ICICI BANK LTD. | 10.84% |
| STATE BANK OF INDIA. | 9.26% |
| AXIS BANK LTD. | 8.69% |
| HDFC BANK LTD. | 6.22% |
| BHARTI AIRTEL LTD. | 6.01% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Defence | Kotak Services |
|---|---|---|
| Equity | 98.3% | 97.1% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.7% | 2.9% |
Market cap of stocks
| Market cap | HDFC Defence | Kotak Services |
|---|---|---|
| Large Cap | 43.5% | 70.5% |
| Mid Cap | 23.7% | 5.3% |
| Small Cap | 30.7% | 15.6% |
| Not on AMFI's list | 0.4% | 5.7% |
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 | Kotak Services |
|---|---|---|
| Aerospace & Defense | 46.1% | 0.0% |
| Banks | 0.0% | 36.5% |
| Auto Components | 18.2% | 0.4% |
| Chemicals & Petrochemicals | 13.1% | 0.0% |
| Finance | 0.0% | 12.0% |
| IT - Software | 0.0% | 7.2% |
| Power | 0.0% | 7.1% |
| Telecom - Services | 0.0% | 7.0% |
| Agricultural, Commercial & Construction Vehicles | 6.2% | 0.0% |
| Consumer Durables | 0.0% | 5.5% |
| Electrical Equipment | 5.1% | 0.0% |
| Automobiles | 4.7% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Defence vs Kotak Services: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Defence Fund | Kotak Services Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.90% | 1.25% |
| Base expense ratio (Direct) | 0.72% | 0.90% |
| Total expense ratio (Regular) | 1.80% | 2.61% |
| Base expense ratio (Regular) | 1.49% | 2.04% |
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 Kotak Services Fund: Frequently Asked Questions
What is the difference between HDFC Defence Fund and Kotak Services Fund?
HDFC Defence Fund is a Thematic fund, Kotak Services Fund is a Thematic fund, run by HDFC Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 0.2%. HDFC Defence Fund charges 0.90% a year and Kotak Services Fund 1.25%.
Which has the lower expense ratio, HDFC Defence Fund or Kotak Services Fund?
HDFC Defence Fund charges less: 0.90% a year against 1.25%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Defence Fund and Kotak Services Fund overlap?
0.2%. They hold 1 of the same securities, the largest shared ones being JNKINDIA. From each fund's latest monthly portfolio.
Which is riskier, HDFC Defence Fund or Kotak Services Fund?
On SEBI's riskometer, HDFC Defence Fund is rated Very High and Kotak Services Fund Very High. Over their common history, the standard deviation of daily returns was 24.68% and 12.62% a year.
Can I invest in both HDFC Defence Fund and Kotak Services Fund?
Yes. 0.2% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages HDFC Defence Fund and Kotak Services Fund?
HDFC Defence Fund: Rahul Baijal, Priya Ranjan, Gopal Agrawal, Bhagyesh Kagalkar. Kotak Services Fund: Rohit Tandon, Abhishek Bisen.
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.