HDFC Defence Fund vs Mirae Asset BSE India Defence ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
HDFC Defence Fund is a Thematic fund and Mirae Asset BSE India Defence ETF is an ETF fund. HDFC Defence Fund charges 0.90% a year and Mirae Asset BSE India Defence ETF 0.64%. Their portfolios overlap 56.1%: they hold 14 of the same securities.
Mirae Asset BSE India Defence ETF
ETF
- Expense ratio
- 0.64%
- NAV
- ₹72.90
Which is better, HDFC Defence or Mirae Asset BSE India Defence ETF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Mirae Asset BSE India Defence ETF costs less: 0.64% a year against 0.90%.
- HDFC Defence fell less in its worst fall since 16-02-2026: −14.3% against −15.4%.
- Mirae Asset BSE India Defence ETF holds more in large companies: 58.9% of the fund in large caps against 43.5%.
- HDFC Defence is the larger fund: ₹11,493 Cr against ₹183 Cr.
- Their portfolios overlap 56.1%: 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 Defence Fund | Mirae Asset BSE India Defence ETF |
|---|---|---|
| Fund house | HDFC Mutual Fund | Mirae Asset Mutual Fund |
| Category | Thematic | ETF |
| AUM | ₹11,493 Cr (30-09-2026) | ₹183 Cr (30-09-2026) |
| NAV | ₹28.86 (Direct) | ₹72.90 |
| Expense ratio (Direct) | 0.90% | Not available |
| Expense ratio (Regular) | 1.80% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | Nifty India Defence TRI | BSE India Defence TRI (Total Return Index) |
| Launch date | 02-06-2023 | 13-02-2026 |
| Minimum investment | ₹100 | On exchange in multiple of 1 unit. With AMC: In multiples of 5,000 units |
| Lock in | None | None |
| Fund managers | Rahul Baijal, Priya Ranjan, Gopal Agrawal, Bhagyesh Kagalkar | Ekta Gala, amp, Vishal Singh |
| 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. | NIL |
HDFC Defence vs Mirae Asset BSE India Defence ETF: 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% | -- | -- |
| Mirae Asset BSE India Defence ETF | −5.75% | −5.43% | −1.24% | -- | -- | -- | -- |
| 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 Defence vs Mirae Asset BSE India Defence ETF: Year-wise Returns
| Year | HDFC DefenceHDFC Defence | Mirae Asset BSE India Defence ETFMirae Asset BSE India Defence ETF |
|---|---|---|
| 2026to date | +19.90% | -- |
| 2025 | +10.75% | -- |
| 2024 | +41.88% | -- |
HDFC Defence vs Mirae Asset BSE India Defence ETF: Rolling Returns
Every holding period of both funds, against Nifty India Defence TRI, the benchmark of HDFC Defence Fund
HDFC Defence vs Mirae Asset BSE India Defence ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Defence Fund (Direct) | Mirae Asset BSE India Defence ETF |
|---|---|---|
| Return (CAGR) | +36.39% | +12.51% |
| Standard deviation | 24.68% | 24.02% |
| Sharpe ratio | 1.23 | 0.30 |
| Sortino ratio | 1.69 | 0.41 |
| Maximum drawdown | −34.5% (28-02-2025) | −15.4% (31-03-2026) |
| Beta | 0.81 | 1.00 |
| Alpha | −1.99% | −0.38% |
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)
Mirae Asset BSE India Defence ETF
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% |
| Mirae Asset BSE India Defence ETF | −15.4% | 06-03-2026 | 31-03-2026 | 15-04-2026 | 15 days | −12.9% |
| Nifty India Defence TRI | −15.4% | 06-03-2026 | 30-03-2026 | 15-04-2026 | 16 days | −12.9% |
From daily values since 16-02-2026, the first day every fund has.
HDFC Defence vs Mirae Asset BSE India Defence ETF: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Defence Fund, September 2026; Mirae Asset BSE India Defence ETF, September 2026
Holdings in common
- Overlap
- 56.1%
- Held by both
- 14
- Only in HDFC Defence
- 10
- Only in Mirae Asset BSE India Defence ETF
- 19
| Security | % of HDFC Defence | % of Mirae Asset BSE India Defence ETF |
|---|---|---|
| Bharat Electronics Ltd. | 14.87% | 15.45% |
| Hindustan Aeronautics Limited | 12.61% | 14.96% |
| Solar Industries India Ltd. | 10.28% | 13.29% |
| Astra Microwave Products Ltd. | 6.44% | 3.85% |
| Mazagon Dock Shipbuilders Ltd | 3.17% | 4.51% |
| Bharat Forge Ltd. | 12.91% | 3.01% |
| Bharat Dynamics Limited | 3.19% | 2.83% |
| Data Patterns (India) Limited | 1.98% | 3.48% |
| MTAR Technologies Limited | 5.09% | 0.98% |
| Cyient DLM Limited | 3.18% | 0.97% |
| IDEAFORGE TECHNOLOGY LIMITED | 0.77% | 0.65% |
| BEML Limited | 5.11% | 0.45% |
| Cochin Shipyard Ltd. | 0.34% | 3.09% |
| AEQUS LIMITED | 0.12% | 1.99% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 56.1% means 56.1% 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 |
|---|---|
| Eicher Motors Ltd. | 4.67% |
| Bosch Limited | 4.10% |
| Centum Electronics Ltd. | 2.95% |
| Premier Explosives Ltd. | 2.77% |
| Sedemac Mechatronics Limited | 1.21% |
Largest holdings only in Mirae Asset BSE India Defence ETF
| Security | % of fund |
|---|---|
| Larsen & Toubro Ltd. | 5.13% |
| Mahindra & Mahindra Ltd. | 5.02% |
| Adani Enterprises Ltd. | 5.02% |
| Ashok Leyland Ltd. | 2.54% |
| Zen Technologies Ltd. | 2.06% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Defence | Mirae Asset BSE India Defence ETF |
|---|---|---|
| Equity | 98.3% | 100.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.7% | -0.0% |
Market cap of stocks
| Market cap | HDFC Defence | Mirae Asset BSE India Defence ETF |
|---|---|---|
| Large Cap | 43.5% | 58.9% |
| Mid Cap | 23.7% | 16.0% |
| Small Cap | 30.7% | 25.2% |
| 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 | Mirae Asset BSE India Defence ETF |
|---|---|---|
| Aerospace & Defense | 46.1% | 53.5% |
| Auto Components | 18.2% | 3.4% |
| Chemicals & Petrochemicals | 13.1% | 13.3% |
| Industrial Manufacturing | 4.1% | 8.6% |
| Agricultural, Commercial & Construction Vehicles | 6.2% | 3.0% |
| Construction | 0.7% | 5.1% |
| Electrical Equipment | 5.1% | 1.0% |
| Automobiles | 4.7% | 5.0% |
| Metals & Minerals Trading | 0.0% | 5.0% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Defence vs Mirae Asset BSE India Defence ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Defence Fund | Mirae Asset BSE India Defence ETF |
|---|---|---|
| Total expense ratio (Direct) | 0.90% | Not available |
| Base expense ratio (Direct) | 0.72% | 0.00% |
| Total expense ratio (Regular) | 1.80% | Not available |
| Base expense ratio (Regular) | 1.49% | 0.28% |
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
HDFC Defence Fund vs Mirae Asset BSE India Defence ETF: Frequently Asked Questions
What is the difference between HDFC Defence Fund and Mirae Asset BSE India Defence ETF?
HDFC Defence Fund is a Thematic fund, Mirae Asset BSE India Defence ETF is an ETF fund, run by HDFC Mutual Fund and Mirae Asset Mutual Fund. Their portfolios overlap 56.1%. HDFC Defence Fund charges 0.90% a year and Mirae Asset BSE India Defence ETF 0.64%.
Which has the lower expense ratio, HDFC Defence Fund or Mirae Asset BSE India Defence ETF?
Mirae Asset BSE India Defence ETF charges less: 0.64% a year against 0.90%. These are the total expense ratios reported to AMFI.
How much do HDFC Defence Fund and Mirae Asset BSE India Defence ETF overlap?
56.1%. They hold 14 of the same securities, the largest shared ones being BEL, HAL, SOLARINDS. From each fund's latest monthly portfolio.
Which is riskier, HDFC Defence Fund or Mirae Asset BSE India Defence ETF?
On SEBI's riskometer, HDFC Defence Fund is rated Very High and Mirae Asset BSE India Defence ETF Very High. Over their common history, the standard deviation of daily returns was 24.68% and 24.02% a year.
Can I invest in both HDFC Defence Fund and Mirae Asset BSE India Defence ETF?
Yes. 56.1% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HDFC Defence Fund and Mirae Asset BSE India Defence ETF?
HDFC Defence Fund: Rahul Baijal, Priya Ranjan, Gopal Agrawal, Bhagyesh Kagalkar. Mirae Asset BSE India Defence ETF: Ekta Gala, amp, Vishal Singh.
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.