HDFC Defence Fund vs Motilal Oswal Nifty 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 Motilal Oswal Nifty India Defence ETF is an ETF fund. In the year to 30-10-2026, HDFC Defence Fund (Direct) returned 13.8% and Motilal Oswal Nifty India Defence ETF returned 8.2%. HDFC Defence Fund charges 0.90% a year and Motilal Oswal Nifty India Defence ETF 0.60%. Their portfolios overlap 69.3%: they hold 13 of the same securities.
Motilal Oswal Nifty India Defence ETF
ETF
- 1 year return
- 8.2%
- Expense ratio
- 0.60%
- NAV
- ₹95.53
Which is better, HDFC Defence or Motilal Oswal Nifty 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.
- HDFC Defence returned more over 1 year: 13.8% against 8.2%.
- Motilal Oswal Nifty India Defence ETF costs less: 0.60% a year against 0.90%.
- Motilal Oswal Nifty India Defence ETF fell less in its worst fall since 27-08-2024: −27.6% against −28.8%.
- HDFC Defence is the larger fund: ₹11,493 Cr against ₹1,289 Cr.
- Their portfolios overlap 69.3%: 13 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 | Motilal Oswal Nifty India Defence ETF |
|---|---|---|
| Fund house | HDFC Mutual Fund | Motilal Oswal Mutual Fund |
| Category | Thematic | ETF |
| AUM | ₹11,493 Cr (30-09-2026) | ₹1,289 Cr (30-09-2026) |
| NAV | ₹28.86 (Direct) | ₹95.53 |
| Expense ratio (Direct) | 0.90% | Not available |
| Expense ratio (Regular) | 1.80% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | Nifty India Defence TRI | Nifty India Defence TRI |
| Launch date | 02-06-2023 | 21-08-2024 |
| Minimum investment | ₹100 | ₹500 |
| Lock in | None | None |
| Fund managers | Rahul Baijal, Priya Ranjan, Gopal Agrawal, Bhagyesh Kagalkar | Swapnil Mayekar, Rakesh Shetty |
| 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 Motilal Oswal Nifty 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% | -- | -- |
| Motilal Oswal Nifty India Defence ETF | −6.20% | −5.29% | −3.06% | +8.19% | -- | -- | -- |
| 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 Motilal Oswal Nifty India Defence ETF: Year-wise Returns
| Year | HDFC DefenceHDFC Defence | Motilal Oswal Nifty India Defence ETFMotilal Oswal Nifty India Defence ETF | Nifty India Defence TRI |
|---|---|---|---|
| 2026to date | +19.90% | +12.47% | +12.90% |
| 2025 | +10.75% | +19.48% | +19.98% |
| 2024 | +41.88% | -- | +56.50% |
HDFC Defence vs Motilal Oswal Nifty India Defence ETF: Rolling Returns
Every holding period of both funds, against Nifty India Defence TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 288 of them, one for each trading day from 28-08-2025 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 Defence Fund (Direct)
Motilal Oswal Nifty India Defence ETF
Nifty India Defence TRI
to
Oct 2025Dec 2024
to
Dec 2025Feb 2025
to
Feb 2026May 2025
to
May 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 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 | 0.3 | 5.2 | 6.9 | 16.3 | 22.2 | 16.3 | 32.6 | 21.4% | 19.7% | −0.0% | 54.2% | 43% |
| Motilal Oswal Nifty India Defence ETF | 0.3 | 4.5 | 13.8 | 14.5 | 14.2 | 11.8 | 40.8 | 22.2% | 20.7% | −0.0% | 59.7% | 0% |
| Nifty India Defence TRI | 0.0 | 4.5 | 13.5 | 12.5 | 14.9 | 12.5 | 42.0 | 22.7% | 21.0% | 0.4% | 60.3% | -- |
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 27-08-2024. Past returns do not promise future returns.
HDFC Defence vs Motilal Oswal Nifty India Defence ETF: 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 01-08-2024 to 30-10-2026: 27 instalments, ₹2,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC DefenceHDFC Defence Fund (Direct) | ₹2,70,000 | ₹3,25,575 | ₹55,575 | 17.0% |
| Motilal Oswal Nifty India Defence ETFMotilal Oswal Nifty India Defence ETF | ₹2,70,000 | ₹3,11,481 | ₹41,481 | 12.8% |
HDFC DefenceHDFC Defence Fund (Direct)
Motilal Oswal Nifty India Defence ETFMotilal Oswal Nifty India Defence ETF
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 Motilal Oswal Nifty 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) | Motilal Oswal Nifty India Defence ETF |
|---|---|---|
| Return (CAGR) | +13.79% | +8.19% |
| Standard deviation | 22.90% | 24.84% |
| Sharpe ratio | 0.37 | 0.12 |
| Sortino ratio | 0.52 | 0.17 |
| Maximum drawdown | −14.3% (31-03-2026) | −15.4% (31-03-2026) |
| Beta | 0.92 | 1.00 |
| Alpha | +5.40% | −0.48% |
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) | Motilal Oswal Nifty India Defence ETF |
|---|---|---|
| Return (CAGR) | +36.39% | +10.64% |
| Standard deviation | 24.68% | 27.28% |
| Sharpe ratio | 1.23 | 0.18 |
| Sortino ratio | 1.69 | 0.26 |
| Maximum drawdown | −34.5% (28-02-2025) | −27.6% (18-02-2025) |
| Beta | 0.81 | 1.00 |
| Alpha | −1.99% | −0.48% |
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)
Motilal Oswal Nifty 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) | −28.8% | 16-12-2024 | 28-02-2025 | 15-05-2025 | 2 months | −11.4% |
| Motilal Oswal Nifty India Defence ETF | −27.6% | 04-09-2024 | 18-02-2025 | 29-04-2025 | 2 months | −13.0% |
| Nifty India Defence TRI | −27.4% | 04-09-2024 | 18-02-2025 | 29-04-2025 | 2 months | −12.9% |
From daily values since 27-08-2024, 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)
Motilal Oswal Nifty India Defence ETF
Nifty India Defence TRI
Against Nifty India Defence TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Defence Fund (Direct) | 93% | 92% | 8.05% |
| Motilal Oswal Nifty India Defence ETF | 100% | 101% | 0.09% |
From month-end values since 27-08-2024. 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 Motilal Oswal Nifty India Defence ETF: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Defence Fund, September 2026; Motilal Oswal Nifty India Defence ETF, September 2026
Holdings in common
- Overlap
- 69.3%
- Held by both
- 13
- Only in HDFC Defence
- 11
- Only in Motilal Oswal Nifty India Defence ETF
- 9
| Security | % of HDFC Defence | % of Motilal Oswal Nifty India Defence ETF |
|---|---|---|
| Bharat Electronics Ltd. | 14.87% | 19.95% |
| Bharat Forge Ltd. | 12.91% | 13.27% |
| Hindustan Aeronautics Limited | 12.61% | 19.67% |
| Solar Industries India Ltd. | 10.28% | 11.90% |
| MTAR Technologies Limited | 5.09% | 4.21% |
| Astra Microwave Products Ltd. | 6.44% | 3.44% |
| Mazagon Dock Shipbuilders Ltd | 3.17% | 3.98% |
| Bharat Dynamics Limited | 3.19% | 2.54% |
| Data Patterns (India) Limited | 1.98% | 3.23% |
| BEML Limited | 5.11% | 1.89% |
| Centum Electronics Ltd. | 2.95% | 0.92% |
| Cochin Shipyard Ltd. | 0.34% | 3.15% |
| AEQUS LIMITED | 0.12% | 1.14% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 69.3% means 69.3% 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% |
| Cyient DLM Limited | 3.18% |
| Premier Explosives Ltd. | 2.77% |
| Sedemac Mechatronics Limited | 1.21% |
Largest holdings only in Motilal Oswal Nifty India Defence ETF
| Security | % of fund |
|---|---|
| Zen Technologies Limited | 1.84% |
| Apollo Micro Systems Limited | 1.64% |
| Garden Reach Shipbuilders & Engineers Limited | 1.59% |
| Dynamatic Technologies Limited | 1.32% |
| Sigma Advanced Systems Limited | 1.22% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Defence | Motilal Oswal Nifty 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 | Motilal Oswal Nifty India Defence ETF |
|---|---|---|
| Large Cap | 43.5% | 51.5% |
| Mid Cap | 23.7% | 22.9% |
| Small Cap | 30.7% | 25.5% |
| 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 | Motilal Oswal Nifty India Defence ETF |
|---|---|---|
| Aerospace & Defense | 46.1% | 60.2% |
| Auto Components | 18.2% | 13.3% |
| Chemicals & Petrochemicals | 13.1% | 11.9% |
| Industrial Manufacturing | 4.1% | 8.4% |
| Agricultural, Commercial & Construction Vehicles | 6.2% | 1.9% |
| Electrical Equipment | 5.1% | 4.2% |
| Automobiles | 4.7% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Defence vs Motilal Oswal Nifty India Defence ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Defence Fund | Motilal Oswal Nifty 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% | 0.35% |
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 Motilal Oswal Nifty India Defence ETF: Frequently Asked Questions
What is the difference between HDFC Defence Fund and Motilal Oswal Nifty India Defence ETF?
HDFC Defence Fund is a Thematic fund, Motilal Oswal Nifty India Defence ETF is an ETF fund, run by HDFC Mutual Fund and Motilal Oswal Mutual Fund. Their portfolios overlap 69.3%. HDFC Defence Fund charges 0.90% a year and Motilal Oswal Nifty India Defence ETF 0.60%.
Which has given higher returns, HDFC Defence Fund or Motilal Oswal Nifty India Defence ETF?
Over 1 year: HDFC Defence Fund +13.79%, Motilal Oswal Nifty India Defence ETF +8.19%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Defence Fund or Motilal Oswal Nifty India Defence ETF?
Motilal Oswal Nifty India Defence ETF charges less: 0.60% a year against 0.90%. These are the total expense ratios reported to AMFI.
How much do HDFC Defence Fund and Motilal Oswal Nifty India Defence ETF overlap?
69.3%. They hold 13 of the same securities, the largest shared ones being BEL, BHARATFORG, HAL. From each fund's latest monthly portfolio.
Which is riskier, HDFC Defence Fund or Motilal Oswal Nifty India Defence ETF?
On SEBI's riskometer, HDFC Defence Fund is rated Very High and Motilal Oswal Nifty India Defence ETF Very High. Over 1 years, the standard deviation of daily returns was 22.90% and 24.84% a year.
Can I invest in both HDFC Defence Fund and Motilal Oswal Nifty India Defence ETF?
Yes. 69.3% 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 Motilal Oswal Nifty India Defence ETF?
HDFC Defence Fund: Rahul Baijal, Priya Ranjan, Gopal Agrawal, Bhagyesh Kagalkar. Motilal Oswal Nifty India Defence ETF: Swapnil Mayekar, Rakesh Shetty.
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.