HDFC Infrastructure Fund vs Motilal Oswal BSE India Infrastructure ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
HDFC Infrastructure Fund is a Thematic fund and Motilal Oswal BSE India Infrastructure ETF is an ETF fund. In the year to 30-10-2026, HDFC Infrastructure Fund (Direct) returned −10.4% and Motilal Oswal BSE India Infrastructure ETF returned −11.5%. HDFC Infrastructure Fund charges 1.34% a year and Motilal Oswal BSE India Infrastructure ETF 0.65%. Their portfolios overlap 37.0%: they hold 17 of the same securities.
HDFC Infrastructure Fund
Thematic
- 1 year return
- −10.4%
- Expense ratio
- 1.34%
- NAV
- ₹48.58
Motilal Oswal BSE India Infrastructure ETF
ETF
- 1 year return
- −11.5%
- Expense ratio
- 0.65%
- NAV
- ₹55.23
Which is better, HDFC Infrastructure or Motilal Oswal BSE India Infrastructure 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 Infrastructure returned more over 1 year: −10.4% against −11.5%.
- Motilal Oswal BSE India Infrastructure ETF costs less: 0.65% a year against 1.34%.
- HDFC Infrastructure fell less in its worst fall since 21-05-2025: −14.3% against −18.1%.
- Motilal Oswal BSE India Infrastructure ETF holds more in large companies: 65.0% of the fund in large caps against 49.3%.
- HDFC Infrastructure is the larger fund: ₹2,251 Cr against ₹3 Cr.
- Their portfolios overlap 37.0%: 17 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 Infrastructure Fund | Motilal Oswal BSE India Infrastructure ETF |
|---|---|---|
| Fund house | HDFC Mutual Fund | Motilal Oswal Mutual Fund |
| Category | Thematic | ETF |
| AUM | ₹2,251 Cr (30-09-2026) | ₹3 Cr (30-09-2026) |
| NAV | ₹48.58 (Direct) | ₹55.23 |
| Expense ratio (Direct) | 1.34% | Not available |
| Expense ratio (Regular) | 2.21% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | BSE India Infrastructure TRI | BSE India Infrastructure TRI |
| Launch date | 10-03-2008 | 16-05-2025 |
| Minimum investment | ₹100 | Ongoing Basis: On Exchange: Investors can buy/sell units of the Scheme in round lots of 1 unit and in multiples thereof. Directly with the Mutual Fund: For Eligible investors: Transactions must be in multiple of unit creation size and the execution value |
| Lock in | None | None |
| Fund managers | Ashish Shah, Gopal Agrawal, Bhagyesh Kagalkar | Swapnil Mayekar, Dishant Mehta, 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 30 days from the date of allotment. No Exit Load is payable if units are redeemed/switched-out after 30 days from the date of allotment. | Nil |
HDFC Infrastructure vs Motilal Oswal BSE India Infrastructure 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 Infrastructure Fund (Direct) | −4.33% | −6.58% | −7.77% | −10.41% | +12.12% | +17.28% | +10.72% |
| Motilal Oswal BSE India Infrastructure ETF | −2.60% | −8.42% | −13.50% | −11.49% | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | +13.76% |
Category average: the average of the 235 Thematic funds, same plan type.
HDFC Infrastructure vs Motilal Oswal BSE India Infrastructure ETF: Year-wise Returns
| Year | HDFC InfrastructureHDFC Infrastructure | Motilal Oswal BSE India Infrastructure ETFMotilal Oswal BSE India Infrastructure ETF | BSE India Infrastructure Index TRI |
|---|---|---|---|
| 2026to date | −7.85% | −7.45% | −7.07% |
| 2025 | +3.18% | -- | −2.32% |
| 2024 | +24.21% | -- | +30.02% |
| 2023 | +56.54% | -- | +61.08% |
| 2022 | +20.17% | -- | +15.07% |
| 2021 | +44.15% | -- | +51.72% |
HDFC Infrastructure vs Motilal Oswal BSE India Infrastructure ETF: Rolling Returns
Every holding period of both funds, against BSE India Infrastructure Index TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 110 of them, one for each trading day from 21-05-2026 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 Infrastructure Fund (Direct)
Motilal Oswal BSE India Infrastructure ETF
BSE India Infrastructure Index TRI
to
Jun 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Aug 2025
to
Aug 2026Sept 2025
to
Sept 2026Oct 2025
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 Infrastructure | 62.7 | 37.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | −1.5% | −0.7% | −11.6% | 4.5% | 41% |
| Motilal Oswal BSE India Infrastructure ETF | 30.0 | 61.8 | 8.2 | 0.0 | 0.0 | 0.0 | 0.0 | −0.2% | 1.7% | −13.8% | 8.5% | 77% |
| BSE India Infrastructure Index TRI | 45.5 | 51.8 | 2.7 | 0.0 | 0.0 | 0.0 | 0.0 | −1.2% | 0.2% | −13.4% | 7.0% | -- |
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 BSE India Infrastructure Index 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 21-05-2025. Past returns do not promise future returns.
HDFC Infrastructure vs Motilal Oswal BSE India Infrastructure 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 02-05-2025 to 30-10-2026: 18 instalments, ₹1,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC InfrastructureHDFC Infrastructure Fund (Direct) | ₹1,80,000 | ₹1,68,355 | −₹11,645 | −8.2% |
| Motilal Oswal BSE India Infrastructure ETFMotilal Oswal BSE India Infrastructure ETF | ₹1,80,000 | ₹1,66,490 | −₹13,510 | −9.6% |
HDFC InfrastructureHDFC Infrastructure Fund (Direct)
Motilal Oswal BSE India Infrastructure ETFMotilal Oswal BSE India Infrastructure 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 Infrastructure vs Motilal Oswal BSE India Infrastructure ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Infrastructure Fund (Direct) | Motilal Oswal BSE India Infrastructure ETF |
|---|---|---|
| Return (CAGR) | −10.41% | −11.49% |
| Standard deviation | 15.10% | 17.66% |
| Sharpe ratio | -1.04 | -0.95 |
| Sortino ratio | -1.36 | -1.26 |
| Maximum drawdown | −14.3% (31-03-2026) | −18.1% (23-10-2026) |
| Beta | 0.81 | 1.00 |
| Alpha | −2.43% | −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 Infrastructure Fund (Direct) | Motilal Oswal BSE India Infrastructure ETF |
|---|---|---|
| Return (CAGR) | +11.23% | −5.35% |
| Standard deviation | 20.38% | 16.31% |
| Sharpe ratio | 0.25 | -0.65 |
| Sortino ratio | 0.34 | -0.88 |
| Maximum drawdown | −63.1% (23-03-2020) | −18.1% (23-10-2026) |
| Beta | 0.83 | 1.00 |
| Alpha | −0.98% | +0.83% |
From daily NAVs, 01-01-2013 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 Infrastructure Fund (Direct)
Motilal Oswal BSE India Infrastructure ETF
BSE India Infrastructure Index TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Infrastructure Fund (Direct) | −14.3% | 03-11-2025 | 31-03-2026 | Not yet | -- | −10.7% |
| Motilal Oswal BSE India Infrastructure ETF | −18.1% | 07-05-2026 | 23-10-2026 | Not yet | -- | −14.9% |
| BSE India Infrastructure Index TRI | −17.9% | 07-05-2026 | 23-10-2026 | Not yet | -- | −14.7% |
From daily values since 21-05-2025, 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 Infrastructure Fund (Direct)
Motilal Oswal BSE India Infrastructure ETF
BSE India Infrastructure Index TRI
Against BSE India Infrastructure Index TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Infrastructure Fund (Direct) | 74% | 75% | 6.68% |
| Motilal Oswal BSE India Infrastructure ETF | 106% | 101% | 1.74% |
From month-end values since 21-05-2025. 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 Infrastructure vs Motilal Oswal BSE India Infrastructure ETF: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Infrastructure Fund, September 2026; Motilal Oswal BSE India Infrastructure ETF, September 2026
Holdings in common
- Overlap
- 37.0%
- Held by both
- 17
- Only in HDFC Infrastructure
- 55
- Only in Motilal Oswal BSE India Infrastructure ETF
- 13
| Security | % of HDFC Infrastructure | % of Motilal Oswal BSE India Infrastructure ETF |
|---|---|---|
| Larsen and Toubro Ltd. | 7.03% | 9.86% |
| Kalpataru Projects International Ltd | 4.40% | 5.90% |
| InterGlobe Aviation Ltd. | 4.35% | 7.49% |
| Adani Ports & Special Economic Zone | 3.44% | 9.39% |
| NTPC Limited | 3.23% | 8.30% |
| Power Grid Corporation of India Ltd. | 2.12% | 6.44% |
| Adani Power (Mundra) Limited | 1.88% | 4.69% |
| Power Finance Corporation Ltd. | 1.87% | 3.18% |
| JSW Infrastructure Limited | 1.82% | 1.45% |
| NCC LTD. | 1.35% | 1.96% |
| Oil & Natural Gas Corporation Ltd. | 1.30% | 5.89% |
| The Tata Power Company Ltd. | 1.16% | 3.24% |
| GAIL (India) Ltd. | 1.10% | 3.09% |
| Adani Green Energy Limited | 0.96% | 2.28% |
| JSW Energy Ltd. | 0.53% | 1.61% |
| GMR Airports Limited | 0.51% | 2.22% |
| Gujarat Pipavav Port Ltd. | 1.23% | 0.30% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 37.0% means 37.0% 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 Infrastructure Fund
| Security | % of fund |
|---|---|
| ICICI Bank Ltd. | 3.49% |
| J.Kumar Infraprojects Ltd. | 2.88% |
| TD Power Systems Ltd. | 2.51% |
| G R Infraprojects Limited | 1.99% |
| HDFC Bank Ltd. | 1.73% |
Largest holdings only in Motilal Oswal BSE India Infrastructure ETF
| Security | % of fund |
|---|---|
| Rail Vikas Nigam Limited | 4.31% |
| NBCC (India) Limited | 3.06% |
| IRB Infrastructure Developers Limited | 2.56% |
| REC Limited | 2.49% |
| KEC International Limited | 1.86% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Infrastructure | Motilal Oswal BSE India Infrastructure ETF |
|---|---|---|
| Equity | 97.3% | 99.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.7% | 0.2% |
Market cap of stocks
| Market cap | HDFC Infrastructure | Motilal Oswal BSE India Infrastructure ETF |
|---|---|---|
| Large Cap | 49.3% | 65.0% |
| Mid Cap | 9.0% | 17.6% |
| Small Cap | 34.8% | 17.1% |
| Not on AMFI's list | 4.2% | 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 Infrastructure | Motilal Oswal BSE India Infrastructure ETF |
|---|---|---|
| Power | 11.6% | 29.8% |
| Construction | 21.2% | 29.5% |
| Transport Infrastructure | 7.0% | 13.4% |
| Transport Services | 8.7% | 8.6% |
| Electrical Equipment | 8.3% | 0.0% |
| Finance | 3.6% | 8.0% |
| Oil | 1.3% | 7.5% |
| Banks | 6.7% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Infrastructure vs Motilal Oswal BSE India Infrastructure ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Infrastructure Fund | Motilal Oswal BSE India Infrastructure ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.34% | Not available |
| Base expense ratio (Direct) | 0.99% | 0.00% |
| Total expense ratio (Regular) | 2.21% | Not available |
| Base expense ratio (Regular) | 1.74% | 0.45% |
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 Infrastructure Fund vs Motilal Oswal BSE India Infrastructure ETF: Frequently Asked Questions
What is the difference between HDFC Infrastructure Fund and Motilal Oswal BSE India Infrastructure ETF?
HDFC Infrastructure Fund is a Thematic fund, Motilal Oswal BSE India Infrastructure ETF is an ETF fund, run by HDFC Mutual Fund and Motilal Oswal Mutual Fund. Their portfolios overlap 37.0%. HDFC Infrastructure Fund charges 1.34% a year and Motilal Oswal BSE India Infrastructure ETF 0.65%.
Which has given higher returns, HDFC Infrastructure Fund or Motilal Oswal BSE India Infrastructure ETF?
Over 1 year: HDFC Infrastructure Fund −10.41%, Motilal Oswal BSE India Infrastructure ETF −11.49%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Infrastructure Fund or Motilal Oswal BSE India Infrastructure ETF?
Motilal Oswal BSE India Infrastructure ETF charges less: 0.65% a year against 1.34%. These are the total expense ratios reported to AMFI.
How much do HDFC Infrastructure Fund and Motilal Oswal BSE India Infrastructure ETF overlap?
37.0%. They hold 17 of the same securities, the largest shared ones being LT, KPIL, INDIGO. From each fund's latest monthly portfolio.
Which is riskier, HDFC Infrastructure Fund or Motilal Oswal BSE India Infrastructure ETF?
On SEBI's riskometer, HDFC Infrastructure Fund is rated Very High and Motilal Oswal BSE India Infrastructure ETF Very High. Over 1 years, the standard deviation of daily returns was 15.10% and 17.66% a year.
Can I invest in both HDFC Infrastructure Fund and Motilal Oswal BSE India Infrastructure ETF?
Yes. 37.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Infrastructure Fund and Motilal Oswal BSE India Infrastructure ETF?
HDFC Infrastructure Fund: Ashish Shah, Gopal Agrawal, Bhagyesh Kagalkar. Motilal Oswal BSE India Infrastructure ETF: Swapnil Mayekar, Dishant Mehta, 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.