HDFC Innovation Fund vs Nippon India NIFTY India Manufacturing ETF
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Innovation Fund is a Thematic fund and Nippon India NIFTY India Manufacturing ETF is a mutual fund. In the year to 30-10-2026, HDFC Innovation Fund (Direct) returned 10.0% and Nippon India NIFTY India Manufacturing ETF (Direct) returned −1.9%. HDFC Innovation Fund charges 1.02% a year and Nippon India NIFTY India Manufacturing ETF 0.30% (Direct plans). Their portfolios overlap 28.1%: they hold 21 of the same securities.
Nippon India NIFTY India Manufacturing ETF
- 1 year return
- −1.9%
- Expense ratio
- 0.30%
- NAV
- ₹149.82
Which is better, HDFC Innovation or Nippon India NIFTY India Manufacturing 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 Innovation returned more over 1 year: 10.0% against −1.9%.
- Nippon India NIFTY India Manufacturing ETF costs less: 0.30% a year against 1.02% (Direct plans).
- HDFC Innovation fell less in its worst fall since 28-08-2025: −12.3% against −12.8%.
- Nippon India NIFTY India Manufacturing ETF holds more in large companies: 69.0% of the fund in large caps against 44.3%.
- HDFC Innovation is the larger fund: ₹3,152 Cr against ₹16 Cr.
- Their portfolios overlap 28.1%: 21 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 Innovation Fund | Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| Fund house | HDFC Mutual Fund | Nippon India Mutual Fund |
| Category | Thematic | Not available |
| AUM | ₹3,152 Cr (30-09-2026) | ₹16 Cr (30-09-2026) |
| NAV | ₹11.52 (Direct) | ₹149.82 (Direct) |
| Expense ratio (Direct) | 1.02% | 0.30% |
| Expense ratio (Regular) | 2.09% | Not available |
| Riskometer | Very High | Not available |
| Benchmark | Nifty 500 TRI | Not available |
| Launch date | 17-07-2025 | Not available |
| Minimum investment | ₹100 | Not available |
| Lock in | None | Not available |
| Fund managers | Amit Sinha, Gopal Agrawal, Bhagyesh Kagalkar | Not available |
| Exit load | • In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed/ switched-out within 1 month from the date of allotment. • No Exit Load is payable if Units are redeemed / switched-out after 1 month from the date of allotment. | Not available |
HDFC Innovation vs Nippon India NIFTY India Manufacturing 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 Innovation Fund (Direct) | −1.16% | +0.14% | +11.94% | +9.99% | -- | -- | -- |
| Nippon India NIFTY India Manufacturing ETF (Direct) | −3.56% | −7.52% | −3.68% | −1.94% | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
HDFC Innovation vs Nippon India NIFTY India Manufacturing ETF: Year-wise Returns
| Year | HDFC InnovationHDFC Innovation | Nippon India NIFTY India Manufacturing ETFNippon India NIFTY India Manufacturing ETF |
|---|---|---|
| 2026to date | +12.17% | −2.73% |
HDFC Innovation vs Nippon India NIFTY India Manufacturing ETF: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of HDFC Innovation Fund
Rolling returns
Every 1-year holding period, 41 of them, one for each trading day from 28-08-2026 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 Innovation Fund (Direct)
Nippon India NIFTY India Manufacturing ETF (Direct)
Nifty 500 TRI
to
Sept 2026Sept 2025
to
Sept 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 2026Oct 2025
to
Oct 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 Innovation | 0.0 | 0.0 | 17.1 | 34.1 | 39.0 | 9.8 | 0.0 | 14.6% | 14.6% | 5.6% | 22.8% | 100% |
| Nippon India NIFTY India Manufacturing ETF | 14.6 | 36.6 | 29.3 | 14.6 | 4.9 | 0.0 | 0.0 | 4.9% | 4.7% | −3.6% | 17.0% | 100% |
| Nifty 500 TRI | 75.6 | 19.5 | 4.9 | 0.0 | 0.0 | 0.0 | 0.0 | −2.3% | −2.3% | −9.0% | 5.3% | -- |
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 500 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 28-08-2025. Past returns do not promise future returns.
HDFC Innovation vs Nippon India NIFTY India Manufacturing 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 01-08-2025 to 30-10-2026: 15 instalments, ₹1,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC InnovationHDFC Innovation Fund (Direct) | ₹1,50,000 | ₹1,65,224 | ₹15,224 | 15.5% |
| Nippon India NIFTY India Manufacturing ETFNippon India NIFTY India Manufacturing ETF (Direct) | ₹1,50,000 | ₹1,46,874 | −₹3,126 | −3.2% |
HDFC InnovationHDFC Innovation Fund (Direct)
Nippon India NIFTY India Manufacturing ETFNippon India NIFTY India Manufacturing ETF (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 Innovation vs Nippon India NIFTY India Manufacturing ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Innovation Fund (Direct) | Nippon India NIFTY India Manufacturing ETF (Direct) |
|---|---|---|
| Return (CAGR) | +9.99% | −1.94% |
| Standard deviation | 15.01% | 16.06% |
| Sharpe ratio | 0.32 | -0.45 |
| Sortino ratio | 0.44 | -0.60 |
| Maximum drawdown | −12.3% (31-03-2026) | −12.8% (23-10-2026) |
| Beta | 0.95 | 1.00 |
| Alpha | +16.66% | −0.24% |
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 Innovation Fund (Direct) | Nippon India NIFTY India Manufacturing ETF (Direct) |
|---|---|---|
| Return (CAGR) | +11.54% | +4.20% |
| Standard deviation | 14.15% | 15.28% |
| Sharpe ratio | 0.44 | -0.07 |
| Sortino ratio | 0.61 | -0.10 |
| Maximum drawdown | −12.3% (31-03-2026) | −12.8% (23-10-2026) |
| Beta | 0.96 | 1.00 |
| Alpha | +15.30% | −0.28% |
From daily NAVs, 17-07-2025 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.
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 Innovation Fund (Direct)
Nippon India NIFTY India Manufacturing ETF (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Innovation Fund (Direct) | −12.3% | 17-11-2025 | 31-03-2026 | 06-05-2026 | 36 days | −5.5% |
| Nippon India NIFTY India Manufacturing ETF (Direct) | −12.8% | 07-08-2026 | 23-10-2026 | Not yet | -- | −10.5% |
| Nifty 500 TRI | −14.7% | 02-01-2026 | 30-03-2026 | Not yet | -- | −8.4% |
From daily values since 28-08-2025, 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 Innovation Fund (Direct)
Nippon India NIFTY India Manufacturing ETF (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Innovation Fund (Direct) | 144% | 66% | 7.33% |
| Nippon India NIFTY India Manufacturing ETF (Direct) | 128% | 96% | 6.44% |
From month-end values since 28-08-2025. 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 Innovation vs Nippon India NIFTY India Manufacturing ETF: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Innovation Fund, September 2026; Nippon India NIFTY India Manufacturing ETF, September 2026
Holdings in common
- Overlap
- 28.1%
- Held by both
- 21
- Only in HDFC Innovation
- 57
- Only in Nippon India NIFTY India Manufacturing ETF
- 56
| Security | % of HDFC Innovation | % of Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| Bharat Electronics Ltd. | 3.12% | 3.32% |
| Mahindra & Mahindra Ltd. | 3.10% | 4.98% |
| Divis Laboratories Ltd. | 3.32% | 2.82% |
| Sun Pharmaceutical Industries Ltd. | 2.54% | 4.59% |
| Hindustan Aeronautics Limited | 2.72% | 2.11% |
| Torrent Pharmaceuticals Ltd. | 2.25% | 1.69% |
| Reliance Industries Ltd. | 1.62% | 4.96% |
| GE Vernova T&D India Limited | 2.12% | 1.24% |
| Samvardhana Motherson International Ltd. | 1.08% | 1.72% |
| Laurus Labs Ltd. | 0.98% | 1.84% |
| Lupin Ltd. | 0.91% | 1.18% |
| Sona Blw Precision Forgings | 1.46% | 0.89% |
| SRF Ltd. | 1.33% | 0.86% |
| ABB India Ltd. | 0.85% | 0.85% |
| Bharat Forge Ltd. | 0.85% | 1.28% |
| Cummins India Ltd. | 0.81% | 1.53% |
| Navin Fluorine International Ltd. | 2.30% | 0.72% |
| Siemens Ltd. | 0.68% | 0.79% |
| Zydus Lifesciences Limited | 0.59% | 0.69% |
| Hyundai Motor India Limited | 0.33% | 0.69% |
| KAYNES TECHNOLOGY INDIA LIMITED | 0.40% | 0.26% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 28.1% means 28.1% 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 Innovation Fund
| Security | % of fund |
|---|---|
| Eternal Limited | 9.19% |
| Bajaj Finance Ltd. | 4.02% |
| Rubicon Research Limited | 3.21% |
| LENSKART SOLUTIONS LIMITED | 2.52% |
| PB Fintech Limited | 2.41% |
Largest holdings only in Nippon India NIFTY India Manufacturing ETF
| Security | % of fund |
|---|---|
| Maruti Suzuki India Limited | 3.71% |
| Tata Steel Limited | 3.65% |
| Hindalco Industries Limited | 3.25% |
| JSW Steel Limited | 2.88% |
| Bajaj Auto Limited | 2.83% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Innovation | Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| Equity | 93.2% | 99.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 6.8% | 0.2% |
Market cap of stocks
| Market cap | HDFC Innovation | Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| Large Cap | 44.3% | 69.0% |
| Mid Cap | 21.0% | 27.6% |
| Small Cap | 22.6% | 3.2% |
| Not on AMFI's list | 5.3% | 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 Innovation | Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| Pharmaceuticals & Biotechnology | 16.5% | 18.5% |
| Automobiles | 4.4% | 18.3% |
| Retailing | 14.8% | 0.0% |
| Electrical Equipment | 8.3% | 7.0% |
| Petroleum Products | 1.6% | 7.6% |
| Ferrous Metals | 0.0% | 7.5% |
| Aerospace & Defense | 7.2% | 5.4% |
| Auto Components | 5.4% | 7.0% |
| Finance | 5.4% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Innovation vs Nippon India NIFTY India Manufacturing ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Innovation Fund | Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.02% | 0.30% |
| Base expense ratio (Direct) | 0.76% | 0.21% |
| Total expense ratio (Regular) | 2.09% | Not available |
| Base expense ratio (Regular) | 1.67% | 0.00% |
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 Innovation Fund vs Nippon India NIFTY India Manufacturing ETF: Frequently Asked Questions
What is the difference between HDFC Innovation Fund and Nippon India NIFTY India Manufacturing ETF?
HDFC Innovation Fund is a Thematic fund, Nippon India NIFTY India Manufacturing ETF is a mutual fund, run by HDFC Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 28.1%. HDFC Innovation Fund charges 1.02% a year and Nippon India NIFTY India Manufacturing ETF 0.30%.
Which has given higher returns, HDFC Innovation Fund or Nippon India NIFTY India Manufacturing ETF?
Over 1 year: HDFC Innovation Fund +9.99%, Nippon India NIFTY India Manufacturing ETF −1.94%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Innovation Fund or Nippon India NIFTY India Manufacturing ETF?
Nippon India NIFTY India Manufacturing ETF charges less: 0.30% a year against 1.02%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Innovation Fund and Nippon India NIFTY India Manufacturing ETF overlap?
28.1%. They hold 21 of the same securities, the largest shared ones being BEL, M&M, DIVISLAB. From each fund's latest monthly portfolio.
Can I invest in both HDFC Innovation Fund and Nippon India NIFTY India Manufacturing ETF?
Yes. 28.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
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.