HDFC Innovation Fund vs SBI Innovative Opportunities Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Innovation Fund is a Thematic fund and SBI Innovative Opportunities Fund is a Thematic fund. In the year to 30-10-2026, HDFC Innovation Fund (Direct) returned 10.0% and SBI Innovative Opportunities Fund (Direct) returned 4.7%. HDFC Innovation Fund charges 1.02% a year and SBI Innovative Opportunities Fund 1.04% (Direct plans). Their portfolios overlap 32.7%: they hold 19 of the same securities.
SBI Innovative Opportunities Fund
Thematic
- 1 year return
- 4.7%
- Expense ratio
- 1.04%
- NAV
- ₹10.63
Which is better, HDFC Innovation or SBI Innovative Opportunities? 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 4.7%.
- HDFC Innovation costs less: 1.02% a year against 1.04% (Direct plans).
- HDFC Innovation fell less in its worst fall since 17-07-2025: −12.3% against −18.8%.
- HDFC Innovation holds more in large companies: 44.3% of the fund in large caps against 28.4%.
- SBI Innovative Opportunities is the larger fund: ₹5,125 Cr against ₹3,152 Cr.
- Their portfolios overlap 32.7%: 19 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 | SBI Innovative Opportunities Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | SBI Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹3,152 Cr (30-09-2026) | ₹5,125 Cr (30-09-2026) |
| NAV | ₹11.52 (Direct) | ₹10.63 (Direct) |
| Expense ratio (Direct) | 1.02% | 1.04% |
| Expense ratio (Regular) | 2.09% | 2.02% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 17-07-2025 | 20-08-2024 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Amit Sinha, Gopal Agrawal, Bhagyesh Kagalkar | Vivek Gedda |
| 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. | Exit load of 1%, if redeemed within 30 days. |
HDFC Innovation vs SBI Innovative Opportunities: 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% | -- | -- | -- |
| SBI Innovative Opportunities Fund (Direct) | +0.51% | +2.07% | +15.00% | +4.65% | -- | -- | -- |
| 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 SBI Innovative Opportunities: Year-wise Returns
| Year | HDFC InnovationHDFC Innovation | SBI Innovative OpportunitiesSBI Innovative Opportunities | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | +12.17% | +5.62% | −7.51% |
| 2025 | -- | −1.08% | +7.76% |
HDFC Innovation vs SBI Innovative Opportunities: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 71 of them, one for each trading day from 17-07-2026 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)
SBI Innovative Opportunities Fund (Direct)
Nifty 500 TRI
to
Jul 2026Aug 2025
to
Aug 2026Aug 2025
to
Aug 2026Sept 2025
to
Sept 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 | 9.9 | 33.8 | 38.0 | 18.3 | 0.0 | 15.8% | 16.2% | 5.6% | 22.8% | 100% |
| SBI Innovative Opportunities | 1.4 | 15.5 | 52.1 | 31.0 | 0.0 | 0.0 | 0.0 | 8.0% | 8.1% | −0.4% | 14.6% | 100% |
| Nifty 500 TRI | 46.5 | 39.4 | 14.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1% | 0.6% | −9.0% | 6.8% | -- |
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 17-07-2025. Past returns do not promise future returns.
HDFC Innovation vs SBI Innovative Opportunities: 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 17-07-2025 to 30-10-2026: 16 instalments, ₹1,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC InnovationHDFC Innovation Fund (Direct) | ₹1,60,000 | ₹1,76,732 | ₹16,732 | 15.0% |
| SBI Innovative OpportunitiesSBI Innovative Opportunities Fund (Direct) | ₹1,60,000 | ₹1,74,805 | ₹14,805 | 13.2% |
HDFC InnovationHDFC Innovation Fund (Direct)
SBI Innovative OpportunitiesSBI Innovative Opportunities Fund (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 SBI Innovative Opportunities: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Innovation Fund (Direct) | SBI Innovative Opportunities Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.99% | +4.65% |
| Standard deviation | 15.01% | 16.39% |
| Sharpe ratio | 0.32 | -0.04 |
| Sortino ratio | 0.44 | -0.05 |
| Maximum drawdown | −12.3% (31-03-2026) | −18.5% (31-03-2026) |
| Beta | 0.95 | 0.96 |
| Alpha | +16.66% | +11.48% |
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 Innovation Fund (Direct) | SBI Innovative Opportunities Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.54% | +2.53% |
| Standard deviation | 14.15% | 15.31% |
| Sharpe ratio | 0.44 | -0.21 |
| Sortino ratio | 0.61 | -0.29 |
| Maximum drawdown | −12.3% (31-03-2026) | −20.8% (07-04-2025) |
| Beta | 0.96 | 0.93 |
| Alpha | +15.30% | +4.48% |
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)
SBI Innovative Opportunities Fund (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% |
| SBI Innovative Opportunities Fund (Direct) | −18.8% | 19-09-2025 | 31-03-2026 | 10-07-2026 | 3 months | −4.8% |
| Nifty 500 TRI | −14.7% | 02-01-2026 | 30-03-2026 | Not yet | -- | −8.4% |
From daily values since 17-07-2025, 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)
SBI Innovative Opportunities Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Innovation Fund (Direct) | 144% | 65% | 7.08% |
| SBI Innovative Opportunities Fund (Direct) | 140% | 80% | 10.74% |
From month-end values since 17-07-2025. 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 SBI Innovative Opportunities: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Innovation Fund, September 2026; SBI Innovative Opportunities Fund, September 2026
Holdings in common
- Overlap
- 32.7%
- Held by both
- 19
- Only in HDFC Innovation
- 59
- Only in SBI Innovative Opportunities
- 20
| Security | % of HDFC Innovation | % of SBI Innovative Opportunities |
|---|---|---|
| Eternal Limited | 9.19% | 9.05% |
| Bajaj Finance Ltd. | 4.02% | 4.68% |
| Divis Laboratories Ltd. | 3.32% | 5.44% |
| Sun Pharmaceutical Industries Ltd. | 2.54% | 3.54% |
| INFO EDGE (INDIA) LIMITED | 2.34% | 2.86% |
| Mahindra & Mahindra Ltd. | 3.10% | 1.73% |
| Sona Blw Precision Forgings | 1.46% | 1.62% |
| Amagi Media Labs Limited | 1.08% | 3.14% |
| Ather Energy Limited | 1.00% | 4.59% |
| PB Fintech Limited | 2.41% | 0.99% |
| Sedemac Mechatronics Limited | 0.93% | 3.10% |
| Billionbrains Garage Ventures Limited (Groww) | 1.06% | 0.85% |
| LENSKART SOLUTIONS LIMITED | 2.52% | 0.83% |
| Coforge Limited | 0.77% | 2.73% |
| URBAN COMPANY LIMITED | 0.51% | 3.53% |
| Hexaware Technologies Ltd. | 0.49% | 1.45% |
| TBO TEK LIMITED | 0.44% | 6.63% |
| Shiprocket Limited | 0.24% | 0.85% |
| One 97 Communications Limited | 0.14% | 2.66% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 32.7% means 32.7% 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 |
|---|---|
| Rubicon Research Limited | 3.21% |
| Bharat Electronics Ltd. | 3.12% |
| Hindustan Aeronautics Limited | 2.72% |
| Navin Fluorine International Ltd. | 2.30% |
| Torrent Pharmaceuticals Ltd. | 2.25% |
Largest holdings only in SBI Innovative Opportunities Fund
| Security | % of fund |
|---|---|
| Meesho Ltd. | 5.29% |
| FSN E-Commerce Ventures Ltd. | 5.00% |
| BlackBuck Ltd. | 4.74% |
| Firstsource Solutions Ltd. | 3.49% |
| Swiggy Ltd. | 3.42% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Innovation | SBI Innovative Opportunities |
|---|---|---|
| Equity | 93.2% | 97.2% |
| Debt | 0.0% | 0.1% |
| Cash and others | 6.8% | 2.7% |
Market cap of stocks
| Market cap | HDFC Innovation | SBI Innovative Opportunities |
|---|---|---|
| Large Cap | 44.3% | 28.4% |
| Mid Cap | 21.0% | 25.4% |
| Small Cap | 22.6% | 42.6% |
| Not on AMFI's list | 5.3% | 0.8% |
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 | SBI Innovative Opportunities |
|---|---|---|
| Retailing | 14.8% | 30.0% |
| Pharmaceuticals & Biotechnology | 16.5% | 9.9% |
| Electrical Equipment | 8.3% | 0.0% |
| Aerospace & Defense | 7.2% | 0.0% |
| Finance | 5.4% | 6.9% |
| Leisure Services | 1.0% | 6.6% |
| Automobiles | 4.4% | 6.3% |
| Transport Services | 0.9% | 5.6% |
| Auto Components | 5.4% | 4.7% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Innovation vs SBI Innovative Opportunities: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Innovation Fund | SBI Innovative Opportunities Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.02% | 1.04% |
| Base expense ratio (Direct) | 0.76% | 0.76% |
| Total expense ratio (Regular) | 2.09% | 2.02% |
| Base expense ratio (Regular) | 1.67% | 1.60% |
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 Innovation with
Compare SBI Innovative Opportunities with
HDFC Innovation Fund vs SBI Innovative Opportunities Fund: Frequently Asked Questions
What is the difference between HDFC Innovation Fund and SBI Innovative Opportunities Fund?
HDFC Innovation Fund is a Thematic fund, SBI Innovative Opportunities Fund is a Thematic fund, run by HDFC Mutual Fund and SBI Mutual Fund. Their portfolios overlap 32.7%. HDFC Innovation Fund charges 1.02% a year and SBI Innovative Opportunities Fund 1.04%.
Which has given higher returns, HDFC Innovation Fund or SBI Innovative Opportunities Fund?
Over 1 year: HDFC Innovation Fund +9.99%, SBI Innovative Opportunities Fund +4.65%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Innovation Fund or SBI Innovative Opportunities Fund?
HDFC Innovation Fund charges less: 1.02% a year against 1.04%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Innovation Fund and SBI Innovative Opportunities Fund overlap?
32.7%. They hold 19 of the same securities, the largest shared ones being ETERNAL, BAJFINANCE, DIVISLAB. From each fund's latest monthly portfolio.
Which is riskier, HDFC Innovation Fund or SBI Innovative Opportunities Fund?
On SEBI's riskometer, HDFC Innovation Fund is rated Very High and SBI Innovative Opportunities Fund Very High. Over 1 years, the standard deviation of daily returns was 15.01% and 16.39% a year.
Can I invest in both HDFC Innovation Fund and SBI Innovative Opportunities Fund?
Yes. 32.7% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Innovation Fund and SBI Innovative Opportunities Fund?
HDFC Innovation Fund: Amit Sinha, Gopal Agrawal, Bhagyesh Kagalkar. SBI Innovative Opportunities Fund: Vivek Gedda.
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.