HDFC Manufacturing Fund vs Motilal Oswal Nifty India Manufacturing ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
HDFC Manufacturing Fund is a Thematic fund and Motilal Oswal Nifty India Manufacturing ETF is an ETF fund. In the year to 30-10-2026, HDFC Manufacturing Fund (Direct) returned −0.9% and Motilal Oswal Nifty India Manufacturing ETF returned −2.3%. HDFC Manufacturing Fund charges 0.95% a year and Motilal Oswal Nifty India Manufacturing ETF 0.71%. Their portfolios overlap 47.2%: they hold 34 of the same securities.
HDFC Manufacturing Fund
Thematic
- 1 year return
- −0.9%
- Expense ratio
- 0.95%
- NAV
- ₹11.33
Motilal Oswal Nifty India Manufacturing ETF
ETF
- 1 year return
- −2.3%
- Expense ratio
- 0.71%
- NAV
- ₹148.70
Which is better, HDFC Manufacturing or Motilal Oswal 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 Manufacturing returned more over 1 year: −0.9% against −2.3%.
- Motilal Oswal Nifty India Manufacturing ETF costs less: 0.71% a year against 0.95%.
- HDFC Manufacturing fell less in its worst fall since 28-05-2025: −12.0% against −12.9%.
- Motilal Oswal Nifty India Manufacturing ETF holds more in large companies: 68.9% of the fund in large caps against 49.8%.
- HDFC Manufacturing is the larger fund: ₹10,280 Cr against ₹2 Cr.
- Their portfolios overlap 47.2%: 34 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 Manufacturing Fund | Motilal Oswal Nifty India Manufacturing ETF |
|---|---|---|
| Fund house | HDFC Mutual Fund | Motilal Oswal Mutual Fund |
| Category | Thematic | ETF |
| AUM | ₹10,280 Cr (30-09-2026) | ₹2 Cr (30-09-2026) |
| NAV | ₹11.33 (Direct) | ₹148.70 |
| Expense ratio (Direct) | 0.95% | Not available |
| Expense ratio (Regular) | 1.85% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | Nifty India Manufacturing TRI | Nifty India Manufacturing TRI |
| Launch date | 16-05-2024 | 23-05-2025 |
| 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 | Rakesh Sethia, 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 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. 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 Manufacturing vs Motilal Oswal 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 Manufacturing Fund (Direct) | −4.85% | −4.99% | −0.72% | −0.95% | -- | -- | -- |
| Motilal Oswal Nifty India Manufacturing ETF | −3.59% | −7.64% | −3.92% | −2.32% | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
HDFC Manufacturing vs Motilal Oswal Nifty India Manufacturing ETF: Year-wise Returns
| Year | HDFC ManufacturingHDFC Manufacturing | Motilal Oswal Nifty India Manufacturing ETFMotilal Oswal Nifty India Manufacturing ETF | Nifty India Manufacturing TRI |
|---|---|---|---|
| 2026to date | +0.20% | −3.04% | −2.54% |
| 2025 | +8.17% | -- | +12.28% |
HDFC Manufacturing vs Motilal Oswal Nifty India Manufacturing ETF: Rolling Returns
Every holding period of both funds, against Nifty India Manufacturing TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 105 of them, one for each trading day from 29-05-2026 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 Manufacturing Fund (Direct)
Motilal Oswal Nifty India Manufacturing ETF
Nifty India Manufacturing TRI
to
Jun 2026Jul 2025
to
Jul 2026Aug 2025
to
Aug 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 Manufacturing | 3.8 | 15.2 | 50.5 | 25.7 | 4.8 | 0.0 | 0.0 | 8.2% | 7.9% | −2.0% | 16.4% | 29% |
| Motilal Oswal Nifty India Manufacturing ETF | 8.6 | 14.3 | 22.9 | 40.0 | 14.3 | 0.0 | 0.0 | 9.4% | 10.4% | −4.0% | 19.6% | 0% |
| Nifty India Manufacturing TRI | 5.7 | 14.3 | 18.1 | 45.7 | 15.2 | 1.0 | 0.0 | 10.1% | 11.1% | −3.4% | 20.4% | -- |
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 Manufacturing 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 28-05-2025. Past returns do not promise future returns.
HDFC Manufacturing vs Motilal Oswal 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 02-05-2025 to 30-10-2026: 18 instalments, ₹1,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC ManufacturingHDFC Manufacturing Fund (Direct) | ₹1,80,000 | ₹1,82,607 | ₹2,607 | 1.8% |
| Motilal Oswal Nifty India Manufacturing ETFMotilal Oswal Nifty India Manufacturing ETF | ₹1,80,000 | ₹1,78,094 | −₹1,906 | −1.4% |
HDFC ManufacturingHDFC Manufacturing Fund (Direct)
Motilal Oswal Nifty India Manufacturing ETFMotilal Oswal Nifty India Manufacturing 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 Manufacturing vs Motilal Oswal 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 Manufacturing Fund (Direct) | Motilal Oswal Nifty India Manufacturing ETF |
|---|---|---|
| Return (CAGR) | −0.95% | −2.32% |
| Standard deviation | 16.40% | 16.02% |
| Sharpe ratio | -0.38 | -0.47 |
| Sortino ratio | -0.51 | -0.63 |
| Maximum drawdown | −12.0% (30-03-2026) | −12.9% (23-10-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | +0.78% | −0.64% |
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 Manufacturing Fund (Direct) | Motilal Oswal Nifty India Manufacturing ETF |
|---|---|---|
| Return (CAGR) | +4.75% | +3.80% |
| Standard deviation | 15.83% | 14.54% |
| Sharpe ratio | -0.07 | -0.10 |
| Sortino ratio | -0.09 | -0.14 |
| Maximum drawdown | −21.5% (28-02-2025) | −12.9% (23-10-2026) |
| Beta | 0.93 | 1.00 |
| Alpha | −0.59% | −0.68% |
From daily NAVs, 16-05-2024 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 Manufacturing Fund (Direct)
Motilal Oswal Nifty India Manufacturing ETF
Nifty India Manufacturing TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Manufacturing Fund (Direct) | −12.0% | 11-02-2026 | 30-03-2026 | 27-04-2026 | 28 days | −8.6% |
| Motilal Oswal Nifty India Manufacturing ETF | −12.9% | 07-08-2026 | 23-10-2026 | Not yet | -- | −10.6% |
| Nifty India Manufacturing TRI | −12.8% | 07-08-2026 | 23-10-2026 | Not yet | -- | −10.5% |
From daily values since 28-05-2025, 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 Manufacturing Fund (Direct)
Motilal Oswal Nifty India Manufacturing ETF
Nifty India Manufacturing TRI
Against Nifty India Manufacturing TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Manufacturing Fund (Direct) | 95% | 89% | 4.98% |
| Motilal Oswal Nifty India Manufacturing ETF | 97% | 100% | 0.14% |
From month-end values since 28-05-2025. 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 Manufacturing vs Motilal Oswal Nifty India Manufacturing ETF: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Manufacturing Fund, September 2026; Motilal Oswal Nifty India Manufacturing ETF, September 2026
Holdings in common
- Overlap
- 47.2%
- Held by both
- 34
- Only in HDFC Manufacturing
- 55
- Only in Motilal Oswal Nifty India Manufacturing ETF
- 43
| Security | % of HDFC Manufacturing | % of Motilal Oswal Nifty India Manufacturing ETF |
|---|---|---|
| Reliance Industries Ltd. | 4.50% | 4.95% |
| Mahindra & Mahindra Ltd. | 3.50% | 4.97% |
| Maruti Suzuki India Limited | 3.33% | 3.72% |
| JSW Steel Ltd. | 3.29% | 2.87% |
| Divis Laboratories Ltd. | 6.01% | 2.80% |
| Bharat Electronics Ltd. | 2.42% | 3.31% |
| Bajaj Auto Limited | 2.22% | 2.82% |
| Hindustan Aeronautics Limited | 2.38% | 2.11% |
| Tata Motors Limited | 2.87% | 2.10% |
| Sun Pharmaceutical Industries Ltd. | 1.90% | 4.58% |
| Vedanta Aluminium Metal Limited | 1.65% | 1.67% |
| Cummins India Ltd. | 2.06% | 1.53% |
| Bharat Petroleum Corporation Ltd. | 1.68% | 1.45% |
| Tata Motors Passenger Vehicles Limited | 1.99% | 1.41% |
| CG Power and Industrial Solutions Ltd. | 1.58% | 1.40% |
| Dixon Technologies (India) Ltd. | 1.85% | 1.29% |
| Bharat Forge Ltd. | 1.57% | 1.28% |
| Hindalco Industries Ltd. | 1.19% | 3.25% |
| Lupin Ltd. | 1.78% | 1.18% |
| Bosch Limited | 0.82% | 0.98% |
| Tata Steel Ltd. | 0.75% | 3.64% |
| Siemens Ltd. | 0.72% | 0.79% |
| Hyundai Motor India Limited | 1.66% | 0.68% |
| Havells India Ltd. | 0.86% | 0.61% |
| ABB India Ltd. | 0.61% | 0.84% |
| Sona Blw Precision Forgings | 0.60% | 0.89% |
| Balkrishna Industries Ltd. | 1.07% | 0.41% |
| Samvardhana Motherson International Ltd. | 0.38% | 1.72% |
| Amber Enterprises India Ltd. | 0.52% | 0.35% |
| Crompton Greaves Consumer Elec. Ltd. | 0.91% | 0.32% |
| KAYNES TECHNOLOGY INDIA LIMITED | 1.40% | 0.25% |
| Anthem Biosciences Limited | 0.42% | 0.22% |
| ESCORTS KUBOTA LIMITED | 1.00% | 0.21% |
| PI Industries Ltd. | 0.11% | 0.44% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 47.2% means 47.2% 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 Manufacturing Fund
| Security | % of fund |
|---|---|
| Cyient DLM Limited | 2.02% |
| Hindustan Petroleum Corp. Ltd. | 1.83% |
| Ambuja Cements Ltd. | 1.78% |
| Gland Pharma Ltd. | 1.44% |
| Archean Chemical Industries Limited | 1.37% |
Largest holdings only in Motilal Oswal Nifty India Manufacturing ETF
| Security | % of fund |
|---|---|
| Eicher Motors Limited | 2.34% |
| TVS Motor Company Limited | 2.30% |
| Laurus Labs Limited | 1.84% |
| Cipla Limited | 1.80% |
| Dr Reddys Laboratories Limited | 1.79% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Manufacturing | Motilal Oswal Nifty India Manufacturing ETF |
|---|---|---|
| Equity | 97.2% | 99.6% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.8% | 0.4% |
Market cap of stocks
| Market cap | HDFC Manufacturing | Motilal Oswal Nifty India Manufacturing ETF |
|---|---|---|
| Large Cap | 49.8% | 68.9% |
| Mid Cap | 14.7% | 27.6% |
| Small Cap | 31.7% | 3.2% |
| Not on AMFI's list | 1.1% | 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 Manufacturing | Motilal Oswal Nifty India Manufacturing ETF |
|---|---|---|
| Pharmaceuticals & Biotechnology | 15.7% | 18.4% |
| Automobiles | 13.0% | 18.2% |
| Auto Components | 8.6% | 7.0% |
| Aerospace & Defense | 8.4% | 5.4% |
| Petroleum Products | 8.0% | 7.6% |
| Industrial Products | 8.0% | 6.3% |
| Ferrous Metals | 4.0% | 7.5% |
| Electrical Equipment | 6.0% | 7.0% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Manufacturing vs Motilal Oswal Nifty India Manufacturing ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Manufacturing Fund | Motilal Oswal Nifty India Manufacturing ETF |
|---|---|---|
| Total expense ratio (Direct) | 0.95% | Not available |
| Base expense ratio (Direct) | 0.73% | 0.00% |
| Total expense ratio (Regular) | 1.85% | Not available |
| Base expense ratio (Regular) | 1.50% | 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 Manufacturing Fund vs Motilal Oswal Nifty India Manufacturing ETF: Frequently Asked Questions
What is the difference between HDFC Manufacturing Fund and Motilal Oswal Nifty India Manufacturing ETF?
HDFC Manufacturing Fund is a Thematic fund, Motilal Oswal Nifty India Manufacturing ETF is an ETF fund, run by HDFC Mutual Fund and Motilal Oswal Mutual Fund. Their portfolios overlap 47.2%. HDFC Manufacturing Fund charges 0.95% a year and Motilal Oswal Nifty India Manufacturing ETF 0.71%.
Which has given higher returns, HDFC Manufacturing Fund or Motilal Oswal Nifty India Manufacturing ETF?
Over 1 year: HDFC Manufacturing Fund −0.95%, Motilal Oswal Nifty India Manufacturing ETF −2.32%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Manufacturing Fund or Motilal Oswal Nifty India Manufacturing ETF?
Motilal Oswal Nifty India Manufacturing ETF charges less: 0.71% a year against 0.95%. These are the total expense ratios reported to AMFI.
How much do HDFC Manufacturing Fund and Motilal Oswal Nifty India Manufacturing ETF overlap?
47.2%. They hold 34 of the same securities, the largest shared ones being RELIANCE, M&M, MARUTI. From each fund's latest monthly portfolio.
Which is riskier, HDFC Manufacturing Fund or Motilal Oswal Nifty India Manufacturing ETF?
On SEBI's riskometer, HDFC Manufacturing Fund is rated Very High and Motilal Oswal Nifty India Manufacturing ETF Very High. Over 1 years, the standard deviation of daily returns was 16.40% and 16.02% a year.
Can I invest in both HDFC Manufacturing Fund and Motilal Oswal Nifty India Manufacturing ETF?
Yes. 47.2% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HDFC Manufacturing Fund and Motilal Oswal Nifty India Manufacturing ETF?
HDFC Manufacturing Fund: Rakesh Sethia, Gopal Agrawal, Bhagyesh Kagalkar. Motilal Oswal Nifty India Manufacturing 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.