HDFC Manufacturing Fund vs UTI Nifty India Manufacturing Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Manufacturing Fund is a Thematic fund and UTI Nifty India Manufacturing Index Fund is an Index fund. In the year to 30-10-2026, HDFC Manufacturing Fund (Direct) returned −0.9% and UTI Nifty India Manufacturing Index Fund (Direct) returned −2.3%. HDFC Manufacturing Fund charges 0.95% a year and UTI Nifty India Manufacturing Index Fund 0.72% (Direct plans). Their portfolios overlap 47.3%: they hold 34 of the same securities.
HDFC Manufacturing Fund
Thematic
- 1 year return
- −0.9%
- Expense ratio
- 0.95%
- NAV
- ₹11.33
UTI Nifty India Manufacturing Index Fund
Index
- 1 year return
- −2.3%
- Expense ratio
- 0.72%
- NAV
- ₹11.60
Which is better, HDFC Manufacturing or UTI Nifty India Manufacturing Index? 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%.
- UTI Nifty India Manufacturing Index costs less: 0.72% a year against 0.95% (Direct plans).
- HDFC Manufacturing fell less in its worst fall since 18-02-2025: −12.0% against −12.9%.
- UTI Nifty India Manufacturing Index holds more in large companies: 69.2% of the fund in large caps against 49.8%.
- HDFC Manufacturing is the larger fund: ₹10,280 Cr against ₹31 Cr.
- Their portfolios overlap 47.3%: 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 | UTI Nifty India Manufacturing Index Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | UTI Mutual Fund |
| Category | Thematic | Index |
| AUM | ₹10,280 Cr (30-09-2026) | ₹31 Cr (30-09-2026) |
| NAV | ₹11.33 (Direct) | ₹11.60 (Direct) |
| Expense ratio (Direct) | 0.95% | 0.72% |
| Expense ratio (Regular) | 1.85% | 1.14% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty India Manufacturing TRI | Nifty India Manufacturing TRI |
| Launch date | 16-05-2024 | 13-02-2025 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Rakesh Sethia, Gopal Agrawal, Bhagyesh Kagalkar | Sharwan Kumar Goyal FM 1, Ayush Jain FM 2, Lokesh Kulthia FM 3 |
| 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 UTI Nifty India Manufacturing Index: 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% | -- | -- | -- |
| UTI Nifty India Manufacturing Index Fund (Direct) | −3.58% | −7.61% | −3.83% | −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 UTI Nifty India Manufacturing Index: Year-wise Returns
| Year | HDFC ManufacturingHDFC Manufacturing | UTI Nifty India Manufacturing IndexUTI Nifty India Manufacturing Index | Nifty India Manufacturing TRI |
|---|---|---|---|
| 2026to date | +0.20% | −3.00% | −2.54% |
| 2025 | +8.17% | -- | +12.28% |
HDFC Manufacturing vs UTI Nifty India Manufacturing Index: Rolling Returns
Every holding period of both funds, against Nifty India Manufacturing TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 171 of them, one for each trading day from 18-02-2026 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)
UTI Nifty India Manufacturing Index Fund (Direct)
Nifty India Manufacturing TRI
to
Mar 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Aug 2025
to
Aug 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 | 2.3 | 12.9 | 38.6 | 25.1 | 17.5 | 3.5 | 0.0 | 10.2% | 9.3% | −2.0% | 23.5% | 18% |
| UTI Nifty India Manufacturing Index | 5.3 | 8.8 | 18.7 | 34.5 | 22.2 | 7.6 | 2.9 | 12.2% | 12.0% | −4.0% | 28.8% | 0% |
| Nifty India Manufacturing TRI | 3.5 | 8.8 | 14.6 | 38.6 | 20.5 | 9.9 | 4.1 | 13.0% | 12.8% | −3.4% | 29.7% | -- |
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 18-02-2025. Past returns do not promise future returns.
HDFC Manufacturing vs UTI Nifty India Manufacturing Index: 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 03-02-2025 to 30-10-2026: 21 instalments, ₹2,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC ManufacturingHDFC Manufacturing Fund (Direct) | ₹2,10,000 | ₹2,18,234 | ₹8,234 | 4.3% |
| UTI Nifty India Manufacturing IndexUTI Nifty India Manufacturing Index Fund (Direct) | ₹2,10,000 | ₹2,14,239 | ₹4,239 | 2.2% |
HDFC ManufacturingHDFC Manufacturing Fund (Direct)
UTI Nifty India Manufacturing IndexUTI Nifty India Manufacturing Index 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 Manufacturing vs UTI Nifty India Manufacturing Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Manufacturing Fund (Direct) | UTI Nifty India Manufacturing Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.95% | −2.32% |
| Standard deviation | 16.40% | 15.82% |
| Sharpe ratio | -0.38 | -0.48 |
| Sortino ratio | -0.51 | -0.64 |
| Maximum drawdown | −12.0% (30-03-2026) | −12.9% (23-10-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | +0.78% | −0.63% |
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) | UTI Nifty India Manufacturing Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.75% | +10.63% |
| Standard deviation | 15.83% | 15.54% |
| Sharpe ratio | -0.07 | 0.33 |
| Sortino ratio | -0.09 | 0.46 |
| Maximum drawdown | −21.5% (28-02-2025) | −12.9% (23-10-2026) |
| Beta | 0.93 | 1.00 |
| Alpha | −0.59% | −0.66% |
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)
UTI Nifty India Manufacturing Index Fund (Direct)
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% |
| UTI Nifty India Manufacturing Index Fund (Direct) | −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 18-02-2025, 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)
UTI Nifty India Manufacturing Index Fund (Direct)
Nifty India Manufacturing TRI
Against Nifty India Manufacturing TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Manufacturing Fund (Direct) | 95% | 89% | 4.85% |
| UTI Nifty India Manufacturing Index Fund (Direct) | 98% | 101% | 0.09% |
From month-end values since 18-02-2025. 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 UTI Nifty India Manufacturing Index: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Manufacturing Fund, September 2026; UTI Nifty India Manufacturing Index Fund, September 2026
Holdings in common
- Overlap
- 47.3%
- Held by both
- 34
- Only in HDFC Manufacturing
- 55
- Only in UTI Nifty India Manufacturing Index
- 43
| Security | % of HDFC Manufacturing | % of UTI Nifty India Manufacturing Index |
|---|---|---|
| Reliance Industries Ltd. | 4.50% | 4.97% |
| Mahindra & Mahindra Ltd. | 3.50% | 4.99% |
| Maruti Suzuki India Limited | 3.33% | 3.72% |
| JSW Steel Ltd. | 3.29% | 2.89% |
| Divis Laboratories Ltd. | 6.01% | 2.82% |
| Bharat Electronics Ltd. | 2.42% | 3.33% |
| Bajaj Auto Limited | 2.22% | 2.84% |
| Hindustan Aeronautics Limited | 2.38% | 2.12% |
| Tata Motors Limited | 2.87% | 2.11% |
| Sun Pharmaceutical Industries Ltd. | 1.90% | 4.60% |
| Vedanta Aluminium Metal Limited | 1.65% | 1.67% |
| Cummins India Ltd. | 2.06% | 1.54% |
| Bharat Petroleum Corporation Ltd. | 1.68% | 1.46% |
| Tata Motors Passenger Vehicles Limited | 1.99% | 1.42% |
| CG Power and Industrial Solutions Ltd. | 1.58% | 1.40% |
| Dixon Technologies (India) Ltd. | 1.85% | 1.31% |
| Bharat Forge Ltd. | 1.57% | 1.28% |
| Hindalco Industries Ltd. | 1.19% | 3.26% |
| Lupin Ltd. | 1.78% | 1.18% |
| Bosch Limited | 0.82% | 0.98% |
| Tata Steel Ltd. | 0.75% | 3.66% |
| Siemens Ltd. | 0.72% | 0.79% |
| Hyundai Motor India Limited | 1.66% | 0.69% |
| Havells India Ltd. | 0.86% | 0.61% |
| ABB India Ltd. | 0.61% | 0.85% |
| Sona Blw Precision Forgings | 0.60% | 0.89% |
| Balkrishna Industries Ltd. | 1.07% | 0.41% |
| Samvardhana Motherson International Ltd. | 0.38% | 1.73% |
| Amber Enterprises India Ltd. | 0.52% | 0.35% |
| Crompton Greaves Consumer Elec. Ltd. | 0.91% | 0.32% |
| KAYNES TECHNOLOGY INDIA LIMITED | 1.40% | 0.26% |
| ESCORTS KUBOTA LIMITED | 1.00% | 0.22% |
| Anthem Biosciences Limited | 0.42% | 0.22% |
| PI Industries Ltd. | 0.11% | 0.45% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 47.3% means 47.3% 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 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 UTI Nifty India Manufacturing Index Fund
| Security | % of fund |
|---|---|
| EQ - EICHER MOTORS LTD | 2.36% |
| EQ - TVS MOTOR COMPANY LTD | 2.31% |
| EQ - LAURUS LABS LTD. | 1.84% |
| EQ - CIPLA LTD. | 1.81% |
| EQ - DR REDDYS LABORATORIES LTD. | 1.80% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Manufacturing | UTI Nifty India Manufacturing Index |
|---|---|---|
| Equity | 97.2% | 100.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.8% | 0.0% |
Market cap of stocks
| Market cap | HDFC Manufacturing | UTI Nifty India Manufacturing Index |
|---|---|---|
| Large Cap | 49.8% | 69.2% |
| 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 | UTI Nifty India Manufacturing Index |
|---|---|---|
| Pharmaceuticals & Biotechnology | 15.7% | 18.5% |
| Automobiles | 13.0% | 18.3% |
| Auto Components | 8.6% | 7.0% |
| Aerospace & Defense | 8.4% | 5.5% |
| Petroleum Products | 8.0% | 7.6% |
| Industrial Products | 8.0% | 6.3% |
| Ferrous Metals | 4.0% | 7.6% |
| Electrical Equipment | 6.0% | 7.0% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Manufacturing vs UTI Nifty India Manufacturing Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Manufacturing Fund | UTI Nifty India Manufacturing Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.95% | 0.72% |
| Base expense ratio (Direct) | 0.73% | 0.50% |
| Total expense ratio (Regular) | 1.85% | 1.14% |
| Base expense ratio (Regular) | 1.50% | 0.90% |
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 UTI Nifty India Manufacturing Index Fund: Frequently Asked Questions
What is the difference between HDFC Manufacturing Fund and UTI Nifty India Manufacturing Index Fund?
HDFC Manufacturing Fund is a Thematic fund, UTI Nifty India Manufacturing Index Fund is an Index fund, run by HDFC Mutual Fund and UTI Mutual Fund. Their portfolios overlap 47.3%. HDFC Manufacturing Fund charges 0.95% a year and UTI Nifty India Manufacturing Index Fund 0.72%.
Which has given higher returns, HDFC Manufacturing Fund or UTI Nifty India Manufacturing Index Fund?
Over 1 year: HDFC Manufacturing Fund −0.95%, UTI Nifty India Manufacturing Index Fund −2.32%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Manufacturing Fund or UTI Nifty India Manufacturing Index Fund?
UTI Nifty India Manufacturing Index Fund charges less: 0.72% a year against 0.95%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Manufacturing Fund and UTI Nifty India Manufacturing Index Fund overlap?
47.3%. 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 UTI Nifty India Manufacturing Index Fund?
On SEBI's riskometer, HDFC Manufacturing Fund is rated Very High and UTI Nifty India Manufacturing Index Fund Very High. Over 1 years, the standard deviation of daily returns was 16.40% and 15.82% a year.
Can I invest in both HDFC Manufacturing Fund and UTI Nifty India Manufacturing Index Fund?
Yes. 47.3% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HDFC Manufacturing Fund and UTI Nifty India Manufacturing Index Fund?
HDFC Manufacturing Fund: Rakesh Sethia, Gopal Agrawal, Bhagyesh Kagalkar. UTI Nifty India Manufacturing Index Fund: Sharwan Kumar Goyal FM 1, Ayush Jain FM 2, Lokesh Kulthia FM 3.
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.