HDFC Small Cap Fund vs Kotak Business Cycle Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Small Cap Fund is a Small Cap fund and Kotak Business Cycle Fund is a Thematic fund. In the 3 years to 30-10-2026, HDFC Small Cap Fund (Direct) returned 8.9% a year and Kotak Business Cycle Fund (Direct) returned 15.8% a year. HDFC Small Cap Fund charges 0.80% a year and Kotak Business Cycle Fund 0.75% (Direct plans). Their portfolios overlap 12.7%: they hold 7 of the same securities.
Kotak Business Cycle Fund
Thematic
- 3 year return
- 15.8%
- Expense ratio
- 0.75%
- NAV
- ₹17.57
Which is better, HDFC Small Cap or Kotak Business Cycle? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Kotak Business Cycle returned more over 3 years: 15.8% a year against 8.9%.
- Kotak Business Cycle returned more over 1 year: −0.1% against −9.8%.
- Kotak Business Cycle costs less: 0.75% a year against 0.80% (Direct plans).
- Kotak Business Cycle swung less over 3 years: a standard deviation of 13.7% a year against 15.8%.
- Kotak Business Cycle fell less in its worst fall since 06-10-2022: −18.4% against −22.6%.
- Kotak Business Cycle holds more in large companies: 42.0% of the fund in large caps against 6.5%.
- HDFC Small Cap is the larger fund: ₹40,801 Cr against ₹3,414 Cr.
- Their portfolios overlap 12.7%: 7 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 Small Cap Fund | Kotak Business Cycle Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Small Cap | Thematic |
| AUM | ₹40,801 Cr (30-09-2026) | ₹3,414 Cr (30-09-2026) |
| NAV | ₹148.62 (Direct) | ₹17.57 (Direct) |
| Expense ratio (Direct) | 0.80% | 0.75% |
| Expense ratio (Regular) | 1.57% | 2.03% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 250 Smallcap TRI | Nifty 500 TRI |
| Launch date | 03-04-2008 | 28-09-2022 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Chirag Setalvad, Gopal Agrawal, Bhagyesh Kagalkar | Harish Bihani, Abhishek Bisen |
| 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 year from the date of allotment. No Exit Load is payable if Units are redeemed/ switched-out after 1 year from the date of allotment. | 0.5% for redemption within 90 Days |
HDFC Small Cap vs Kotak Business Cycle: 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 Small Cap Fund (Direct) | −4.90% | −7.14% | −1.36% | −9.85% | +8.90% | +13.07% | +16.39% |
| Kotak Business Cycle Fund (Direct) | −2.08% | −3.34% | +4.98% | −0.11% | +15.85% | -- | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | +14.51% | +16.19% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
Category average: the average of the 36 Small Cap funds and the 235 Thematic funds, same plan type.
HDFC Small Cap vs Kotak Business Cycle: Year-wise Returns
| Year | HDFC Small CapHDFC Small Cap | Kotak Business CycleKotak Business Cycle |
|---|---|---|
| 2026to date | −5.88% | +0.79% |
| 2025 | +0.25% | +6.89% |
| 2024 | +21.54% | +29.35% |
| 2023 | +46.17% | +24.66% |
| 2022 | +5.64% | -- |
| 2021 | +66.49% | -- |
HDFC Small Cap vs Kotak Business Cycle: Rolling Returns
Every holding period of both funds, against BSE 250 SmallCap Index TRI, the benchmark of HDFC Small Cap Fund
Rolling returns
Every 3-year holding period, 262 of them, one for each trading day from 06-10-2025 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 Small Cap Fund (Direct)
Kotak Business Cycle Fund (Direct)
BSE 250 SmallCap Index TRI
to
Nov 2025Jan 2023
to
Jan 2026Mar 2023
to
Mar 2026May 2023
to
May 2026Jul 2023
to
Jul 2026Sept 2023
to
Sept 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 Small Cap | 0.0 | 0.0 | 7.6 | 29.8 | 29.4 | 33.2 | 0.0 | 17.0% | 17.0% | 8.3% | 24.8% | 37% |
| Kotak Business Cycle | 0.0 | 0.0 | 0.0 | 3.1 | 89.7 | 7.3 | 0.0 | 18.0% | 18.0% | 14.4% | 20.6% | 38% |
| BSE 250 SmallCap Index TRI | 0.0 | 0.0 | 0.4 | 14.9 | 56.9 | 27.9 | 0.0 | 18.0% | 18.5% | 9.9% | 22.7% | -- |
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 BSE 250 SmallCap 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 06-10-2022. Past returns do not promise future returns.
HDFC Small Cap vs Kotak Business Cycle: 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 03-10-2022 to 30-10-2026: 49 instalments, ₹4,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Small CapHDFC Small Cap Fund (Direct) | ₹4,90,000 | ₹5,63,376 | ₹73,376 | 6.8% |
| Kotak Business CycleKotak Business Cycle Fund (Direct) | ₹4,90,000 | ₹6,24,233 | ₹1,34,233 | 11.9% |
HDFC Small CapHDFC Small Cap Fund (Direct)
Kotak Business CycleKotak Business Cycle 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 Small Cap vs Kotak Business Cycle: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Small Cap Fund (Direct) | Kotak Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.85% | −0.11% |
| Standard deviation | 15.23% | 14.43% |
| Sharpe ratio | -0.99 | -0.37 |
| Sortino ratio | -1.34 | -0.51 |
| Maximum drawdown | −18.0% (30-03-2026) | −14.1% (23-03-2026) |
| Beta | 0.81 | 0.95 |
| Alpha | −6.64% | +6.59% |
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 Small Cap Fund (Direct) | Kotak Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.90% | +15.85% |
| Standard deviation | 15.83% | 13.74% |
| Sharpe ratio | 0.18 | 0.72 |
| Sortino ratio | 0.24 | 0.99 |
| Maximum drawdown | −22.6% (03-03-2025) | −18.4% (03-03-2025) |
| Beta | 0.82 | 0.91 |
| Alpha | −1.13% | +6.01% |
From daily NAVs, 30-10-2023 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 Small Cap Fund (Direct) | Kotak Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +17.07% | +14.68% |
| Standard deviation | 16.21% | 12.55% |
| Sharpe ratio | 0.70 | 0.68 |
| Sortino ratio | 0.92 | 0.93 |
| Maximum drawdown | −48.3% (24-03-2020) | −18.4% (03-03-2025) |
| Beta | 0.82 | 0.90 |
| Alpha | +5.62% | +4.48% |
From daily NAVs, 30-06-2014 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 Small Cap Fund (Direct)
Kotak Business Cycle Fund (Direct)
BSE 250 SmallCap Index TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Small Cap Fund (Direct) | −22.6% | 11-12-2024 | 03-03-2025 | 19-09-2025 | 7 months | −10.4% |
| Kotak Business Cycle Fund (Direct) | −18.4% | 23-09-2024 | 03-03-2025 | 19-08-2025 | 6 months | −5.9% |
| BSE 250 SmallCap Index TRI | −26.2% | 23-09-2024 | 03-03-2025 | Not yet | -- | −11.5% |
From daily values since 06-10-2022, 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 Small Cap Fund (Direct)
Kotak Business Cycle Fund (Direct)
BSE 250 SmallCap Index TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
HDFC Small Cap Fund (Direct)
Kotak Business Cycle Fund (Direct)
BSE 250 SmallCap Index TRI
Against BSE 250 SmallCap Index TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Small Cap Fund (Direct) | 81% | 70% | 6.41% |
| Kotak Business Cycle Fund (Direct) | 69% | 51% | 10.26% |
From month-end values since 06-10-2022. 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 Small Cap vs Kotak Business Cycle: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Small Cap Fund, September 2026; Kotak Business Cycle Fund, September 2026
Holdings in common
- Overlap
- 12.7%
- Held by both
- 7
- Only in HDFC Small Cap
- 78
- Only in Kotak Business Cycle
- 45
| Security | % of HDFC Small Cap | % of Kotak Business Cycle |
|---|---|---|
| Aster DM Quality Care Limited | 3.37% | 3.37% |
| Krishna Institute Of Medical Sciences Limited | 2.04% | 3.23% |
| Indian Bank | 1.91% | 1.85% |
| Vijaya Diagnostic Centre Limited | 1.63% | 3.11% |
| Kalpataru Projects International Ltd | 1.57% | 1.58% |
| Godrej Consumer Products Ltd. | 1.23% | 1.62% |
| Vishal Mega Mart Limited | 1.02% | 1.85% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 12.7% means 12.7% 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 Small Cap Fund
| Security | % of fund |
|---|---|
| Firstsource Solutions Ltd. | 3.68% |
| Gabriel India Ltd. | 3.09% |
| eClerx Services Limited | 2.92% |
| Bank of Baroda | 2.65% |
| Apar Industries Limited | 1.92% |
Largest holdings only in Kotak Business Cycle Fund
| Security | % of fund |
|---|---|
| ICICI BANK LTD. | 7.69% |
| ADITYA INFOTECH LIMITED | 5.74% |
| INDO-MIM LTD | 4.39% |
| ETERNAL LIMITED | 4.05% |
| AXIS BANK LTD. | 3.67% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Small Cap | Kotak Business Cycle |
|---|---|---|
| Equity | 90.1% | 98.6% |
| Debt | 0.0% | 0.0% |
| Cash and others | 9.9% | 1.4% |
Market cap of stocks
| Market cap | HDFC Small Cap | Kotak Business Cycle |
|---|---|---|
| Large Cap | 6.5% | 42.0% |
| Mid Cap | 9.2% | 21.0% |
| Small Cap | 74.1% | 30.5% |
| Not on AMFI's list | 0.3% | 5.2% |
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 Small Cap | Kotak Business Cycle |
|---|---|---|
| Banks | 8.8% | 15.8% |
| Auto Components | 11.8% | 2.1% |
| Retailing | 3.9% | 10.3% |
| Industrial Manufacturing | 2.5% | 10.1% |
| Healthcare Services | 8.2% | 9.7% |
| Commercial Services & Supplies | 8.3% | 0.0% |
| Transport Services | 5.4% | 1.0% |
| Automobiles | 0.0% | 5.1% |
| Capital Markets | 1.0% | 4.7% |
| Consumer Durables | 4.4% | 2.8% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Small Cap vs Kotak Business Cycle: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Small Cap Fund | Kotak Business Cycle Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.80% | 0.75% |
| Base expense ratio (Direct) | 0.65% | 0.57% |
| Total expense ratio (Regular) | 1.57% | 2.03% |
| Base expense ratio (Regular) | 1.30% | 1.65% |
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 Small Cap with
HDFC Small Cap Fund vs Kotak Business Cycle Fund: Frequently Asked Questions
What is the difference between HDFC Small Cap Fund and Kotak Business Cycle Fund?
HDFC Small Cap Fund is a Small Cap fund, Kotak Business Cycle Fund is a Thematic fund, run by HDFC Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 12.7%. HDFC Small Cap Fund charges 0.80% a year and Kotak Business Cycle Fund 0.75%.
Which has given higher returns, HDFC Small Cap Fund or Kotak Business Cycle Fund?
Over 1 year: HDFC Small Cap Fund −9.85%, Kotak Business Cycle Fund −0.11%. Over 3 years: HDFC Small Cap Fund +8.90% a year, Kotak Business Cycle Fund +15.85% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Small Cap Fund or Kotak Business Cycle Fund?
Kotak Business Cycle Fund charges less: 0.75% a year against 0.80%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Small Cap Fund and Kotak Business Cycle Fund overlap?
12.7%. They hold 7 of the same securities, the largest shared ones being ASTERDM, KIMS, INDIANB. From each fund's latest monthly portfolio.
Which is riskier, HDFC Small Cap Fund or Kotak Business Cycle Fund?
On SEBI's riskometer, HDFC Small Cap Fund is rated Very High and Kotak Business Cycle Fund Very High. Over 3 years, the standard deviation of daily returns was 15.83% and 13.74% a year.
Which is better for SIP, HDFC Small Cap Fund or Kotak Business Cycle Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,73,912 in HDFC Small Cap Fund (XIRR 0.7% a year) and ₹4,21,827 in Kotak Business Cycle Fund (XIRR 8.5% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Small Cap Fund and Kotak Business Cycle Fund?
Yes. 12.7% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Small Cap Fund and Kotak Business Cycle Fund?
HDFC Small Cap Fund: Chirag Setalvad, Gopal Agrawal, Bhagyesh Kagalkar. Kotak Business Cycle Fund: Harish Bihani, Abhishek Bisen.
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.