ICICI Prudential Business Cycle Fund vs LIC MF BSE Sensex ETF
Direct Plan where a fund has one, Growth option · Data as on 29-10-2026
ICICI Prudential Business Cycle Fund is a Thematic fund and LIC MF BSE Sensex ETF is an ETF fund. In the 3 years to 30-10-2026, ICICI Prudential Business Cycle Fund (Direct) returned 14.4% a year and LIC MF BSE Sensex ETF returned 6.2% a year. ICICI Prudential Business Cycle Fund charges 1.04% a year and LIC MF BSE Sensex ETF 0.12%. Their portfolios overlap 45.6%: they hold 15 of the same securities.
ICICI Prudential Business Cycle Fund
Thematic
- 3 year return
- 14.4%
- Expense ratio
- 1.04%
- NAV
- ₹24.68
Which is better, ICICI Prudential Business Cycle or LIC MF BSE Sensex ETF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ICICI Prudential Business Cycle returned more over 5 years: 13.6% a year against 5.8%.
- ICICI Prudential Business Cycle returned more over 3 years: 14.4% a year against 6.2%.
- LIC MF BSE Sensex ETF costs less: 0.12% a year against 1.04%.
- ICICI Prudential Business Cycle swung less over 3 years: a standard deviation of 12.8% a year against 13.3%.
- ICICI Prudential Business Cycle fell less in its worst fall since 19-01-2021: −14.4% against −16.1%.
- ICICI Prudential Business Cycle holds 3.0% of the fund in foreign stocks; LIC MF BSE Sensex ETF 0.0%.
- LIC MF BSE Sensex ETF holds more in large companies: 99.9% of the fund in large caps against 66.0%.
- ICICI Prudential Business Cycle is the larger fund: ₹14,889 Cr against ₹676 Cr.
- Their portfolios overlap 45.6%: 15 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 | ICICI Prudential Business Cycle Fund | LIC MF BSE Sensex ETF |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | LIC Mutual Fund |
| Category | Thematic | ETF |
| AUM | ₹14,889 Cr (30-09-2026) | ₹676 Cr (30-09-2026) |
| NAV | ₹24.68 (Direct) | ₹842.05 |
| Expense ratio (Direct) | 1.04% | Not available |
| Expense ratio (Regular) | 1.86% | Not available |
| Riskometer | Not available | Very High |
| Benchmark | Nifty 500 TRI | BSE SENSEX TRI |
| Launch date | 18-01-2021 | 30-11-2015 |
| Minimum investment | ₹500 | For Subscription of units directly with Mutual Fund: All direct transactions in units of the Scheme by MMs/APs or other eligible investors with the AMC/the Fund shall be at intra-day NAV based on the actual execution price of the underlying portfolio. Any |
| Lock in | None | None |
| Fund managers | Manish Banthia, Manan Tijoriwala, Divya Jain | Nikhil Kapoor, Sasikant Aravamuthan |
| Exit load | 1 % of applicable Net Asset Value If the amount sought to be redeemed or switch out within 1 months from allotment. Nil If the amount sought to be redeemed or switched out more than 1 months. | Nil |
ICICI Prudential Business Cycle vs LIC MF BSE Sensex 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 |
|---|---|---|---|---|---|---|---|
| ICICI Prudential Business Cycle Fund (Direct) | −0.84% | −6.59% | −5.44% | −9.46% | +14.41% | +13.57% | -- |
| LIC MF BSE Sensex ETF | +2.76% | −4.31% | −2.45% | −11.01% | +6.18% | +5.79% | +11.51% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | -- |
Category average: the average of the 235 Thematic funds, same plan type.
ICICI Prudential Business Cycle vs LIC MF BSE Sensex ETF: Year-wise Returns
| Year | ICICI Prudential Business CycleICICI Prudential Business Cycle | LIC MF BSE Sensex ETFLIC MF BSE Sensex ETF |
|---|---|---|
| 2026to date | −9.56% | −11.89% |
| 2025 | +16.72% | +10.26% |
| 2024 | +21.33% | +9.28% |
| 2023 | +34.29% | +20.18% |
| 2022 | +11.85% | +5.75% |
| 2021 | -- | +22.96% |
ICICI Prudential Business Cycle vs LIC MF BSE Sensex ETF: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of ICICI Prudential Business Cycle Fund
Rolling returns
Every 3-year holding period, 684 of them, one for each trading day from 19-01-2024 to 29-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
ICICI Prudential Business Cycle Fund (Direct)
LIC MF BSE Sensex ETF
Nifty 500 TRI
to
Apr 2024Sept 2021
to
Sept 2024Mar 2022
to
Mar 2025Sept 2022
to
Sept 2025Feb 2023
to
Feb 2026Aug 2023
to
Aug 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ICICI Prudential Business Cycle | 0.0 | 0.0 | 0.0 | 4.8 | 15.9 | 47.8 | 31.4 | 22.8% | 23.4% | 13.3% | 28.7% | 100% |
| LIC MF BSE Sensex ETF | 0.0 | 3.1 | 20.0 | 58.3 | 18.6 | 0.0 | 0.0 | 12.1% | 12.5% | 3.8% | 18.2% | 0% |
| Nifty 500 TRI | 0.0 | 0.0 | 2.9 | 27.6 | 59.4 | 10.1 | 0.0 | 16.3% | 16.4% | 8.8% | 22.3% | -- |
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 19-01-2021. Past returns do not promise future returns.
ICICI Prudential Business Cycle vs LIC MF BSE Sensex 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 19-01-2021 to 29-10-2026: 70 instalments, ₹7,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ICICI Prudential Business CycleICICI Prudential Business Cycle Fund (Direct) | ₹7,00,000 | ₹10,17,588 | ₹3,17,588 | 12.7% |
| LIC MF BSE Sensex ETFLIC MF BSE Sensex ETF | ₹7,00,000 | ₹8,17,331 | ₹1,17,331 | 5.3% |
ICICI Prudential Business CycleICICI Prudential Business Cycle Fund (Direct)
LIC MF BSE Sensex ETFLIC MF BSE Sensex 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.
ICICI Prudential Business Cycle vs LIC MF BSE Sensex ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ICICI Prudential Business Cycle Fund (Direct) | LIC MF BSE Sensex ETF |
|---|---|---|
| Return (CAGR) | −9.46% | −11.01% |
| Standard deviation | 14.30% | 13.98% |
| Sharpe ratio | -1.03 | -1.16 |
| Sortino ratio | -1.38 | -1.55 |
| Maximum drawdown | −14.1% (30-03-2026) | −16.1% (31-03-2026) |
| Beta | 0.97 | 1.00 |
| Alpha | −2.31% | −0.11% |
From daily NAVs, 29-10-2025 to 29-10-2026. 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 | ICICI Prudential Business Cycle Fund (Direct) | LIC MF BSE Sensex ETF |
|---|---|---|
| Return (CAGR) | +14.41% | +6.18% |
| Standard deviation | 12.77% | 13.27% |
| Sharpe ratio | 0.66 | 0.01 |
| Sortino ratio | 0.92 | 0.02 |
| Maximum drawdown | −14.4% (28-02-2025) | −16.1% (31-03-2026) |
| Beta | 0.86 | 1.00 |
| Alpha | +4.59% | −0.14% |
From daily NAVs, 27-10-2023 to 29-10-2026. 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 | ICICI Prudential Business Cycle Fund (Direct) | LIC MF BSE Sensex ETF |
|---|---|---|
| Return (CAGR) | +13.57% | +5.79% |
| Standard deviation | 12.47% | 13.77% |
| Sharpe ratio | 0.62 | -0.00 |
| Sortino ratio | 0.87 | -0.00 |
| Maximum drawdown | −14.4% (28-02-2025) | −16.1% (31-03-2026) |
| Beta | 0.83 | 1.00 |
| Alpha | +5.23% | −0.13% |
From daily NAVs, 29-10-2021 to 29-10-2026. 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 | ICICI Prudential Business Cycle Fund (Direct) | LIC MF BSE Sensex ETF |
|---|---|---|
| Return (CAGR) | +16.92% | +11.30% |
| Standard deviation | 12.61% | 16.03% |
| Sharpe ratio | 0.91 | 0.36 |
| Sortino ratio | 1.28 | 0.50 |
| Maximum drawdown | −14.4% (28-02-2025) | −37.9% (23-03-2020) |
| Beta | 0.83 | 1.00 |
| Alpha | +5.84% | −0.10% |
From daily NAVs, 19-01-2021 to 29-10-2026. 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.
ICICI Prudential Business Cycle Fund (Direct)
LIC MF BSE Sensex ETF
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ICICI Prudential Business Cycle Fund (Direct) | −14.4% | 26-09-2024 | 28-02-2025 | 09-06-2025 | 3 months | −10.8% |
| LIC MF BSE Sensex ETF | −16.1% | 18-10-2021 | 17-06-2022 | 01-11-2022 | 5 months | −12.4% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 19-01-2021, 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.
ICICI Prudential Business Cycle Fund (Direct)
LIC MF BSE Sensex ETF
Nifty 500 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.
ICICI Prudential Business Cycle Fund (Direct)
LIC MF BSE Sensex ETF
Nifty 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
ICICI Prudential Business Cycle Fund (Direct)
LIC MF BSE Sensex ETF
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ICICI Prudential Business Cycle Fund (Direct) | 98% | 73% | 4.96% |
| LIC MF BSE Sensex ETF | 83% | 91% | 4.63% |
From month-end values since 19-01-2021. 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.
ICICI Prudential Business Cycle vs LIC MF BSE Sensex ETF: Portfolio Overlap
From each fund's latest monthly portfolio: ICICI Prudential Business Cycle Fund, September 2026; LIC MF BSE Sensex ETF, September 2026
Holdings in common
- Overlap
- 45.6%
- Held by both
- 15
- Only in ICICI Prudential Business Cycle
- 66
- Only in LIC MF BSE Sensex ETF
- 15
| Security | % of ICICI Prudential Business Cycle | % of LIC MF BSE Sensex ETF |
|---|---|---|
| HDFC Bank Ltd. | 9.57% | 12.57% |
| ICICI Bank Ltd. | 6.70% | 10.96% |
| Reliance Industries Ltd. | 5.31% | 9.08% |
| Larsen & Toubro Ltd. | 4.50% | 5.09% |
| Kotak Mahindra Bank Ltd. | 3.44% | 3.58% |
| Bharti Airtel Ltd. | 2.97% | 6.32% |
| Mahindra & Mahindra Ltd. | 2.64% | 3.08% |
| Maruti Suzuki India Ltd. | 3.95% | 1.80% |
| NTPC Ltd. | 2.28% | 1.78% |
| Ultratech Cement Ltd. | 2.77% | 1.51% |
| Axis Bank Ltd. | 1.44% | 4.10% |
| Interglobe Aviation Ltd. | 2.06% | 1.30% |
| Asian Paints Ltd. | 1.81% | 1.27% |
| Trent Ltd. | 1.33% | 1.01% |
| Power Grid Corporation Of India Ltd. | 0.31% | 1.38% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 45.6% means 45.6% 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 ICICI Prudential Business Cycle Fund
| Security | % of fund |
|---|---|
| DLF Ltd. | 3.25% |
| HDFC Life Insurance Company Ltd. | 2.95% |
| Hero Motocorp Ltd. | 2.44% |
| Prestige Estates Projects Ltd. | 1.95% |
| Hyundai Motor India Ltd. | 1.81% |
Largest holdings only in LIC MF BSE Sensex ETF
| Security | % of fund |
|---|---|
| State Bank of India | 4.60% |
| Infosys Ltd. | 4.08% |
| Bajaj Finance Ltd. | 3.01% |
| ITC Ltd. | 2.96% |
| Eternal Ltd. | 2.75% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ICICI Prudential Business Cycle | LIC MF BSE Sensex ETF |
|---|---|---|
| Equity | 89.2% | 99.9% |
| Debt | 1.1% | 0.0% |
| Cash and others | 9.8% | 0.1% |
Market cap of stocks
| Market cap | ICICI Prudential Business Cycle | LIC MF BSE Sensex ETF |
|---|---|---|
| Large Cap | 66.0% | 99.9% |
| Mid Cap | 13.7% | 0.0% |
| Small Cap | 6.5% | 0.0% |
| Foreign stocks | 3.0% | 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 | ICICI Prudential Business Cycle | LIC MF BSE Sensex ETF |
|---|---|---|
| Banks | 21.3% | 35.8% |
| Automobiles | 10.9% | 4.9% |
| IT - Software | 0.0% | 9.1% |
| Petroleum Products | 6.1% | 9.1% |
| Insurance | 7.5% | 0.0% |
| Telecom - Services | 3.0% | 6.3% |
| Realty | 5.8% | 0.0% |
| Construction | 4.5% | 5.1% |
| Diversified FMCG | 0.0% | 4.9% |
The six largest sectors of each fund's stocks, % of the fund.
ICICI Prudential Business Cycle vs LIC MF BSE Sensex ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ICICI Prudential Business Cycle Fund | LIC MF BSE Sensex ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.04% | Not available |
| Base expense ratio (Direct) | 0.73% | 0.00% |
| Total expense ratio (Regular) | 1.86% | Not available |
| Base expense ratio (Regular) | 1.43% | 0.09% |
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.
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ICICI Prudential Business Cycle Fund vs LIC MF BSE Sensex ETF: Frequently Asked Questions
What is the difference between ICICI Prudential Business Cycle Fund and LIC MF BSE Sensex ETF?
ICICI Prudential Business Cycle Fund is a Thematic fund, LIC MF BSE Sensex ETF is an ETF fund, run by ICICI Prudential Mutual Fund and LIC Mutual Fund. Their portfolios overlap 45.6%. ICICI Prudential Business Cycle Fund charges 1.04% a year and LIC MF BSE Sensex ETF 0.12%.
Which has given higher returns, ICICI Prudential Business Cycle Fund or LIC MF BSE Sensex ETF?
Over 1 year: ICICI Prudential Business Cycle Fund −9.46%, LIC MF BSE Sensex ETF −11.01%. Over 3 years: ICICI Prudential Business Cycle Fund +14.41% a year, LIC MF BSE Sensex ETF +6.18% a year. Over 5 years: ICICI Prudential Business Cycle Fund +13.57% a year, LIC MF BSE Sensex ETF +5.79% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ICICI Prudential Business Cycle Fund or LIC MF BSE Sensex ETF?
LIC MF BSE Sensex ETF charges less: 0.12% a year against 1.04%. These are the total expense ratios reported to AMFI.
How much do ICICI Prudential Business Cycle Fund and LIC MF BSE Sensex ETF overlap?
45.6%. They hold 15 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is better for SIP, ICICI Prudential Business Cycle Fund or LIC MF BSE Sensex ETF?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 29-10-2026 grew to ₹8,15,695 in ICICI Prudential Business Cycle Fund (XIRR 11.4% a year) and ₹6,77,700 in LIC MF BSE Sensex ETF (XIRR 4.1% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both ICICI Prudential Business Cycle Fund and LIC MF BSE Sensex ETF?
Yes. 45.6% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages ICICI Prudential Business Cycle Fund and LIC MF BSE Sensex ETF?
ICICI Prudential Business Cycle Fund: Manish Banthia, Manan Tijoriwala, Divya Jain. LIC MF BSE Sensex ETF: Nikhil Kapoor, Sasikant Aravamuthan.
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.