ICICI Prudential Innovation Fund vs Kotak Business Cycle Fund
Direct Plan, Growth option · Data as on 30-10-2026
ICICI Prudential Innovation Fund is a Thematic fund and Kotak Business Cycle Fund is a Thematic fund. In the 3 years to 30-10-2026, ICICI Prudential Innovation Fund (Direct) returned 18.0% a year and Kotak Business Cycle Fund (Direct) returned 15.8% a year. ICICI Prudential Innovation Fund charges 1.24% a year and Kotak Business Cycle Fund 0.75% (Direct plans). Their portfolios overlap 30.1%: they hold 19 of the same securities.
ICICI Prudential Innovation Fund
Thematic
- 3 year return
- 18.0%
- Expense ratio
- 1.24%
- NAV
- ₹19.09
Kotak Business Cycle Fund
Thematic
- 3 year return
- 15.8%
- Expense ratio
- 0.75%
- NAV
- ₹17.57
Which is better, ICICI Prudential Innovation 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.
- ICICI Prudential Innovation returned more over 3 years: 18.0% a year against 15.8%.
- Kotak Business Cycle returned more over 1 year: −0.1% against −3.6%.
- Kotak Business Cycle costs less: 0.75% a year against 1.24% (Direct plans).
- ICICI Prudential Innovation swung less over 3 years: a standard deviation of 12.6% a year against 13.7%.
- ICICI Prudential Innovation fell less in its worst fall since 02-05-2023: −16.5% against −18.4%.
- ICICI Prudential Innovation is the larger fund: ₹7,549 Cr against ₹3,414 Cr.
- Their portfolios overlap 30.1%: 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 | ICICI Prudential Innovation Fund | Kotak Business Cycle Fund |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹7,549 Cr (30-09-2026) | ₹3,414 Cr (30-09-2026) |
| NAV | ₹19.09 (Direct) | ₹17.57 (Direct) |
| Expense ratio (Direct) | 1.24% | 0.75% |
| Expense ratio (Regular) | 2.18% | 2.03% |
| Riskometer | Not available | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 28-04-2023 | 28-09-2022 |
| Minimum investment | ₹5,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Vaibhav Dusad | Harish Bihani, Abhishek Bisen |
| Exit load | Exit load of 1%, if redeemed within 1 month. | 0.5% for redemption within 90 Days |
ICICI Prudential Innovation 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 |
|---|---|---|---|---|---|---|---|
| ICICI Prudential Innovation Fund (Direct) | −1.60% | −5.59% | +1.92% | −3.63% | +17.96% | -- | -- |
| Kotak Business Cycle Fund (Direct) | −2.08% | −3.34% | +4.98% | −0.11% | +15.85% | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
ICICI Prudential Innovation vs Kotak Business Cycle: Year-wise Returns
| Year | ICICI Prudential InnovationICICI Prudential Innovation | Kotak Business CycleKotak Business Cycle | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | −3.97% | +0.79% | −7.51% |
| 2025 | +12.00% | +6.89% | +7.76% |
| 2024 | +30.13% | +29.35% | +16.24% |
| 2023 | -- | +24.66% | +26.91% |
ICICI Prudential Innovation vs Kotak Business Cycle: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 123 of them, one for each trading day from 04-05-2026 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.
ICICI Prudential Innovation Fund (Direct)
Kotak Business Cycle Fund (Direct)
Nifty 500 TRI
to
May 2026Jun 2023
to
Jun 2026Jul 2023
to
Jul 2026Aug 2023
to
Aug 2026Sept 2023
to
Sept 2026Oct 2023
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ICICI Prudential Innovation | 0.0 | 0.0 | 0.0 | 0.0 | 33.3 | 66.7 | 0.0 | 20.7% | 21.0% | 16.9% | 24.1% | 100% |
| Kotak Business Cycle | 0.0 | 0.0 | 0.0 | 6.5 | 93.5 | 0.0 | 0.0 | 16.8% | 16.9% | 14.4% | 19.4% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 15.4 | 80.5 | 4.1 | 0.0 | 0.0 | 12.3% | 12.8% | 8.8% | 16.1% | -- |
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 02-05-2023. Past returns do not promise future returns.
ICICI Prudential Innovation 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 02-05-2023 to 30-10-2026: 42 instalments, ₹4,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ICICI Prudential InnovationICICI Prudential Innovation Fund (Direct) | ₹4,20,000 | ₹4,99,772 | ₹79,772 | 9.9% |
| Kotak Business CycleKotak Business Cycle Fund (Direct) | ₹4,20,000 | ₹5,01,928 | ₹81,928 | 10.2% |
ICICI Prudential InnovationICICI Prudential Innovation 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.
ICICI Prudential Innovation vs Kotak Business Cycle: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ICICI Prudential Innovation Fund (Direct) | Kotak Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | −3.63% | −0.11% |
| Standard deviation | 13.49% | 14.43% |
| Sharpe ratio | -0.66 | -0.37 |
| Sortino ratio | -0.88 | -0.51 |
| Maximum drawdown | −15.5% (30-03-2026) | −14.1% (23-03-2026) |
| Beta | 0.88 | 0.95 |
| Alpha | +2.21% | +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 | ICICI Prudential Innovation Fund (Direct) | Kotak Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +17.96% | +15.85% |
| Standard deviation | 12.62% | 13.74% |
| Sharpe ratio | 0.95 | 0.72 |
| Sortino ratio | 1.31 | 0.99 |
| Maximum drawdown | −16.5% (28-02-2025) | −18.4% (03-03-2025) |
| Beta | 0.83 | 0.91 |
| Alpha | +8.45% | +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 | ICICI Prudential Innovation Fund (Direct) | Kotak Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +20.18% | +14.68% |
| Standard deviation | 12.02% | 12.55% |
| Sharpe ratio | 1.17 | 0.68 |
| Sortino ratio | 1.63 | 0.93 |
| Maximum drawdown | −16.5% (28-02-2025) | −18.4% (03-03-2025) |
| Beta | 0.83 | 0.90 |
| Alpha | +9.25% | +4.48% |
From daily NAVs, 02-05-2023 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.
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 Innovation Fund (Direct)
Kotak Business Cycle Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ICICI Prudential Innovation Fund (Direct) | −16.5% | 27-09-2024 | 28-02-2025 | 20-08-2025 | 6 months | −7.5% |
| Kotak Business Cycle Fund (Direct) | −18.4% | 23-09-2024 | 03-03-2025 | 19-08-2025 | 6 months | −5.9% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 02-05-2023, 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 Innovation Fund (Direct)
Kotak Business Cycle Fund (Direct)
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 Innovation Fund (Direct)
Kotak Business Cycle Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ICICI Prudential Innovation Fund (Direct) | 118% | 79% | 4.50% |
| Kotak Business Cycle Fund (Direct) | 108% | 84% | 4.93% |
From month-end values since 02-05-2023. 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 Innovation vs Kotak Business Cycle: Portfolio Overlap
From each fund's latest monthly portfolio: ICICI Prudential Innovation Fund, September 2026; Kotak Business Cycle Fund, September 2026
Holdings in common
- Overlap
- 30.1%
- Held by both
- 19
- Only in ICICI Prudential Innovation
- 62
- Only in Kotak Business Cycle
- 33
| Security | % of ICICI Prudential Innovation | % of Kotak Business Cycle |
|---|---|---|
| ICICI Bank Ltd. | 4.73% | 7.69% |
| Eternal Ltd. | 3.97% | 4.05% |
| Axis Bank Ltd. | 2.88% | 3.67% |
| Bharti Hexacom Ltd. | 2.72% | 2.64% |
| Maruti Suzuki India Ltd. | 2.25% | 2.09% |
| Vijaya Diagnostic Centre Ltd. | 1.88% | 3.11% |
| 360 One Wam Ltd. | 1.84% | 1.99% |
| Sagility India Ltd | 2.29% | 1.18% |
| TVS Motor Company Ltd. | 2.11% | 1.15% |
| Hexaware Technologies Ltd. | 1.69% | 1.11% |
| LG Electronics Inc | 1.00% | 1.14% |
| Mphasis Ltd. | 0.96% | 1.46% |
| Mahindra & Mahindra Ltd. | 0.86% | 1.86% |
| NTPC Ltd. | 0.86% | 1.04% |
| Lenskart Solutions Ltd. | 0.83% | 2.70% |
| Hindustan Aeronautics Ltd. | 1.66% | 0.82% |
| Godrej Consumer Products Ltd. | 0.68% | 1.62% |
| Tenneco Clean Air India Ltd. | 0.30% | 0.75% |
| Aditya Infotech Ltd | 0.29% | 5.74% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 30.1% means 30.1% 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 Innovation Fund
| Security | % of fund |
|---|---|
| Cummins India Ltd. | 2.38% |
| Swiggy Ltd | 2.25% |
| Capillary Technologies India Ltd. | 2.18% |
| Dr. Reddy's Laboratories Ltd. | 2.11% |
| Divi's Laboratories Ltd. | 1.92% |
Largest holdings only in Kotak Business Cycle Fund
| Security | % of fund |
|---|---|
| INDO-MIM LTD | 4.39% |
| ASTER DM HEALTHCARE LTD | 3.37% |
| KRISHNA INSTITUTE OF MEDICAL | 3.23% |
| ACME SOLAR HOLDINGS LTD. | 2.87% |
| HDFC BANK LTD. | 2.62% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ICICI Prudential Innovation | Kotak Business Cycle |
|---|---|---|
| Equity | 94.8% | 98.6% |
| Debt | 0.7% | 0.0% |
| Cash and others | 4.5% | 1.4% |
Market cap of stocks
| Market cap | ICICI Prudential Innovation | Kotak Business Cycle |
|---|---|---|
| Large Cap | 34.4% | 42.0% |
| Mid Cap | 28.1% | 21.0% |
| Small Cap | 31.4% | 30.5% |
| Not on AMFI's list | 0.9% | 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 | ICICI Prudential Innovation | Kotak Business Cycle |
|---|---|---|
| Banks | 8.2% | 15.8% |
| Retailing | 10.8% | 10.3% |
| Industrial Manufacturing | 0.3% | 10.1% |
| Healthcare Services | 8.4% | 9.7% |
| Pharmaceuticals & Biotechnology | 7.9% | 0.0% |
| It - Software | 7.5% | 0.0% |
| Automobiles | 7.4% | 5.1% |
| Capital Markets | 6.4% | 4.7% |
The six largest sectors of each fund's stocks, % of the fund.
ICICI Prudential Innovation vs Kotak Business Cycle: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ICICI Prudential Innovation Fund | Kotak Business Cycle Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.24% | 0.75% |
| Base expense ratio (Direct) | 0.71% | 0.57% |
| Total expense ratio (Regular) | 2.18% | 2.03% |
| Base expense ratio (Regular) | 1.54% | 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 ICICI Prudential Innovation with
ICICI Prudential Innovation Fund vs Kotak Business Cycle Fund: Frequently Asked Questions
What is the difference between ICICI Prudential Innovation Fund and Kotak Business Cycle Fund?
ICICI Prudential Innovation Fund is a Thematic fund, Kotak Business Cycle Fund is a Thematic fund, run by ICICI Prudential Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 30.1%. ICICI Prudential Innovation Fund charges 1.24% a year and Kotak Business Cycle Fund 0.75%.
Which has given higher returns, ICICI Prudential Innovation Fund or Kotak Business Cycle Fund?
Over 1 year: ICICI Prudential Innovation Fund −3.63%, Kotak Business Cycle Fund −0.11%. Over 3 years: ICICI Prudential Innovation Fund +17.96% 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, ICICI Prudential Innovation Fund or Kotak Business Cycle Fund?
Kotak Business Cycle Fund charges less: 0.75% a year against 1.24%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ICICI Prudential Innovation Fund and Kotak Business Cycle Fund overlap?
30.1%. They hold 19 of the same securities, the largest shared ones being ICICIBANK, ETERNAL, AXISBANK. From each fund's latest monthly portfolio.
Which is better for SIP, ICICI Prudential Innovation 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 ₹4,12,099 in ICICI Prudential Innovation Fund (XIRR 7.0% 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 ICICI Prudential Innovation Fund and Kotak Business Cycle Fund?
Yes. 30.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ICICI Prudential Innovation Fund and Kotak Business Cycle Fund?
ICICI Prudential Innovation Fund: Vaibhav Dusad. 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.