ICICI Prudential Manufacturing Fund vs Navi Nifty India Manufacturing Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
ICICI Prudential Manufacturing Fund is a Thematic fund and Navi Nifty India Manufacturing Index Fund is an Index fund. In the 3 years to 30-10-2026, ICICI Prudential Manufacturing Fund (Direct) returned 17.7% a year and Navi Nifty India Manufacturing Index Fund (Direct) returned 16.6% a year. ICICI Prudential Manufacturing Fund charges 1.20% a year and Navi Nifty India Manufacturing Index Fund 0.58% (Direct plans). Their portfolios overlap 39.5%: they hold 25 of the same securities.
ICICI Prudential Manufacturing Fund
Thematic
- 3 year return
- 17.7%
- Expense ratio
- 1.20%
- NAV
- ₹39.19
Navi Nifty India Manufacturing Index Fund
Index
- 3 year return
- 16.6%
- Expense ratio
- 0.58%
- NAV
- ₹18.14
Which is better, ICICI Prudential Manufacturing or Navi 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.
- ICICI Prudential Manufacturing returned more over 3 years: 17.7% a year against 16.6%.
- ICICI Prudential Manufacturing returned more over 1 year: −0.1% against −2.1%.
- Navi Nifty India Manufacturing Index costs less: 0.58% a year against 1.20% (Direct plans).
- ICICI Prudential Manufacturing swung less over 3 years: a standard deviation of 15.8% a year against 15.9%.
- ICICI Prudential Manufacturing fell less in its worst fall since 29-08-2022: −22.8% against −23.0%.
- Navi Nifty India Manufacturing Index holds more in large companies: 69.0% of the fund in large caps against 50.9%.
- ICICI Prudential Manufacturing is the larger fund: ₹6,918 Cr against ₹83 Cr.
- Their portfolios overlap 39.5%: 25 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 Manufacturing Fund | Navi Nifty India Manufacturing Index Fund |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | Navi Mutual Fund |
| Category | Thematic | Index |
| AUM | ₹6,918 Cr (30-09-2026) | ₹83 Cr (30-09-2026) |
| NAV | ₹39.19 (Direct) | ₹18.14 (Direct) |
| Expense ratio (Direct) | 1.20% | 0.58% |
| Expense ratio (Regular) | 2.12% | 1.17% |
| Riskometer | Not available | Very High |
| Benchmark | Nifty India Manufacturing TRI | Nifty India Manufacturing TRI |
| Launch date | 11-10-2018 | 26-08-2022 |
| Minimum investment | ₹5,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Roshan Chutkey, Sharmila D’silva | Ashutosh Shirwaikar |
| Exit load | • 1% of applicable Net Asset Value - If the amount, sought to be redeemed or switch out within a period of one month from the date of allotment • Nil - If the amount, sought to be redeemed or switch out after a period of more than one month from the date of allotment | NIL |
ICICI Prudential Manufacturing vs Navi 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 |
|---|---|---|---|---|---|---|---|
| ICICI Prudential Manufacturing Fund (Direct) | −4.41% | −8.07% | −2.78% | −0.08% | +17.66% | +17.06% | -- |
| Navi Nifty India Manufacturing Index Fund (Direct) | −3.59% | −7.61% | −3.86% | −2.12% | +16.64% | -- | -- |
| 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 Manufacturing vs Navi Nifty India Manufacturing Index: Year-wise Returns
| Year | ICICI Prudential ManufacturingICICI Prudential Manufacturing | Navi Nifty India Manufacturing IndexNavi Nifty India Manufacturing Index | Nifty India Manufacturing TRI |
|---|---|---|---|
| 2026to date | +0.88% | −2.82% | −2.54% |
| 2025 | +10.43% | +11.85% | +12.28% |
| 2024 | +22.96% | +25.19% | +25.99% |
| 2023 | +48.55% | +34.44% | +34.87% |
| 2022 | +8.38% | -- | +5.28% |
| 2021 | +46.50% | -- | -- |
ICICI Prudential Manufacturing vs Navi Nifty India Manufacturing Index: Rolling Returns
Every holding period of both funds, against Nifty India Manufacturing TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 287 of them, one for each trading day from 29-08-2025 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.
ICICI Prudential Manufacturing Fund (Direct)
Navi Nifty India Manufacturing Index Fund (Direct)
Nifty India Manufacturing TRI
to
Oct 2025Dec 2022
to
Dec 2025Feb 2023
to
Feb 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ICICI Prudential Manufacturing | 0.0 | 0.0 | 0.0 | 0.0 | 11.1 | 35.2 | 53.7 | 24.5% | 25.2% | 16.8% | 28.7% | 100% |
| Navi Nifty India Manufacturing Index | 0.0 | 0.0 | 0.0 | 0.0 | 20.2 | 78.4 | 1.4 | 21.5% | 22.0% | 15.2% | 25.8% | 0% |
| Nifty India Manufacturing TRI | 0.0 | 0.0 | 0.0 | 0.0 | 16.7 | 79.1 | 4.2 | 22.0% | 22.5% | 15.7% | 26.4% | -- |
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 29-08-2022. Past returns do not promise future returns.
ICICI Prudential Manufacturing vs Navi 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 01-08-2022 to 30-10-2026: 51 instalments, ₹5,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ICICI Prudential ManufacturingICICI Prudential Manufacturing Fund (Direct) | ₹5,10,000 | ₹6,85,399 | ₹1,75,399 | 14.0% |
| Navi Nifty India Manufacturing IndexNavi Nifty India Manufacturing Index Fund (Direct) | ₹5,10,000 | ₹6,52,369 | ₹1,42,369 | 11.6% |
ICICI Prudential ManufacturingICICI Prudential Manufacturing Fund (Direct)
Navi Nifty India Manufacturing IndexNavi 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.
ICICI Prudential Manufacturing vs Navi Nifty India Manufacturing Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ICICI Prudential Manufacturing Fund (Direct) | Navi Nifty India Manufacturing Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.08% | −2.12% |
| Standard deviation | 15.82% | 15.83% |
| Sharpe ratio | -0.34 | -0.47 |
| Sortino ratio | -0.45 | -0.62 |
| Maximum drawdown | −12.6% (23-10-2026) | −12.9% (23-10-2026) |
| Beta | 0.97 | 1.00 |
| Alpha | +1.39% | −0.43% |
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 Manufacturing Fund (Direct) | Navi Nifty India Manufacturing Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +17.66% | +16.64% |
| Standard deviation | 15.83% | 15.92% |
| Sharpe ratio | 0.73 | 0.67 |
| Sortino ratio | 1.00 | 0.91 |
| Maximum drawdown | −22.8% (28-02-2025) | −23.0% (07-04-2025) |
| Beta | 0.96 | 1.00 |
| Alpha | +0.94% | −0.51% |
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 Manufacturing Fund (Direct) | Navi Nifty India Manufacturing Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.43% | +15.55% |
| Standard deviation | 16.85% | 14.70% |
| Sharpe ratio | 0.78 | 0.64 |
| Sortino ratio | 1.06 | 0.87 |
| Maximum drawdown | −37.6% (23-03-2020) | −23.0% (07-04-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.50% |
From daily NAVs, 12-10-2018 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 Manufacturing Fund (Direct)
Navi 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 |
|---|---|---|---|---|---|---|
| ICICI Prudential Manufacturing Fund (Direct) | −22.8% | 27-09-2024 | 28-02-2025 | 29-10-2025 | 8 months | −11.0% |
| Navi Nifty India Manufacturing Index Fund (Direct) | −23.0% | 27-09-2024 | 07-04-2025 | 10-02-2026 | 10 months | −10.6% |
| Nifty India Manufacturing TRI | −23.0% | 27-09-2024 | 07-04-2025 | 05-01-2026 | 9 months | −10.5% |
From daily values since 29-08-2022, 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.
ICICI Prudential Manufacturing Fund (Direct)
Navi Nifty India Manufacturing Index Fund (Direct)
Nifty India Manufacturing 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 Manufacturing Fund (Direct)
Navi Nifty India Manufacturing Index Fund (Direct)
Nifty India Manufacturing TRI
Against Nifty India Manufacturing TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ICICI Prudential Manufacturing Fund (Direct) | 105% | 90% | 4.94% |
| Navi Nifty India Manufacturing Index Fund (Direct) | 99% | 100% | 0.21% |
From month-end values since 29-08-2022. 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.
ICICI Prudential Manufacturing vs Navi Nifty India Manufacturing Index: Portfolio Overlap
From each fund's latest monthly portfolio: ICICI Prudential Manufacturing Fund, September 2026; Navi Nifty India Manufacturing Index Fund, September 2026
Holdings in common
- Overlap
- 39.5%
- Held by both
- 25
- Only in ICICI Prudential Manufacturing
- 45
- Only in Navi Nifty India Manufacturing Index
- 52
| Security | % of ICICI Prudential Manufacturing | % of Navi Nifty India Manufacturing Index |
|---|---|---|
| Mahindra & Mahindra Ltd. | 5.16% | 4.98% |
| Reliance Industries Ltd. | 5.90% | 4.96% |
| Sun Pharmaceutical Industries Ltd. | 3.91% | 4.59% |
| Maruti Suzuki India Ltd. | 3.91% | 3.71% |
| JSW Steel Ltd. | 3.03% | 2.88% |
| Bharat Electronics Ltd. | 2.05% | 3.32% |
| Hindalco Industries Ltd. | 1.93% | 3.25% |
| Dr. Reddy's Laboratories Ltd. | 4.67% | 1.79% |
| Samvardhana Motherson International Ltd. | 2.99% | 1.72% |
| Vedanta Aluminium Metal Ltd. | 2.43% | 1.67% |
| Cummins India Ltd. | 2.65% | 1.53% |
| TVS Motor Company Ltd. | 1.19% | 2.30% |
| Cipla Ltd. | 1.00% | 1.81% |
| Siemens Ltd. | 1.91% | 0.79% |
| UPL Ltd. | 0.87% | 0.72% |
| Hyundai Motor India Ltd. | 3.23% | 0.69% |
| SIEMENS ENERGY INDIA LTD | 2.25% | 0.68% |
| Supreme Industries Ltd. | 2.41% | 0.53% |
| Tata Motors Passenger Vehicles Ltd. | 0.51% | 1.42% |
| Coromandel International Ltd. | 0.64% | 0.50% |
| Blue Star Ltd. | 1.15% | 0.47% |
| PI Industries Ltd. | 2.04% | 0.45% |
| Crompton Greaves Consumer Electricals Ltd. | 0.97% | 0.32% |
| K.P.R. Mill Ltd. | 0.71% | 0.29% |
| Anthem Biosciences Ltd | 0.23% | 0.22% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 39.5% means 39.5% 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 Manufacturing Fund
| Security | % of fund |
|---|---|
| Larsen & Toubro Ltd. | 3.31% |
| Ultratech Cement Ltd. | 2.85% |
| Voltamp Transformers Ltd. | 2.76% |
| Jindal Stainless Ltd. | 2.29% |
| Godrej Consumer Products Ltd. | 1.78% |
Largest holdings only in Navi Nifty India Manufacturing Index Fund
| Security | % of fund |
|---|---|
| TATA STEEL LIMITED | 3.65% |
| BAJAJ AUTO LIMITED | 2.83% |
| DIVI'S LABORATORIES LIMITED | 2.82% |
| EICHER MOTORS LIMITED | 2.35% |
| HINDUSTAN AERONAUTICS LIMITED | 2.11% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ICICI Prudential Manufacturing | Navi Nifty India Manufacturing Index |
|---|---|---|
| Equity | 97.0% | 99.7% |
| Debt | 0.2% | 0.0% |
| Cash and others | 2.9% | 0.3% |
Market cap of stocks
| Market cap | ICICI Prudential Manufacturing | Navi Nifty India Manufacturing Index |
|---|---|---|
| Large Cap | 50.9% | 69.0% |
| Mid Cap | 21.7% | 27.5% |
| Small Cap | 23.5% | 3.2% |
| Not on AMFI's list | 0.9% | 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 Manufacturing | Navi Nifty India Manufacturing Index |
|---|---|---|
| PHARMACEUTICALS & BIOTECHNOLOGY | 0.0% | 18.5% |
| AUTOMOBILES | 0.0% | 18.3% |
| Pharmaceuticals & Biotechnology | 14.6% | 0.0% |
| Automobiles | 14.6% | 0.0% |
| Industrial Products | 9.0% | 0.0% |
| Electrical Equipment | 8.5% | 0.0% |
| PETROLEUM PRODUCTS | 0.0% | 7.6% |
| FERROUS METALS | 0.0% | 7.5% |
| ELECTRICAL EQUIPMENT | 0.0% | 7.0% |
| AUTO COMPONENTS | 0.0% | 7.0% |
| Cement & Cement Products | 7.0% | 0.0% |
| Petroleum Products | 5.9% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
ICICI Prudential Manufacturing vs Navi Nifty India Manufacturing Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ICICI Prudential Manufacturing Fund | Navi Nifty India Manufacturing Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.20% | 0.58% |
| Base expense ratio (Direct) | 0.74% | 0.40% |
| Total expense ratio (Regular) | 2.12% | 1.17% |
| Base expense ratio (Regular) | 1.55% | 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
Compare ICICI Prudential Manufacturing with
- ICICI Prudential Manufacturing vs Nippon India Taiwan Equity
- ICICI Prudential Manufacturing vs HDFC Defence
- ICICI Prudential Manufacturing vs HDFC Pharma and Healthcare
- ICICI Prudential Manufacturing vs SBI Healthcare Opportunities
- ICICI Prudential Manufacturing vs Aditya Birla Sun Life International Equity
ICICI Prudential Manufacturing Fund vs Navi Nifty India Manufacturing Index Fund: Frequently Asked Questions
What is the difference between ICICI Prudential Manufacturing Fund and Navi Nifty India Manufacturing Index Fund?
ICICI Prudential Manufacturing Fund is a Thematic fund, Navi Nifty India Manufacturing Index Fund is an Index fund, run by ICICI Prudential Mutual Fund and Navi Mutual Fund. Their portfolios overlap 39.5%. ICICI Prudential Manufacturing Fund charges 1.20% a year and Navi Nifty India Manufacturing Index Fund 0.58%.
Which has given higher returns, ICICI Prudential Manufacturing Fund or Navi Nifty India Manufacturing Index Fund?
Over 1 year: ICICI Prudential Manufacturing Fund −0.08%, Navi Nifty India Manufacturing Index Fund −2.12%. Over 3 years: ICICI Prudential Manufacturing Fund +17.66% a year, Navi Nifty India Manufacturing Index Fund +16.64% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ICICI Prudential Manufacturing Fund or Navi Nifty India Manufacturing Index Fund?
Navi Nifty India Manufacturing Index Fund charges less: 0.58% a year against 1.20%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ICICI Prudential Manufacturing Fund and Navi Nifty India Manufacturing Index Fund overlap?
39.5%. They hold 25 of the same securities, the largest shared ones being M&M, RELIANCE, SUNPHARMA. From each fund's latest monthly portfolio.
Which is better for SIP, ICICI Prudential Manufacturing Fund or Navi Nifty India Manufacturing Index Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,11,442 in ICICI Prudential Manufacturing Fund (XIRR 6.8% a year) and ₹4,05,590 in Navi Nifty India Manufacturing Index Fund (XIRR 5.9% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both ICICI Prudential Manufacturing Fund and Navi Nifty India Manufacturing Index Fund?
Yes. 39.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ICICI Prudential Manufacturing Fund and Navi Nifty India Manufacturing Index Fund?
ICICI Prudential Manufacturing Fund: Roshan Chutkey, Sharmila D’silva. Navi Nifty India Manufacturing Index Fund: Ashutosh Shirwaikar.
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.