Invesco India Business Cycle Fund vs Invesco India Mid cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Invesco India Business Cycle Fund is a Thematic fund and Invesco India Mid cap Fund is a Mid Cap fund. In the year to 30-10-2026, Invesco India Business Cycle Fund (Direct) returned 8.0% and Invesco India Mid cap Fund (Direct) returned −0.5%. Invesco India Business Cycle Fund charges 0.84% a year and Invesco India Mid cap Fund 0.77% (Direct plans). Their portfolios overlap 46.2%: they hold 26 of the same securities.
Invesco India Business Cycle Fund
Thematic
- 1 year return
- 8.0%
- Expense ratio
- 0.84%
- NAV
- ₹14.25
Invesco India Mid cap Fund
Mid Cap
- 1 year return
- −0.5%
- Expense ratio
- 0.77%
- NAV
- ₹223.87
Which is better, Invesco India Business Cycle or Invesco India Mid cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Invesco India Business Cycle returned more over 1 year: 8.0% against −0.5%.
- Invesco India Mid cap costs less: 0.77% a year against 0.84% (Direct plans).
- Invesco India Business Cycle fell less in its worst fall since 03-03-2025: −16.0% against −16.7%.
- Invesco India Business Cycle holds more in large companies: 46.3% of the fund in large caps against 15.3%.
- Invesco India Mid cap is the larger fund: ₹15,749 Cr against ₹1,373 Cr.
- Their portfolios overlap 46.2%: 26 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 | Invesco India Business Cycle Fund | Invesco India Mid cap Fund |
|---|---|---|
| Fund house | Invesco Mutual Fund | Invesco Mutual Fund |
| Category | Thematic | Mid Cap |
| AUM | ₹1,373 Cr (30-09-2026) | ₹15,749 Cr (30-09-2026) |
| NAV | ₹14.25 (Direct) | ₹223.87 (Direct) |
| Expense ratio (Direct) | 0.84% | 0.77% |
| Expense ratio (Regular) | 2.28% | 1.87% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | BSE Midcap 150 TRI |
| Launch date | 27-02-2025 | 19-04-2007 |
| Minimum investment | Not available | Not available |
| Lock in | None | None |
| Fund managers | Aditya Khemani | Aditya Khemani |
| Exit load | Exit load of 0.50%, if redeemed within 3 months. | Exit load for units in excess of 10% of the investment, 1% will be charged for redemption within 1 year. |
Invesco India Business Cycle vs Invesco India Mid cap: 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 |
|---|---|---|---|---|---|---|---|
| Invesco India Business Cycle Fund (Direct) | +0.71% | −1.72% | +10.89% | +8.04% | -- | -- | -- |
| Invesco India Mid cap Fund (Direct) | −3.23% | −6.81% | +3.14% | −0.48% | +21.77% | +17.38% | +18.35% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
| Mid Cap average | −3.36% | −6.03% | −0.14% | −2.17% | +14.75% | +12.95% | +14.07% |
Category average: the average of the 235 Thematic funds and the 34 Mid Cap funds, same plan type.
Invesco India Business Cycle vs Invesco India Mid cap: Year-wise Returns
| Year | Business CycleInvesco India Business Cycle | Mid capInvesco India Mid cap |
|---|---|---|
| 2026to date | +10.89% | +1.00% |
| 2025 | -- | +7.61% |
| 2024 | -- | +44.96% |
| 2023 | -- | +35.85% |
| 2022 | -- | +1.98% |
| 2021 | -- | +45.24% |
Invesco India Business Cycle vs Invesco India Mid cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Invesco India Business Cycle Fund
Rolling returns
Every 1-year holding period, 162 of them, one for each trading day from 04-03-2026 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.
Invesco India Business Cycle Fund (Direct)
Invesco India Mid cap Fund (Direct)
Nifty 500 TRI
to
Mar 2026May 2025
to
May 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Invesco India Business Cycle | 0.0 | 1.9 | 11.7 | 28.4 | 47.5 | 10.5 | 0.0 | 15.0% | 15.4% | 2.6% | 24.7% | 100% |
| Invesco India Mid cap | 3.7 | 9.3 | 27.8 | 40.1 | 15.4 | 3.7 | 0.0 | 10.7% | 10.8% | −4.0% | 21.5% | 100% |
| Nifty 500 TRI | 36.4 | 40.7 | 19.8 | 3.1 | 0.0 | 0.0 | 0.0 | 1.5% | 1.1% | −9.0% | 13.6% | -- |
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 03-03-2025. Past returns do not promise future returns.
Invesco India Business Cycle vs Invesco India Mid cap: 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 03-03-2025 to 30-10-2026: 20 instalments, ₹2,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Invesco India Business CycleInvesco India Business Cycle Fund (Direct) | ₹2,00,000 | ₹2,28,762 | ₹28,762 | 16.4% |
| Invesco India Mid capInvesco India Mid cap Fund (Direct) | ₹2,00,000 | ₹2,10,624 | ₹10,624 | 6.1% |
Invesco India Business CycleInvesco India Business Cycle Fund (Direct)
Invesco India Mid capInvesco India Mid cap 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.
Invesco India Business Cycle vs Invesco India Mid cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Invesco India Business Cycle Fund (Direct) | Invesco India Mid cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.04% | −0.48% |
| Standard deviation | 17.88% | 17.52% |
| Sharpe ratio | 0.16 | -0.33 |
| Sortino ratio | 0.22 | -0.46 |
| Maximum drawdown | −15.9% (30-03-2026) | −16.7% (30-03-2026) |
| Beta | 1.16 | 1.01 |
| Alpha | +17.43% | +4.84% |
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 | Invesco India Business Cycle Fund (Direct) | Invesco India Mid cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +25.70% | +20.14% |
| Standard deviation | 17.41% | 15.93% |
| Sharpe ratio | 1.16 | 0.88 |
| Sortino ratio | 1.73 | 1.19 |
| Maximum drawdown | −16.0% (30-03-2026) | −34.1% (23-03-2020) |
| Beta | 1.16 | 0.91 |
| Alpha | +18.46% | +4.31% |
From daily NAVs, 03-03-2025 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.
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.
Invesco India Business Cycle Fund (Direct)
Invesco India Mid cap Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Invesco India Business Cycle Fund (Direct) | −16.0% | 29-10-2025 | 30-03-2026 | 06-05-2026 | 37 days | −4.0% |
| Invesco India Mid cap Fund (Direct) | −16.7% | 26-11-2025 | 30-03-2026 | 08-05-2026 | 39 days | −9.2% |
| Nifty 500 TRI | −14.7% | 02-01-2026 | 30-03-2026 | Not yet | -- | −8.4% |
From daily values since 03-03-2025, 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.
Invesco India Business Cycle Fund (Direct)
Invesco India Mid cap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Invesco India Business Cycle Fund (Direct) | 172% | 80% | 8.33% |
| Invesco India Mid cap Fund (Direct) | 164% | 113% | 7.93% |
From month-end values since 03-03-2025. 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.
Invesco India Business Cycle vs Invesco India Mid cap: Portfolio Overlap
From each fund's latest monthly portfolio: Invesco India Business Cycle Fund, September 2026; Invesco India Mid cap Fund, September 2026
Holdings in common
- Overlap
- 46.2%
- Held by both
- 26
- Only in Invesco India Business Cycle
- 9
- Only in Invesco India Mid cap
- 17
| Security | % of Invesco India Business Cycle | % of Invesco India Mid cap |
|---|---|---|
| Prestige Estates Projects Limited | 3.59% | 7.33% |
| Eternal Limited | 3.52% | 4.14% |
| Sai Life Sciences Limited | 5.25% | 3.31% |
| BSE Limited | 3.07% | 3.06% |
| Max Healthcare Institute Limited | 2.99% | 7.21% |
| InterGlobe Aviation Limited | 4.22% | 2.92% |
| The Federal Bank Limited | 2.90% | 5.37% |
| AU Small Finance Bank Limited | 2.86% | 3.81% |
| IndusInd Bank Limited | 2.62% | 3.51% |
| Aditya Infotech Limited | 5.03% | 2.47% |
| L&T Finance Limited | 2.31% | 3.91% |
| Global Health Limited | 2.19% | 3.97% |
| JK Cement Limited | 1.78% | 2.90% |
| Amber Enterprises India Limited | 2.73% | 1.73% |
| Trent Limited | 2.93% | 1.63% |
| Glenmark Pharmaceuticals Limited | 1.31% | 2.76% |
| The Phoenix Mills Limited | 0.94% | 1.19% |
| Krishna Institute Of Medical Sciences Limited | 2.08% | 0.92% |
| Dixon Technologies (India) Limited | 0.86% | 1.29% |
| Max Estates Limited | 1.69% | 0.50% |
| Timken India Limited | 0.50% | 0.54% |
| Wework India Management Limited | 2.57% | 0.37% |
| Ethos Ltd. | 0.37% | 0.84% |
| Bansal Wire Industries Limited | 0.35% | 0.48% |
| Carborundum Universal Limited | 0.40% | 0.11% |
| Sonata Software Limited | 1.44% | 0.06% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 46.2% means 46.2% 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 Invesco India Business Cycle Fund
| Security | % of fund |
|---|---|
| Kotak Mahindra Bank Ltd | 6.03% |
| Axis Bank Limited | 6.00% |
| Apollo Hospitals Enterprise Limited | 5.99% |
| DLF Limited | 5.62% |
| Larsen & Toubro Limited | 4.70% |
Largest holdings only in Invesco India Mid cap Fund
| Security | % of fund |
|---|---|
| Meesho Ltd | 5.42% |
| Manipal Health Enterprises Ltd | 4.44% |
| Max Financial Services Limited | 3.15% |
| Bharat Forge Limited | 2.81% |
| ABB India Limited | 2.56% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Invesco India Business Cycle | Invesco India Mid cap |
|---|---|---|
| Equity | 96.0% | 98.7% |
| Debt | 0.0% | 0.0% |
| Cash and others | 4.0% | 1.3% |
Market cap of stocks
| Market cap | Invesco India Business Cycle | Invesco India Mid cap |
|---|---|---|
| Large Cap | 46.3% | 15.3% |
| Mid Cap | 24.7% | 61.0% |
| Small Cap | 25.1% | 17.9% |
| Not on AMFI's list | 0.0% | 4.6% |
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 | Invesco India Business Cycle | Invesco India Mid cap |
|---|---|---|
| Banks | 20.4% | 12.7% |
| Healthcare Services | 13.3% | 17.2% |
| Retailing | 6.5% | 14.7% |
| Realty | 11.8% | 9.0% |
| Pharmaceuticals & Biotechnology | 6.6% | 7.0% |
| Finance | 5.1% | 3.9% |
| Auto Components | 0.0% | 5.0% |
The six largest sectors of each fund's stocks, % of the fund.
Invesco India Business Cycle vs Invesco India Mid cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Invesco India Business Cycle Fund | Invesco India Mid cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.84% | 0.77% |
| Base expense ratio (Direct) | 0.58% | 0.50% |
| Total expense ratio (Regular) | 2.28% | 1.87% |
| Base expense ratio (Regular) | 1.84% | 1.45% |
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 Invesco India Business Cycle with
Invesco India Business Cycle Fund vs Invesco India Mid cap Fund: Frequently Asked Questions
What is the difference between Invesco India Business Cycle Fund and Invesco India Mid cap Fund?
Invesco India Business Cycle Fund is a Thematic fund, Invesco India Mid cap Fund is a Mid Cap fund, run by Invesco Mutual Fund. Their portfolios overlap 46.2%. Invesco India Business Cycle Fund charges 0.84% a year and Invesco India Mid cap Fund 0.77%.
Which has given higher returns, Invesco India Business Cycle Fund or Invesco India Mid cap Fund?
Over 1 year: Invesco India Business Cycle Fund +8.04%, Invesco India Mid cap Fund −0.48%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Invesco India Business Cycle Fund or Invesco India Mid cap Fund?
Invesco India Mid cap Fund charges less: 0.77% a year against 0.84%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Invesco India Business Cycle Fund and Invesco India Mid cap Fund overlap?
46.2%. They hold 26 of the same securities, the largest shared ones being PRESTIGE, ETERNAL, SAILIFE. From each fund's latest monthly portfolio.
Which is riskier, Invesco India Business Cycle Fund or Invesco India Mid cap Fund?
On SEBI's riskometer, Invesco India Business Cycle Fund is rated Very High and Invesco India Mid cap Fund Very High. Over 1 years, the standard deviation of daily returns was 17.88% and 17.52% a year.
Can I invest in both Invesco India Business Cycle Fund and Invesco India Mid cap Fund?
Yes. 46.2% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Invesco India Business Cycle Fund and Invesco India Mid cap Fund?
Invesco India Business Cycle Fund: Aditya Khemani. Invesco India Mid cap Fund: Aditya Khemani.
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.