Motilal Oswal Business Cycle Fund vs Motilal Oswal Digital India Fund
Direct Plan, Growth option · Data as on 30-10-2026
Motilal Oswal Business Cycle Fund is a Thematic fund and Motilal Oswal Digital India Fund is a Thematic fund. In the year to 30-10-2026, Motilal Oswal Business Cycle Fund (Direct) returned −9.6% and Motilal Oswal Digital India Fund (Direct) returned −2.7%. Motilal Oswal Business Cycle Fund charges 1.43% a year and Motilal Oswal Digital India Fund 1.06% (Direct plans). Their portfolios overlap 29.5%: they hold 9 of the same securities.
Motilal Oswal Business Cycle Fund
Thematic
- 1 year return
- −9.6%
- Expense ratio
- 1.43%
- NAV
- ₹12.09
Motilal Oswal Digital India Fund
Thematic
- 1 year return
- −2.7%
- Expense ratio
- 1.06%
- NAV
- ₹10.50
Which is better, Motilal Oswal Business Cycle or Motilal Oswal Digital India? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Motilal Oswal Digital India returned more over 1 year: −2.7% against −9.6%.
- Motilal Oswal Digital India costs less: 1.06% a year against 1.43% (Direct plans).
- Motilal Oswal Business Cycle fell less in its worst fall since 08-11-2024: −25.0% against −30.3%.
- Motilal Oswal Business Cycle holds more in large companies: 30.9% of the fund in large caps against 9.8%.
- Motilal Oswal Business Cycle is the larger fund: ₹1,449 Cr against ₹989 Cr.
- Their portfolios overlap 29.5%: 9 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 | Motilal Oswal Business Cycle Fund | Motilal Oswal Digital India Fund |
|---|---|---|
| Fund house | Motilal Oswal Mutual Fund | Motilal Oswal Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹1,449 Cr (30-09-2026) | ₹989 Cr (30-09-2026) |
| NAV | ₹12.09 (Direct) | ₹10.50 (Direct) |
| Expense ratio (Direct) | 1.43% | 1.06% |
| Expense ratio (Regular) | 2.51% | 2.35% |
| Riskometer | Very High | Not available |
| Benchmark | Nifty 500 TRI | Not available |
| Launch date | 27-08-2024 | Not available |
| Minimum investment | ₹500 | Not available |
| Lock in | None | Not available |
| Fund managers | Ajay Khandelwal, Ankit Agarwal, Varun Sharma, Atul Mehra, Rakesh Shetty, Swapnil Mayekar | Not available |
| Exit load | 1% - If redeemed on or before 3 Months from the date of allotment. Nil - If redeemed after 3 Months from the date of allotment. | Not available |
Motilal Oswal Business Cycle vs Motilal Oswal Digital India: 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 |
|---|---|---|---|---|---|---|---|
| Motilal Oswal Business Cycle Fund (Direct) | −4.12% | −3.93% | +7.60% | −9.63% | -- | -- | -- |
| Motilal Oswal Digital India Fund (Direct) | −2.72% | +3.67% | +22.16% | −2.68% | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
Motilal Oswal Business Cycle vs Motilal Oswal Digital India: Year-wise Returns
| Year | Business CycleMotilal Oswal Business Cycle | Digital IndiaMotilal Oswal Digital India |
|---|---|---|
| 2026to date | −4.93% | −0.29% |
| 2025 | −2.30% | −0.88% |
Motilal Oswal Business Cycle vs Motilal Oswal Digital India: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Motilal Oswal Business Cycle Fund
Rolling returns
Every 1-year holding period, 240 of them, one for each trading day from 10-11-2025 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.
Motilal Oswal Business Cycle Fund (Direct)
Motilal Oswal Digital India Fund (Direct)
Nifty 500 TRI
to
Dec 2025Feb 2025
to
Feb 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Aug 2025
to
Aug 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Motilal Oswal Business Cycle | 57.1 | 27.9 | 10.0 | 2.5 | 2.5 | 0.0 | 0.0 | −0.7% | −0.9% | −12.7% | 18.6% | 19% |
| Motilal Oswal Digital India | 56.7 | 29.6 | 12.9 | 0.8 | 0.0 | 0.0 | 0.0 | −1.5% | −1.0% | −16.9% | 11.8% | 15% |
| Nifty 500 TRI | 24.6 | 32.5 | 30.8 | 9.6 | 2.5 | 0.0 | 0.0 | 3.8% | 3.4% | −9.0% | 15.9% | -- |
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 08-11-2024. Past returns do not promise future returns.
Motilal Oswal Business Cycle vs Motilal Oswal Digital India: 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 04-11-2024 to 30-10-2026: 24 instalments, ₹2,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Motilal Oswal Business CycleMotilal Oswal Business Cycle Fund (Direct) | ₹2,40,000 | ₹2,40,583 | ₹583 | 0.2% |
| Motilal Oswal Digital IndiaMotilal Oswal Digital India Fund (Direct) | ₹2,40,000 | ₹2,60,234 | ₹20,234 | 8.0% |
Motilal Oswal Business CycleMotilal Oswal Business Cycle Fund (Direct)
Motilal Oswal Digital IndiaMotilal Oswal Digital India 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.
Motilal Oswal Business Cycle vs Motilal Oswal Digital India: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Motilal Oswal Business Cycle Fund (Direct) | Motilal Oswal Digital India Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.63% | −2.68% |
| Standard deviation | 18.10% | 22.77% |
| Sharpe ratio | -0.82 | -0.35 |
| Sortino ratio | -1.13 | -0.50 |
| Maximum drawdown | −25.0% (23-03-2026) | −30.3% (31-03-2026) |
| Beta | 1.10 | 0.76 |
| Alpha | −0.98% | +1.66% |
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 | Motilal Oswal Business Cycle Fund (Direct) | Motilal Oswal Digital India Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.63% | +2.62% |
| Standard deviation | 18.65% | 21.32% |
| Sharpe ratio | 0.05 | -0.14 |
| Sortino ratio | 0.07 | -0.20 |
| Maximum drawdown | −25.0% (23-03-2026) | −30.3% (31-03-2026) |
| Beta | 1.10 | 0.76 |
| Alpha | +10.31% | +6.27% |
From daily NAVs, 02-09-2024 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.
Motilal Oswal Business Cycle Fund (Direct)
Motilal Oswal Digital India Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Motilal Oswal Business Cycle Fund (Direct) | −25.0% | 17-11-2025 | 23-03-2026 | Not yet | -- | −10.8% |
| Motilal Oswal Digital India Fund (Direct) | −30.3% | 04-12-2025 | 31-03-2026 | 07-09-2026 | 5 months | −10.8% |
| Nifty 500 TRI | −14.7% | 13-12-2024 | 28-02-2025 | 09-06-2025 | 3 months | −8.4% |
From daily values since 08-11-2024, 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.
Motilal Oswal Business Cycle Fund (Direct)
Motilal Oswal Digital India Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Motilal Oswal Business Cycle Fund (Direct) | 103% | 103% | 13.97% |
| Motilal Oswal Digital India Fund (Direct) | 95% | 78% | 18.22% |
From month-end values since 08-11-2024. 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.
Motilal Oswal Business Cycle vs Motilal Oswal Digital India: Portfolio Overlap
From each fund's latest monthly portfolio: Motilal Oswal Business Cycle Fund, September 2026; Motilal Oswal Digital India Fund, September 2026
Holdings in common
- Overlap
- 29.5%
- Held by both
- 9
- Only in Motilal Oswal Business Cycle
- 25
- Only in Motilal Oswal Digital India
- 18
| Security | % of Motilal Oswal Business Cycle | % of Motilal Oswal Digital India |
|---|---|---|
| Eternal Limited | 5.65% | 6.37% |
| Coforge Limited | 4.65% | 5.65% |
| One 97 Communications Limited | 3.46% | 5.48% |
| Firstsource Solutions Limited | 2.95% | 4.29% |
| Billionbrains Garage Ventures Ltd | 2.94% | 3.40% |
| Urban Company Ltd | 3.35% | 2.92% |
| ESDS Software Solution Ltd | 2.81% | 15.73% |
| Emmvee Photovoltaic Power Limited | 3.17% | 2.06% |
| Wework India Management Limited | 2.15% | 2.06% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 29.5% means 29.5% 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 Motilal Oswal Business Cycle Fund
| Security | % of fund |
|---|---|
| RBL Bank Limited | 4.37% |
| Kalyan Jewellers India Limited | 4.09% |
| Max Healthcare Institute Limited | 3.40% |
| IndusInd Bank Limited | 3.29% |
| Prestige Estates Projects Limited | 3.24% |
Largest holdings only in Motilal Oswal Digital India Fund
| Security | % of fund |
|---|---|
| Hexaware Technologies Limited | 4.75% |
| PB Fintech Limited | 4.20% |
| Zensar Technologies Limited | 4.19% |
| Info Edge India Ltd | 3.69% |
| Meesho Ltd | 3.36% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Motilal Oswal Business Cycle | Motilal Oswal Digital India |
|---|---|---|
| Equity | 98.1% | 93.4% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.9% | 6.6% |
Market cap of stocks
| Market cap | Motilal Oswal Business Cycle | Motilal Oswal Digital India |
|---|---|---|
| Large Cap | 30.9% | 9.8% |
| Mid Cap | 32.8% | 22.4% |
| Small Cap | 31.6% | 45.5% |
| Not on AMFI's list | 2.8% | 15.7% |
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 | Motilal Oswal Business Cycle | Motilal Oswal Digital India |
|---|---|---|
| IT - Software | 7.8% | 29.0% |
| IT - Services | 2.8% | 17.7% |
| Retailing | 9.1% | 16.3% |
| Financial Technology (Fintech) | 3.5% | 12.1% |
| Auto Components | 10.0% | 0.0% |
| Banks | 9.9% | 0.0% |
| Commercial Services & Supplies | 5.1% | 9.7% |
| Finance | 9.2% | 0.0% |
| Electrical Equipment | 8.4% | 2.1% |
| Capital Markets | 6.0% | 3.4% |
The six largest sectors of each fund's stocks, % of the fund.
Motilal Oswal Business Cycle vs Motilal Oswal Digital India: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Motilal Oswal Business Cycle Fund | Motilal Oswal Digital India Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.43% | 1.06% |
| Base expense ratio (Direct) | 0.87% | 0.74% |
| Total expense ratio (Regular) | 2.51% | 2.35% |
| Base expense ratio (Regular) | 1.84% | 1.93% |
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 Motilal Oswal Business Cycle with
Compare Motilal Oswal Digital India with
Motilal Oswal Business Cycle Fund vs Motilal Oswal Digital India Fund: Frequently Asked Questions
What is the difference between Motilal Oswal Business Cycle Fund and Motilal Oswal Digital India Fund?
Motilal Oswal Business Cycle Fund is a Thematic fund, Motilal Oswal Digital India Fund is a Thematic fund, run by Motilal Oswal Mutual Fund. Their portfolios overlap 29.5%. Motilal Oswal Business Cycle Fund charges 1.43% a year and Motilal Oswal Digital India Fund 1.06%.
Which has given higher returns, Motilal Oswal Business Cycle Fund or Motilal Oswal Digital India Fund?
Over 1 year: Motilal Oswal Business Cycle Fund −9.63%, Motilal Oswal Digital India Fund −2.68%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Motilal Oswal Business Cycle Fund or Motilal Oswal Digital India Fund?
Motilal Oswal Digital India Fund charges less: 1.06% a year against 1.43%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Motilal Oswal Business Cycle Fund and Motilal Oswal Digital India Fund overlap?
29.5%. They hold 9 of the same securities, the largest shared ones being ETERNAL, COFORGE, PAYTM. From each fund's latest monthly portfolio.
Can I invest in both Motilal Oswal Business Cycle Fund and Motilal Oswal Digital India Fund?
Yes. 29.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
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.