Navi Nifty India Manufacturing Index Fund vs Nippon India NIFTY India Manufacturing ETF
Direct Plan, Growth option · Data as on 30-10-2026
Navi Nifty India Manufacturing Index Fund is an Index fund and Nippon India NIFTY India Manufacturing ETF is a mutual fund. In the year to 30-10-2026, Navi Nifty India Manufacturing Index Fund (Direct) returned −2.1% and Nippon India NIFTY India Manufacturing ETF (Direct) returned −1.9%. Navi Nifty India Manufacturing Index Fund charges 0.58% a year and Nippon India NIFTY India Manufacturing ETF 0.30% (Direct plans). Their portfolios overlap 99.7%: they hold 77 of the same securities.
Navi Nifty India Manufacturing Index Fund
Index
- 1 year return
- −2.1%
- Expense ratio
- 0.58%
- NAV
- ₹18.14
Nippon India NIFTY India Manufacturing ETF
- 1 year return
- −1.9%
- Expense ratio
- 0.30%
- NAV
- ₹149.82
Which is better, Navi Nifty India Manufacturing Index or Nippon India NIFTY India Manufacturing ETF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Nippon India NIFTY India Manufacturing ETF returned more over 1 year: −1.9% against −2.1%.
- Nippon India NIFTY India Manufacturing ETF costs less: 0.30% a year against 0.58% (Direct plans).
- Nippon India NIFTY India Manufacturing ETF fell less in its worst fall since 28-08-2025: −12.8% against −12.9%.
- Navi Nifty India Manufacturing Index is the larger fund: ₹83 Cr against ₹16 Cr.
- Their portfolios overlap 99.7%: 77 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 | Navi Nifty India Manufacturing Index Fund | Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| Fund house | Navi Mutual Fund | Nippon India Mutual Fund |
| Category | Index | Not available |
| AUM | ₹83 Cr (30-09-2026) | ₹16 Cr (30-09-2026) |
| NAV | ₹18.14 (Direct) | ₹149.82 (Direct) |
| Expense ratio (Direct) | 0.58% | 0.30% |
| Expense ratio (Regular) | 1.17% | Not available |
| Riskometer | Very High | Not available |
| Benchmark | Nifty India Manufacturing TRI | Not available |
| Launch date | 26-08-2022 | Not available |
| Minimum investment | ₹100 | Not available |
| Lock in | None | Not available |
| Fund managers | Ashutosh Shirwaikar | Not available |
| Exit load | NIL | Not available |
Navi Nifty India Manufacturing Index vs Nippon India NIFTY India Manufacturing 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 |
|---|---|---|---|---|---|---|---|
| Navi Nifty India Manufacturing Index Fund (Direct) | −3.59% | −7.61% | −3.86% | −2.12% | +16.64% | -- | -- |
| Nippon India NIFTY India Manufacturing ETF (Direct) | −3.56% | −7.52% | −3.68% | −1.94% | -- | -- | -- |
Navi Nifty India Manufacturing Index vs Nippon India NIFTY India Manufacturing ETF: Year-wise Returns
| Year | Navi Nifty India Manufacturing IndexNavi Nifty India Manufacturing Index | Nippon India NIFTY India Manufacturing ETFNippon India NIFTY India Manufacturing ETF | Nifty India Manufacturing TRI |
|---|---|---|---|
| 2026to date | −2.82% | −2.73% | −2.54% |
| 2025 | +11.85% | -- | +12.28% |
| 2024 | +25.19% | -- | +25.99% |
| 2023 | +34.44% | -- | +34.87% |
Navi Nifty India Manufacturing Index vs Nippon India NIFTY India Manufacturing ETF: Rolling Returns
Every holding period of both funds, against Nifty India Manufacturing TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 41 of them, one for each trading day from 28-08-2026 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.
Navi Nifty India Manufacturing Index Fund (Direct)
Nippon India NIFTY India Manufacturing ETF (Direct)
Nifty India Manufacturing TRI
to
Sept 2026Sept 2025
to
Sept 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 2026Oct 2025
to
Oct 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Navi Nifty India Manufacturing Index | 14.6 | 39.0 | 29.3 | 12.2 | 4.9 | 0.0 | 0.0 | 4.7% | 4.6% | −3.8% | 16.9% | 0% |
| Nippon India NIFTY India Manufacturing ETF | 14.6 | 36.6 | 29.3 | 14.6 | 4.9 | 0.0 | 0.0 | 4.9% | 4.7% | −3.6% | 17.0% | 0% |
| Nifty India Manufacturing TRI | 14.6 | 36.6 | 29.3 | 14.6 | 4.9 | 0.0 | 0.0 | 5.2% | 5.0% | −3.4% | 17.4% | -- |
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 28-08-2025. Past returns do not promise future returns.
Navi Nifty India Manufacturing Index vs Nippon India NIFTY India Manufacturing 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 01-08-2025 to 30-10-2026: 15 instalments, ₹1,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Navi Nifty India Manufacturing IndexNavi Nifty India Manufacturing Index Fund (Direct) | ₹1,50,000 | ₹1,46,746 | −₹3,254 | −3.3% |
| Nippon India NIFTY India Manufacturing ETFNippon India NIFTY India Manufacturing ETF (Direct) | ₹1,50,000 | ₹1,46,874 | −₹3,126 | −3.2% |
Navi Nifty India Manufacturing IndexNavi Nifty India Manufacturing Index Fund (Direct)
Nippon India NIFTY India Manufacturing ETFNippon India NIFTY India Manufacturing ETF (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.
Navi Nifty India Manufacturing Index vs Nippon India NIFTY India Manufacturing ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Navi Nifty India Manufacturing Index Fund (Direct) | Nippon India NIFTY India Manufacturing ETF (Direct) |
|---|---|---|
| Return (CAGR) | −2.12% | −1.94% |
| Standard deviation | 15.83% | 16.06% |
| Sharpe ratio | -0.47 | -0.45 |
| Sortino ratio | -0.62 | -0.60 |
| Maximum drawdown | −12.9% (23-10-2026) | −12.8% (23-10-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.43% | −0.24% |
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 | Navi Nifty India Manufacturing Index Fund (Direct) | Nippon India NIFTY India Manufacturing ETF (Direct) |
|---|---|---|
| Return (CAGR) | +15.55% | +4.20% |
| Standard deviation | 14.70% | 15.28% |
| Sharpe ratio | 0.64 | -0.07 |
| Sortino ratio | 0.87 | -0.10 |
| Maximum drawdown | −23.0% (07-04-2025) | −12.8% (23-10-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.50% | −0.28% |
From daily NAVs, 29-08-2022 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.
Navi Nifty India Manufacturing Index Fund (Direct)
Nippon India NIFTY India Manufacturing ETF (Direct)
Nifty India Manufacturing TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Navi Nifty India Manufacturing Index Fund (Direct) | −12.9% | 07-08-2026 | 23-10-2026 | Not yet | -- | −10.6% |
| Nippon India NIFTY India Manufacturing ETF (Direct) | −12.8% | 07-08-2026 | 23-10-2026 | Not yet | -- | −10.5% |
| Nifty India Manufacturing TRI | −12.8% | 07-08-2026 | 23-10-2026 | Not yet | -- | −10.5% |
From daily values since 28-08-2025, 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.
Navi Nifty India Manufacturing Index Fund (Direct)
Nippon India NIFTY India Manufacturing ETF (Direct)
Nifty India Manufacturing TRI
Against Nifty India Manufacturing TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Navi Nifty India Manufacturing Index Fund (Direct) | 98% | 100% | 0.14% |
| Nippon India NIFTY India Manufacturing ETF (Direct) | 99% | 100% | 0.05% |
From month-end values since 28-08-2025. 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.
Navi Nifty India Manufacturing Index vs Nippon India NIFTY India Manufacturing ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Navi Nifty India Manufacturing Index Fund, September 2026; Nippon India NIFTY India Manufacturing ETF, September 2026
Holdings in common
- Overlap
- 99.7%
- Held by both
- 77
- Only in Navi Nifty India Manufacturing Index
- 0
- Only in Nippon India NIFTY India Manufacturing ETF
- 0
| Security | % of Navi Nifty India Manufacturing Index | % of Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| MAHINDRA & MAHINDRA LIMITED | 4.98% | 4.98% |
| RELIANCE INDUSTRIES LIMITED | 4.96% | 4.96% |
| SUN PHARMACEUTICAL INDUSTRIES LIMITED | 4.59% | 4.59% |
| MARUTI SUZUKI INDIA LIMITED | 3.71% | 3.71% |
| TATA STEEL LIMITED | 3.65% | 3.65% |
| BHARAT ELECTRONICS LIMITED | 3.32% | 3.32% |
| HINDALCO INDUSTRIES LIMITED | 3.25% | 3.25% |
| JSW STEEL LIMITED | 2.88% | 2.88% |
| BAJAJ AUTO LIMITED | 2.83% | 2.83% |
| DIVI'S LABORATORIES LIMITED | 2.82% | 2.82% |
| EICHER MOTORS LIMITED | 2.35% | 2.35% |
| TVS MOTOR COMPANY LIMITED | 2.30% | 2.30% |
| HINDUSTAN AERONAUTICS LIMITED | 2.11% | 2.11% |
| TATA MOTORS LIMITED | 2.10% | 2.10% |
| LAURUS LABS LIMITED | 1.84% | 1.84% |
| CIPLA LIMITED | 1.81% | 1.81% |
| DR. REDDY'S LABORATORIES LIMITED | 1.79% | 1.79% |
| SAMVARDHANA MOTHERSON INTERNATIONAL LTD | 1.72% | 1.72% |
| TORRENT PHARMACEUTICALS LIMITED | 1.69% | 1.69% |
| VEDANTA ALUMINIUM METAL LIMITED | 1.67% | 1.67% |
| CUMMINS INDIA LIMITED | 1.53% | 1.53% |
| BHARAT PETROLEUM CORPORATION LIMITED | 1.45% | 1.45% |
| TATA MOTORS PASSENGER VEHICLES LIMITED | 1.42% | 1.42% |
| CG POWER AND INDUSTRIAL SOLUTIONS LTD | 1.40% | 1.40% |
| DIXON TECHNOLOGIES (INDIA) LIMITED | 1.30% | 1.29% |
| BHARAT FORGE LIMITED | 1.28% | 1.28% |
| GE VERNOVA T&D INDIA LIMITED | 1.24% | 1.24% |
| INDIAN OIL CORPORATION LIMITED | 1.20% | 1.20% |
| LUPIN LIMITED | 1.18% | 1.18% |
| SUZLON ENERGY LIMITED | 1.15% | 1.15% |
| SOLAR INDUSTRIES INDIA LIMITED | 1.14% | 1.15% |
| AUROBINDO PHARMA LIMITED | 1.10% | 1.10% |
| PIDILITE INDUSTRIES LIMITED | 1.09% | 1.09% |
| VEDANTA LIMITED | 1.09% | 1.09% |
| ASHOK LEYLAND LIMITED | 1.05% | 1.05% |
| POLYCAB INDIA LIMITED | 1.02% | 1.03% |
| JINDAL STEEL LIMITED | 1.00% | 1.01% |
| BOSCH LIMITED | 0.97% | 0.97% |
| APL APOLLO TUBES LIMITED | 0.95% | 0.95% |
| HITACHI ENERGY INDIA LIMITED | 0.93% | 0.94% |
| SONA BLW PRECISION FORGINGS LIMITED | 0.89% | 0.89% |
| SRF LIMITED | 0.86% | 0.86% |
| ABB INDIA LIMITED | 0.85% | 0.85% |
| WELSPUN CORP LTD | 0.85% | 0.85% |
| SIEMENS LIMITED | 0.79% | 0.79% |
| ALKEM LABORATORIES LIMITED | 0.74% | 0.74% |
| UPL LIMITED | 0.72% | 0.72% |
| NAVIN FLUORINE INTERNATIONAL LIMITED | 0.72% | 0.72% |
| HYUNDAI MOTOR INDIA LIMITED | 0.69% | 0.69% |
| ZYDUS LIFESCIENCES LIMITED | 0.69% | 0.69% |
| SIEMENS ENERGY INDIA LIMITED | 0.68% | 0.68% |
| KEI INDUSTRIES LIMITED | 0.66% | 0.66% |
| HINDUSTAN ZINC LIMITED | 0.65% | 0.65% |
| HAVELLS INDIA LIMITED | 0.61% | 0.61% |
| MRF LIMITED | 0.60% | 0.64% |
| TUBE INVESTMENTS OF INDIA LTD | 0.60% | 0.61% |
| VOLTAS LIMITED | 0.58% | 0.58% |
| PAGE INDUSTRIES LIMITED | 0.55% | 0.54% |
| SUPREME INDUSTRIES LIMITED | 0.53% | 0.53% |
| UNO MINDA LIMITED | 0.51% | 0.51% |
| COROMANDEL INTERNATIONAL LIMITED | 0.50% | 0.50% |
| BLUE STAR LTD | 0.47% | 0.47% |
| PI INDUSTRIES LIMITED | 0.45% | 0.45% |
| HINDUSTAN COPPER LIMITED | 0.44% | 0.44% |
| BALKRISHNA INDUSTRIES LIMITED | 0.41% | 0.41% |
| ASTRAL LIMITED | 0.40% | 0.40% |
| MAZAGON DOCK SHIPBUILDERS LIMITED | 0.38% | 0.38% |
| HIMADRI SPECIALITY CHEMICAL LIMITED | 0.38% | 0.38% |
| AIA ENGINEERING LIMITED | 0.36% | 0.36% |
| AMBER ENTERPRISES INDIA LIMITED | 0.35% | 0.35% |
| CROMPTON GREAVES CONSUMER ELECTRICAL LTD | 0.32% | 0.32% |
| LINDE INDIA LIMITED | 0.32% | 0.32% |
| COCHIN SHIPYARD LIMITED | 0.30% | 0.30% |
| K.P.R. MILL LTD | 0.29% | 0.29% |
| KAYNES TECHNOLOGY INDIA LTD. | 0.26% | 0.26% |
| ANTHEM BIOSCIENCES LIMITED | 0.22% | 0.22% |
| ESCORTS KUBOTA LIMITED | 0.22% | 0.21% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 99.7% means 99.7% 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 Navi Nifty India Manufacturing Index Fund
Every holding of this fund is also held by the other.
Largest holdings only in Nippon India NIFTY India Manufacturing ETF
Every holding of this fund is also held by the other.
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Navi Nifty India Manufacturing Index | Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| Equity | 99.7% | 99.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.3% | 0.2% |
Market cap of stocks
| Market cap | Navi Nifty India Manufacturing Index | Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| Large Cap | 69.0% | 69.0% |
| Mid Cap | 27.5% | 27.6% |
| Small Cap | 3.2% | 3.2% |
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 | Navi Nifty India Manufacturing Index | Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| PHARMACEUTICALS & BIOTECHNOLOGY | 18.5% | 0.0% |
| Pharmaceuticals & Biotechnology | 0.0% | 18.5% |
| AUTOMOBILES | 18.3% | 0.0% |
| Automobiles | 0.0% | 18.3% |
| PETROLEUM PRODUCTS | 7.6% | 0.0% |
| Petroleum Products | 0.0% | 7.6% |
| Ferrous Metals | 0.0% | 7.5% |
| FERROUS METALS | 7.5% | 0.0% |
| Electrical Equipment | 0.0% | 7.0% |
| ELECTRICAL EQUIPMENT | 7.0% | 0.0% |
| Auto Components | 0.0% | 7.0% |
| AUTO COMPONENTS | 7.0% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
Navi Nifty India Manufacturing Index vs Nippon India NIFTY India Manufacturing ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Navi Nifty India Manufacturing Index Fund | Nippon India NIFTY India Manufacturing ETF |
|---|---|---|
| Total expense ratio (Direct) | 0.58% | 0.30% |
| Base expense ratio (Direct) | 0.40% | 0.21% |
| Total expense ratio (Regular) | 1.17% | Not available |
| Base expense ratio (Regular) | 0.90% | 0.00% |
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.
Navi Nifty India Manufacturing Index Fund vs Nippon India NIFTY India Manufacturing ETF: Frequently Asked Questions
What is the difference between Navi Nifty India Manufacturing Index Fund and Nippon India NIFTY India Manufacturing ETF?
Navi Nifty India Manufacturing Index Fund is an Index fund, Nippon India NIFTY India Manufacturing ETF is a mutual fund, run by Navi Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 99.7%. Navi Nifty India Manufacturing Index Fund charges 0.58% a year and Nippon India NIFTY India Manufacturing ETF 0.30%.
Which has given higher returns, Navi Nifty India Manufacturing Index Fund or Nippon India NIFTY India Manufacturing ETF?
Over 1 year: Navi Nifty India Manufacturing Index Fund −2.12%, Nippon India NIFTY India Manufacturing ETF −1.94%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Navi Nifty India Manufacturing Index Fund or Nippon India NIFTY India Manufacturing ETF?
Nippon India NIFTY India Manufacturing ETF charges less: 0.30% a year against 0.58%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Navi Nifty India Manufacturing Index Fund and Nippon India NIFTY India Manufacturing ETF overlap?
99.7%. They hold 77 of the same securities, the largest shared ones being M&M, RELIANCE, SUNPHARMA. From each fund's latest monthly portfolio.
Can I invest in both Navi Nifty India Manufacturing Index Fund and Nippon India NIFTY India Manufacturing ETF?
Yes. 99.7% of each fund's money sits in the same holdings, so a large part 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.