Tata Business Cycle Fund vs Tata Flexi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Tata Business Cycle Fund is a Thematic fund and Tata Flexi Cap Fund is a Flexi Cap fund. In the 3 years to 30-10-2026, Tata Business Cycle Fund (Direct) returned 9.1% a year and Tata Flexi Cap Fund (Direct) returned 9.1% a year. Tata Business Cycle Fund charges 0.94% a year and Tata Flexi Cap Fund 0.89% (Direct plans). Their portfolios overlap 29.5%: they hold 19 of the same securities.
Tata Business Cycle Fund
Thematic
- 3 year return
- 9.1%
- Expense ratio
- 0.94%
- NAV
- ₹18.57
Which is better, Tata Business Cycle or Tata Flexi Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Tata Business Cycle returned more over 5 years: 11.9% a year against 7.9%.
- Tata Business Cycle returned more over 3 years: 9.1% a year against 9.1%.
- Tata Flexi Cap costs less: 0.89% a year against 0.94% (Direct plans).
- Tata Flexi Cap swung less over 3 years: a standard deviation of 12.7% a year against 14.8%.
- Tata Flexi Cap fell less in its worst fall since 11-08-2021: −18.1% against −20.0%.
- Tata Flexi Cap holds more in large companies: 58.8% of the fund in large caps against 46.1%.
- Tata Flexi Cap is the larger fund: ₹3,454 Cr against ₹2,416 Cr.
- Their portfolios overlap 29.5%: 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 | Tata Business Cycle Fund | Tata Flexi Cap Fund |
|---|---|---|
| Fund house | Tata Mutual Fund | Tata Mutual Fund |
| Category | Thematic | Flexi Cap |
| AUM | ₹2,416 Cr (30-09-2026) | ₹3,454 Cr (30-09-2026) |
| NAV | ₹18.57 (Direct) | ₹25.03 (Direct) |
| Expense ratio (Direct) | 0.94% | 0.89% |
| Expense ratio (Regular) | 2.19% | 2.13% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 04-08-2021 | 06-09-2018 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Murthy Nagarajan, Rahul Singh, Sailesh Jain, Hasmukh Vishariya | Anand Sharma, Aditya Bagul |
| Exit load | Exit load of 0.50%, if redeemed within 30 days. | Redemption/Switch-out/SWP/STP: 1. On or before 30 days from the date of allotment: 0.50%. 2. After 30 days from the date of allotment: NIL. |
Tata Business Cycle vs Tata Flexi 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 |
|---|---|---|---|---|---|---|---|
| Tata Business Cycle Fund (Direct) | −5.10% | −10.05% | −6.25% | −9.95% | +9.10% | +11.90% | -- |
| Tata Flexi Cap Fund (Direct) | −1.02% | −6.54% | −4.90% | −10.21% | +9.08% | +7.88% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | -- |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | -- |
Category average: the average of the 235 Thematic funds and the 46 Flexi Cap funds, same plan type.
Tata Business Cycle vs Tata Flexi Cap: Year-wise Returns
| Year | Business CycleTata Business Cycle | Flexi CapTata Flexi Cap | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | −8.85% | −10.28% | −7.51% |
| 2025 | +2.23% | +12.01% | +7.76% |
| 2024 | +20.37% | +14.03% | +16.24% |
| 2023 | +36.54% | +29.48% | +26.91% |
| 2022 | +15.42% | −2.15% | +4.25% |
| 2021 | -- | +28.33% | +31.60% |
Tata Business Cycle vs Tata Flexi Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 547 of them, one for each trading day from 12-08-2024 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.
Tata Business Cycle Fund (Direct)
Tata Flexi Cap Fund (Direct)
Nifty 500 TRI
to
Oct 2024Mar 2022
to
Mar 2025Jul 2022
to
Jul 2025Dec 2022
to
Dec 2025Apr 2023
to
Apr 2026Aug 2023
to
Aug 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tata Business Cycle | 0.0 | 0.0 | 2.9 | 9.3 | 39.9 | 31.1 | 16.8 | 20.1% | 19.7% | 8.5% | 28.2% | 98% |
| Tata Flexi Cap | 0.0 | 0.0 | 5.7 | 37.1 | 51.0 | 6.2 | 0.0 | 15.5% | 16.1% | 7.9% | 22.1% | 58% |
| Nifty 500 TRI | 0.0 | 0.0 | 3.5 | 34.6 | 56.1 | 5.9 | 0.0 | 15.5% | 15.6% | 8.8% | 22.3% | -- |
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 11-08-2021. Past returns do not promise future returns.
Tata Business Cycle vs Tata Flexi 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 11-08-2021 to 30-10-2026: 63 instalments, ₹6,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Tata Business CycleTata Business Cycle Fund (Direct) | ₹6,30,000 | ₹7,89,971 | ₹1,59,971 | 8.6% |
| Tata Flexi CapTata Flexi Cap Fund (Direct) | ₹6,30,000 | ₹7,59,411 | ₹1,29,411 | 7.1% |
Tata Business CycleTata Business Cycle Fund (Direct)
Tata Flexi CapTata Flexi 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.
Tata Business Cycle vs Tata Flexi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Tata Business Cycle Fund (Direct) | Tata Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.95% | −10.21% |
| Standard deviation | 15.50% | 13.19% |
| Sharpe ratio | -0.98 | -1.17 |
| Sortino ratio | -1.28 | -1.54 |
| Maximum drawdown | −14.1% (31-03-2026) | −14.1% (31-03-2026) |
| Beta | 1.03 | 0.90 |
| Alpha | −2.19% | −4.10% |
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 | Tata Business Cycle Fund (Direct) | Tata Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.10% | +9.08% |
| Standard deviation | 14.78% | 12.68% |
| Sharpe ratio | 0.21 | 0.24 |
| Sortino ratio | 0.28 | 0.33 |
| Maximum drawdown | −20.0% (03-03-2025) | −14.6% (03-03-2025) |
| Beta | 1.00 | 0.86 |
| Alpha | −1.13% | −0.56% |
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 | Tata Business Cycle Fund (Direct) | Tata Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.90% | +7.88% |
| Standard deviation | 14.83% | 13.04% |
| Sharpe ratio | 0.41 | 0.16 |
| Sortino ratio | 0.55 | 0.21 |
| Maximum drawdown | −20.0% (03-03-2025) | −17.7% (20-06-2022) |
| Beta | 1.00 | 0.88 |
| Alpha | +3.09% | −0.58% |
From daily NAVs, 29-10-2021 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 | Tata Business Cycle Fund (Direct) | Tata Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.62% | +11.95% |
| Standard deviation | 14.65% | 15.24% |
| Sharpe ratio | 0.47 | 0.44 |
| Sortino ratio | 0.63 | 0.59 |
| Maximum drawdown | −20.0% (03-03-2025) | −33.5% (23-03-2020) |
| Beta | 0.99 | 0.87 |
| Alpha | +2.43% | +1.17% |
From daily NAVs, 11-08-2021 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.
Tata Business Cycle Fund (Direct)
Tata Flexi 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 |
|---|---|---|---|---|---|---|
| Tata Business Cycle Fund (Direct) | −20.0% | 27-09-2024 | 03-03-2025 | Not yet | -- | −14.8% |
| Tata Flexi Cap Fund (Direct) | −18.1% | 18-10-2021 | 20-06-2022 | 13-06-2023 | 12 months | −11.0% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 11-08-2021, 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.
Tata Business Cycle Fund (Direct)
Tata Flexi Cap 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.
Tata Business Cycle Fund (Direct)
Tata Flexi Cap Fund (Direct)
Nifty 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Tata Business Cycle Fund (Direct)
Tata Flexi Cap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Tata Business Cycle Fund (Direct) | 105% | 89% | 4.25% |
| Tata Flexi Cap Fund (Direct) | 85% | 82% | 4.11% |
From month-end values since 11-08-2021. 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.
Tata Business Cycle vs Tata Flexi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Tata Business Cycle Fund, September 2026; Tata Flexi Cap Fund, September 2026
Holdings in common
- Overlap
- 29.5%
- Held by both
- 19
- Only in Tata Business Cycle
- 30
- Only in Tata Flexi Cap
- 50
| Security | % of Tata Business Cycle | % of Tata Flexi Cap |
|---|---|---|
| RELIANCE INDUSTRIES LTD | 4.80% | 4.23% |
| AXIS BANK LTD | 3.95% | 3.87% |
| HDFC BANK LTD | 3.73% | 6.28% |
| LARSEN & TOUBRO LTD | 2.92% | 2.62% |
| ABBOTT INDIA LTD | 1.63% | 1.63% |
| GRAPHITE INDIA LTD | 1.90% | 1.53% |
| AMBUJA CEMENTS LTD | 2.42% | 1.49% |
| HDFC LIFE INSURANCE CO. LTD | 1.38% | 1.62% |
| THE RAMCO CEMENTS LTD | 1.99% | 1.31% |
| AMBER ENTERPRISES INDIA LTD | 1.20% | 1.22% |
| ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD | 1.85% | 0.94% |
| JINDAL STEEL LTD | 3.92% | 0.90% |
| TATA STEEL LTD | 2.03% | 0.80% |
| NUVOCO VISTAS CORPORATION LTD | 1.82% | 0.80% |
| SBI CARDS AND PAYMENT SERVICES LTD | 0.79% | 0.75% |
| BHARAT FORGE LTD | 1.93% | 0.74% |
| BAJAJ FINSERV LTD | 1.50% | 0.70% |
| CUMMINS INDIA LTD | 2.58% | 0.48% |
| BAYER CROPSCIENCE LTD | 1.02% | 0.41% |
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 Tata Business Cycle Fund
| Security | % of fund |
|---|---|
| METROPOLIS HEALTHCARE LTD | 4.25% |
| L&T FINANCE LTD | 2.96% |
| DELHIVERY LTD | 2.78% |
| ADANI ENERGY SOLUTIONS LTD | 2.53% |
| RATNAMANI METALS & TUBES LTD | 2.52% |
Largest holdings only in Tata Flexi Cap Fund
| Security | % of fund |
|---|---|
| ICICI BANK LTD | 6.13% |
| BHARTI AIRTEL LTD | 3.79% |
| NTPC LTD | 2.46% |
| MARUTI SUZUKI INDIA LTD | 2.28% |
| SBI LIFE INSURANCE COMPANY LTD | 2.04% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Tata Business Cycle | Tata Flexi Cap |
|---|---|---|
| Equity | 97.8% | 94.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.2% | 5.2% |
Market cap of stocks
| Market cap | Tata Business Cycle | Tata Flexi Cap |
|---|---|---|
| Large Cap | 46.1% | 58.8% |
| Mid Cap | 21.3% | 15.5% |
| Small Cap | 29.5% | 18.2% |
| Not on AMFI's list | 0.9% | 2.3% |
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 | Tata Business Cycle | Tata Flexi Cap |
|---|---|---|
| Banks | 9.1% | 21.3% |
| Finance | 8.7% | 3.7% |
| Healthcare Services | 8.1% | 2.7% |
| Industrial Products | 7.0% | 2.0% |
| Cement & Cement Products | 6.7% | 3.6% |
| Insurance | 5.3% | 6.0% |
| Ferrous Metals | 6.0% | 1.7% |
| Consumer Durables | 2.3% | 5.2% |
| Petroleum Products | 4.8% | 5.2% |
| Telecom - Services | 0.0% | 5.2% |
| Pharmaceuticals & Biotechnology | 3.1% | 4.2% |
The six largest sectors of each fund's stocks, % of the fund.
Tata Business Cycle vs Tata Flexi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Tata Business Cycle Fund | Tata Flexi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.94% | 0.89% |
| Base expense ratio (Direct) | 0.64% | 0.59% |
| Total expense ratio (Regular) | 2.19% | 2.13% |
| Base expense ratio (Regular) | 1.72% | 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 Tata Business Cycle with
Tata Business Cycle Fund vs Tata Flexi Cap Fund: Frequently Asked Questions
What is the difference between Tata Business Cycle Fund and Tata Flexi Cap Fund?
Tata Business Cycle Fund is a Thematic fund, Tata Flexi Cap Fund is a Flexi Cap fund, run by Tata Mutual Fund. Their portfolios overlap 29.5%. Tata Business Cycle Fund charges 0.94% a year and Tata Flexi Cap Fund 0.89%.
Which has given higher returns, Tata Business Cycle Fund or Tata Flexi Cap Fund?
Over 1 year: Tata Business Cycle Fund −9.95%, Tata Flexi Cap Fund −10.21%. Over 3 years: Tata Business Cycle Fund +9.10% a year, Tata Flexi Cap Fund +9.08% a year. Over 5 years: Tata Business Cycle Fund +11.90% a year, Tata Flexi Cap Fund +7.88% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Tata Business Cycle Fund or Tata Flexi Cap Fund?
Tata Flexi Cap Fund charges less: 0.89% a year against 0.94%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Tata Business Cycle Fund and Tata Flexi Cap Fund overlap?
29.5%. They hold 19 of the same securities, the largest shared ones being RELIANCE, AXISBANK, HDFCBANK. From each fund's latest monthly portfolio.
Which is riskier, Tata Business Cycle Fund or Tata Flexi Cap Fund?
On SEBI's riskometer, Tata Business Cycle Fund is rated Very High and Tata Flexi Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.78% and 12.68% a year.
Which is better for SIP, Tata Business Cycle Fund or Tata Flexi Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,53,142 in Tata Business Cycle Fund (XIRR 8.2% a year) and ₹7,28,353 in Tata Flexi Cap Fund (XIRR 6.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Tata Business Cycle Fund and Tata Flexi Cap Fund?
Yes. 29.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Tata Business Cycle Fund and Tata Flexi Cap Fund?
Tata Business Cycle Fund: Murthy Nagarajan, Rahul Singh, Sailesh Jain, Hasmukh Vishariya. Tata Flexi Cap Fund: Anand Sharma, Aditya Bagul.
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.