Axis Innovation Fund vs Nippon India Innovation Fund
Axis Innovation Fund and Nippon India Innovation Fund are both Innovation Funds. As of 6 Nov 2026 (Direct plan, Growth option): 3-year CAGR +18.51% vs +13.95%, 5-year CAGR +10.90% vs —, volatility 14.56% vs 16.90%, maximum drawdown −23.62% vs −21.47%. Their portfolios overlap by 23.1% (16 stocks held by both).
Showing the Direct plan, Growth option. Portfolio, sector and market-cap figures are the same for every plan and option of a fund.
Key facts
| Axis Innovation | Nippon India Innovation | |
|---|---|---|
| Fund house | Axis Mutual Fund | Nippon India Mutual Fund |
| Compared as | Innovation Funds | Innovation Funds |
| NAV | ₹22.9600 | ₹15.0713 |
| NAV date | 5 Nov 2026 | 6 Nov 2026 |
| Launched (first NAV) | 28 Dec 2020 | 1 Sep 2023 |
| Track record | 5.9 yrs | 3.2 yrs |
| Fund size (AUM) | ₹1,345 Cr | ₹2,923 Cr |
| Securities held | 78 | 57 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| Axis Innovation | Nippon India Innovation | |
|---|---|---|
| 1 month | −1.37% | +0.11% |
| 3 months | +1.64% | −4.28% |
| 6 months | +10.54% | +3.67% |
| 1 year | +12.60% | +1.14% |
| 3 years (CAGR) | +18.51% | +13.95% |
| 5 years (CAGR) | +10.90% | — |
| 7 years (CAGR) | — | — |
| 10 years (CAGR) | — | — |
| Since launch (CAGR) | +15.20% | +13.46% |
| SIP return (XIRR, 5 years) ⓘ | +15.29% | — |
Up to one year: absolute return. Beyond one year: CAGR. Computed from each fund's own NAV history (AMFI), measured to the latest NAV.
Calendar-year returns
| Axis Innovation | Nippon India Innovation | |
|---|---|---|
| 2026 (year to date) | +13.33% | +1.94% |
| 2025 | +4.16% | +6.82% |
| 2024 | +29.15% | +21.85% |
| 2023 | +25.60% | — |
| 2022 | −11.97% | — |
| 2021 | +35.52% | — |
Risk
| Axis Innovation | Nippon India Innovation | |
|---|---|---|
| Volatility (annualised) ⓘ | 14.56% | 16.90% |
| Downside volatility ⓘ | 8.57% | 11.77% |
| Sharpe ratio ⓘ | 0.83 | 0.44 |
| Sortino ratio ⓘ | 1.41 | 0.63 |
| Maximum drawdown ⓘ | −23.62% | −21.47% |
| Recovery from that fall | 15 months | 17 months |
| Current fall from peak | −3.57% | −5.62% |
| Rolling 1-year return: worst | −14.82% | −7.68% |
| Rolling 1-year return: median | +10.50% | +6.28% |
| Rolling 1-year return: best | +48.05% | +51.67% |
| Share of 1-year periods with a loss | 17.28% | 7.61% |
Against each fund's benchmark
| Axis Innovation | Nippon India Innovation | |
|---|---|---|
| Beta ⓘ | 0.82 | 1.04 |
| Alpha (Jensen's, annualised) ⓘ | +7.75% | +2.53% |
| R² ⓘ | 74.85 | 89.29 |
| Upside capture | 113.37% | 112.75% |
| Downside capture | 77.14% | 104.21% |
| Tracking error | 7.95% | 5.64% |
| Information ratio | 1.01 | 0.48 |
| Treynor ratio | 14.29 | 6.18 |
Portfolio
Asset mix
| Axis Innovation | Nippon India Innovation | |
|---|---|---|
| Equity | 78.59% | 97.52% |
| Foreign Securities | 13.41% | 0.00% |
| Cash & equivalents | 7.65% | 2.48% |
| Debt | 0.37% | 0.00% |
Market-cap split (share of fund assets)
| Axis Innovation | Nippon India Innovation | |
|---|---|---|
| Large Cap | 15.44% | 38.24% |
| Mid Cap | 26.16% | 33.27% |
| Small Cap | 32.64% | 24.01% |
| Unclassified | 4.35% | 2.00% |
Concentration
| Axis Innovation | Nippon India Innovation | |
|---|---|---|
| Top 10 holdings | 29.64% | 33.90% |
| Effective number of stocks ⓘ | 56.9 | 45.3 |
| Securities held | 78 | 57 |
Portfolio overlap: 23.1%
16 companies are held by both funds; by weight, 23.1% of the two portfolios is the same. That is a low overlap: the two portfolios are largely different.
| Held by both | Axis Innovation | Nippon India Innovation |
|---|---|---|
| Eternal Limited | 4.97% | 5.22% |
| One 97 Communications Limited | 3.63% | 2.51% |
| FSN E-Commerce Ventures Limited | 2.83% | 2.05% |
| Siemens Limited | 1.94% | 1.55% |
| Info Edge (India) Limited | 1.43% | 4.64% |
| PB Fintech Limited | 1.42% | 1.62% |
| Swiggy Limited | 1.33% | 2.91% |
| TBO Tek Limited | 1.19% | 1.56% |
| Siemens Energy India Limited | 1.07% | 2.19% |
| Meesho Ltd | 2.40% | 1.03% |
| Billionbrains Garage Ventures Ltd | 2.32% | 1.01% |
| Delhivery Limited | 1.42% | 1.01% |
| Divi's Laboratories Limited | 1.72% | 1.00% |
| Dixon Technologies (India) Limited | 0.71% | 1.42% |
| GE Vernova T&D India Limited | 1.38% | 0.67% |
Top 10 holdings
Axis Innovation
- Eternal Limited4.97%
- One 97 Communications Limited3.63%
- Ather Energy Limited3.18%
- Lenskart Solutions Limited3.07%
- FSN E-Commerce Ventures Limited2.83%
- Aether Industries Limited2.72%
- Meesho Ltd2.40%
- Billionbrains Garage Ventures Ltd2.32%
- Sona BLW Precision Forgings Limited2.29%
- PTC Industries Ltd2.23%
Nippon India Innovation
- Eternal Limited5.22%
- Info Edge (India) Limited4.64%
- Trent Limited3.54%
- Varun Beverages Limited3.47%
- Samvardhana Motherson International Limited3.17%
- 3M India Limited3.16%
- Swiggy Limited2.91%
- ZF Commercial Vehicle Control Systems India Limited2.71%
- Avenue Supermarts Ltd.2.56%
- Axis Bank Limited2.52%
Sector exposure
| Axis Innovation | Nippon India Innovation | |
|---|---|---|
| Retailing | 17.63% | 21.95% |
| Chemicals & Petrochemicals | 8.26% | 0.00% |
| Auto Components | 4.81% | 7.38% |
| Banks | 0.00% | 6.80% |
| Financial Technology (Fintech) | 6.36% | 4.13% |
| Electrical Equipment | 4.39% | 6.15% |
| Pharmaceuticals & Biotechnology | 5.09% | 4.12% |
| Insurance | 0.00% | 4.78% |
| Leisure Services | 1.62% | 4.46% |
| Consumer Durables | 2.39% | 4.23% |
| Transport Services | 3.52% | 4.01% |
| Semiconductors | 3.75% | 0.00% |
| Healthcare Services | 0.10% | 3.55% |
| Beverages | 0.00% | 3.47% |
Questions people ask
What is the difference between Axis Innovation and Nippon India Innovation returns?
As of 6 Nov 2026, Direct plan Growth option: 1-year return +12.60% vs +1.14%; 3-year CAGR +18.51% vs +13.95%; 5-year CAGR +10.90% vs —; 10-year CAGR — vs —. Past returns do not indicate future returns.
How do Axis Innovation and Nippon India Innovation compare on risk?
Volatility (36 monthly returns, annualised) 14.56% vs 16.90%; Sharpe ratio 0.83 vs 0.44; Sortino ratio 1.41 vs 0.63; maximum drawdown −23.62% vs −21.47%; beta 0.82 vs 1.04.
How much do Axis Innovation and Nippon India Innovation overlap?
By weight, 23.1% of the two portfolios is invested in the same companies; 16 stocks are held by both, the largest shared positions being Eternal Limited, One 97 Communications Limited, FSN E-Commerce Ventures Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of Axis Innovation and Nippon India Innovation?
Axis Innovation: large cap 15.4%, mid cap 26.2%, small cap 32.6%. Nippon India Innovation: large cap 38.2%, mid cap 33.3%, small cap 24.0% (share of the fund's assets, from its latest disclosed portfolio).
Is this a recommendation to choose one of these funds?
No. This page places the published figures of both funds side by side. It does not rank, rate or recommend either fund; which one suits an investor depends on their goals, horizon and risk tolerance.
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Sources: NAV from AMFI; returns, risk and ratios computed by MF Analyser from each fund's NAV history (risk on 36 monthly returns, risk-free rate 6.5%); benchmark ratios against each fund's benchmark total-return index; portfolios from each fund house's monthly disclosure. Returns and ratios as of 6 Nov 2026. IDCW options show no return or risk figures because payouts reduce the NAV and AMFI's file carries no payout history to add back. This page compares published figures only — it does not rank, rate or recommend either fund. Past performance does not indicate future returns; mutual fund investments are subject to market risks.