COMPARE
Axis Business Cycles Fund - Direct Plan - Growth vs Axis Innovation Fund - Direct Plan - Growth Option
Axis Business Cycles Fund and Axis Innovation Fund are both in the Thematic Fund category, from Axis Asset Management Co. Ltd.. Axis Innovation Fund has posted a higher 3-year rolling CAGR. Axis Innovation Fund has the lower expense ratio. See the full table and FAQ below for the complete real-data comparison.
Basics
Axis Innovation Fund has the lower direct-plan expense ratio, by 0.25 percentage points.
| Axis Business Cycles Fund - Direct Plan - Growth | Axis Innovation Fund - Direct Plan - Growth Option | |
|---|---|---|
| Category | Thematic Fund | Thematic Fund |
| AMC | Axis Asset Management Co. Ltd. | Axis Asset Management Co. Ltd. |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| NAV | ₹16.83 (2026-10-28) | ₹22.26 (2026-10-28) |
| AUM | ₹1,967.706 Cr | ₹1,295.798 Cr |
| Expense Ratio (Direct) | 1.6% | 1.35% |
| Inception | 2023-02-02 | 2020-12-04 |
Returns
Axis Innovation Fund leads on 3-year rolling CAGR (16.2% vs Axis Business Cycles Fund's 15.4%) - see the FAQ below for percentile context within each fund's own category.
Risk Metrics
Axis Innovation Fund has been the more volatile of the two by standard deviation.
| Axis Business Cycles Fund - Direct Plan - Growth | Axis Innovation Fund - Direct Plan - Growth Option | |
|---|---|---|
| 3Y Sharpe Ratio | 0.22 | 0.52 |
| 3Y Alpha | 2.0406% | 6.659% |
| 3Y Std Deviation | 14.7292% | 15.0729% |
| 3Y Calmar Ratio | 0.54 | 0.76 |
Portfolio Analytics
Axis Business Cycles Fund carries the higher portfolio YTM.
| Axis Business Cycles Fund - Direct Plan - Growth | Axis Innovation Fund - Direct Plan - Growth Option | |
|---|---|---|
| P/E Ratio | 30.2025 | 69.3577 |
| P/B Ratio | 15.3738 | - |
| Dividend Yield | 0.7118% | 0.1522% |
| Active Share | 64.62% | 92.44% |
| Portfolio Turnover | 112.99999999999999% | 83% |
| YTM | 5.28% | 5.28% |
| Duration (Macaulay) | - | - |
Punji Fund Health Score
Axis Innovation Fund has the stronger Punji Quality grade of the two.
Frequently asked questions
Which has a higher 3-year return, Axis Business Cycles Fund or Axis Innovation Fund?
Axis Innovation Fund's 3-year rolling CAGR of 16.2% is higher than Axis Business Cycles Fund's 15.4%. Axis Innovation Fund sits in the 39th percentile of its category on this metric, versus the 32nd percentile for Axis Business Cycles Fund - though note both funds may belong to different categories with different medians, so a raw CAGR comparison doesn't account for how each fund performed relative to its own peers. A higher historical return also doesn't necessarily mean lower risk; check the risk metrics below before concluding either fund is the "better" choice.
Which has a lower expense ratio, Axis Business Cycles Fund or Axis Innovation Fund?
Axis Innovation Fund's direct-plan expense ratio is 0.25 percentage points lower than Axis Business Cycles Fund's. Over long holding periods, a persistent expense-ratio gap compounds into a materially different final corpus even if the two funds' gross returns are similar - it's one of the few fund attributes you can compare with total certainty upfront, unlike future returns, since the fee is contractually fixed rather than a historical estimate.
Which fund carries more risk, Axis Business Cycles Fund or Axis Innovation Fund?
By standard deviation (a measure of how much a fund's returns swing around its own average), Axis Innovation Fund has been more volatile than Axis Business Cycles Fund over the trailing window. Standard deviation captures total volatility in both directions - up and down - so a higher figure means bigger swings generally, not necessarily bigger losses specifically. Sharpe ratio (0.22 for Axis Business Cycles Fund vs 0.52 for Axis Innovation Fund) is a better single measure of risk-adjusted return, since it weighs the return earned per unit of volatility taken rather than volatility alone.
Which has higher AUM, Axis Business Cycles Fund or Axis Innovation Fund?
Axis Business Cycles Fund has ₹1,968 Cr in assets under management, versus ₹1,296 Cr for Axis Innovation Fund. A larger AUM generally means deeper liquidity and lower per-unit fixed costs for the AMC to spread across investors, but an AUM that's very large relative to a fund's category and strategy (especially in small/mid cap categories, where the investable universe is smaller) can also make it harder for a manager to enter and exit positions without moving the price - bigger isn't automatically better, especially for less liquid categories.
Which has a higher yield to maturity (YTM), Axis Business Cycles Fund or Axis Innovation Fund?
Axis Business Cycles Fund's portfolio YTM (5.28%) is higher than Axis Innovation Fund's. YTM is the weighted-average return a debt fund's current bond holdings would earn if held to maturity, assuming no defaults and coupons reinvested at the same rate - a useful forward-looking yield estimate for debt funds the way rolling CAGR is for equity funds, though it's an estimate based on today's portfolio, not a guaranteed return, and can move as bonds are bought/sold or as interest rates change.
Which fund has a longer track record, Axis Business Cycles Fund or Axis Innovation Fund?
Axis Innovation Fund launched on 2020-12-04, making it older than Axis Business Cycles Fund (launched 2023-02-02). A longer track record means more real market cycles (bull runs, corrections, rate cycles) the fund has actually navigated, which is useful context for judging consistency - but it isn't a guarantee of future performance, and a newer fund isn't automatically worse, especially if it's run by an experienced manager or team with a track record at a prior fund.
Data as of 2026-10-29. Source: AMFI disclosures via Punji. Not investment advice.