Axis Innovation Fund
Direct · GrowthAI Summary
Axis Innovation Fund has delivered a 3Y SIP XIRR of 17.1%, modestly ahead of the category average of 16.45%, and a 1Y XIRR of 12.91% versus the category's 11.75%. However, its 5Y XIRR of 13.52% trails the category average of 16.82% by over 3 percentage points, indicating weaker long-term relative performance. Calendar year returns have been volatile, ranging from -12.8% in 2022 to 35.25% in 2021.
The fund has experienced 3 drawdown events exceeding 10%, with a lengthy recovery of 445 days from its maximum drawdown, suggesting investors may need patience after sharp corrections. Calmar ratios of 0.68 (3Y) and 0.55 (5Y) indicate moderate risk-adjusted returns typical of a thematic equity fund. The 212-day maximum drawdown duration reflects extended periods of underwater returns.
The portfolio holds 40 stocks with a top-10 concentration of roughly 28% of NAV, led by Eternal Limited at 6.36%. Retailing is the largest sector exposure at 17.2%, followed by chemicals and fintech, giving the fund meaningful tilt toward consumer internet and new-age platform businesses such as One 97 Communications, PB Fintech, and Lenskart. This concentrated thematic positioning increases single-sector and single-stock risk relative to diversified funds.
The fund outperforms the category on 1Y and 3Y SIP XIRR but lags meaningfully on 5Y XIRR (13.52% vs 16.82%), showing inconsistent long-term relative performance. Returns have been uneven across calendar years, with strong gains in 2021, 2023, and 2024 but flat or negative years in 2020, 2022, and 2025. This pattern suggests performance is sensitive to market cycles favoring innovation and new-economy themes.
This fund suits investors with high risk tolerance who already hold diversified core equity funds and want satellite exposure to India's innovation and new-economy themes. A time horizon of at least 5-7 years is advisable given the extended drawdown recoveries and return volatility. Investors should be comfortable with sharp year-to-year swings and sector concentration risk.
- 3Y SIP XIRR of 17.1% beats the category average of 16.45%, and 1Y XIRR of 12.91% also leads the category's 11.75%
- Diversified 40-stock portfolio with a moderate top-10 weight of about 28% of NAV
- Exposure to high-growth new-economy businesses across fintech, retailing, and EVs, including recent listings like Lenskart and Ather Energy
- 5Y SIP XIRR of 13.52% trails the category average of 16.82% by over 3 percentage points, indicating weak long-term relative performance
- Retailing sector concentration of 17.2% and heavy new-age platform exposure create elevated thematic and valuation risk, with a 445-day recovery from maximum drawdown
Generated on 14-10-2026, 4:16 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.68 L | 14.3% | -30.4% | 58.4% |
| 3 Years | ₹36.00 L | ₹45.76 L | 17.1% | 3.1% | 30.1% |
| 5 Years | ₹60.00 L | ₹83.48 L | 13.6% | 7.9% | 17.6% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | Category avg |
|---|---|---|
| 1 Year | 14.3% | 11.7% |
| 3 Years | 17.1% | 16.4% |
| 5 Years | 13.6% | 16.8% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 13.5% | 10.8% | -14.8% | 48.0% | 0.46 | 1.14 | 82% | — | — |
| 3 Years | 16.0% | 16.3% | 8.4% | 21.3% | 3.74 | — | 100% | — | — |
| 5 Years | 12.9% | 12.8% | 10.0% | 15.2% | 6.49 | — | 100% | — | — |
Calmar Ratio by Duration
| # | Stock | % of NAV |
|---|---|---|
| 1 | Eternal Limited | 6.36% |
| 2 | Billionbrains Garage Ventures Ltd | 3.85% |
| 3 | One 97 Communications Limited | 3.58% |
| 4 | GE Vernova T&D India Limited | 2.75% |
| 5 | Lenskart Solutions Limited | 2.70% |
| 6 | FSN E-Commerce Ventures Limited | 2.67% |
| 7 | PB Fintech Limited | 2.62% |
| 8 | Aether Industries Limited | 2.51% |
| 9 | Ather Energy Limited | 2.48% |
| 10 | Info Edge (India) Limited | 2.30% |