ICICI Prudential Commodities Fund
Direct · GrowthAI Summary
ICICI Prudential Commodities Fund has delivered strong SIP XIRR across all horizons: 26.77% (1Y), 22.16% (3Y), 22.02% (5Y), and 21.87% (7Y), decisively outperforming the category average SIP XIRR of 10.56%, 16.17%, 17.43%, and 16.60% respectively. Against the NIFTY 50, the fund has generated consistent positive alpha of 8.28% to 14.88% across the 5Y to 15Y periods, with lump-sum CAGR of 24.69% versus the benchmark's 9.81% over 7Y. This demonstrates sustained outperformance driven by its commodities-focused mandate rather than market beta alone.
The fund's Calmar ratio has declined with longer horizons, from 0.8958 (1Y) to 0.6026 (7Y), indicating weakening risk-adjusted returns over extended periods. It has recorded 10 drawdown events exceeding 10%, though the current maximum drawdown is contained at -0.41% with a 69-day drawdown duration and 136-day recovery. Downside capture below 100% (97.42% at 7Y) alongside upside capture above 112% suggests a favorable asymmetry versus the NIFTY 50 despite a beta near 1.0.
The top 10 holdings span 58.93% of NAV, led by Hindustan Petroleum (8.35%), Jindal Steel (7.79%), and Vedanta Aluminium (6.69%), across a moderate 44-stock portfolio. Sector concentration is pronounced: Ferrous Metals (23.3%), Chemicals & Petrochemicals (16.5%), and Non-Ferrous Metals (14.7%) together account for over half the portfolio. This concentrated metals-and-energy tilt is inherent to the thematic mandate and exposes investors to commodity cycle risk.
The fund leads its Sectoral/Thematic category by a wide margin, beating the category SIP XIRR by roughly 5-16 percentage points across 1Y to 7Y horizons. Its alpha has been positive in every measured period from 5Y through 15Y, indicating consistency rather than a single-cycle fluke. Calendar year returns show volatility typical of thematic funds, ranging from 70.98% in 2021 to -3.82% in 2026.
This fund suits investors with high risk tolerance who understand commodity and metal cycle volatility and want tactical exposure to India's commodities theme. A horizon of 5-7 years or more is appropriate given the deep multi-year drawdowns these sectors can experience. It should be a satellite holding, limited to a small portion of a diversified portfolio, not a core allocation.
- SIP XIRR of 22.16% (3Y) and 22.02% (5Y) far exceeds category averages of 16.17% and 17.43%
- Consistent positive alpha versus NIFTY 50 across all periods from 5Y to 15Y, peaking at 14.88% over 7Y
- Favorable capture profile with upside capture above 108% and downside capture below 102% across all measured periods
- Heavy sector concentration with Ferrous Metals (23.3%), Chemicals & Petrochemicals (16.5%), and Non-Ferrous Metals (14.7%) creating commodity cycle vulnerability
- Calmar ratio deteriorating from 0.8958 (1Y) to 0.6026 (7Y) along with 10 drawdown events above 10% signal material downside risk
Generated on 01-11-2026, 3:00 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 | ₹13.21 L | 38.7% | -25.8% | 216.0% |
| 3 Years | ₹36.00 L | ₹49.95 L | 24.2% | 2.8% | 48.5% |
| 5 Years | ₹60.00 L | ₹99.87 L | 22.2% | 10.9% | 37.7% |
| 7 Years | ₹84.00 L | ₹1.82 Cr | 22.0% | 19.6% | 24.1% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 38.7% | 14.3% | 10.5% | +24.5% |
| 3 Years | 24.2% | 11.0% | 16.2% | +13.2% |
| 5 Years | 22.2% | 10.4% | 17.4% | +11.9% |
| 7 Years | 22.0% | 10.6% | 16.6% | +11.5% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 36.9% | 22.6% | -7.9% | 197.9% | 0.70 | 10.83 | 93% | — | — |
| 3 Years | 28.3% | 22.3% | 11.7% | 63.4% | 1.81 | — | 100% | — | — |
| 5 Years | 28.2% | 30.9% | 12.3% | 45.9% | 2.53 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +8.42 | 1.04 | 106.4% | 94.8% | -3.2% | -10.9% |
| 3 Years | +7.74 | 1.11 | 111.7% | 101.7% | 14.1% | 6.4% |
| 5 Years | +7.18 | 1.06 | 107.7% | 98.5% | 12.3% | 5.2% |
| 7 Years | +14.35 | 1.00 | 111.6% | 97.4% | 24.3% | 10.0% |
| 10 Years | +9.45 | 1.00 | 111.2% | 97.3% | 16.6% | 7.1% |
| 12 Years | +7.73 | 1.00 | 111.2% | 97.3% | 13.6% | 5.9% |
| 15 Years | +6.07 | 1.00 | 111.2% | 97.3% | 10.8% | 4.7% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Hindustan Petroleum Corporation Ltd. | 8.28% |
| 2 | Jindal Steel Ltd. | 7.67% |
| 3 | JSW Steel Ltd. | 6.62% |
| 4 | Vedanta Aluminium Metal Ltd. | 6.57% |
| 5 | Jindal Stainless Ltd. | 4.69% |
| 6 | Hindalco Industries Ltd. | 4.51% |
| 7 | UPL Ltd. | 3.90% |
| 8 | Ultratech Cement Ltd. | 3.89% |
| 9 | Usha Martin Ltd. | 3.79% |
| 10 | Vedanta Ltd. | 3.79% |