# Innovation mutual funds compared

Source page: https://www.rudowealth.com/mutual-funds/category/innovation-funds

Innovation funds put at least 80% of their assets in companies expected to benefit from new technologies and business models. (SEBI categorisation of mutual fund schemes, 6 October 2017, as amended.)

All 12 innovation funds, Direct plan, Growth option, NAV as of 2026-10-07. Every figure is worked out from each fund's own NAV.

Category averages: 3-year return +17.9% a year, 5-year return +13.5% a year (both annualised), volatility over 3 years 16.7%, expense ratio 1.04%.

| Rank | Fund | 1Y | 3Y (annualised) | 5Y (annualised) | Volatility 3Y | Worst fall 5Y | Expense ratio | Fund size |
|---|---|---|---|---|---|---|---|---|
| 1 | [Kotak Pioneer Fund- Direct Plan- Growth Option](https://www.rudowealth.com/mutual-funds/kotak-pioneer-fund-direct-plan-growth-option) | +10.1% | +20.5% | +15.4% | 14.5% | -21.7% | 0.63% | ₹4,281 Cr |
| 2 | [Axis Innovation Fund - Direct Plan - Growth Option](https://www.rudowealth.com/mutual-funds/axis-innovation-fund-direct-plan-growth-option) | +15.1% | +18.6% | +11.5% | 14.6% | -23.6% | 1.34% | ₹1,363 Cr |
| 3 | [ICICI Prudential Innovation Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/icici-prudential-innovation-fund-direct-plan-growth) | +1.7% | +18.2% | N/A | 15.4% | N/A | 1.18% | ₹8,012 Cr |
| 4 | [Union Innovation & Opportunities Fund - Direct Plan - Growth Option](https://www.rudowealth.com/mutual-funds/union-innovation-opportunities-fund-direct-plan-growth-option) | +8.0% | +18.2% | N/A | 17.8% | N/A | 0.99% | ₹1,344 Cr |
| 5 | [Nippon India Innovation Fund-Direct Plan-Growth Option](https://www.rudowealth.com/mutual-funds/nippon-india-innovation-fund-direct-plan-growth-option) | +0.6% | +13.8% | N/A | 16.8% | N/A | 0.85% | ₹3,108 Cr |
| 6 | [Bandhan Innovation Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/bandhan-innovation-fund-direct-plan-growth) | +17.9% | N/A | N/A | N/A | N/A | 0.84% | ₹2,957 Cr |
| 7 | [HDFC Innovation Fund - Direct Plan - Growth Option](https://www.rudowealth.com/mutual-funds/hdfc-innovation-fund-direct-plan-growth-option) | +14.2% | N/A | N/A | N/A | N/A | 0.97% | ₹3,189 Cr |
| 8 | [Motilal Oswal Innovation Opportunities Fund - Direct Plan- Growth](https://www.rudowealth.com/mutual-funds/motilal-oswal-innovation-opportunities-fund-direct-plan-growth) | +11.0% | N/A | N/A | N/A | N/A | 1.36% | ₹793 Cr |
| 9 | [Baroda BNP Paribas Innovation Fund Direct plan - Growth Option](https://www.rudowealth.com/mutual-funds/baroda-bnp-paribas-innovation-fund-direct-plan-growth-option) | +9.2% | N/A | N/A | N/A | N/A | 1.36% | ₹918 Cr |
| 10 | [Tata India Innovation Fund- Direct Growth](https://www.rudowealth.com/mutual-funds/tata-india-innovation-fund-direct-growth) | +0.5% | N/A | N/A | N/A | N/A | 0.94% | ₹1,346 Cr |
| 11 | [UTI Innovation Fund - Direct Plan - Growth Option](https://www.rudowealth.com/mutual-funds/uti-innovation-fund-direct-plan-growth-option) | -5.6% | N/A | N/A | 21.1% | N/A | 1.05% | ₹837 Cr |
| 12 | [Mahindra Manulife Innovation Opportunities Fund - Direct - Growth](https://www.rudowealth.com/mutual-funds/mahindra-manulife-innovation-opportunities-fund-direct-growth) | N/A | N/A | N/A | N/A | N/A | 0.94% | ₹263 Cr |

Ordered by 5-year annualised return, highest first; funds younger than 5 years follow by 3-year, then 1-year return. Volatility is the annualised standard deviation of monthly returns. Worst fall is the largest drop from a peak in the last 5 years. We do not label any fund as the best.

Investing from the UAE: NRIs can generally invest once KYC is complete, paying from an NRE or NRO bank account. Some fund houses do not accept residents of the United States or Canada. The UAE does not levy personal income tax, and the India UAE tax treaty may affect how gains are treated, so confirm your own position with a tax adviser.

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General information, not a recommendation to buy or sell any fund. Past performance does not indicate future returns.