Axis Multi Asset Allocation Fund vs DSP MSCI India ETF
Direct Plan where a fund has one, Growth option · Data as on 29-10-2026
Axis Multi Asset Allocation Fund is a Multi Asset fund and DSP MSCI India ETF is a mutual fund. Axis Multi Asset Allocation Fund charges 1.20% a year and DSP MSCI India ETF 0.16%. Their portfolios overlap 43.1%: they hold 54 of the same securities.
Axis Multi Asset Allocation Fund
Multi Asset
- Expense ratio
- 1.20%
- NAV
- ₹50.91
Which is better, Axis Multi Asset Allocation or DSP MSCI India ETF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- DSP MSCI India ETF costs less: 0.16% a year against 1.20%.
- Axis Multi Asset Allocation fell less in its worst fall since 25-11-2025: −12.1% against −14.6%.
- DSP MSCI India ETF holds more in large companies: 80.5% of the fund in large caps against 43.6%.
- Axis Multi Asset Allocation is the larger fund: ₹2,616 Cr against ₹3 Cr.
- Their portfolios overlap 43.1%: 54 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | Axis Multi Asset Allocation Fund | DSP MSCI India ETF |
|---|---|---|
| Fund house | Axis Mutual Fund | DSP Mutual Fund |
| Category | Multi Asset | Not available |
| AUM | ₹2,616 Cr (30-09-2026) | ₹3 Cr (30-09-2026) |
| NAV | ₹50.91 (Direct) | ₹27.96 |
| Expense ratio (Direct) | 1.20% | Not available |
| Expense ratio (Regular) | 2.27% | Not available |
| Riskometer | Very High | Not available |
| Benchmark | Nifty 500 TRI Index (65%) + Nifty Composite Debt Index (20%) + Domestic Price of Physical Gold (7.5%) + Domestic Price o | Not available |
| Launch date | 23-08-2010 | Not available |
| Minimum investment | ₹100 | Not available |
| Lock in | None | Not available |
| Fund managers | Ashish Naik, Devang Shah, Hardik Shah, Aditya Pagaria, Pratik Tibrewal, Krishnaa N, Akhil Thakker | Not available |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 12 months. | Not available |
Axis Multi Asset Allocation vs DSP MSCI India ETF: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Axis Multi Asset Allocation Fund (Direct) | −1.00% | −2.70% | −0.28% | +2.01% | +13.55% | +8.22% | +11.23% |
| DSP MSCI India ETF | +0.34% | −5.94% | −3.51% | -- | -- | -- | -- |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | +14.20% | +12.56% | +12.92% |
Category average: the average of the 37 Multi Asset funds, same plan type.
Axis Multi Asset Allocation vs DSP MSCI India ETF: Year-wise Returns
| Year | Axis Multi Asset AllocationAxis Multi Asset Allocation | DSP MSCI India ETFDSP MSCI India ETF |
|---|---|---|
| 2026to date | −0.94% | −8.97% |
| 2025 | +16.47% | -- |
| 2024 | +16.48% | -- |
| 2023 | +14.36% | -- |
| 2022 | −4.31% | -- |
| 2021 | +24.87% | -- |
Axis Multi Asset Allocation vs DSP MSCI India ETF: Rolling Returns
Every holding period of both funds
Axis Multi Asset Allocation vs DSP MSCI India ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Multi Asset Allocation Fund (Direct) | DSP MSCI India ETF |
|---|---|---|
| Return (CAGR) | +10.55% | −8.48% |
| Standard deviation | 10.28% | 14.60% |
| Sharpe ratio | 0.44 | -0.94 |
| Sortino ratio | 0.59 | -1.24 |
| Maximum drawdown | −27.4% (23-03-2020) | −14.6% (31-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 02-01-2013 to 29-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
Axis Multi Asset Allocation Fund (Direct)
DSP MSCI India ETF
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis Multi Asset Allocation Fund (Direct) | −12.1% | 29-01-2026 | 23-03-2026 | Not yet | -- | −6.6% |
| DSP MSCI India ETF | −14.6% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.1% |
From daily values since 25-11-2025, the first day every fund has.
Axis Multi Asset Allocation vs DSP MSCI India ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Multi Asset Allocation Fund, September 2026; DSP MSCI India ETF, September 2026
Holdings in common
- Overlap
- 43.1%
- Held by both
- 54
- Only in Axis Multi Asset Allocation
- 59
- Only in DSP MSCI India ETF
- 110
| Security | % of Axis Multi Asset Allocation | % of DSP MSCI India ETF |
|---|---|---|
| ICICI Bank Limited | 5.57% | 5.59% |
| HDFC Bank Limited | 4.23% | 6.44% |
| Bharti Airtel Limited | 2.79% | 3.93% |
| Reliance Industries Limited | 2.48% | 5.44% |
| Axis Bank Limited | 2.60% | 2.25% |
| Larsen & Toubro Limited | 2.13% | 2.02% |
| Mahindra & Mahindra Limited | 1.55% | 2.05% |
| State Bank of India | 2.08% | 1.41% |
| Kotak Mahindra Bank Limited | 1.40% | 1.82% |
| Tata Consultancy Services Limited | 1.19% | 1.33% |
| Bajaj Finance Limited | 1.14% | 1.90% |
| Titan Company Limited | 1.05% | 1.29% |
| Sun Pharmaceutical Industries Limited | 0.98% | 1.30% |
| NTPC Limited | 0.98% | 1.12% |
| UltraTech Cement Limited | 1.06% | 0.89% |
| Tata Steel Limited | 0.80% | 1.10% |
| Tech Mahindra Limited | 1.01% | 0.65% |
| HCL Technologies Limited | 0.63% | 0.86% |
| SBI Life Insurance Company Limited | 1.13% | 0.61% |
| Hindustan Aeronautics Limited | 0.60% | 0.63% |
| Cholamandalam Investment and Finance Company Ltd | 0.66% | 0.55% |
| One 97 Communications Limited | 0.75% | 0.51% |
| Cummins India Limited | 0.58% | 0.50% |
| Torrent Pharmaceuticals Limited | 0.50% | 0.54% |
| The Indian Hotels Company Limited | 0.55% | 0.48% |
| Oil & Natural Gas Corporation Limited | 0.48% | 0.46% |
| Vedanta Aluminium Metal Limited | 0.66% | 0.45% |
| GE Vernova T&D India Limited | 0.51% | 0.42% |
| Tata Consumer Products Limited | 0.77% | 0.41% |
| Britannia Industries Limited | 0.45% | 0.41% |
| Lenskart Solutions Limited | 0.55% | 0.36% |
| Tata Motors Ltd | 0.35% | 0.62% |
| Eternal Limited | 0.35% | 1.22% |
| Aurobindo Pharma Limited | 0.85% | 0.34% |
| Marico Limited | 0.76% | 0.32% |
| United Spirits Limited | 0.72% | 0.31% |
| Fortis Healthcare Limited | 0.49% | 0.30% |
| Godrej Consumer Products Limited | 0.40% | 0.26% |
| InterGlobe Aviation Limited | 0.26% | 0.75% |
| ABB India Limited | 0.52% | 0.24% |
| Max Healthcare Institute Limited | 0.24% | 0.52% |
| Bajaj Finserv Limited | 0.21% | 0.53% |
| Dr. Reddy's Laboratories Limited | 0.20% | 0.49% |
| Vishal Mega Mart Limited | 0.69% | 0.19% |
| The Federal Bank Limited | 0.19% | 0.46% |
| Alkem Laboratories Limited | 0.56% | 0.18% |
| Canara Bank | 0.98% | 0.17% |
| Jindal Stainless Limited | 0.41% | 0.17% |
| Coromandel International Limited | 0.37% | 0.16% |
| Page Industries Limited | 0.53% | 0.14% |
| PI Industries Limited | 0.26% | 0.12% |
| Infosys Limited | 0.09% | 2.41% |
| Info Edge (India) Limited | 0.04% | 0.33% |
| Ashok Leyland Limited | 0.02% | 0.34% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 43.1% means 43.1% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in Axis Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| Axis Gold ETF | 11.78% |
| Axis Silver ETF | 3.34% |
| Cube Highways Trust-InvIT Fund | 1.17% |
| 8.55% Shriram Finance Limited (28/04/2028) | 1.16% |
| 8.45% Adani Airport Holdings Limited (12/02/2029) | 1.13% |
Largest holdings only in DSP MSCI India ETF
| Security | % of fund |
|---|---|
| Maruti Suzuki India Limited | 1.11% |
| Shriram Finance Limited | 1.10% |
| Bharat Electronics Limited | 1.07% |
| Hindustan Unilever Limited | 1.05% |
| Hindalco Industries Limited | 0.97% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Multi Asset Allocation | DSP MSCI India ETF |
|---|---|---|
| Equity | 66.8% | 99.5% |
| Debt | 10.5% | 0.0% |
| Cash and others | 22.7% | 0.5% |
Market cap of stocks
| Market cap | Axis Multi Asset Allocation | DSP MSCI India ETF |
|---|---|---|
| Large Cap | 43.6% | 80.5% |
| Mid Cap | 12.6% | 19.0% |
| Small Cap | 8.7% | 0.0% |
| Not on AMFI's list | 1.9% | 0.0% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | Axis Multi Asset Allocation | DSP MSCI India ETF |
|---|---|---|
| Banks | 17.1% | 20.3% |
| IT - Software | 3.5% | 6.5% |
| Petroleum Products | 2.5% | 6.4% |
| Finance | 3.7% | 6.3% |
| Automobiles | 2.6% | 6.2% |
| Pharmaceuticals & Biotechnology | 4.0% | 5.6% |
| Telecom - Services | 2.8% | 4.7% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Multi Asset Allocation vs DSP MSCI India ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Multi Asset Allocation Fund | DSP MSCI India ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.20% | Not available |
| Base expense ratio (Direct) | 0.65% | 0.11% |
| Total expense ratio (Regular) | 2.27% | Not available |
| Base expense ratio (Regular) | 1.57% | 0.00% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
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Axis Multi Asset Allocation Fund vs DSP MSCI India ETF: Frequently Asked Questions
What is the difference between Axis Multi Asset Allocation Fund and DSP MSCI India ETF?
Axis Multi Asset Allocation Fund is a Multi Asset fund, DSP MSCI India ETF is a mutual fund, run by Axis Mutual Fund and DSP Mutual Fund. Their portfolios overlap 43.1%. Axis Multi Asset Allocation Fund charges 1.20% a year and DSP MSCI India ETF 0.16%.
Which has the lower expense ratio, Axis Multi Asset Allocation Fund or DSP MSCI India ETF?
DSP MSCI India ETF charges less: 0.16% a year against 1.20%. These are the total expense ratios reported to AMFI.
How much do Axis Multi Asset Allocation Fund and DSP MSCI India ETF overlap?
43.1%. They hold 54 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, BHARTIARTL. From each fund's latest monthly portfolio.
Can I invest in both Axis Multi Asset Allocation Fund and DSP MSCI India ETF?
Yes. 43.1% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.