Axis Multi Asset Allocation Fund vs Groww NIFTY 200 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 Groww NIFTY 200 ETF is an ETF fund. In the year to 30-10-2026, Axis Multi Asset Allocation Fund (Direct) returned 2.0% and Groww NIFTY 200 ETF returned −8.2%. Axis Multi Asset Allocation Fund charges 1.20% a year and Groww NIFTY 200 ETF 0.43%. Their portfolios overlap 43.2%: they hold 56 of the same securities.

Axis Multi Asset Allocation Fund

Multi Asset

1 year return: 2.0%
Expense ratio: 1.20%
NAV: ₹50.91

See Axis Multi Asset Allocation Fund

Groww NIFTY 200 ETF

ETF

1 year return: −8.2%
Expense ratio: 0.43%
NAV: ₹10.72

See Groww NIFTY 200 ETF

Which is better, Axis Multi Asset Allocation or Groww NIFTY 200 ETF? Key differences

It depends on what you want from the fund. These are the differences in numbers, from the data on this page.

Axis Multi Asset Allocation returned more over 1 year: 2.0% against −8.2%.
Groww NIFTY 200 ETF costs less: 0.43% a year against 1.20%.
Axis Multi Asset Allocation fell less in its worst fall since 27-02-2025: −12.1% against −14.8%.
Groww NIFTY 200 ETF holds more in large companies: 79.6% of the fund in large caps against 43.6%.
Axis Multi Asset Allocation is the larger fund: ₹2,616 Cr against ₹16 Cr.
Their portfolios overlap 43.2%: 56 of the same holdings.

Past returns do not promise future returns. This page is information, not investment advice.

NAV comparison

How each fund's NAV moved over the same days, as % change since the first day of the range

Axis Multi Asset Allocation Fund (Direct)
+22.4%
Groww NIFTY 200 ETF
+7.6%

Change in NAV from 27-02-2025 to 29-10-2026

0%+10%+20%+30%+40%

Key facts

From each fund's scheme summary document and AMFI

Fact	Axis Multi Asset Allocation Fund	Groww NIFTY 200 ETF
Fund house	Axis Mutual Fund	Groww Mutual Fund
Category	Multi Asset	ETF
AUM	₹2,616 Cr (30-09-2026)	₹16 Cr (30-09-2026)
NAV	₹50.91 (Direct)	₹10.72
Expense ratio (Direct)	1.20%	Not available
Expense ratio (Regular)	2.27%	Not available
Riskometer	Very High	Very High
Benchmark	Nifty 500 TRI Index (65%) + Nifty Composite Debt Index (20%) + Domestic Price of Physical Gold (7.5%) + Domestic Price o	Nifty 200 TRI
Launch date	23-08-2010	25-02-2025
Minimum investment	₹100	₹500
Lock in	None	None
Fund managers	Ashish Naik, Devang Shah, Hardik Shah, Aditya Pagaria, Pratik Tibrewal, Krishnaa N, Akhil Thakker	Nikhil Satam, Aakash Chauhan, Shashi Kumar
Exit load	Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 12 months.	Nil

Axis Multi Asset Allocation vs Groww NIFTY 200 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%
Groww NIFTY 200 ETF	+0.13%	−6.00%	−3.35%	−8.21%	--	--	--
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 Groww NIFTY 200 ETF: Year-wise Returns

Year	Axis Multi Asset AllocationAxis Multi Asset Allocation	Groww NIFTY 200 ETFGroww NIFTY 200 ETF
2026to date	−0.94%	−8.79%
2025	+16.47%	--
2024	+16.48%	--
2023	+14.36%	--
2022	−4.31%	--
2021	+24.87%	--

Axis Multi Asset Allocation vs Groww NIFTY 200 ETF: Rolling Returns

Every holding period of both funds, against Nifty 200 TRI, the benchmark of Groww NIFTY 200 ETF

Rolling returns

Every 1-year holding period, 166 of them, one for each trading day from 27-02-2026 to 29-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.

−10%0%10%20%30%

Mar 2025
to
Mar 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 2026

Axis Multi Asset Allocation Fund (Direct)Groww NIFTY 200 ETFNifty 200 TRI

How the periods spread

Fund	Below 0%	0-5%	5-10%	10-15%	15-20%	20-25%	Above 25%	Mean	Median	Lowest	Highest	Beat benchmark
Axis Multi Asset Allocation	0.0	8.4	12.0	49.4	24.1	4.2	1.8	12.8%	12.9%	0.2%	28.1%	100%
Groww NIFTY 200 ETF	46.3	37.8	11.6	3.7	0.6	0.0	0.0	0.8%	0.3%	−9.9%	15.6%	0%
Nifty 200 TRI	42.2	39.8	13.3	3.0	1.8	0.0	0.0	1.3%	0.7%	−9.6%	17.7%	--

The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is Nifty 200 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 27-02-2025. Past returns do not promise future returns.

Axis Multi Asset Allocation vs Groww NIFTY 200 ETF: SIP and Lumpsum Returns

What the same monthly or one-time investment would be worth in each fund today, from their own NAV history

Growth of an investment

Every month₹

Step up each year

PeriodFor

₹10,000 on the first trading day of every month, from 03-02-2025 to 29-10-2026: 21 instalments, ₹2,10,000 in all.

Investment	Invested	Value now	Gain	Return a year
Axis Multi Asset AllocationAxis Multi Asset Allocation Fund (Direct)	₹2,10,000	₹2,20,569	₹10,569	5.5%
Groww NIFTY 200 ETFGroww NIFTY 200 ETF	₹2,10,000	₹2,04,546	−₹5,454	−2.9%

₹0₹50,000₹1.0 L₹1.5 L₹2.0 L₹2.5 L

2026

Axis Multi Asset AllocationAxis Multi Asset Allocation Fund (Direct)Groww NIFTY 200 ETFGroww NIFTY 200 ETFAmount invested

From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.

Axis Multi Asset Allocation vs Groww NIFTY 200 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)	Groww NIFTY 200 ETF
Return (CAGR)	+2.01%	−8.21%
Standard deviation	12.66%	14.33%
Sharpe ratio	-0.25	-0.94
Sortino ratio	-0.34	-1.24
Maximum drawdown	−12.1% (23-03-2026)	−14.8% (31-03-2026)
Beta	--	1.00
Alpha	--	−0.38%

From daily NAVs, 29-10-2025 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.

Measure	Axis Multi Asset Allocation Fund (Direct)	Groww NIFTY 200 ETF
Return (CAGR)	+10.55%	+4.51%
Standard deviation	10.28%	13.84%
Sharpe ratio	0.44	-0.07
Sortino ratio	0.59	-0.09
Maximum drawdown	−27.4% (23-03-2020)	−14.8% (31-03-2026)
Beta	--	1.00
Alpha	--	−0.43%

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.

−15%−10%−5%0%

2026

Axis Multi Asset Allocation Fund (Direct)Groww NIFTY 200 ETFNifty 200 TRI

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%
Groww NIFTY 200 ETF	−14.8%	02-01-2026	31-03-2026	Not yet	--	−9.7%
Nifty 200 TRI	−14.8%	02-01-2026	30-03-2026	Not yet	--	−9.4%

From daily values since 27-02-2025, the first day every fund has.

Rolling standard deviation

Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.

0%5%10%15%

Axis Multi Asset Allocation Fund (Direct)Groww NIFTY 200 ETFNifty 200 TRI

Against Nifty 200 TRI

Fund	Up capture	Down capture	Tracking error
Axis Multi Asset Allocation Fund (Direct)	73%	24%	7.72%
Groww NIFTY 200 ETF	99%	101%	0.06%

From month-end values since 27-02-2025. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.

Axis Multi Asset Allocation vs Groww NIFTY 200 ETF: Portfolio Overlap

From each fund's latest monthly portfolio: Axis Multi Asset Allocation Fund, September 2026; Groww NIFTY 200 ETF, September 2026

Holdings in common

Overlap: 43.2%
Held by both: 56
Only in Axis Multi Asset Allocation: 57
Only in Groww NIFTY 200 ETF: 144

Security	% of Axis Multi Asset Allocation	% of Groww NIFTY 200 ETF
ICICI Bank Limited	5.57%	5.86%
HDFC Bank Limited	4.23%	6.72%
Bharti Airtel Limited	2.79%	3.31%
Reliance Industries Limited	2.48%	4.91%
Axis Bank Limited	2.60%	2.18%
Larsen & Toubro Limited	2.13%	2.72%
State Bank of India	2.08%	2.45%
Mahindra & Mahindra Limited	1.55%	1.63%
Kotak Mahindra Bank Limited	1.40%	1.90%
Tata Consultancy Services Limited	1.19%	1.29%
Bajaj Finance Limited	1.14%	1.62%
Titan Company Limited	1.05%	1.17%
Sun Pharmaceutical Industries Limited	0.98%	1.19%
NTPC Limited	0.98%	0.95%
Tata Steel Limited	0.80%	0.95%
UltraTech Cement Limited	1.06%	0.80%
HCL Technologies Limited	0.63%	0.80%
Tech Mahindra Limited	1.01%	0.60%
Hindustan Aeronautics Limited	0.60%	0.55%
Oil & Natural Gas Corporation Limited	0.48%	0.54%
SBI Life Insurance Company Limited	1.13%	0.47%
One 97 Communications Limited	0.75%	0.45%
Cholamandalam Investment and Finance Company Ltd	0.66%	0.43%
Torrent Pharmaceuticals Limited	0.50%	0.43%
Vedanta Aluminium Metal Limited	0.66%	0.43%
Cummins India Limited	0.58%	0.40%
The Indian Hotels Company Limited	0.55%	0.40%
Tata Consumer Products Limited	0.77%	0.38%
Coforge Limited	0.57%	0.38%
Britannia Industries Limited	0.45%	0.35%
Tata Motors Ltd	0.35%	0.55%
Eternal Limited	0.35%	1.43%
GE Vernova T&D India Limited	0.51%	0.32%
Lenskart Solutions Limited	0.55%	0.31%
Aurobindo Pharma Limited	0.85%	0.29%
InterGlobe Aviation Limited	0.26%	0.70%
Marico Limited	0.76%	0.26%
Canara Bank	0.98%	0.25%
Fortis Healthcare Limited	0.49%	0.25%
United Spirits Limited	0.72%	0.25%
Max Healthcare Institute Limited	0.24%	0.43%
Swiggy Limited	0.95%	0.23%
ABB India Limited	0.52%	0.22%
Godrej Consumer Products Limited	0.40%	0.21%
Bajaj Finserv Limited	0.21%	0.62%
Dr. Reddy's Laboratories Limited	0.20%	0.46%
The Federal Bank Limited	0.19%	0.48%
Hyundai Motor India Ltd	0.54%	0.18%
Vishal Mega Mart Limited	0.69%	0.18%
Hindustan Zinc Limited	0.45%	0.17%
360 One WAM Limited	0.52%	0.17%
Page Industries Limited	0.53%	0.14%
PI Industries Limited	0.26%	0.11%
Infosys Limited	0.09%	2.17%
Info Edge (India) Limited	0.04%	0.29%
Ashok Leyland Limited	0.02%	0.27%

Overlap: for each holding both funds own, the smaller of its two weights, added up. 43.2% means 43.2% 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 Groww NIFTY 200 ETF

Security	% of fund
ITC Limited	1.57%
Hindustan Unilever Limited	1.03%
Maruti Suzuki India Limited	0.96%
Adani Port & Special Economic Zone Ltd	0.87%
Bharat Electronics Limited	0.86%

Asset and sector split

Share of each fund, from its latest monthly portfolio

Asset allocation

Asset	Axis Multi Asset Allocation	Groww NIFTY 200 ETF
Equity	66.8%	99.9%
Debt	10.5%	0.0%
Cash and others	22.7%	0.1%

Market cap of stocks

Market cap	Axis Multi Asset Allocation	Groww NIFTY 200 ETF
Large Cap	43.6%	79.6%
Mid Cap	12.6%	19.9%
Small Cap	8.7%	0.3%
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	Groww NIFTY 200 ETF
Banks	17.1%	22.2%
IT - Software	3.5%	6.4%
Finance	3.7%	5.9%
Petroleum Products	2.5%	5.8%
Automobiles	2.6%	5.5%
Pharmaceuticals & Biotechnology	4.0%	5.1%
Telecom - Services	2.8%	3.9%

The six largest sectors of each fund's stocks, % of the fund.

Axis Multi Asset Allocation vs Groww NIFTY 200 ETF: Expense Ratio

What each plan charges a year, from AMFI's expense ratio file

Charge	Axis Multi Asset Allocation Fund	Groww NIFTY 200 ETF
Total expense ratio (Direct)	1.20%	Not available
Base expense ratio (Direct)	0.65%	0.35%
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

Compare Axis Multi Asset Allocation with

Axis Multi Asset Allocation Fund vs Groww NIFTY 200 ETF: Frequently Asked Questions

What is the difference between Axis Multi Asset Allocation Fund and Groww NIFTY 200 ETF?

Axis Multi Asset Allocation Fund is a Multi Asset fund, Groww NIFTY 200 ETF is an ETF fund, run by Axis Mutual Fund and Groww Mutual Fund. Their portfolios overlap 43.2%. Axis Multi Asset Allocation Fund charges 1.20% a year and Groww NIFTY 200 ETF 0.43%.

Which has given higher returns, Axis Multi Asset Allocation Fund or Groww NIFTY 200 ETF?

Over 1 year: Axis Multi Asset Allocation Fund +2.01%, Groww NIFTY 200 ETF −8.21%. As on 30-10-2026. Past returns do not promise future returns.

Which has the lower expense ratio, Axis Multi Asset Allocation Fund or Groww NIFTY 200 ETF?

Groww NIFTY 200 ETF charges less: 0.43% a year against 1.20%. These are the total expense ratios reported to AMFI.

How much do Axis Multi Asset Allocation Fund and Groww NIFTY 200 ETF overlap?

43.2%. They hold 56 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, BHARTIARTL. From each fund's latest monthly portfolio.

Which is riskier, Axis Multi Asset Allocation Fund or Groww NIFTY 200 ETF?

On SEBI's riskometer, Axis Multi Asset Allocation Fund is rated Very High and Groww NIFTY 200 ETF Very High. Over 1 years, the standard deviation of daily returns was 12.66% and 14.33% a year.

Can I invest in both Axis Multi Asset Allocation Fund and Groww NIFTY 200 ETF?

Yes. 43.2% of each fund's money sits in the same holdings, so a large part of the two investments would move together.

Who manages Axis Multi Asset Allocation Fund and Groww NIFTY 200 ETF?

Axis Multi Asset Allocation Fund: Ashish Naik, Devang Shah, Hardik Shah, Aditya Pagaria, Pratik Tibrewal, Krishnaa N, Akhil Thakker. Groww NIFTY 200 ETF: Nikhil Satam, Aakash Chauhan, Shashi Kumar.

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.