Axis Multi Asset Allocation Fund vs Kotak 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 Kotak MSCI India ETF is an ETF fund. In the year to 30-10-2026, Axis Multi Asset Allocation Fund (Direct) returned 2.0% and Kotak MSCI India ETF returned −8.0%. Axis Multi Asset Allocation Fund charges 1.20% a year and Kotak MSCI India ETF 0.24%. Their portfolios overlap 43.2%: they hold 54 of the same securities.
Axis Multi Asset Allocation Fund
Multi Asset
- 1 year return
- 2.0%
- Expense ratio
- 1.20%
- NAV
- ₹50.91
Which is better, Axis Multi Asset Allocation or Kotak 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.
- Axis Multi Asset Allocation returned more over 1 year: 2.0% against −8.0%.
- Kotak MSCI India ETF costs less: 0.24% a year against 1.20%.
- Axis Multi Asset Allocation fell less in its worst fall since 25-02-2025: −12.1% against −14.6%.
- Kotak MSCI India ETF holds more in large companies: 80.6% of the fund in large caps against 43.6%.
- Axis Multi Asset Allocation is the larger fund: ₹2,616 Cr against ₹1,749 Cr.
- Their portfolios overlap 43.2%: 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 | Kotak MSCI India ETF |
|---|---|---|
| Fund house | Axis Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Multi Asset | ETF |
| AUM | ₹2,616 Cr (30-09-2026) | ₹1,749 Cr (30-09-2026) |
| NAV | ₹50.91 (Direct) | ₹28.23 |
| 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 | MSCI India TRI |
| Launch date | 23-08-2010 | 19-02-2025 |
| Minimum investment | ₹100 | Ongoing purchases directly from the Mutual Fund would be restricted to Market Makers and Large Investors (subject to transactions greater than INR 25 crores or such other amount as may be specified by SEBI from time to time) provided the value of units to |
| Lock in | None | None |
| Fund managers | Ashish Naik, Devang Shah, Hardik Shah, Aditya Pagaria, Pratik Tibrewal, Krishnaa N, Akhil Thakker | Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar |
| 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 Kotak 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% |
| Kotak MSCI India ETF | +0.29% | −5.98% | −3.50% | −8.03% | -- | -- | -- |
| 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 Kotak MSCI India ETF: Year-wise Returns
| Year | Axis Multi Asset AllocationAxis Multi Asset Allocation | Kotak MSCI India ETFKotak MSCI India ETF |
|---|---|---|
| 2026to date | −0.94% | −8.95% |
| 2025 | +16.47% | -- |
| 2024 | +16.48% | -- |
| 2023 | +14.36% | -- |
| 2022 | −4.31% | -- |
| 2021 | +24.87% | -- |
Axis Multi Asset Allocation vs Kotak MSCI India ETF: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 168 of them, one for each trading day from 25-02-2026 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.
Axis Multi Asset Allocation Fund (Direct)
Kotak MSCI India ETF
to
Mar 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Aug 2025
to
Aug 2026Oct 2025
to
Oct 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Axis Multi Asset Allocation | 0.0 | 8.3 | 11.9 | 48.8 | 23.8 | 4.2 | 3.0 | 12.9% | 12.9% | 0.2% | 28.1% |
| Kotak MSCI India ETF | 46.4 | 36.7 | 11.4 | 3.6 | 1.8 | 0.0 | 0.0 | 0.9% | 0.2% | −9.8% | 15.8% |
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. Every fund is measured over the days all of them have, from 25-02-2025. Past returns do not promise future returns.
Axis Multi Asset Allocation vs Kotak MSCI India 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
₹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% |
| Kotak MSCI India ETFKotak MSCI India ETF | ₹2,10,000 | ₹2,04,302 | −₹5,698 | −3.0% |
Axis Multi Asset AllocationAxis Multi Asset Allocation Fund (Direct)
Kotak MSCI India ETFKotak MSCI India ETF
Amount 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 Kotak 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) | Kotak MSCI India ETF |
|---|---|---|
| Return (CAGR) | +2.01% | −8.03% |
| Standard deviation | 12.66% | 14.22% |
| Sharpe ratio | -0.25 | -0.93 |
| Sortino ratio | -0.34 | -1.24 |
| Maximum drawdown | −12.1% (23-03-2026) | −14.6% (31-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
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) | Kotak MSCI India ETF |
|---|---|---|
| Return (CAGR) | +10.55% | +4.02% |
| Standard deviation | 10.28% | 13.78% |
| Sharpe ratio | 0.44 | -0.10 |
| Sortino ratio | 0.59 | -0.14 |
| 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)
Kotak 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% |
| Kotak MSCI India ETF | −14.6% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.1% |
From daily values since 25-02-2025, 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.
Axis Multi Asset Allocation Fund (Direct)
Kotak MSCI India ETF
Axis Multi Asset Allocation vs Kotak MSCI India ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Multi Asset Allocation Fund, September 2026; Kotak MSCI India ETF, September 2026
Holdings in common
- Overlap
- 43.2%
- Held by both
- 54
- Only in Axis Multi Asset Allocation
- 59
- Only in Kotak MSCI India ETF
- 111
| Security | % of Axis Multi Asset Allocation | % of Kotak MSCI India ETF |
|---|---|---|
| ICICI Bank Limited | 5.57% | 5.60% |
| 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% | 1.91% |
| Titan Company Limited | 1.05% | 1.30% |
| Sun Pharmaceutical Industries Limited | 0.98% | 1.30% |
| NTPC Limited | 0.98% | 1.12% |
| UltraTech Cement Limited | 1.06% | 0.90% |
| Tata Steel Limited | 0.80% | 1.10% |
| Tech Mahindra Limited | 1.01% | 0.66% |
| HCL Technologies Limited | 0.63% | 0.87% |
| SBI Life Insurance Company Limited | 1.13% | 0.61% |
| Hindustan Aeronautics Limited | 0.60% | 0.62% |
| 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% | 0.55% |
| 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% | 0.43% |
| Britannia Industries Limited | 0.45% | 0.42% |
| Tata Consumer Products Limited | 0.77% | 0.41% |
| Lenskart Solutions Limited | 0.55% | 0.36% |
| Aurobindo Pharma Limited | 0.85% | 0.35% |
| Tata Motors Ltd | 0.35% | 0.62% |
| Eternal Limited | 0.35% | 1.22% |
| Marico Limited | 0.76% | 0.33% |
| 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% | 0.25% |
| 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% |
| Page Industries Limited | 0.53% | 0.18% |
| Canara Bank | 0.98% | 0.17% |
| Alkem Laboratories Limited | 0.56% | 0.17% |
| Jindal Stainless Limited | 0.41% | 0.17% |
| Coromandel International Limited | 0.37% | 0.17% |
| PI Industries Limited | 0.26% | 0.13% |
| 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. 43.2% 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 Kotak MSCI India ETF
| Security | % of fund |
|---|---|
| Maruti Suzuki India Limited | 1.13% |
| SHRIRAM FINANCE LIMITED | 1.11% |
| Bharat Electronics Ltd. | 1.08% |
| Hindustan Unilever Ltd. | 1.06% |
| Hindalco Industries Ltd. | 0.97% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Multi Asset Allocation | Kotak MSCI India ETF |
|---|---|---|
| Equity | 66.8% | 100.0% |
| Debt | 10.5% | 0.0% |
| Cash and others | 22.7% | 0.0% |
Market cap of stocks
| Market cap | Axis Multi Asset Allocation | Kotak MSCI India ETF |
|---|---|---|
| Large Cap | 43.6% | 80.6% |
| Mid Cap | 12.6% | 19.4% |
| 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 | Kotak MSCI India ETF |
|---|---|---|
| Banks | 17.1% | 20.3% |
| IT - Software | 3.5% | 6.6% |
| Petroleum Products | 2.5% | 6.4% |
| Finance | 3.7% | 6.3% |
| Automobiles | 2.6% | 6.2% |
| Pharmaceuticals and Biotechnology | 0.0% | 5.6% |
| Telecom - Services | 2.8% | 4.7% |
| Pharmaceuticals & Biotechnology | 4.0% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Multi Asset Allocation vs Kotak MSCI India ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Multi Asset Allocation Fund | Kotak MSCI India ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.20% | Not available |
| Base expense ratio (Direct) | 0.65% | 0.00% |
| Total expense ratio (Regular) | 2.27% | Not available |
| Base expense ratio (Regular) | 1.57% | 0.17% |
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 Kotak MSCI India ETF: Frequently Asked Questions
What is the difference between Axis Multi Asset Allocation Fund and Kotak MSCI India ETF?
Axis Multi Asset Allocation Fund is a Multi Asset fund, Kotak MSCI India ETF is an ETF fund, run by Axis Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 43.2%. Axis Multi Asset Allocation Fund charges 1.20% a year and Kotak MSCI India ETF 0.24%.
Which has given higher returns, Axis Multi Asset Allocation Fund or Kotak MSCI India ETF?
Over 1 year: Axis Multi Asset Allocation Fund +2.01%, Kotak MSCI India ETF −8.03%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Multi Asset Allocation Fund or Kotak MSCI India ETF?
Kotak MSCI India ETF charges less: 0.24% a year against 1.20%. These are the total expense ratios reported to AMFI.
How much do Axis Multi Asset Allocation Fund and Kotak MSCI India ETF overlap?
43.2%. They hold 54 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 Kotak MSCI India ETF?
On SEBI's riskometer, Axis Multi Asset Allocation Fund is rated Very High and Kotak MSCI India ETF Very High. Over 1 years, the standard deviation of daily returns was 12.66% and 14.22% a year.
Can I invest in both Axis Multi Asset Allocation Fund and Kotak MSCI India 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 Kotak MSCI India ETF?
Axis Multi Asset Allocation Fund: Ashish Naik, Devang Shah, Hardik Shah, Aditya Pagaria, Pratik Tibrewal, Krishnaa N, Akhil Thakker. Kotak MSCI India ETF: Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar.
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.