Axis Multi Asset Allocation Fund vs Kotak Multi Asset Allocation Fund
Direct Plan, Growth option · Data as on 29-10-2026
Axis Multi Asset Allocation Fund and Kotak Multi Asset Allocation Fund are both Multi Asset funds. In the 3 years to 29-10-2026, Axis Multi Asset Allocation Fund (Direct) returned 13.6% a year and Kotak Multi Asset Allocation Fund (Direct) returned 16.2% a year. Axis Multi Asset Allocation Fund charges 1.20% a year and Kotak Multi Asset Allocation Fund 0.63% (Direct plans). Their portfolios overlap 14.7%: they hold 17 of the same securities.
Axis Multi Asset Allocation Fund
Multi Asset
- 3 year return
- 13.6%
- Expense ratio
- 1.20%
- NAV
- ₹50.91
Kotak Multi Asset Allocation Fund
Multi Asset
- 3 year return
- 16.2%
- Expense ratio
- 0.63%
- NAV
- ₹15.65
Which is better, Axis Multi Asset Allocation or Kotak Multi Asset Allocation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Kotak Multi Asset Allocation returned more over 3 years: 16.2% a year against 13.6%.
- Kotak Multi Asset Allocation returned more over 1 year: 4.3% against 2.0%.
- Kotak Multi Asset Allocation costs less: 0.63% a year against 1.20% (Direct plans).
- Axis Multi Asset Allocation swung less over 3 years: a standard deviation of 10.7% a year against 12.2%.
- Axis Multi Asset Allocation fell less in its worst fall since 03-10-2023: −12.1% against −13.8%.
- Kotak Multi Asset Allocation is the larger fund: ₹15,236 Cr against ₹2,616 Cr.
- Their portfolios overlap 14.7%: 17 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 Multi Asset Allocation Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Multi Asset | Multi Asset |
| AUM | ₹2,616 Cr (30-09-2026) | ₹15,236 Cr (30-09-2026) |
| NAV | ₹50.91 (Direct) | ₹15.65 (Direct) |
| Expense ratio (Direct) | 1.20% | 0.63% |
| Expense ratio (Regular) | 2.27% | 1.76% |
| 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 500 TRI 65% + NIFTY Short Duration Debt Index 25% + Domestic Price of Gold 5% + Domestic Price of Silver 5% |
| Launch date | 23-08-2010 | 22-09-2023 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Ashish Naik, Devang Shah, Hardik Shah, Aditya Pagaria, Pratik Tibrewal, Krishnaa N, Akhil Thakker | Devender Singhal, Abhishek Bisen, Hiten Shah, 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. | Exit Load for units in excess of 30% of the investment,1% will be charged for redemption within 1 year. |
Axis Multi Asset Allocation vs Kotak Multi Asset Allocation: Returns Comparison
Returns as on 29-10-2026. 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 Multi Asset Allocation Fund (Direct) | −3.51% | −4.32% | −4.66% | +4.34% | +16.23% | -- | -- |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | +14.20% | -- | -- |
Category average: the average of the 37 Multi Asset funds, same plan type.
Axis Multi Asset Allocation vs Kotak Multi Asset Allocation: Year-wise Returns
| Year | AxisAxis Multi Asset Allocation | KotakKotak Multi Asset Allocation |
|---|---|---|
| 2026to date | −0.94% | −2.85% |
| 2025 | +16.47% | +24.37% |
| 2024 | +16.48% | +17.87% |
| 2023 | +14.36% | -- |
| 2022 | −4.31% | -- |
| 2021 | +24.87% | -- |
Axis Multi Asset Allocation vs Kotak Multi Asset Allocation: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 518 of them, one for each trading day from 03-10-2024 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 Multi Asset Allocation Fund (Direct)
to
Dec 2024Apr 2024
to
Apr 2025Aug 2024
to
Aug 2025Dec 2024
to
Dec 2025Apr 2025
to
Apr 2026Aug 2025
to
Aug 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 | 5.0 | 20.7 | 38.4 | 18.1 | 10.0 | 7.7 | 13.9% | 12.8% | 0.2% | 28.1% |
| Kotak Multi Asset Allocation | 0.0 | 5.7 | 26.2 | 13.5 | 13.1 | 17.4 | 24.2 | 17.3% | 17.3% | 2.5% | 39.2% |
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 03-10-2023. Past returns do not promise future returns.
Axis Multi Asset Allocation vs Kotak Multi Asset Allocation: 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 03-10-2023 to 29-10-2026: 37 instalments, ₹3,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis Multi Asset AllocationAxis Multi Asset Allocation Fund (Direct) | ₹3,70,000 | ₹4,22,210 | ₹52,210 | 8.6% |
| Kotak Multi Asset AllocationKotak Multi Asset Allocation Fund (Direct) | ₹3,70,000 | ₹4,35,008 | ₹65,008 | 10.5% |
Axis Multi Asset AllocationAxis Multi Asset Allocation Fund (Direct)
Kotak Multi Asset AllocationKotak Multi Asset Allocation Fund (Direct)
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 Multi Asset Allocation: 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 Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +2.01% | +4.34% |
| Standard deviation | 12.66% | 15.49% |
| Sharpe ratio | -0.25 | -0.06 |
| Sortino ratio | -0.34 | -0.07 |
| Maximum drawdown | −12.1% (23-03-2026) | −13.8% (23-03-2026) |
| 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 Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.55% | +16.23% |
| Standard deviation | 10.70% | 12.23% |
| Sharpe ratio | 0.70 | 0.83 |
| Sortino ratio | 0.94 | 1.11 |
| Maximum drawdown | −12.1% (23-03-2026) | −13.8% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 27-10-2023 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 Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.55% | +15.57% |
| Standard deviation | 10.28% | 12.12% |
| Sharpe ratio | 0.44 | 0.79 |
| Sortino ratio | 0.59 | 1.05 |
| Maximum drawdown | −27.4% (23-03-2020) | −13.8% (23-03-2026) |
| 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 Multi Asset Allocation Fund (Direct)
| 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 Multi Asset Allocation Fund (Direct) | −13.8% | 29-01-2026 | 23-03-2026 | Not yet | -- | −9.9% |
From daily values since 03-10-2023, 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 Multi Asset Allocation Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-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 Multi Asset Allocation Fund (Direct)
Axis Multi Asset Allocation vs Kotak Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Multi Asset Allocation Fund, September 2026; Kotak Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 14.7%
- Held by both
- 17
- Only in Axis Multi Asset Allocation
- 96
- Only in Kotak Multi Asset Allocation
- 81
| Security | % of Axis Multi Asset Allocation | % of Kotak Multi Asset Allocation |
|---|---|---|
| HDFC Bank Limited | 4.23% | 2.39% |
| State Bank of India | 2.08% | 3.27% |
| ICICI Bank Limited | 5.57% | 1.36% |
| Bharti Airtel Limited | 2.79% | 1.27% |
| Reliance Industries Limited | 2.48% | 1.19% |
| NTPC Limited | 0.98% | 2.51% |
| Indo-MIM Limited | 0.96% | 2.91% |
| One 97 Communications Limited | 0.75% | 1.50% |
| Swiggy Limited | 0.95% | 0.74% |
| Tata Steel Limited | 0.80% | 0.67% |
| Sapphire Foods India Limited | 0.60% | 0.55% |
| Hindustan Zinc Limited | 0.45% | 0.93% |
| Embassy Office Parks REIT | 1.10% | 0.36% |
| Tata Motors Ltd | 0.35% | 0.88% |
| Eternal Limited | 0.35% | 2.50% |
| InterGlobe Aviation Limited | 0.26% | 0.39% |
| Indus Infra Trust | 0.39% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 14.7% means 14.7% 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% |
| Axis Bank Limited | 2.60% |
| Larsen & Toubro Limited | 2.13% |
| Mahindra & Mahindra Limited | 1.55% |
Largest holdings only in Kotak Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| KOTAK MUTUAL FUND - KOTAK SILVER ETF | 7.90% |
| KOTAK MUTUAL FUND - KOTAK GOLD ETF | 5.74% |
| ITC Ltd. | 2.54% |
| Maruti Suzuki India Limited | 2.40% |
| Hero MotoCorp Ltd. | 2.24% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Multi Asset Allocation | Kotak Multi Asset Allocation |
|---|---|---|
| Equity | 66.8% | 70.7% |
| Debt | 10.5% | 10.6% |
| Cash and others | 22.7% | 18.7% |
Market cap of stocks
| Market cap | Axis Multi Asset Allocation | Kotak Multi Asset Allocation |
|---|---|---|
| Large Cap | 43.6% | 36.0% |
| Mid Cap | 12.6% | 16.0% |
| Small Cap | 8.7% | 14.5% |
| Not on AMFI's list | 1.9% | 4.1% |
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 Multi Asset Allocation |
|---|---|---|
| Banks | 17.1% | 11.4% |
| Finance | 3.7% | 5.6% |
| Power | 1.0% | 4.9% |
| Automobiles | 2.6% | 4.6% |
| Diversified FMCG | 0.0% | 4.5% |
| Industrial Manufacturing | 1.0% | 4.1% |
| Telecom - Services | 2.8% | 4.1% |
| Pharmaceuticals & Biotechnology | 4.0% | 0.0% |
| IT - Software | 3.5% | 2.0% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Multi Asset Allocation vs Kotak Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Multi Asset Allocation Fund | Kotak Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.20% | 0.63% |
| Base expense ratio (Direct) | 0.65% | 0.44% |
| Total expense ratio (Regular) | 2.27% | 1.76% |
| Base expense ratio (Regular) | 1.57% | 1.40% |
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 Kotak Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between Axis Multi Asset Allocation Fund and Kotak Multi Asset Allocation Fund?
Both are Multi Asset funds, run by Axis Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 14.7%. Axis Multi Asset Allocation Fund charges 1.20% a year and Kotak Multi Asset Allocation Fund 0.63%.
Which has given higher returns, Axis Multi Asset Allocation Fund or Kotak Multi Asset Allocation Fund?
Over 1 year: Axis Multi Asset Allocation Fund +2.01%, Kotak Multi Asset Allocation Fund +4.34%. Over 3 years: Axis Multi Asset Allocation Fund +13.55% a year, Kotak Multi Asset Allocation Fund +16.23% a year. As on 29-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Multi Asset Allocation Fund or Kotak Multi Asset Allocation Fund?
Kotak Multi Asset Allocation Fund charges less: 0.63% a year against 1.20%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Multi Asset Allocation Fund and Kotak Multi Asset Allocation Fund overlap?
14.7%. They hold 17 of the same securities, the largest shared ones being HDFCBANK, SBIN, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, Axis Multi Asset Allocation Fund or Kotak Multi Asset Allocation Fund?
On SEBI's riskometer, Axis Multi Asset Allocation Fund is rated Very High and Kotak Multi Asset Allocation Fund Very High. Over 3 years, the standard deviation of daily returns was 10.70% and 12.23% a year.
Which is better for SIP, Axis Multi Asset Allocation Fund or Kotak Multi Asset Allocation Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 29-10-2026 grew to ₹4,22,210 in Axis Multi Asset Allocation Fund (XIRR 8.6% a year) and ₹4,35,008 in Kotak Multi Asset Allocation Fund (XIRR 10.5% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Axis Multi Asset Allocation Fund and Kotak Multi Asset Allocation Fund?
Yes. 14.7% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Axis Multi Asset Allocation Fund and Kotak Multi Asset Allocation Fund?
Axis Multi Asset Allocation Fund: Ashish Naik, Devang Shah, Hardik Shah, Aditya Pagaria, Pratik Tibrewal, Krishnaa N, Akhil Thakker. Kotak Multi Asset Allocation Fund: Devender Singhal, Abhishek Bisen, Hiten Shah, 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.