Axis Multicap Fund vs Bandhan Innovation Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Multicap Fund is a Multi Cap fund and Bandhan Innovation Fund is a Thematic fund. In the year to 30-10-2026, Axis Multicap Fund (Direct) returned 3.8% and Bandhan Innovation Fund (Direct) returned 9.9%. Axis Multicap Fund charges 0.93% a year and Bandhan Innovation Fund 0.90% (Direct plans). Their portfolios overlap 27.6%: they hold 30 of the same securities.
Bandhan Innovation Fund
Thematic
- 1 year return
- 9.9%
- Expense ratio
- 0.90%
- NAV
- ₹15.39
Which is better, Axis Multicap or Bandhan Innovation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Bandhan Innovation returned more over 1 year: 9.9% against 3.8%.
- Bandhan Innovation costs less: 0.90% a year against 0.93% (Direct plans).
- Axis Multicap fell less in its worst fall since 02-05-2024: −18.1% against −19.7%.
- Axis Multicap is the larger fund: ₹11,972 Cr against ₹2,957 Cr.
- Their portfolios overlap 27.6%: 30 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 Multicap Fund | Bandhan Innovation Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Bandhan Mutual Fund |
| Category | Multi Cap | Thematic |
| AUM | ₹11,972 Cr (30-09-2026) | ₹2,957 Cr (31-08-2026) |
| NAV | ₹20.12 (Direct) | ₹15.39 (Direct) |
| Expense ratio (Direct) | 0.93% | 0.90% |
| Expense ratio (Regular) | 1.99% | 2.26% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 Multicap 50:25:25 Total Return Index | Nifty 500 TRI |
| Launch date | 17-12-2021 | 30-04-2024 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Nitin Arora, Shreyash Devalkar, Hitesh Das | Manish Gunwani, Brijesh Shah, Prateek Poddar |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 365 days | Exit load of 0.50%, if redeemed within 30 days. |
Axis Multicap vs Bandhan Innovation: 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 Multicap Fund (Direct) | −1.18% | +0.20% | +7.65% | +3.76% | +18.70% | -- | -- |
| Bandhan Innovation Fund (Direct) | −2.35% | +0.59% | +12.58% | +9.94% | -- | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 33 Multi Cap funds and the 235 Thematic funds, same plan type.
Axis Multicap vs Bandhan Innovation: Year-wise Returns
| Year | Axis MulticapAxis Multicap | Bandhan InnovationBandhan Innovation |
|---|---|---|
| 2026to date | +5.62% | +12.81% |
| 2025 | +2.42% | +4.81% |
| 2024 | +33.81% | -- |
| 2023 | +38.31% | -- |
| 2022 | −0.20% | -- |
Axis Multicap vs Bandhan Innovation: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of Axis Multicap Fund
Rolling returns
Every 1-year holding period, 376 of them, one for each trading day from 02-05-2025 to 30-10-2026: 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 Multicap Fund (Direct)
Bandhan Innovation Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
to
Jun 2025Sept 2024
to
Sept 2025Dec 2024
to
Dec 2025Mar 2025
to
Mar 2026Jun 2025
to
Jun 2026Sept 2025
to
Sept 2026
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 Multicap | 6.6 | 28.5 | 40.2 | 19.4 | 5.3 | 0.0 | 0.0 | 6.9% | 6.7% | −4.2% | 19.8% | 85% |
| Bandhan Innovation | 0.0 | 7.7 | 21.5 | 27.1 | 26.9 | 15.4 | 1.3 | 13.7% | 13.9% | 1.3% | 30.2% | 98% |
| Nifty500 Multicap 50:25:25 TRI | 24.2 | 37.8 | 30.1 | 6.1 | 1.9 | 0.0 | 0.0 | 3.6% | 3.5% | −7.6% | 18.0% | -- |
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 Nifty500 Multicap 50:25:25 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 02-05-2024. Past returns do not promise future returns.
Axis Multicap vs Bandhan Innovation: 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 02-05-2024 to 30-10-2026: 30 instalments, ₹3,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis MulticapAxis Multicap Fund (Direct) | ₹3,00,000 | ₹3,30,131 | ₹30,131 | 7.6% |
| Bandhan InnovationBandhan Innovation Fund (Direct) | ₹3,00,000 | ₹3,61,895 | ₹61,895 | 15.2% |
Axis MulticapAxis Multicap Fund (Direct)
Bandhan InnovationBandhan Innovation 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 Multicap vs Bandhan Innovation: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Multicap Fund (Direct) | Bandhan Innovation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +3.76% | +9.94% |
| Standard deviation | 15.43% | 16.51% |
| Sharpe ratio | -0.10 | 0.28 |
| Sortino ratio | -0.13 | 0.39 |
| Maximum drawdown | −13.2% (23-03-2026) | −14.3% (30-03-2026) |
| Beta | 1.00 | 1.07 |
| Alpha | +9.82% | +18.10% |
From daily NAVs, 30-10-2025 to 30-10-2026. 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 Multicap Fund (Direct) | Bandhan Innovation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.48% | +18.56% |
| Standard deviation | 13.92% | 16.99% |
| Sharpe ratio | 0.69 | 0.75 |
| Sortino ratio | 0.94 | 1.02 |
| Maximum drawdown | −18.1% (28-02-2025) | −19.7% (28-02-2025) |
| Beta | 0.89 | 1.06 |
| Alpha | +4.98% | +16.17% |
From daily NAVs, 23-12-2021 to 30-10-2026. 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 Multicap Fund (Direct)
Bandhan Innovation Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis Multicap Fund (Direct) | −18.1% | 26-09-2024 | 28-02-2025 | 29-10-2025 | 8 months | −5.7% |
| Bandhan Innovation Fund (Direct) | −19.7% | 02-01-2025 | 28-02-2025 | 22-07-2025 | 5 months | −5.9% |
| Nifty500 Multicap 50:25:25 TRI | −19.8% | 26-09-2024 | 03-03-2025 | 03-08-2026 | 17 months | −8.0% |
From daily values since 02-05-2024, 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 Multicap Fund (Direct)
Bandhan Innovation Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
Against Nifty500 Multicap 50:25:25 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis Multicap Fund (Direct) | 119% | 88% | 4.55% |
| Bandhan Innovation Fund (Direct) | 150% | 87% | 7.10% |
From month-end values since 02-05-2024. 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 Multicap vs Bandhan Innovation: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Multicap Fund, September 2026; Bandhan Innovation Fund, August 2026
Holdings in common
- Overlap
- 27.6%
- Held by both
- 30
- Only in Axis Multicap
- 78
- Only in Bandhan Innovation
- 53
| Security | % of Axis Multicap | % of Bandhan Innovation |
|---|---|---|
| ICICI Bank Limited | 3.25% | 3.16% |
| Eternal Limited | 2.41% | 6.43% |
| GE Vernova T&D India Limited | 1.43% | 1.51% |
| Mahindra & Mahindra Limited | 1.37% | 2.33% |
| Divi's Laboratories Limited | 1.12% | 1.79% |
| Reliance Industries Limited | 1.11% | 2.23% |
| TD Power Systems Limited | 1.92% | 1.03% |
| Craftsman Automation Limited | 1.56% | 1.00% |
| TVS Motor Company Limited | 0.97% | 1.13% |
| Torrent Pharmaceuticals Limited | 1.44% | 0.90% |
| HDFC Bank Limited | 2.72% | 0.85% |
| Multi Commodity Exchange of India Limited | 1.97% | 0.83% |
| Sona BLW Precision Forgings Limited | 2.53% | 0.81% |
| Coforge Limited | 0.80% | 2.41% |
| NTPC Limited | 0.80% | 1.06% |
| Amber Enterprises India Limited | 0.79% | 1.56% |
| Sai Life Sciences Limited | 1.31% | 0.78% |
| Fortis Healthcare Limited | 1.21% | 0.78% |
| Cholamandalam Investment and Finance Company Ltd | 0.77% | 1.17% |
| Tech Mahindra Limited | 0.75% | 0.90% |
| Glenmark Pharmaceuticals Limited | 0.75% | 1.03% |
| MTAR Technologies Limited | 0.68% | 1.66% |
| Bharat Electronics Limited | 0.66% | 1.70% |
| Ather Energy Limited | 1.78% | 0.64% |
| Billionbrains Garage Ventures Ltd | 0.46% | 1.58% |
| Varun Beverages Limited | 0.45% | 1.34% |
| One 97 Communications Limited | 0.44% | 5.02% |
| Meesho Ltd | 0.39% | 2.80% |
| KFin Technologies Limited | 0.37% | 0.78% |
| Infosys Limited | 0.28% | 0.70% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 27.6% means 27.6% 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 Multicap Fund
| Security | % of fund |
|---|---|
| Welspun Corp Limited | 2.35% |
| Apar Industries Limited | 2.03% |
| Shriram Finance Limited | 1.91% |
| Sansera Engineering Limited | 1.77% |
| RBL Bank Limited | 1.76% |
Largest holdings only in Bandhan Innovation Fund
| Security | % of fund |
|---|---|
| Bajaj Finserv Limited | 3.72% |
| AstraZeneca Pharma India Limited | 2.72% |
| Honasa Consumer Limited | 2.28% |
| Sterlite Technologies Limited | 2.00% |
| Poonawalla Fincorp Limited | 1.88% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Multicap | Bandhan Innovation |
|---|---|---|
| Equity | 95.4% | 99.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 4.6% | 1.0% |
Market cap of stocks
| Market cap | Axis Multicap | Bandhan Innovation |
|---|---|---|
| Large Cap | 39.1% | 34.6% |
| Mid Cap | 23.8% | 23.6% |
| Small Cap | 28.5% | 37.4% |
| Not on AMFI's list | 3.9% | 3.4% |
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 Multicap | Bandhan Innovation |
|---|---|---|
| Banks | 15.2% | 4.0% |
| Retailing | 5.3% | 12.2% |
| Auto Components | 10.0% | 3.0% |
| Electrical Equipment | 9.8% | 4.2% |
| Pharmaceuticals & Biotechnology | 7.8% | 9.3% |
| Finance | 4.9% | 6.8% |
| Financial Technology (Fintech) | 1.2% | 5.0% |
| Automobiles | 5.0% | 4.9% |
| Consumer Durables | 3.1% | 4.9% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Multicap vs Bandhan Innovation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Multicap Fund | Bandhan Innovation Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.93% | 0.90% |
| Base expense ratio (Direct) | 0.59% | 0.49% |
| Total expense ratio (Regular) | 1.99% | 2.26% |
| Base expense ratio (Regular) | 1.48% | 1.67% |
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 Multicap with
Axis Multicap Fund vs Bandhan Innovation Fund: Frequently Asked Questions
What is the difference between Axis Multicap Fund and Bandhan Innovation Fund?
Axis Multicap Fund is a Multi Cap fund, Bandhan Innovation Fund is a Thematic fund, run by Axis Mutual Fund and Bandhan Mutual Fund. Their portfolios overlap 27.6%. Axis Multicap Fund charges 0.93% a year and Bandhan Innovation Fund 0.90%.
Which has given higher returns, Axis Multicap Fund or Bandhan Innovation Fund?
Over 1 year: Axis Multicap Fund +3.76%, Bandhan Innovation Fund +9.94%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Multicap Fund or Bandhan Innovation Fund?
Bandhan Innovation Fund charges less: 0.90% a year against 0.93%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Multicap Fund and Bandhan Innovation Fund overlap?
27.6%. They hold 30 of the same securities, the largest shared ones being ICICIBANK, ETERNAL, GVT&D. From each fund's latest monthly portfolio.
Which is riskier, Axis Multicap Fund or Bandhan Innovation Fund?
On SEBI's riskometer, Axis Multicap Fund is rated Very High and Bandhan Innovation Fund Very High. Over 1 years, the standard deviation of daily returns was 15.43% and 16.51% a year.
Can I invest in both Axis Multicap Fund and Bandhan Innovation Fund?
Yes. 27.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Axis Multicap Fund and Bandhan Innovation Fund?
Axis Multicap Fund: Nitin Arora, Shreyash Devalkar, Hitesh Das. Bandhan Innovation Fund: Manish Gunwani, Brijesh Shah, Prateek Poddar.
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.