Axis Multicap Fund vs HDFC Multi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Multicap Fund and HDFC Multi Cap Fund are both Multi Cap funds. In the 3 years to 30-10-2026, Axis Multicap Fund (Direct) returned 18.7% a year and HDFC Multi Cap Fund (Direct) returned 10.3% a year. Axis Multicap Fund charges 0.93% a year and HDFC Multi Cap Fund 0.96% (Direct plans). Their portfolios overlap 33.0%: they hold 42 of the same securities.
Which is better, Axis Multicap or HDFC Multi Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Axis Multicap returned more over 3 years: 18.7% a year against 10.3%.
- Axis Multicap returned more over 1 year: 3.8% against −9.6%.
- Axis Multicap costs less: 0.93% a year against 0.96% (Direct plans).
- HDFC Multi Cap swung less over 3 years: a standard deviation of 14.7% a year against 14.9%.
- Axis Multicap fell less in its worst fall since 23-12-2021: −18.1% against −20.2%.
- HDFC Multi Cap is the larger fund: ₹19,490 Cr against ₹11,972 Cr.
- Their portfolios overlap 33.0%: 42 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 | HDFC Multi Cap Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | HDFC Mutual Fund |
| Category | Multi Cap | Multi Cap |
| AUM | ₹11,972 Cr (30-09-2026) | ₹19,490 Cr (30-09-2026) |
| NAV | ₹20.12 (Direct) | ₹18.50 (Direct) |
| Expense ratio (Direct) | 0.93% | 0.96% |
| Expense ratio (Regular) | 1.99% | 1.79% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 Multicap 50:25:25 Total Return Index | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 17-12-2021 | 10-12-2021 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Nitin Arora, Shreyash Devalkar, Hitesh Das | Amar Kalkundrikar, Gopal Agrawal, Bhagyesh Kagalkar |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 365 days | In respect of each purchase/switch in of units, an Exit load of 1% is payable if units are redeemed/switched-out within 1 year from the date of allotment. No Exit Load is payable if units are redeemed / switched-out after 1 year from the date of allotment.No Entry / Exit Load shall be levied on bonus units and Units allotted on Reinvestment of Income Distribution cum Capital Withdrawal. |
Axis Multicap vs HDFC Multi Cap: 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% | -- | -- |
| HDFC Multi Cap Fund (Direct) | −2.40% | −6.98% | −3.36% | −9.57% | +10.26% | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
Category average: the average of the 33 Multi Cap funds, same plan type.
Axis Multicap vs HDFC Multi Cap: Year-wise Returns
| Year | Axis MulticapAxis Multicap | HDFC Multi CapHDFC Multi Cap | Nifty500 Multicap 50:25:25 TRI |
|---|---|---|---|
| 2026to date | +5.62% | −8.15% | −5.56% |
| 2025 | +2.42% | +3.34% | +5.29% |
| 2024 | +33.81% | +22.21% | +19.34% |
| 2023 | +38.31% | +41.93% | +33.74% |
| 2022 | −0.20% | +11.30% | +2.84% |
Axis Multicap vs HDFC Multi Cap: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 463 of them, one for each trading day from 23-12-2024 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)
HDFC Multi Cap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
to
Feb 2025Jun 2022
to
Jun 2025Oct 2022
to
Oct 2025Jan 2023
to
Jan 2026May 2023
to
May 2026Sept 2023
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 | 0.0 | 0.0 | 0.0 | 0.0 | 16.0 | 71.7 | 12.3 | 22.5% | 22.6% | 17.0% | 29.6% | 100% |
| HDFC Multi Cap | 0.0 | 0.0 | 1.3 | 15.8 | 20.4 | 49.5 | 13.1 | 20.2% | 21.0% | 9.4% | 30.0% | 80% |
| Nifty500 Multicap 50:25:25 TRI | 0.0 | 0.0 | 0.0 | 19.7 | 66.1 | 13.2 | 1.1 | 17.4% | 17.6% | 10.1% | 25.5% | -- |
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 23-12-2021. Past returns do not promise future returns.
Axis Multicap vs HDFC Multi Cap: 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 23-12-2021 to 30-10-2026: 59 instalments, ₹5,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis MulticapAxis Multicap Fund (Direct) | ₹5,90,000 | ₹8,75,278 | ₹2,85,278 | 16.1% |
| HDFC Multi CapHDFC Multi Cap Fund (Direct) | ₹5,90,000 | ₹7,46,953 | ₹1,56,953 | 9.6% |
Axis MulticapAxis Multicap Fund (Direct)
HDFC Multi CapHDFC Multi Cap 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 HDFC Multi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Multicap Fund (Direct) | HDFC Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +3.76% | −9.57% |
| Standard deviation | 15.43% | 14.37% |
| Sharpe ratio | -0.10 | -1.03 |
| Sortino ratio | -0.13 | -1.37 |
| Maximum drawdown | −13.2% (23-03-2026) | −15.0% (30-03-2026) |
| Beta | 1.00 | 0.95 |
| Alpha | +9.82% | −4.13% |
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) | HDFC Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.70% | +10.26% |
| Standard deviation | 14.93% | 14.74% |
| Sharpe ratio | 0.85 | 0.29 |
| Sortino ratio | 1.16 | 0.39 |
| Maximum drawdown | −18.1% (28-02-2025) | −20.2% (03-03-2025) |
| Beta | 0.96 | 0.97 |
| Alpha | +7.66% | −0.84% |
From daily NAVs, 30-10-2023 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) | HDFC Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.48% | +13.36% |
| Standard deviation | 13.92% | 14.40% |
| Sharpe ratio | 0.69 | 0.52 |
| Sortino ratio | 0.94 | 0.70 |
| Maximum drawdown | −18.1% (28-02-2025) | −20.2% (03-03-2025) |
| Beta | 0.89 | 0.95 |
| Alpha | +4.98% | +3.23% |
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)
HDFC Multi Cap 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% |
| HDFC Multi Cap Fund (Direct) | −20.2% | 27-09-2024 | 03-03-2025 | Not yet | -- | −11.4% |
| 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 23-12-2021, 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)
HDFC Multi Cap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
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 Multicap Fund (Direct)
HDFC Multi Cap 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) | 107% | 87% | 4.95% |
| HDFC Multi Cap Fund (Direct) | 100% | 86% | 2.74% |
From month-end values since 23-12-2021. 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 HDFC Multi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Multicap Fund, September 2026; HDFC Multi Cap Fund, September 2026
Holdings in common
- Overlap
- 33.0%
- Held by both
- 42
- Only in Axis Multicap
- 66
- Only in HDFC Multi Cap
- 79
| Security | % of Axis Multicap | % of HDFC Multi Cap |
|---|---|---|
| ICICI Bank Limited | 3.25% | 3.66% |
| HDFC Bank Limited | 2.72% | 3.93% |
| Eternal Limited | 2.41% | 2.13% |
| Axis Bank Limited | 1.45% | 2.44% |
| Bharti Airtel Limited | 1.40% | 2.13% |
| Mahindra & Mahindra Limited | 1.37% | 1.32% |
| Sona BLW Precision Forgings Limited | 2.53% | 1.26% |
| State Bank of India | 1.20% | 1.77% |
| Reliance Industries Limited | 1.11% | 2.41% |
| PNB Housing Finance Limited | 0.97% | 1.38% |
| InterGlobe Aviation Limited | 0.96% | 1.05% |
| Shriram Finance Limited | 1.91% | 0.95% |
| Larsen & Toubro Limited | 1.36% | 0.92% |
| Divi's Laboratories Limited | 1.12% | 0.90% |
| Coforge Limited | 0.80% | 1.08% |
| NTPC Limited | 0.80% | 1.72% |
| Gland Pharma Limited | 1.13% | 0.77% |
| PB Fintech Limited | 0.76% | 0.93% |
| UltraTech Cement Limited | 0.68% | 0.90% |
| Bharat Electronics Limited | 0.66% | 1.00% |
| Dixon Technologies (India) Limited | 0.65% | 0.68% |
| Global Health Limited | 0.63% | 0.79% |
| Delhivery Limited | 0.57% | 0.65% |
| Sai Life Sciences Limited | 1.31% | 0.53% |
| Multi Commodity Exchange of India Limited | 1.97% | 0.51% |
| Mphasis Limited | 0.47% | 0.87% |
| Swiggy Limited | 0.56% | 0.45% |
| Doms Industries Limited | 0.45% | 0.65% |
| Blue Star Limited | 0.44% | 0.74% |
| Apar Industries Limited | 2.03% | 0.42% |
| Carborundum Universal Limited | 0.42% | 0.41% |
| Vishal Mega Mart Limited | 0.33% | 0.41% |
| BSE Limited | 1.04% | 0.32% |
| Infosys Limited | 0.28% | 0.82% |
| HCL Technologies Limited | 0.26% | 1.08% |
| TVS Motor Company Limited | 0.97% | 0.25% |
| Cummins India Limited | 0.55% | 0.24% |
| Indo-MIM Limited | 1.27% | 0.21% |
| Rubicon Research Limited | 0.20% | 0.37% |
| Lenskart Solutions Limited | 0.77% | 0.18% |
| Bharat Forge Limited | 0.13% | 0.52% |
| Persistent Systems Limited | 0.07% | 0.68% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 33.0% means 33.0% 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% |
| TD Power Systems Limited | 1.92% |
| Ather Energy Limited | 1.78% |
| Sansera Engineering Limited | 1.77% |
| RBL Bank Limited | 1.76% |
Largest holdings only in HDFC Multi Cap Fund
| Security | % of fund |
|---|---|
| Britannia Industries Ltd. | 2.05% |
| Kotak Mahindra Bank Limited | 1.92% |
| ICICI Lombard General Insurance Co | 1.45% |
| Alkem Laboratories Ltd. | 1.19% |
| Tata Communications Limited | 1.15% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Multicap | HDFC Multi Cap |
|---|---|---|
| Equity | 95.4% | 97.9% |
| Debt | 0.0% | 0.3% |
| Cash and others | 4.6% | 1.8% |
Market cap of stocks
| Market cap | Axis Multicap | HDFC Multi Cap |
|---|---|---|
| Large Cap | 39.1% | 43.2% |
| Mid Cap | 23.8% | 26.3% |
| Small Cap | 28.5% | 27.0% |
| Not on AMFI's list | 3.9% | 1.4% |
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 | HDFC Multi Cap |
|---|---|---|
| Banks | 15.2% | 15.5% |
| Auto Components | 10.0% | 6.1% |
| Electrical Equipment | 9.8% | 1.3% |
| Pharmaceuticals & Biotechnology | 7.8% | 6.2% |
| Finance | 4.9% | 6.9% |
| Retailing | 5.3% | 3.2% |
| IT - Software | 3.3% | 5.3% |
| Automobiles | 5.0% | 3.4% |
| Leisure Services | 0.2% | 4.6% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Multicap vs HDFC Multi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Multicap Fund | HDFC Multi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.93% | 0.96% |
| Base expense ratio (Direct) | 0.59% | 0.71% |
| Total expense ratio (Regular) | 1.99% | 1.79% |
| Base expense ratio (Regular) | 1.48% | 1.42% |
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 HDFC Multi Cap Fund: Frequently Asked Questions
What is the difference between Axis Multicap Fund and HDFC Multi Cap Fund?
Both are Multi Cap funds, run by Axis Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 33.0%. Axis Multicap Fund charges 0.93% a year and HDFC Multi Cap Fund 0.96%.
Which has given higher returns, Axis Multicap Fund or HDFC Multi Cap Fund?
Over 1 year: Axis Multicap Fund +3.76%, HDFC Multi Cap Fund −9.57%. Over 3 years: Axis Multicap Fund +18.70% a year, HDFC Multi Cap Fund +10.26% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Multicap Fund or HDFC Multi Cap Fund?
Axis Multicap Fund charges less: 0.93% a year against 0.96%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Multicap Fund and HDFC Multi Cap Fund overlap?
33.0%. They hold 42 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, ETERNAL. From each fund's latest monthly portfolio.
Which is riskier, Axis Multicap Fund or HDFC Multi Cap Fund?
On SEBI's riskometer, Axis Multicap Fund is rated Very High and HDFC Multi Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.93% and 14.74% a year.
Which is better for SIP, Axis Multicap Fund or HDFC Multi Cap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,34,373 in Axis Multicap Fund (XIRR 10.4% a year) and ₹3,72,503 in HDFC Multi Cap Fund (XIRR 0.4% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Axis Multicap Fund and HDFC Multi Cap Fund?
Yes. 33.0% 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 HDFC Multi Cap Fund?
Axis Multicap Fund: Nitin Arora, Shreyash Devalkar, Hitesh Das. HDFC Multi Cap Fund: Amar Kalkundrikar, Gopal Agrawal, Bhagyesh Kagalkar.
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.