Axis Multicap Fund vs Invesco India Multi cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Multicap Fund and Invesco India 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 Invesco India Multi cap Fund (Direct) returned 12.2% a year. Axis Multicap Fund charges 0.93% a year and Invesco India Multi cap Fund 0.94% (Direct plans). Their portfolios overlap 36.1%: they hold 38 of the same securities.
Invesco India Multi cap Fund
Multi Cap
- 3 year return
- 12.2%
- Expense ratio
- 0.94%
- NAV
- ₹150.84
Which is better, Axis Multicap or Invesco India 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 12.2%.
- Axis Multicap returned more over 1 year: 3.8% against −4.3%.
- Axis Multicap costs less: 0.93% a year against 0.94% (Direct plans).
- Axis Multicap swung less over 3 years: a standard deviation of 14.9% a year against 15.9%.
- Axis Multicap fell less in its worst fall since 23-12-2021: −18.1% against −22.6%.
- Axis Multicap is the larger fund: ₹11,972 Cr against ₹4,301 Cr.
- Their portfolios overlap 36.1%: 38 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 | Invesco India Multi cap Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Invesco Mutual Fund |
| Category | Multi Cap | Multi Cap |
| AUM | ₹11,972 Cr (30-09-2026) | ₹4,301 Cr (30-09-2026) |
| NAV | ₹20.12 (Direct) | ₹150.84 (Direct) |
| Expense ratio (Direct) | 0.93% | 0.94% |
| Expense ratio (Regular) | 1.99% | 2.09% |
| 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 | 17-03-2008 |
| Minimum investment | ₹100 | Not available |
| Lock in | None | None |
| Fund managers | Nitin Arora, Shreyash Devalkar, Hitesh Das | Taher Badshah, Deepak Gupta, Manish 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 for units in excess of 10% of the investment, 1% will be charged for redemption within 1 year. |
Axis Multicap vs Invesco India 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% | -- | -- |
| Invesco India Multi cap Fund (Direct) | −1.33% | −3.76% | +4.49% | −4.27% | +12.21% | +10.49% | +13.54% |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | +12.56% | +14.55% |
Category average: the average of the 33 Multi Cap funds, same plan type.
Axis Multicap vs Invesco India Multi cap: Year-wise Returns
| Year | Axis MulticapAxis Multicap | Invesco India Multi capInvesco India Multi cap | Nifty500 Multicap 50:25:25 TRI |
|---|---|---|---|
| 2026to date | +5.62% | −0.40% | −5.56% |
| 2025 | +2.42% | −5.57% | +5.29% |
| 2024 | +33.81% | +31.46% | +19.34% |
| 2023 | +38.31% | +33.52% | +33.74% |
| 2022 | −0.20% | −0.84% | +2.84% |
| 2021 | -- | +42.54% | +40.62% |
Axis Multicap vs Invesco India 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)
Invesco India 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% |
| Invesco India Multi cap | 0.0 | 0.0 | 0.0 | 13.8 | 62.1 | 19.5 | 4.6 | 18.2% | 17.8% | 10.8% | 27.1% | 73% |
| 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 Invesco India 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% |
| Invesco India Multi capInvesco India Multi cap Fund (Direct) | ₹5,90,000 | ₹7,57,695 | ₹1,67,695 | 10.1% |
Axis MulticapAxis Multicap Fund (Direct)
Invesco India Multi capInvesco India 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 Invesco India 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) | Invesco India Multi cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +3.76% | −4.27% |
| Standard deviation | 15.43% | 16.64% |
| Sharpe ratio | -0.10 | -0.57 |
| Sortino ratio | -0.13 | -0.79 |
| Maximum drawdown | −13.2% (23-03-2026) | −18.0% (30-03-2026) |
| Beta | 1.00 | 1.08 |
| Alpha | +9.82% | +2.67% |
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) | Invesco India Multi cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.70% | +12.21% |
| Standard deviation | 14.93% | 15.87% |
| Sharpe ratio | 0.85 | 0.39 |
| Sortino ratio | 1.16 | 0.53 |
| Maximum drawdown | −18.1% (28-02-2025) | −22.6% (30-03-2026) |
| Beta | 0.96 | 1.01 |
| Alpha | +7.66% | +0.89% |
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) | Invesco India Multi cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.48% | +16.68% |
| Standard deviation | 13.92% | 15.76% |
| Sharpe ratio | 0.69 | 0.67 |
| Sortino ratio | 0.94 | 0.90 |
| Maximum drawdown | −18.1% (28-02-2025) | −38.0% (23-03-2020) |
| Beta | 0.89 | -- |
| Alpha | +4.98% | -- |
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)
Invesco India 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% |
| Invesco India Multi cap Fund (Direct) | −22.6% | 23-09-2024 | 30-03-2026 | Not yet | -- | −9.6% |
| 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)
Invesco India 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)
Invesco India 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% |
| Invesco India Multi cap Fund (Direct) | 101% | 101% | 4.38% |
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 Invesco India Multi cap: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Multicap Fund, September 2026; Invesco India Multi cap Fund, September 2026
Holdings in common
- Overlap
- 36.1%
- Held by both
- 38
- Only in Axis Multicap
- 70
- Only in Invesco India Multi cap
- 35
| Security | % of Axis Multicap | % of Invesco India Multi cap |
|---|---|---|
| ICICI Bank Limited | 3.25% | 3.57% |
| Eternal Limited | 2.41% | 4.33% |
| Multi Commodity Exchange of India Limited | 1.97% | 1.93% |
| Axis Bank Limited | 1.45% | 2.41% |
| HDFC Bank Limited | 2.72% | 1.41% |
| Bharti Airtel Limited | 1.40% | 1.62% |
| Sai Life Sciences Limited | 1.31% | 2.71% |
| Larsen & Toubro Limited | 1.36% | 1.26% |
| Bajaj Finance Limited | 1.25% | 1.48% |
| RBL Bank Limited | 1.76% | 1.20% |
| Craftsman Automation Limited | 1.56% | 1.11% |
| BSE Limited | 1.04% | 1.78% |
| Karur Vysya Bank Limited | 1.07% | 1.01% |
| TVS Motor Company Limited | 0.97% | 2.28% |
| InterGlobe Aviation Limited | 0.96% | 2.70% |
| Mahindra & Mahindra Limited | 1.37% | 0.95% |
| FSN E-Commerce Ventures Limited | 0.87% | 1.67% |
| The Federal Bank Limited | 0.84% | 1.49% |
| Coforge Limited | 0.80% | 2.05% |
| Amber Enterprises India Limited | 0.79% | 1.82% |
| Cholamandalam Investment and Finance Company Ltd | 0.77% | 1.95% |
| PB Fintech Limited | 0.76% | 0.89% |
| Torrent Pharmaceuticals Limited | 1.44% | 0.75% |
| Dhoot Transmission Ltd | 0.75% | 1.45% |
| IndusInd Bank Limited | 0.71% | 1.94% |
| UltraTech Cement Limited | 0.68% | 1.32% |
| CG Power and Industrial Solutions Limited | 0.65% | 1.13% |
| Global Health Limited | 0.63% | 0.79% |
| The Phoenix Mills Limited | 0.60% | 1.72% |
| Delhivery Limited | 0.57% | 1.82% |
| Swiggy Limited | 0.56% | 1.08% |
| Billionbrains Garage Ventures Ltd | 0.46% | 1.18% |
| CCL Products (India) Limited | 0.40% | 0.69% |
| Dixon Technologies (India) Limited | 0.65% | 0.39% |
| Meesho Ltd | 0.39% | 0.86% |
| KFin Technologies Limited | 0.37% | 0.73% |
| Krishna Institute Of Medical Sciences Limited | 0.35% | 2.38% |
| Persistent Systems Limited | 0.07% | 1.72% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 36.1% means 36.1% 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 |
|---|---|
| Sona BLW Precision Forgings Limited | 2.53% |
| Welspun Corp Limited | 2.35% |
| Apar Industries Limited | 2.03% |
| TD Power Systems Limited | 1.92% |
| Shriram Finance Limited | 1.91% |
Largest holdings only in Invesco India Multi cap Fund
| Security | % of fund |
|---|---|
| Dr Agarwals Health Care Limited | 2.25% |
| AU Small Finance Bank Limited | 2.14% |
| Prestige Estates Projects Limited | 2.02% |
| Nippon Life India Asset Management Limited | 2.01% |
| Aditya Infotech Limited | 1.99% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Multicap | Invesco India Multi cap |
|---|---|---|
| Equity | 95.4% | 99.5% |
| Debt | 0.0% | 0.0% |
| Cash and others | 4.6% | 0.5% |
Market cap of stocks
| Market cap | Axis Multicap | Invesco India Multi cap |
|---|---|---|
| Large Cap | 39.1% | 37.0% |
| Mid Cap | 23.8% | 27.7% |
| Small Cap | 28.5% | 30.6% |
| Not on AMFI's list | 3.9% | 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 Multicap | Invesco India Multi cap |
|---|---|---|
| Banks | 15.2% | 15.2% |
| Retailing | 5.3% | 10.3% |
| Auto Components | 10.0% | 4.9% |
| Electrical Equipment | 9.8% | 4.1% |
| Capital Markets | 3.8% | 8.4% |
| Healthcare Services | 4.3% | 8.0% |
| Pharmaceuticals & Biotechnology | 7.8% | 4.8% |
| Automobiles | 5.0% | 3.2% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Multicap vs Invesco India Multi cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Multicap Fund | Invesco India Multi cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.93% | 0.94% |
| Base expense ratio (Direct) | 0.59% | 0.63% |
| Total expense ratio (Regular) | 1.99% | 2.09% |
| Base expense ratio (Regular) | 1.48% | 1.63% |
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 Invesco India Multi cap Fund: Frequently Asked Questions
What is the difference between Axis Multicap Fund and Invesco India Multi cap Fund?
Both are Multi Cap funds, run by Axis Mutual Fund and Invesco Mutual Fund. Their portfolios overlap 36.1%. Axis Multicap Fund charges 0.93% a year and Invesco India Multi cap Fund 0.94%.
Which has given higher returns, Axis Multicap Fund or Invesco India Multi cap Fund?
Over 1 year: Axis Multicap Fund +3.76%, Invesco India Multi cap Fund −4.27%. Over 3 years: Axis Multicap Fund +18.70% a year, Invesco India Multi cap Fund +12.21% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Multicap Fund or Invesco India Multi cap Fund?
Axis Multicap Fund charges less: 0.93% a year against 0.94%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Multicap Fund and Invesco India Multi cap Fund overlap?
36.1%. They hold 38 of the same securities, the largest shared ones being ICICIBANK, ETERNAL, MCX. From each fund's latest monthly portfolio.
Which is riskier, Axis Multicap Fund or Invesco India Multi cap Fund?
On SEBI's riskometer, Axis Multicap Fund is rated Very High and Invesco India Multi cap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.93% and 15.87% a year.
Which is better for SIP, Axis Multicap Fund or Invesco India 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 ₹3,90,710 in Invesco India Multi cap Fund (XIRR 3.5% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Axis Multicap Fund and Invesco India Multi cap Fund?
Yes. 36.1% 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 Invesco India Multi cap Fund?
Axis Multicap Fund: Nitin Arora, Shreyash Devalkar, Hitesh Das. Invesco India Multi cap Fund: Taher Badshah, Deepak Gupta, Manish 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.