Axis Multicap Fund vs ITI ELSS Tax Saver Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Multicap Fund is a Multi Cap fund and ITI ELSS Tax Saver Fund is an ELSS fund. In the 3 years to 30-10-2026, Axis Multicap Fund (Direct) returned 18.7% a year and ITI ELSS Tax Saver Fund (Direct) returned 13.7% a year. Axis Multicap Fund charges 0.93% a year and ITI ELSS Tax Saver Fund 0.93% (Direct plans). Their portfolios overlap 27.2%: they hold 23 of the same securities.
Which is better, Axis Multicap or ITI ELSS Tax Saver? 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 13.7%.
- Axis Multicap returned more over 1 year: 3.8% against −7.5%.
- Axis Multicap swung less over 3 years: a standard deviation of 14.9% a year against 17.5%.
- Axis Multicap fell less in its worst fall since 23-12-2021: −18.1% against −22.6%.
- Axis Multicap holds more in large companies: 39.1% of the fund in large caps against 28.6%.
- Axis Multicap is the larger fund: ₹11,972 Cr against ₹445 Cr.
- Their portfolios overlap 27.2%: 23 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 | ITI ELSS Tax Saver Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | ITI Mutual Fund |
| Category | Multi Cap | ELSS |
| AUM | ₹11,972 Cr (30-09-2026) | ₹445 Cr (30-09-2026) |
| NAV | ₹20.12 (Direct) | ₹26.31 (Direct) |
| Expense ratio (Direct) | 0.93% | 0.93% |
| Expense ratio (Regular) | 1.99% | 2.60% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 Multicap 50:25:25 Total Return Index | Nifty 500 TRI |
| Launch date | 17-12-2021 | 18-10-2019 |
| Minimum investment | ₹100 | ₹500 |
| Lock in | None | 3 years |
| Fund managers | Nitin Arora, Shreyash Devalkar, Hitesh Das | Dhimant Shah |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 365 days | Nil |
Axis Multicap vs ITI ELSS Tax Saver: 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% | -- | -- |
| ITI ELSS Tax Saver Fund (Direct) | −6.59% | −7.59% | −3.93% | −7.52% | +13.67% | +11.23% | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | -- |
Category average: the average of the 33 Multi Cap funds and the 50 ELSS funds, same plan type.
Axis Multicap vs ITI ELSS Tax Saver: Year-wise Returns
| Year | Axis MulticapAxis Multicap | ITI ELSS Tax SaverITI ELSS Tax Saver |
|---|---|---|
| 2026to date | +5.62% | −5.14% |
| 2025 | +2.42% | +4.45% |
| 2024 | +33.81% | +24.47% |
| 2023 | +38.31% | +39.06% |
| 2022 | −0.20% | +4.60% |
| 2021 | -- | +21.63% |
Axis Multicap vs ITI ELSS Tax Saver: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of Axis Multicap Fund
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)
ITI ELSS Tax Saver 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% |
| ITI ELSS Tax Saver | 0.0 | 0.0 | 0.0 | 2.8 | 41.8 | 43.3 | 12.0 | 20.9% | 20.6% | 13.3% | 29.1% | 100% |
| 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 ITI ELSS Tax Saver: 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% |
| ITI ELSS Tax SaverITI ELSS Tax Saver Fund (Direct) | ₹5,90,000 | ₹7,72,423 | ₹1,82,423 | 10.9% |
Axis MulticapAxis Multicap Fund (Direct)
ITI ELSS Tax SaverITI ELSS Tax Saver 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 ITI ELSS Tax Saver: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Multicap Fund (Direct) | ITI ELSS Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | +3.76% | −7.52% |
| Standard deviation | 15.43% | 18.03% |
| Sharpe ratio | -0.10 | -0.71 |
| Sortino ratio | -0.13 | -0.96 |
| Maximum drawdown | −13.2% (23-03-2026) | −18.5% (31-03-2026) |
| Beta | 1.00 | 1.18 |
| Alpha | +9.82% | +2.05% |
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) | ITI ELSS Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.70% | +13.67% |
| Standard deviation | 14.93% | 17.51% |
| Sharpe ratio | 0.85 | 0.44 |
| Sortino ratio | 1.16 | 0.59 |
| Maximum drawdown | −18.1% (28-02-2025) | −22.6% (28-02-2025) |
| Beta | 0.96 | 1.15 |
| Alpha | +7.66% | +2.81% |
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) | ITI ELSS Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.48% | +14.69% |
| Standard deviation | 13.92% | 17.91% |
| Sharpe ratio | 0.69 | 0.53 |
| Sortino ratio | 0.94 | 0.70 |
| Maximum drawdown | −18.1% (28-02-2025) | −38.5% (23-03-2020) |
| Beta | 0.89 | 0.98 |
| Alpha | +4.98% | +1.01% |
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)
ITI ELSS Tax Saver 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% |
| ITI ELSS Tax Saver Fund (Direct) | −22.6% | 23-09-2024 | 28-02-2025 | 06-07-2026 | 16 months | −10.8% |
| 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)
ITI ELSS Tax Saver 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)
ITI ELSS Tax Saver 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% |
| ITI ELSS Tax Saver Fund (Direct) | 107% | 98% | 6.58% |
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 ITI ELSS Tax Saver: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Multicap Fund, September 2026; ITI ELSS Tax Saver Fund, September 2026
Holdings in common
- Overlap
- 27.2%
- Held by both
- 23
- Only in Axis Multicap
- 85
- Only in ITI ELSS Tax Saver
- 48
| Security | % of Axis Multicap | % of ITI ELSS Tax Saver |
|---|---|---|
| HDFC Bank Limited | 2.72% | 2.39% |
| Welspun Corp Limited | 2.35% | 2.65% |
| ICICI Bank Limited | 3.25% | 1.86% |
| Sansera Engineering Limited | 1.77% | 2.80% |
| Axis Bank Limited | 1.45% | 2.19% |
| Bharti Airtel Limited | 1.40% | 1.48% |
| Mahindra & Mahindra Limited | 1.37% | 2.21% |
| Larsen & Toubro Limited | 1.36% | 1.54% |
| Bajaj Finance Limited | 1.25% | 2.54% |
| RBL Bank Limited | 1.76% | 1.20% |
| State Bank of India | 1.20% | 2.34% |
| Shriram Finance Limited | 1.91% | 1.18% |
| Divi's Laboratories Limited | 1.12% | 1.50% |
| Karur Vysya Bank Limited | 1.07% | 1.20% |
| TVS Motor Company Limited | 0.97% | 2.90% |
| PNB Housing Finance Limited | 0.97% | 1.84% |
| NTPC Limited | 0.80% | 1.46% |
| Cholamandalam Investment and Finance Company Ltd | 0.77% | 2.80% |
| Eternal Limited | 2.41% | 0.74% |
| IndusInd Bank Limited | 0.71% | 1.01% |
| Cummins India Limited | 0.55% | 0.65% |
| CCL Products (India) Limited | 0.40% | 0.89% |
| KFin Technologies Limited | 0.37% | 0.82% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 27.2% means 27.2% 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 Multicap Fund
| Security | % of fund |
|---|---|
| Sona BLW Precision Forgings Limited | 2.53% |
| Apar Industries Limited | 2.03% |
| Multi Commodity Exchange of India Limited | 1.97% |
| TD Power Systems Limited | 1.92% |
| Ather Energy Limited | 1.78% |
Largest holdings only in ITI ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| Sanghvi Movers Limited | 2.25% |
| IIFL Finance Limited | 2.20% |
| Supriya Lifescience Limited | 1.96% |
| Usha Martin Limited | 1.84% |
| Standard Engineering Technology Ltd | 1.83% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Multicap | ITI ELSS Tax Saver |
|---|---|---|
| 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 | ITI ELSS Tax Saver |
|---|---|---|
| Large Cap | 39.1% | 28.6% |
| Mid Cap | 23.8% | 7.3% |
| Small Cap | 28.5% | 60.0% |
| Not on AMFI's list | 3.9% | 3.1% |
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 | ITI ELSS Tax Saver |
|---|---|---|
| Finance | 4.9% | 17.4% |
| Banks | 15.2% | 14.0% |
| Industrial Products | 3.8% | 10.3% |
| Auto Components | 10.0% | 6.0% |
| Electrical Equipment | 9.8% | 2.6% |
| Pharmaceuticals & Biotechnology | 7.8% | 5.2% |
| Retailing | 5.3% | 0.7% |
| Automobiles | 5.0% | 5.1% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Multicap vs ITI ELSS Tax Saver: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Multicap Fund | ITI ELSS Tax Saver Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.93% | 0.93% |
| Base expense ratio (Direct) | 0.59% | 0.62% |
| Total expense ratio (Regular) | 1.99% | 2.60% |
| Base expense ratio (Regular) | 1.48% | 2.10% |
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 ITI ELSS Tax Saver Fund: Frequently Asked Questions
What is the difference between Axis Multicap Fund and ITI ELSS Tax Saver Fund?
Axis Multicap Fund is a Multi Cap fund, ITI ELSS Tax Saver Fund is an ELSS fund, run by Axis Mutual Fund and ITI Mutual Fund. Their portfolios overlap 27.2%. Axis Multicap Fund charges 0.93% a year and ITI ELSS Tax Saver Fund 0.93%.
Which has given higher returns, Axis Multicap Fund or ITI ELSS Tax Saver Fund?
Over 1 year: Axis Multicap Fund +3.76%, ITI ELSS Tax Saver Fund −7.52%. Over 3 years: Axis Multicap Fund +18.70% a year, ITI ELSS Tax Saver Fund +13.67% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Multicap Fund or ITI ELSS Tax Saver Fund?
Both charge 0.93% a year.
How much do Axis Multicap Fund and ITI ELSS Tax Saver Fund overlap?
27.2%. They hold 23 of the same securities, the largest shared ones being HDFCBANK, WELCORP, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, Axis Multicap Fund or ITI ELSS Tax Saver Fund?
On SEBI's riskometer, Axis Multicap Fund is rated Very High and ITI ELSS Tax Saver Fund Very High. Over 3 years, the standard deviation of daily returns was 14.93% and 17.51% a year.
Which is better for SIP, Axis Multicap Fund or ITI ELSS Tax Saver 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 ₹3,85,783 in ITI ELSS Tax Saver Fund (XIRR 2.7% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Axis Multicap Fund and ITI ELSS Tax Saver Fund?
Yes. 27.2% 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 ITI ELSS Tax Saver Fund?
Axis Multicap Fund: Nitin Arora, Shreyash Devalkar, Hitesh Das. ITI ELSS Tax Saver Fund: Dhimant Shah.
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.