Axis Multicap Fund vs ITI Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Multicap Fund is a Multi Cap fund and ITI Small Cap Fund is a Small Cap fund. In the 3 years to 30-10-2026, Axis Multicap Fund (Direct) returned 18.7% a year and ITI Small Cap Fund (Direct) returned 22.1% a year. Axis Multicap Fund charges 0.93% a year and ITI Small Cap Fund 0.84% (Direct plans). Their portfolios overlap 29.6%: they hold 31 of the same securities.
Which is better, Axis Multicap or ITI Small Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ITI Small Cap returned more over 3 years: 22.1% a year against 18.7%.
- ITI Small Cap returned more over 1 year: 11.1% against 3.8%.
- ITI Small Cap costs less: 0.84% a year against 0.93% (Direct plans).
- Axis Multicap swung less over 3 years: a standard deviation of 14.9% a year against 19.2%.
- Axis Multicap fell less in its worst fall since 23-12-2021: −18.1% against −24.2%.
- Axis Multicap holds more in large companies: 39.1% of the fund in large caps against 7.3%.
- Axis Multicap is the larger fund: ₹11,972 Cr against ₹3,666 Cr.
- Their portfolios overlap 29.6%: 31 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 Small Cap Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | ITI Mutual Fund |
| Category | Multi Cap | Small Cap |
| AUM | ₹11,972 Cr (30-09-2026) | ₹3,666 Cr (30-09-2026) |
| NAV | ₹20.12 (Direct) | ₹36.08 (Direct) |
| Expense ratio (Direct) | 0.93% | 0.84% |
| Expense ratio (Regular) | 1.99% | 2.21% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 Multicap 50:25:25 Total Return Index | Nifty Smallcap 250 TRI |
| Launch date | 17-12-2021 | 17-02-2020 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Nitin Arora, Shreyash Devalkar, Hitesh Das | Dhimant Shah, Alok Ranjan |
| 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 3 months. |
Axis Multicap vs ITI Small 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% | -- | -- |
| ITI Small Cap Fund (Direct) | −4.66% | −0.93% | +10.45% | +11.05% | +22.07% | +17.21% | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | +14.51% | -- |
Category average: the average of the 33 Multi Cap funds and the 36 Small Cap funds, same plan type.
Axis Multicap vs ITI Small Cap: Year-wise Returns
| Year | Axis MulticapAxis Multicap | ITI Small CapITI Small Cap |
|---|---|---|
| 2026to date | +5.62% | +15.04% |
| 2025 | +2.42% | −2.54% |
| 2024 | +33.81% | +36.28% |
| 2023 | +38.31% | +54.63% |
| 2022 | −0.20% | −2.37% |
| 2021 | -- | +34.93% |
Axis Multicap vs ITI Small Cap: 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 Small 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% |
| ITI Small Cap | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 23.0 | 77.0 | 27.0% | 26.7% | 20.2% | 36.3% | 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 Small 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% |
| ITI Small CapITI Small Cap Fund (Direct) | ₹5,90,000 | ₹9,74,783 | ₹3,84,783 | 20.6% |
Axis MulticapAxis Multicap Fund (Direct)
ITI Small CapITI Small 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 ITI Small 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) | ITI Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +3.76% | +11.05% |
| Standard deviation | 15.43% | 18.41% |
| Sharpe ratio | -0.10 | 0.32 |
| Sortino ratio | -0.13 | 0.44 |
| Maximum drawdown | −13.2% (23-03-2026) | −15.2% (23-03-2026) |
| Beta | 1.00 | 0.98 |
| Alpha | +9.82% | +14.07% |
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 Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.70% | +22.07% |
| Standard deviation | 14.93% | 19.22% |
| Sharpe ratio | 0.85 | 0.83 |
| Sortino ratio | 1.16 | 1.12 |
| Maximum drawdown | −18.1% (28-02-2025) | −24.2% (03-03-2025) |
| Beta | 0.96 | 0.98 |
| Alpha | +7.66% | +9.83% |
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 Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.48% | +21.13% |
| Standard deviation | 13.92% | 19.88% |
| Sharpe ratio | 0.69 | 0.80 |
| Sortino ratio | 0.94 | 1.04 |
| Maximum drawdown | −18.1% (28-02-2025) | −39.9% (24-03-2020) |
| Beta | 0.89 | 0.94 |
| Alpha | +4.98% | +1.86% |
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 Small 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% |
| ITI Small Cap Fund (Direct) | −24.2% | 16-12-2024 | 03-03-2025 | 06-05-2026 | 14 months | −8.2% |
| 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 Small 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)
ITI Small 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% |
| ITI Small Cap Fund (Direct) | 123% | 93% | 7.33% |
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 Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Multicap Fund, September 2026; ITI Small Cap Fund, September 2026
Holdings in common
- Overlap
- 29.6%
- Held by both
- 31
- Only in Axis Multicap
- 77
- Only in ITI Small Cap
- 55
| Security | % of Axis Multicap | % of ITI Small Cap |
|---|---|---|
| Welspun Corp Limited | 2.35% | 2.89% |
| Multi Commodity Exchange of India Limited | 1.97% | 1.88% |
| Apar Industries Limited | 2.03% | 1.68% |
| Sona BLW Precision Forgings Limited | 2.53% | 1.52% |
| TD Power Systems Limited | 1.92% | 1.31% |
| Sai Life Sciences Limited | 1.31% | 1.60% |
| Ather Energy Limited | 1.78% | 1.30% |
| Radico Khaitan Limited | 1.22% | 1.73% |
| RBL Bank Limited | 1.76% | 1.17% |
| Craftsman Automation Limited | 1.56% | 1.16% |
| Torrent Pharmaceuticals Limited | 1.44% | 1.15% |
| Solar Industries India Limited | 1.15% | 1.37% |
| Karur Vysya Bank Limited | 1.07% | 1.93% |
| Eternal Limited | 2.41% | 1.06% |
| BSE Limited | 1.04% | 1.02% |
| City Union Bank Limited | 0.86% | 0.95% |
| The Federal Bank Limited | 0.84% | 1.04% |
| Laurus Labs Limited | 0.82% | 2.36% |
| Dhoot Transmission Ltd | 0.75% | 0.74% |
| Reliance Industries Limited | 1.11% | 0.68% |
| MTAR Technologies Limited | 0.68% | 0.68% |
| Dixon Technologies (India) Limited | 0.65% | 0.95% |
| Navin Fluorine International Limited | 0.54% | 1.53% |
| Kirloskar Oil Engines Limited | 0.52% | 1.56% |
| Ujjivan Small Finance Bank Limited | 0.51% | 1.03% |
| Indo-MIM Limited | 1.27% | 0.45% |
| Blue Star Limited | 0.44% | 0.77% |
| One 97 Communications Limited | 0.44% | 1.05% |
| KFin Technologies Limited | 0.37% | 0.78% |
| Krishna Institute Of Medical Sciences Limited | 0.35% | 0.90% |
| Tenneco Clean Air India Limited | 0.34% | 1.49% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 29.6% means 29.6% 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 |
|---|---|
| ICICI Bank Limited | 3.25% |
| HDFC Bank Limited | 2.72% |
| Shriram Finance Limited | 1.91% |
| Sansera Engineering Limited | 1.77% |
| Minda Corporation Limited | 1.58% |
Largest holdings only in ITI Small Cap Fund
| Security | % of fund |
|---|---|
| Acutaas Chemicals Limited | 3.55% |
| VA Tech Wabag Limited | 1.98% |
| Wockhardt Limited | 1.90% |
| Cartrade Tech Limited | 1.79% |
| GNG Electronics Ltd | 1.77% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Multicap | ITI Small Cap |
|---|---|---|
| Equity | 95.4% | 94.7% |
| Debt | 0.0% | 0.0% |
| Cash and others | 4.6% | 5.3% |
Market cap of stocks
| Market cap | Axis Multicap | ITI Small Cap |
|---|---|---|
| Large Cap | 39.1% | 7.3% |
| Mid Cap | 23.8% | 20.1% |
| Small Cap | 28.5% | 62.5% |
| Not on AMFI's list | 3.9% | 4.9% |
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 Small Cap |
|---|---|---|
| Banks | 15.2% | 7.8% |
| Pharmaceuticals & Biotechnology | 7.8% | 12.1% |
| Auto Components | 10.0% | 8.6% |
| Industrial Products | 3.8% | 9.8% |
| Electrical Equipment | 9.8% | 7.4% |
| Retailing | 5.3% | 3.9% |
| Automobiles | 5.0% | 1.3% |
| Capital Markets | 3.8% | 4.8% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Multicap vs ITI Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Multicap Fund | ITI Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.93% | 0.84% |
| Base expense ratio (Direct) | 0.59% | 0.45% |
| Total expense ratio (Regular) | 1.99% | 2.21% |
| Base expense ratio (Regular) | 1.48% | 1.65% |
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 Small Cap Fund: Frequently Asked Questions
What is the difference between Axis Multicap Fund and ITI Small Cap Fund?
Axis Multicap Fund is a Multi Cap fund, ITI Small Cap Fund is a Small Cap fund, run by Axis Mutual Fund and ITI Mutual Fund. Their portfolios overlap 29.6%. Axis Multicap Fund charges 0.93% a year and ITI Small Cap Fund 0.84%.
Which has given higher returns, Axis Multicap Fund or ITI Small Cap Fund?
Over 1 year: Axis Multicap Fund +3.76%, ITI Small Cap Fund +11.05%. Over 3 years: Axis Multicap Fund +18.70% a year, ITI Small Cap Fund +22.07% 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 Small Cap Fund?
ITI Small Cap Fund charges less: 0.84% a year against 0.93%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Multicap Fund and ITI Small Cap Fund overlap?
29.6%. They hold 31 of the same securities, the largest shared ones being WELCORP, MCX, APARINDS. From each fund's latest monthly portfolio.
Which is riskier, Axis Multicap Fund or ITI Small Cap Fund?
On SEBI's riskometer, Axis Multicap Fund is rated Very High and ITI Small Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.93% and 19.22% a year.
Which is better for SIP, Axis Multicap Fund or ITI Small 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 ₹4,56,806 in ITI Small Cap Fund (XIRR 13.8% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Axis Multicap Fund and ITI Small Cap Fund?
Yes. 29.6% 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 ITI Small Cap Fund?
Axis Multicap Fund: Nitin Arora, Shreyash Devalkar, Hitesh Das. ITI Small Cap Fund: Dhimant Shah, Alok Ranjan.
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.