Axis Nifty 500 Index Fund vs Invesco India Multi Asset Allocation Fund

Direct Plan, Growth option · Data as on 30-10-2026

Axis Nifty 500 Index Fund is an Index fund and Invesco India Multi Asset Allocation Fund is a Multi Asset fund. In the year to 30-10-2026, Axis Nifty 500 Index Fund (Direct) returned −7.6% and Invesco India Multi Asset Allocation Fund (Direct) returned 5.2%. Axis Nifty 500 Index Fund charges 0.17% a year and Invesco India Multi Asset Allocation Fund 0.54% (Direct plans). Their portfolios overlap 36.8%: they hold 71 of the same securities.

Axis Nifty 500 Index Fund

Index

1 year return: −7.6%
Expense ratio: 0.17%
NAV: ₹9.63

See Axis Nifty 500 Index Fund

Invesco India Multi Asset Allocation Fund

Multi Asset

1 year return: 5.2%
Expense ratio: 0.54%
NAV: ₹12.25

See Invesco India Multi Asset Allocation Fund

Which is better, Axis Nifty 500 Index or Invesco India Multi Asset Allocation? Key differences

It depends on what you want from the fund. These are the differences in numbers, from the data on this page.

Invesco India Multi Asset Allocation returned more over 1 year: 5.2% against −7.6%.
Axis Nifty 500 Index costs less: 0.17% a year against 0.54% (Direct plans).
Invesco India Multi Asset Allocation fell less in its worst fall since 19-12-2024: −11.0% against −14.9%.
Invesco India Multi Asset Allocation holds 11.7% of the fund in foreign stocks; Axis Nifty 500 Index 0.0%.
Axis Nifty 500 Index holds more in large companies: 67.2% of the fund in large caps against 36.1%.
Invesco India Multi Asset Allocation is the larger fund: ₹1,213 Cr against ₹314 Cr.
Their portfolios overlap 36.8%: 71 of the same holdings.

Past returns do not promise future returns. This page is information, not investment advice.

NAV comparison

How each fund's NAV moved over the same days, as % change since the first day of the range

Axis Nifty 500 Index Fund (Direct)
−0.8%
Invesco India Multi Asset Allocation Fund (Direct)
+23.9%

Change in NAV from 19-12-2024 to 30-10-2026

−10%0%+10%+20%+30%+40%

Key facts

From each fund's scheme summary document and AMFI

Fact	Axis Nifty 500 Index Fund	Invesco India Multi Asset Allocation Fund
Fund house	Axis Mutual Fund	Invesco Mutual Fund
Category	Index	Multi Asset
AUM	₹314 Cr (30-09-2026)	₹1,213 Cr (30-09-2026)
NAV	₹9.63 (Direct)	₹12.25 (Direct)
Expense ratio (Direct)	0.17%	0.54%
Expense ratio (Regular)	1.11%	1.68%
Riskometer	Very High	Very High
Benchmark	Nifty 500 TRI	Nifty 200 TRI (60%) + CRISIL 10 Year Gilt Index (30%) + Domestic Price of Gold (5%) + Domestic Price of Silver (5%)
Launch date	12-07-2024	18-12-2024
Minimum investment	₹100	Not available
Lock in	None	None
Fund managers	Nandik Malik, Rohit Gautam	Taher Badshah, Krishna Cheemalapati, Amey Sathe
Exit load	Exit load of 0.25%, if redeemed within 15 days.	Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 1 year.

Axis Nifty 500 Index vs Invesco India Multi Asset Allocation: 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 Nifty 500 Index Fund (Direct)	−0.76%	−6.09%	−2.91%	−7.64%	--	--	--
Invesco India Multi Asset Allocation Fund (Direct)	−0.89%	−3.16%	−1.29%	+5.24%	--	--	--
Multi Asset average	−1.71%	−3.33%	−1.78%	+2.00%	--	--	--

Category average: the average of the 37 Multi Asset funds, same plan type.

Axis Nifty 500 Index vs Invesco India Multi Asset Allocation: Year-wise Returns

Year	Axis Nifty 500 IndexAxis Nifty 500 Index	Invesco India Multi Asset AllocationInvesco India Multi Asset Allocation
2026to date	−7.79%	+0.16%
2025	+7.73%	+24.29%

Axis Nifty 500 Index vs Invesco India Multi Asset Allocation: Rolling Returns

Every holding period of both funds, against Nifty 500 TRI, the benchmark of Axis Nifty 500 Index Fund

Rolling returns

Every 1-year holding period, 214 of them, one for each trading day from 19-12-2025 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.

−10%0%10%20%30%40%

Jan 2025
to
Jan 2026Mar 2025
to
Mar 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Aug 2025
to
Aug 2026Oct 2025
to
Oct 2026

Axis Nifty 500 Index Fund (Direct)Invesco India Multi Asset Allocation Fund (Direct)Nifty 500 TRI

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 Nifty 500 Index	31.3	29.4	26.6	9.8	2.8	0.0	0.0	3.4%	2.5%	−9.3%	17.5%	0%
Invesco India Multi Asset Allocation	0.0	2.4	7.1	12.8	44.1	18.0	15.6	18.2%	18.0%	4.1%	30.7%	100%
Nifty 500 TRI	27.6	31.3	28.5	9.3	3.3	0.0	0.0	3.6%	2.8%	−9.0%	17.6%	--

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 Nifty 500 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 19-12-2024. Past returns do not promise future returns.

Axis Nifty 500 Index vs Invesco India Multi Asset Allocation: 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

Every month₹

Step up each year

PeriodFor

₹10,000 on the first trading day of every month, from 02-12-2024 to 30-10-2026: 23 instalments, ₹2,30,000 in all.

Investment	Invested	Value now	Gain	Return a year
Axis Nifty 500 IndexAxis Nifty 500 Index Fund (Direct)	₹2,30,000	₹2,24,839	−₹5,161	−2.3%
Invesco India Multi Asset AllocationInvesco India Multi Asset Allocation Fund (Direct)	₹2,30,000	₹2,48,373	₹18,373	8.0%

₹0₹50,000₹1.0 L₹1.5 L₹2.0 L₹2.5 L

20252026

Axis Nifty 500 IndexAxis Nifty 500 Index Fund (Direct)Invesco India Multi Asset AllocationInvesco India Multi Asset Allocation 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 Nifty 500 Index vs Invesco India Multi Asset Allocation: Risk and Drawdowns

How much each fund swings, and the worst fall over the same days

Risk and return

Measure	Axis Nifty 500 Index Fund (Direct)	Invesco India Multi Asset Allocation Fund (Direct)
Return (CAGR)	−7.64%	+5.24%
Standard deviation	14.37%	11.42%
Sharpe ratio	-0.90	-0.00
Sortino ratio	-1.19	-0.00
Maximum drawdown	−14.9% (30-03-2026)	−11.0% (23-03-2026)
Beta	1.00	--
Alpha	−0.31%	--

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 Nifty 500 Index Fund (Direct)	Invesco India Multi Asset Allocation Fund (Direct)
Return (CAGR)	−1.76%	+12.18%
Standard deviation	14.00%	9.73%
Sharpe ratio	-0.54	0.68
Sortino ratio	-0.72	0.93
Maximum drawdown	−18.6% (28-02-2025)	−11.0% (23-03-2026)
Beta	1.00	--
Alpha	−0.20%	--

From daily NAVs, 16-07-2024 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.

−15%−10%−5%0%

20252026

Axis Nifty 500 Index Fund (Direct)Invesco India Multi Asset Allocation Fund (Direct)Nifty 500 TRI

Fund	Worst fall	High before it	Bottom	Back at the high	Time to climb back	Below its high today
Axis Nifty 500 Index Fund (Direct)	−14.9%	02-01-2026	30-03-2026	Not yet	--	−8.7%
Invesco India Multi Asset Allocation Fund (Direct)	−11.0%	29-01-2026	23-03-2026	25-08-2026	5 months	−6.0%
Nifty 500 TRI	−14.7%	02-01-2026	30-03-2026	Not yet	--	−8.4%

From daily values since 19-12-2024, 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.

0%5%10%15%

2026

Axis Nifty 500 Index Fund (Direct)Invesco India Multi Asset Allocation Fund (Direct)Nifty 500 TRI

Against Nifty 500 TRI

Fund	Up capture	Down capture	Tracking error
Axis Nifty 500 Index Fund (Direct)	100%	101%	0.13%
Invesco India Multi Asset Allocation Fund (Direct)	68%	11%	10.80%

From month-end values since 19-12-2024. 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 Nifty 500 Index vs Invesco India Multi Asset Allocation: Portfolio Overlap

From each fund's latest monthly portfolio: Axis Nifty 500 Index Fund, September 2026; Invesco India Multi Asset Allocation Fund, September 2026

Holdings in common

Overlap: 36.8%
Held by both: 71
Only in Axis Nifty 500 Index: 429
Only in Invesco India Multi Asset Allocation: 22

Security	% of Axis Nifty 500 Index	% of Invesco India Multi Asset Allocation
HDFC Bank Limited	5.67%	4.23%
ICICI Bank Limited	4.94%	3.77%
Reliance Industries Limited	4.14%	2.03%
Bharti Airtel Limited	2.79%	1.87%
Larsen & Toubro Limited	2.30%	1.67%
Infosys Limited	1.83%	1.16%
State Bank of India	2.07%	1.13%
Bajaj Finance Limited	1.37%	1.00%
Axis Bank Limited	1.84%	0.99%
Mahindra & Mahindra Limited	1.37%	0.98%
ITC Limited	1.32%	0.95%
Kotak Mahindra Bank Limited	1.60%	0.87%
Titan Company Limited	0.99%	0.71%
Hindustan Unilever Limited	0.87%	0.62%
Sun Pharmaceutical Industries Limited	1.00%	0.60%
Eternal Limited	1.21%	0.58%
Tata Consultancy Services Limited	1.09%	0.56%
Tata Steel Limited	0.80%	0.56%
Coal India Limited	0.53%	0.51%
Oil & Natural Gas Corporation Limited	0.46%	0.50%
Maruti Suzuki India Limited	0.81%	0.45%
UltraTech Cement Limited	0.68%	0.44%
Grasim Industries Limited	0.60%	0.44%
NTPC Limited	0.80%	0.43%
Bharat Electronics Limited	0.73%	0.39%
Shriram Finance Limited	0.72%	0.39%
Hindalco Industries Limited	0.71%	0.39%
Eicher Motors Limited	0.51%	0.37%
Apollo Hospitals Enterprise Limited	0.44%	0.36%
HCL Technologies Limited	0.68%	0.34%
Divi's Laboratories Limited	0.62%	0.34%
Power Grid Corporation of India Limited	0.62%	0.33%
Bajaj Auto Limited	0.62%	0.33%
Trent Limited	0.45%	0.32%
SBI Life Insurance Company Limited	0.40%	0.32%
Asian Paints Limited	0.57%	0.30%
InterGlobe Aviation Limited	0.59%	0.28%
Tech Mahindra Limited	0.50%	0.28%
Bharat Petroleum Corporation Limited	0.32%	0.28%
TVS Motor Company Limited	0.50%	0.27%
Nestle India Limited	0.49%	0.26%
Varun Beverages Limited	0.31%	0.26%
Hindustan Aeronautics Limited	0.46%	0.25%
Tata Motors Ltd	0.46%	0.22%
Cipla Limited	0.40%	0.21%
Britannia Industries Limited	0.30%	0.21%
Samvardhana Motherson International Limited	0.38%	0.20%
Jio Financial Services Limited	0.37%	0.20%
Cholamandalam Investment and Finance Company Ltd	0.37%	0.19%
Tata Consumer Products Limited	0.32%	0.17%
Tata Motors Passenger Vehicles Limited	0.31%	0.17%
Tata Power Company Limited	0.31%	0.17%
Avenue Supermarts Limited	0.32%	0.15%
Info Edge (India) Limited	0.25%	0.13%
GAIL (India) Limited	0.24%	0.13%
Bank of Baroda	0.22%	0.13%
Torrent Pharmaceuticals Limited	0.37%	0.12%
DLF Limited	0.23%	0.12%
Jindal Steel Limited	0.22%	0.12%
United Spirits Limited	0.21%	0.12%
REC Limited	0.19%	0.11%
LTM Limited	0.20%	0.09%
ABB India Limited	0.19%	0.09%
Godrej Consumer Products Limited	0.18%	0.09%
Lodha Developers Limited	0.18%	0.09%
Siemens Limited	0.17%	0.09%
Union Bank of India	0.17%	0.08%
Shree Cement Limited	0.16%	0.08%
Siemens Energy India Limited	0.15%	0.08%
Havells India Limited	0.13%	0.07%
Ambuja Cements Limited	0.12%	0.07%

Overlap: for each holding both funds own, the smaller of its two weights, added up. 36.8% means 36.8% 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 Nifty 500 Index Fund

Security	% of fund
Adani Ports and Special Economic Zone Limited	0.74%
BSE Limited	0.66%
JSW Steel Limited	0.63%
Bajaj Finserv Limited	0.52%
Adani Enterprises Limited	0.51%

Largest holdings only in Invesco India Multi Asset Allocation Fund

Security	% of fund
Invesco India Gold Exchange Traded Fund	13.38%
Mirae Asset Nifty Midcap 150 ETF	4.72%
ICICI Prudential Nifty Midcap 150 ETF	4.72%
ICICI Prudential Silver ETF	3.02%
Invesco India Ultra Short Term Fund - Direct Plan - Growth	2.60%

Asset and sector split

Share of each fund, from its latest monthly portfolio

Asset allocation

Asset	Axis Nifty 500 Index	Invesco India Multi Asset Allocation
Equity	99.8%	48.5%
Debt	0.0%	14.6%
Cash and others	0.2%	36.9%

Market cap of stocks

Market cap	Axis Nifty 500 Index	Invesco India Multi Asset Allocation
Large Cap	67.2%	36.1%
Mid Cap	20.9%	0.7%
Small Cap	11.6%	0.0%
Foreign stocks	0.0%	11.7%
Not on AMFI's list	0.1%	0.0%

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 Nifty 500 Index	Invesco India Multi Asset Allocation
Banks	19.3%	11.2%
Other	0.0%	11.7%
Finance	6.5%	1.9%
Pharmaceuticals & Biotechnology	5.8%	1.3%
IT - Software	5.7%	2.4%
Petroleum Products	5.0%	2.3%
Automobiles	4.9%	2.6%

The six largest sectors of each fund's stocks, % of the fund.

Axis Nifty 500 Index vs Invesco India Multi Asset Allocation: Expense Ratio

What each plan charges a year, from AMFI's expense ratio file

Charge	Axis Nifty 500 Index Fund	Invesco India Multi Asset Allocation Fund
Total expense ratio (Direct)	0.17%	0.54%
Base expense ratio (Direct)	0.09%	0.42%
Total expense ratio (Regular)	1.11%	1.68%
Base expense ratio (Regular)	0.90%	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 Invesco India Multi Asset Allocation with

Axis Nifty 500 Index Fund vs Invesco India Multi Asset Allocation Fund: Frequently Asked Questions

What is the difference between Axis Nifty 500 Index Fund and Invesco India Multi Asset Allocation Fund?

Axis Nifty 500 Index Fund is an Index fund, Invesco India Multi Asset Allocation Fund is a Multi Asset fund, run by Axis Mutual Fund and Invesco Mutual Fund. Their portfolios overlap 36.8%. Axis Nifty 500 Index Fund charges 0.17% a year and Invesco India Multi Asset Allocation Fund 0.54%.

Which has given higher returns, Axis Nifty 500 Index Fund or Invesco India Multi Asset Allocation Fund?

Over 1 year: Axis Nifty 500 Index Fund −7.64%, Invesco India Multi Asset Allocation Fund +5.24%. As on 30-10-2026. Past returns do not promise future returns.

Which has the lower expense ratio, Axis Nifty 500 Index Fund or Invesco India Multi Asset Allocation Fund?

Axis Nifty 500 Index Fund charges less: 0.17% a year against 0.54%. These are the Direct plans' total expense ratios reported to AMFI.

How much do Axis Nifty 500 Index Fund and Invesco India Multi Asset Allocation Fund overlap?

36.8%. They hold 71 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.

Which is riskier, Axis Nifty 500 Index Fund or Invesco India Multi Asset Allocation Fund?

On SEBI's riskometer, Axis Nifty 500 Index Fund is rated Very High and Invesco India Multi Asset Allocation Fund Very High. Over 1 years, the standard deviation of daily returns was 14.37% and 11.42% a year.

Can I invest in both Axis Nifty 500 Index Fund and Invesco India Multi Asset Allocation Fund?

Yes. 36.8% of each fund's money sits in the same holdings, so some of the two investments would move together.

Who manages Axis Nifty 500 Index Fund and Invesco India Multi Asset Allocation Fund?

Axis Nifty 500 Index Fund: Nandik Malik, Rohit Gautam. Invesco India Multi Asset Allocation Fund: Taher Badshah, Krishna Cheemalapati, Amey Sathe.

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.