Bank of India ELSS Tax Saver Fund vs Zerodha Nifty 100 ETF
Direct Plan, Growth option · Data as on 30-10-2026
Bank of India ELSS Tax Saver Fund is an ELSS fund and Zerodha Nifty 100 ETF is an ETF fund. In the year to 30-10-2026, Bank of India ELSS Tax Saver Fund (Direct) returned −3.1% and Zerodha Nifty 100 ETF (Direct) returned −8.7%. Bank of India ELSS Tax Saver Fund charges 1.16% a year and Zerodha Nifty 100 ETF 0.28% (Direct plans). Their portfolios overlap 31.9%: they hold 29 of the same securities.
Bank of India ELSS Tax Saver Fund
ELSS
- 1 year return
- −3.1%
- Expense ratio
- 1.16%
- NAV
- ₹184.65
Which is better, Bank of India ELSS Tax Saver or Zerodha Nifty 100 ETF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Bank of India ELSS Tax Saver returned more over 1 year: −3.1% against −8.7%.
- Zerodha Nifty 100 ETF costs less: 0.28% a year against 1.16% (Direct plans).
- Zerodha Nifty 100 ETF fell less in its worst fall since 18-06-2024: −17.2% against −23.9%.
- Zerodha Nifty 100 ETF holds more in large companies: 97.9% of the fund in large caps against 50.3%.
- Bank of India ELSS Tax Saver is the larger fund: ₹1,366 Cr against ₹165 Cr.
- Their portfolios overlap 31.9%: 29 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 | Bank of India ELSS Tax Saver Fund | Zerodha Nifty 100 ETF |
|---|---|---|
| Fund house | Bank of India Mutual Fund | Zerodha Mutual Fund |
| Category | ELSS | ETF |
| AUM | ₹1,366 Cr (30-09-2026) | ₹165 Cr (30-09-2026) |
| NAV | ₹184.65 (Direct) | ₹10.09 (Direct) |
| Expense ratio (Direct) | 1.16% | 0.28% |
| Expense ratio (Regular) | 2.33% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | Nifty 100 TRI |
| Launch date | 25-02-2009 | 12-06-2024 |
| Minimum investment | ₹500 | In creation unit size of 765,000 units and in multiples thereafter |
| Lock in | 3 years | None |
| Fund managers | Alok Singh | Kedarnath Mirajkar |
| Exit load | NIL | Not available |
Bank of India ELSS Tax Saver vs Zerodha Nifty 100 ETF: 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 |
|---|---|---|---|---|---|---|---|
| Bank of India ELSS Tax Saver Fund (Direct) | −2.75% | −3.62% | −3.55% | −3.12% | +11.96% | +10.43% | +15.50% |
| Zerodha Nifty 100 ETF (Direct) | +1.04% | −5.28% | −2.92% | −8.69% | -- | -- | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
Category average: the average of the 50 ELSS funds, same plan type.
Bank of India ELSS Tax Saver vs Zerodha Nifty 100 ETF: Year-wise Returns
| Year | Bank of India ELSS Tax SaverBank of India ELSS Tax Saver | Zerodha Nifty 100 ETFZerodha Nifty 100 ETF |
|---|---|---|
| 2026to date | −2.00% | −9.32% |
| 2025 | −2.39% | +10.15% |
| 2024 | +22.93% | -- |
| 2023 | +36.22% | -- |
| 2022 | −0.09% | -- |
| 2021 | +42.90% | -- |
Bank of India ELSS Tax Saver vs Zerodha Nifty 100 ETF: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of Bank of India ELSS Tax Saver Fund
Rolling returns
Every 1-year holding period, 337 of them, one for each trading day from 18-06-2025 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.
Bank of India ELSS Tax Saver Fund (Direct)
Zerodha Nifty 100 ETF (Direct)
BSE 500 TRI
to
Jul 2025Oct 2024
to
Oct 2025Jan 2025
to
Jan 2026Apr 2025
to
Apr 2026Jul 2025
to
Jul 2026Sept 2025
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bank of India ELSS Tax Saver | 44.8 | 27.3 | 17.8 | 7.1 | 3.0 | 0.0 | 0.0 | 0.9% | 1.1% | −10.7% | 18.9% | 51% |
| Zerodha Nifty 100 ETF | 40.8 | 27.5 | 19.2 | 11.8 | 0.6 | 0.0 | 0.0 | 2.2% | 1.3% | −10.5% | 15.2% | 47% |
| BSE 500 TRI | 34.1 | 34.1 | 24.0 | 6.5 | 1.2 | 0.0 | 0.0 | 2.6% | 2.0% | −9.2% | 15.7% | -- |
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 BSE 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 18-06-2024. Past returns do not promise future returns.
Bank of India ELSS Tax Saver vs Zerodha Nifty 100 ETF: 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 03-06-2024 to 30-10-2026: 29 instalments, ₹2,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bank of India ELSS Tax SaverBank of India ELSS Tax Saver Fund (Direct) | ₹2,90,000 | ₹2,85,950 | −₹4,050 | −1.1% |
| Zerodha Nifty 100 ETFZerodha Nifty 100 ETF (Direct) | ₹2,90,000 | ₹2,80,663 | −₹9,337 | −2.6% |
Bank of India ELSS Tax SaverBank of India ELSS Tax Saver Fund (Direct)
Zerodha Nifty 100 ETFZerodha Nifty 100 ETF (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.
Bank of India ELSS Tax Saver vs Zerodha Nifty 100 ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bank of India ELSS Tax Saver Fund (Direct) | Zerodha Nifty 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | −3.12% | −8.69% |
| Standard deviation | 13.94% | 14.04% |
| Sharpe ratio | -0.60 | -0.99 |
| Sortino ratio | -0.81 | -1.32 |
| Maximum drawdown | −10.3% (30-03-2026) | −14.9% (30-03-2026) |
| Beta | 0.91 | 1.00 |
| Alpha | +3.43% | −0.01% |
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 | Bank of India ELSS Tax Saver Fund (Direct) | Zerodha Nifty 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | +16.08% | −0.19% |
| Standard deviation | 16.23% | 13.27% |
| Sharpe ratio | 0.62 | -0.45 |
| Sortino ratio | 0.83 | -0.62 |
| Maximum drawdown | −31.7% (23-03-2020) | −17.2% (28-02-2025) |
| Beta | 0.96 | 1.00 |
| Alpha | +3.53% | −0.06% |
From daily NAVs, 02-01-2013 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.
Bank of India ELSS Tax Saver Fund (Direct)
Zerodha Nifty 100 ETF (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bank of India ELSS Tax Saver Fund (Direct) | −23.9% | 11-12-2024 | 28-02-2025 | Not yet | -- | −10.2% |
| Zerodha Nifty 100 ETF (Direct) | −17.2% | 26-09-2024 | 28-02-2025 | Not yet | -- | −10.1% |
| BSE 500 TRI | −18.7% | 26-09-2024 | 28-02-2025 | Not yet | -- | −9.4% |
From daily values since 18-06-2024, 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.
Bank of India ELSS Tax Saver Fund (Direct)
Zerodha Nifty 100 ETF (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Bank of India ELSS Tax Saver Fund (Direct) | 92% | 102% | 7.34% |
| Zerodha Nifty 100 ETF (Direct) | 93% | 94% | 2.67% |
From month-end values since 18-06-2024. 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.
Bank of India ELSS Tax Saver vs Zerodha Nifty 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Bank of India ELSS Tax Saver Fund, September 2026; Zerodha Nifty 100 ETF, September 2026
Holdings in common
- Overlap
- 31.9%
- Held by both
- 29
- Only in Bank of India ELSS Tax Saver
- 31
- Only in Zerodha Nifty 100 ETF
- 71
| Security | % of Bank of India ELSS Tax Saver | % of Zerodha Nifty 100 ETF |
|---|---|---|
| ICICI Bank Limited | 4.26% | 7.34% |
| Bharti Airtel Limited | 3.21% | 4.14% |
| State Bank of India | 5.02% | 3.07% |
| HDFC Bank Limited | 2.23% | 8.41% |
| Larsen & Toubro Limited | 2.23% | 3.41% |
| Reliance Industries Limited | 1.95% | 6.15% |
| Mahindra & Mahindra Limited | 1.71% | 2.04% |
| NTPC Limited | 2.46% | 1.19% |
| Adani Ports and Special Economic Zone Limited | 2.95% | 1.09% |
| Bharat Electronics Limited | 1.65% | 1.08% |
| UltraTech Cement Limited | 1.00% | 1.00% |
| ITC Limited | 0.96% | 1.96% |
| JSW Steel Limited | 0.99% | 0.93% |
| Hindustan Aeronautics Limited | 3.76% | 0.69% |
| Tata Motors Ltd | 1.51% | 0.68% |
| Apollo Hospitals Enterprise Limited | 0.60% | 0.65% |
| SBI Life Insurance Company Limited | 1.37% | 0.59% |
| Dr. Reddy's Laboratories Limited | 2.81% | 0.58% |
| Vedanta Aluminium Metal Limited | 1.24% | 0.55% |
| Tata Power Company Limited | 0.95% | 0.47% |
| Tata Steel Limited | 0.47% | 1.18% |
| Britannia Industries Limited | 0.99% | 0.44% |
| Vedanta Limited | 0.38% | 0.35% |
| Bank of Baroda | 2.29% | 0.33% |
| Varun Beverages Limited | 0.32% | 0.46% |
| Canara Bank | 1.27% | 0.31% |
| InterGlobe Aviation Limited | 0.24% | 0.87% |
| Siemens Energy India Limited | 0.87% | 0.22% |
| DLF Limited | 0.12% | 0.33% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 31.9% means 31.9% 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 Bank of India ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| Quality Power Electrical Eqp Ltd | 3.15% |
| UNO Minda Limited | 2.83% |
| Balrampur Chini Mills Limited | 2.81% |
| LG Electronics India Ltd | 2.74% |
| EID Parry India Limited | 2.26% |
Largest holdings only in Zerodha Nifty 100 ETF
| Security | % of fund |
|---|---|
| Axis Bank Limited | 2.73% |
| Infosys Limited | 2.72% |
| Kotak Mahindra Bank Limited | 2.38% |
| Bajaj Finance Limited | 2.03% |
| Eternal Limited | 1.80% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bank of India ELSS Tax Saver | Zerodha Nifty 100 ETF |
|---|---|---|
| Equity | 88.0% | 99.9% |
| Debt | 2.8% | 0.0% |
| Cash and others | 9.2% | 0.1% |
Market cap of stocks
| Market cap | Bank of India ELSS Tax Saver | Zerodha Nifty 100 ETF |
|---|---|---|
| Large Cap | 50.3% | 97.9% |
| Mid Cap | 14.2% | 2.0% |
| Small Cap | 19.4% | 0.0% |
| Not on AMFI's list | 4.2% | 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 | Bank of India ELSS Tax Saver | Zerodha Nifty 100 ETF |
|---|---|---|
| Banks | 17.1% | 25.1% |
| Petroleum Products | 1.9% | 7.0% |
| IT - Software | 0.0% | 6.7% |
| Automobiles | 1.7% | 6.4% |
| Finance | 0.0% | 6.2% |
| Aerospace & Defense | 5.4% | 1.8% |
| Auto Components | 5.2% | 0.9% |
| Pharmaceuticals & Biotechnology | 4.9% | 4.3% |
| Telecom - Services | 3.2% | 4.4% |
| Electrical Equipment | 4.3% | 1.5% |
| Industrial Manufacturing | 3.4% | 0.1% |
The six largest sectors of each fund's stocks, % of the fund.
Bank of India ELSS Tax Saver vs Zerodha Nifty 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bank of India ELSS Tax Saver Fund | Zerodha Nifty 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.16% | 0.28% |
| Base expense ratio (Direct) | 0.84% | 0.22% |
| Total expense ratio (Regular) | 2.33% | Not available |
| Base expense ratio (Regular) | 1.83% | 0.00% |
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 Bank of India ELSS Tax Saver with
Bank of India ELSS Tax Saver Fund vs Zerodha Nifty 100 ETF: Frequently Asked Questions
What is the difference between Bank of India ELSS Tax Saver Fund and Zerodha Nifty 100 ETF?
Bank of India ELSS Tax Saver Fund is an ELSS fund, Zerodha Nifty 100 ETF is an ETF fund, run by Bank of India Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 31.9%. Bank of India ELSS Tax Saver Fund charges 1.16% a year and Zerodha Nifty 100 ETF 0.28%.
Which has given higher returns, Bank of India ELSS Tax Saver Fund or Zerodha Nifty 100 ETF?
Over 1 year: Bank of India ELSS Tax Saver Fund −3.12%, Zerodha Nifty 100 ETF −8.69%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Bank of India ELSS Tax Saver Fund or Zerodha Nifty 100 ETF?
Zerodha Nifty 100 ETF charges less: 0.28% a year against 1.16%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Bank of India ELSS Tax Saver Fund and Zerodha Nifty 100 ETF overlap?
31.9%. They hold 29 of the same securities, the largest shared ones being ICICIBANK, BHARTIARTL, SBIN. From each fund's latest monthly portfolio.
Which is riskier, Bank of India ELSS Tax Saver Fund or Zerodha Nifty 100 ETF?
On SEBI's riskometer, Bank of India ELSS Tax Saver Fund is rated Very High and Zerodha Nifty 100 ETF Very High. Over 1 years, the standard deviation of daily returns was 13.94% and 14.04% a year.
Can I invest in both Bank of India ELSS Tax Saver Fund and Zerodha Nifty 100 ETF?
Yes. 31.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Bank of India ELSS Tax Saver Fund and Zerodha Nifty 100 ETF?
Bank of India ELSS Tax Saver Fund: Alok Singh. Zerodha Nifty 100 ETF: Kedarnath Mirajkar.
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.