Canara Robeco ELSS - Tax Saver Fund vs ICICI Prudential Innovation Fund
Direct Plan, Growth option · Data as on 30-10-2026
Canara Robeco ELSS - Tax Saver Fund is an ELSS fund and ICICI Prudential Innovation Fund is a Thematic fund. In the 3 years to 30-10-2026, Canara Robeco ELSS - Tax Saver Fund (Direct) returned 11.5% a year and ICICI Prudential Innovation Fund (Direct) returned 18.0% a year. Canara Robeco ELSS - Tax Saver Fund charges 0.73% a year and ICICI Prudential Innovation Fund 1.24% (Direct plans). Their portfolios overlap 30.7%: they hold 25 of the same securities.
Canara Robeco ELSS - Tax Saver Fund
ELSS
- 3 year return
- 11.5%
- Expense ratio
- 0.73%
- NAV
- ₹192.74
ICICI Prudential Innovation Fund
Thematic
- 3 year return
- 18.0%
- Expense ratio
- 1.24%
- NAV
- ₹19.09
Which is better, Canara Robeco ELSS - Tax Saver or ICICI Prudential Innovation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ICICI Prudential Innovation returned more over 3 years: 18.0% a year against 11.5%.
- ICICI Prudential Innovation returned more over 1 year: −3.6% against −4.7%.
- Canara Robeco ELSS - Tax Saver costs less: 0.73% a year against 1.24% (Direct plans).
- ICICI Prudential Innovation swung less over 3 years: a standard deviation of 12.6% a year against 13.5%.
- ICICI Prudential Innovation fell less in its worst fall since 02-05-2023: −16.5% against −18.2%.
- Canara Robeco ELSS - Tax Saver holds more in large companies: 73.5% of the fund in large caps against 34.4%.
- Canara Robeco ELSS - Tax Saver is the larger fund: ₹8,167 Cr against ₹7,549 Cr.
- Their portfolios overlap 30.7%: 25 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 | Canara Robeco ELSS - Tax Saver Fund | ICICI Prudential Innovation Fund |
|---|---|---|
| Fund house | Canara Robeco Mutual Fund | ICICI Prudential Mutual Fund |
| Category | ELSS | Thematic |
| AUM | ₹8,167 Cr (30-09-2026) | ₹7,549 Cr (30-09-2026) |
| NAV | ₹192.74 (Direct) | ₹19.09 (Direct) |
| Expense ratio (Direct) | 0.73% | 1.24% |
| Expense ratio (Regular) | 1.85% | 2.18% |
| Riskometer | Very High | Not available |
| Benchmark | BSE 500 TRI | Nifty 500 TRI |
| Launch date | 31-03-1993 | 28-04-2023 |
| Minimum investment | ₹500 | ₹5,000 |
| Lock in | 3 years | None |
| Fund managers | Vishal Mishra / Mr. Shridatta Bhandwaldar | Vaibhav Dusad |
| Exit load | Nil | Exit load of 1%, if redeemed within 1 month. |
Canara Robeco ELSS - Tax Saver vs ICICI Prudential Innovation: 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 |
|---|---|---|---|---|---|---|---|
| Canara Robeco ELSS - Tax Saver Fund (Direct) | +0.20% | −4.74% | −1.14% | −4.70% | +11.47% | +9.00% | +14.38% |
| ICICI Prudential Innovation Fund (Direct) | −1.60% | −5.59% | +1.92% | −3.63% | +17.96% | -- | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
Category average: the average of the 50 ELSS funds and the 235 Thematic funds, same plan type.
Canara Robeco ELSS - Tax Saver vs ICICI Prudential Innovation: Year-wise Returns
| Year | Canara Robeco ELSS - Tax SaverCanara Robeco ELSS - Tax Saver | ICICI Prudential InnovationICICI Prudential Innovation |
|---|---|---|
| 2026to date | −4.49% | −3.97% |
| 2025 | +6.46% | +12.00% |
| 2024 | +18.88% | +30.13% |
| 2023 | +25.20% | -- |
| 2022 | +1.22% | -- |
| 2021 | +36.81% | -- |
Canara Robeco ELSS - Tax Saver vs ICICI Prudential Innovation: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of Canara Robeco ELSS - Tax Saver Fund
Rolling returns
Every 3-year holding period, 123 of them, one for each trading day from 04-05-2026 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.
Canara Robeco ELSS - Tax Saver Fund (Direct)
ICICI Prudential Innovation Fund (Direct)
BSE 500 TRI
to
May 2026Jun 2023
to
Jun 2026Jul 2023
to
Jul 2026Aug 2023
to
Aug 2026Sept 2023
to
Sept 2026Oct 2023
to
Oct 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Canara Robeco ELSS - Tax Saver | 0.0 | 0.0 | 0.8 | 95.1 | 4.1 | 0.0 | 0.0 | 12.8% | 13.3% | 9.9% | 16.1% | 100% |
| ICICI Prudential Innovation | 0.0 | 0.0 | 0.0 | 0.0 | 33.3 | 66.7 | 0.0 | 20.7% | 21.0% | 16.9% | 24.1% | 100% |
| BSE 500 TRI | 0.0 | 0.0 | 19.5 | 78.0 | 2.4 | 0.0 | 0.0 | 12.0% | 12.4% | 8.4% | 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 02-05-2023. Past returns do not promise future returns.
Canara Robeco ELSS - Tax Saver vs ICICI Prudential Innovation: 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 02-05-2023 to 30-10-2026: 42 instalments, ₹4,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Canara Robeco ELSS - Tax SaverCanara Robeco ELSS - Tax Saver Fund (Direct) | ₹4,20,000 | ₹4,59,983 | ₹39,983 | 5.1% |
| ICICI Prudential InnovationICICI Prudential Innovation Fund (Direct) | ₹4,20,000 | ₹4,99,772 | ₹79,772 | 9.9% |
Canara Robeco ELSS - Tax SaverCanara Robeco ELSS - Tax Saver Fund (Direct)
ICICI Prudential InnovationICICI Prudential Innovation 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.
Canara Robeco ELSS - Tax Saver vs ICICI Prudential Innovation: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Canara Robeco ELSS - Tax Saver Fund (Direct) | ICICI Prudential Innovation Fund (Direct) |
|---|---|---|
| Return (CAGR) | −4.70% | −3.63% |
| Standard deviation | 14.07% | 13.49% |
| Sharpe ratio | -0.71 | -0.66 |
| Sortino ratio | -0.96 | -0.88 |
| Maximum drawdown | −12.9% (30-03-2026) | −15.5% (30-03-2026) |
| Beta | 0.98 | 0.88 |
| Alpha | +2.65% | +2.21% |
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 | Canara Robeco ELSS - Tax Saver Fund (Direct) | ICICI Prudential Innovation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.47% | +17.96% |
| Standard deviation | 13.48% | 12.62% |
| Sharpe ratio | 0.40 | 0.95 |
| Sortino ratio | 0.55 | 1.31 |
| Maximum drawdown | −18.2% (28-02-2025) | −16.5% (28-02-2025) |
| Beta | 0.94 | 0.83 |
| Alpha | +1.82% | +8.45% |
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 | Canara Robeco ELSS - Tax Saver Fund (Direct) | ICICI Prudential Innovation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.38% | +20.18% |
| Standard deviation | 15.25% | 12.02% |
| Sharpe ratio | 0.55 | 1.17 |
| Sortino ratio | 0.74 | 1.63 |
| Maximum drawdown | −34.3% (23-03-2020) | −16.5% (28-02-2025) |
| Beta | 0.94 | 0.83 |
| Alpha | +1.96% | +9.25% |
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.
Canara Robeco ELSS - Tax Saver Fund (Direct)
ICICI Prudential Innovation Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Canara Robeco ELSS - Tax Saver Fund (Direct) | −18.2% | 26-09-2024 | 28-02-2025 | 03-08-2026 | 17 months | −6.9% |
| ICICI Prudential Innovation Fund (Direct) | −16.5% | 27-09-2024 | 28-02-2025 | 20-08-2025 | 6 months | −7.5% |
| BSE 500 TRI | −18.7% | 26-09-2024 | 28-02-2025 | Not yet | -- | −9.4% |
From daily values since 02-05-2023, 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.
Canara Robeco ELSS - Tax Saver Fund (Direct)
ICICI Prudential Innovation Fund (Direct)
BSE 500 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.
Canara Robeco ELSS - Tax Saver Fund (Direct)
ICICI Prudential Innovation Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Canara Robeco ELSS - Tax Saver Fund (Direct) | 99% | 94% | 2.18% |
| ICICI Prudential Innovation Fund (Direct) | 117% | 74% | 4.45% |
From month-end values since 02-05-2023. 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.
Canara Robeco ELSS - Tax Saver vs ICICI Prudential Innovation: Portfolio Overlap
From each fund's latest monthly portfolio: Canara Robeco ELSS - Tax Saver Fund, September 2026; ICICI Prudential Innovation Fund, September 2026
Holdings in common
- Overlap
- 30.7%
- Held by both
- 25
- Only in Canara Robeco ELSS - Tax Saver
- 49
- Only in ICICI Prudential Innovation
- 56
| Security | % of Canara Robeco ELSS - Tax Saver | % of ICICI Prudential Innovation |
|---|---|---|
| ICICI Bank Ltd | 6.82% | 4.73% |
| Axis Bank Ltd | 2.83% | 2.88% |
| Eternal Ltd | 2.31% | 3.97% |
| Divi's Laboratories Ltd | 2.79% | 1.92% |
| TVS Motor Co Ltd | 1.58% | 2.11% |
| Bharti Airtel Ltd | 3.35% | 1.53% |
| Larsen & Toubro Ltd | 3.42% | 1.22% |
| Sun Pharmaceutical Industries Ltd | 1.11% | 1.19% |
| Max Financial Services Ltd | 1.11% | 1.67% |
| Hindustan Aeronautics Ltd | 1.10% | 1.66% |
| Ge Vernova T&D India Ltd | 1.09% | 1.33% |
| Info Edge (India) Ltd | 0.99% | 1.20% |
| Maruti Suzuki India Ltd | 0.97% | 2.25% |
| Bharat Electronics Ltd | 0.90% | 0.86% |
| Mahindra & Mahindra Ltd | 1.24% | 0.86% |
| NTPC Ltd | 1.21% | 0.86% |
| CG Power and Industrial Solutions Ltd | 1.65% | 0.84% |
| Lenskart Solutions Ltd | 1.00% | 0.83% |
| 360 One Wam Ltd | 0.73% | 1.84% |
| Godrej Consumer Products Ltd | 0.71% | 0.68% |
| Cummins India Ltd | 0.67% | 2.38% |
| Max Healthcare Institute Ltd | 0.66% | 0.68% |
| Ashok Leyland Ltd | 0.54% | 0.62% |
| Dr. Reddy's Laboratories Ltd | 0.48% | 2.11% |
| KEI Industries Ltd | 0.89% | 0.23% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 30.7% means 30.7% 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 Canara Robeco ELSS - Tax Saver Fund
| Security | % of fund |
|---|---|
| HDFC Bank Ltd | 6.22% |
| Reliance Industries Ltd | 4.05% |
| State Bank of India | 3.59% |
| Infosys Ltd | 2.96% |
| Bajaj Finance Ltd | 2.74% |
Largest holdings only in ICICI Prudential Innovation Fund
| Security | % of fund |
|---|---|
| Bharti Hexacom Ltd. | 2.72% |
| Sagility India Ltd | 2.29% |
| Swiggy Ltd | 2.25% |
| Capillary Technologies India Ltd. | 2.18% |
| Vijaya Diagnostic Centre Ltd. | 1.88% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Canara Robeco ELSS - Tax Saver | ICICI Prudential Innovation |
|---|---|---|
| Equity | 97.8% | 94.8% |
| Debt | 0.0% | 0.7% |
| Cash and others | 2.2% | 4.5% |
Market cap of stocks
| Market cap | Canara Robeco ELSS - Tax Saver | ICICI Prudential Innovation |
|---|---|---|
| Large Cap | 73.5% | 34.4% |
| Mid Cap | 16.9% | 28.1% |
| Small Cap | 7.4% | 31.4% |
| Not on AMFI's list | 0.0% | 0.9% |
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 | Canara Robeco ELSS - Tax Saver | ICICI Prudential Innovation |
|---|---|---|
| Banks | 20.7% | 8.2% |
| Retailing | 6.3% | 10.8% |
| Healthcare Services | 0.7% | 8.4% |
| Pharmaceuticals & Biotechnology | 6.8% | 7.9% |
| It - Software | 0.0% | 7.5% |
| Automobiles | 5.1% | 7.4% |
| Finance | 5.7% | 0.0% |
| IT - Software | 4.4% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
Canara Robeco ELSS - Tax Saver vs ICICI Prudential Innovation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Canara Robeco ELSS - Tax Saver Fund | ICICI Prudential Innovation Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.73% | 1.24% |
| Base expense ratio (Direct) | 0.57% | 0.71% |
| Total expense ratio (Regular) | 1.85% | 2.18% |
| Base expense ratio (Regular) | 1.53% | 1.54% |
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
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Compare ICICI Prudential Innovation with
Canara Robeco ELSS - Tax Saver Fund vs ICICI Prudential Innovation Fund: Frequently Asked Questions
What is the difference between Canara Robeco ELSS - Tax Saver Fund and ICICI Prudential Innovation Fund?
Canara Robeco ELSS - Tax Saver Fund is an ELSS fund, ICICI Prudential Innovation Fund is a Thematic fund, run by Canara Robeco Mutual Fund and ICICI Prudential Mutual Fund. Their portfolios overlap 30.7%. Canara Robeco ELSS - Tax Saver Fund charges 0.73% a year and ICICI Prudential Innovation Fund 1.24%.
Which has given higher returns, Canara Robeco ELSS - Tax Saver Fund or ICICI Prudential Innovation Fund?
Over 1 year: Canara Robeco ELSS - Tax Saver Fund −4.70%, ICICI Prudential Innovation Fund −3.63%. Over 3 years: Canara Robeco ELSS - Tax Saver Fund +11.47% a year, ICICI Prudential Innovation Fund +17.96% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Canara Robeco ELSS - Tax Saver Fund or ICICI Prudential Innovation Fund?
Canara Robeco ELSS - Tax Saver Fund charges less: 0.73% a year against 1.24%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Canara Robeco ELSS - Tax Saver Fund and ICICI Prudential Innovation Fund overlap?
30.7%. They hold 25 of the same securities, the largest shared ones being ICICIBANK, AXISBANK, ETERNAL. From each fund's latest monthly portfolio.
Which is better for SIP, Canara Robeco ELSS - Tax Saver Fund or ICICI Prudential Innovation Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,89,082 in Canara Robeco ELSS - Tax Saver Fund (XIRR 3.2% a year) and ₹4,12,099 in ICICI Prudential Innovation Fund (XIRR 7.0% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Canara Robeco ELSS - Tax Saver Fund and ICICI Prudential Innovation Fund?
Yes. 30.7% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Canara Robeco ELSS - Tax Saver Fund and ICICI Prudential Innovation Fund?
Canara Robeco ELSS - Tax Saver Fund: Vishal Mishra / Mr. Shridatta Bhandwaldar. ICICI Prudential Innovation Fund: Vaibhav Dusad.
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.