DSP ELSS Tax Saver Fund vs Invesco India Equity Savings Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP ELSS Tax Saver Fund is an ELSS fund and Invesco India Equity Savings Fund is an Equity Savings fund. In the 3 years to 30-10-2026, DSP ELSS Tax Saver Fund (Direct) returned 13.0% a year and Invesco India Equity Savings Fund (Direct) returned 8.5% a year. DSP ELSS Tax Saver Fund charges 0.91% a year and Invesco India Equity Savings Fund 1.51% (Direct plans). Their portfolios overlap 38.1%: they hold 18 of the same securities.
DSP ELSS Tax Saver Fund
ELSS
- 3 year return
- 13.0%
- Expense ratio
- 0.91%
- NAV
- ₹147.63
Invesco India Equity Savings Fund
Equity Savings
- 3 year return
- 8.5%
- Expense ratio
- 1.51%
- NAV
- ₹18.77
Which is better, DSP ELSS Tax Saver or Invesco India Equity Savings? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- DSP ELSS Tax Saver returned more over 5 years: 10.9% a year against 7.2%.
- DSP ELSS Tax Saver returned more over 3 years: 13.0% a year against 8.5%.
- DSP ELSS Tax Saver costs less: 0.91% a year against 1.51% (Direct plans).
- Invesco India Equity Savings swung less over 3 years: a standard deviation of 5.3% a year against 14.0%.
- Invesco India Equity Savings fell less in its worst fall since 08-03-2019: −13.6% against −37.2%.
- DSP ELSS Tax Saver holds more in large companies: 76.1% of the fund in large caps against 50.6%.
- DSP ELSS Tax Saver is the larger fund: ₹15,569 Cr against ₹268 Cr.
- Their portfolios overlap 38.1%: 18 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 | DSP ELSS Tax Saver Fund | Invesco India Equity Savings Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | Invesco Mutual Fund |
| Category | ELSS | Equity Savings |
| AUM | ₹15,569 Cr (30-09-2026) | ₹268 Cr (30-09-2026) |
| NAV | ₹147.63 (Direct) | ₹18.77 (Direct) |
| Expense ratio (Direct) | 0.91% | 1.51% |
| Expense ratio (Regular) | 1.80% | 2.97% |
| Riskometer | Very High | Moderate |
| Benchmark | Nifty 500 TRI | Nifty Equity Savings Index |
| Launch date | 18-01-2007 | 07-03-2019 |
| Minimum investment | ₹500 | Not available |
| Lock in | 3 years | None |
| Fund managers | Rohit Singhania | Krishna Cheemalapati, Deepak Gupta, Amey Sathe |
| Exit load | Nil | Exit load of 0.25% if redeemed within 1 month. |
DSP ELSS Tax Saver vs Invesco India Equity Savings: 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 |
|---|---|---|---|---|---|---|---|
| DSP ELSS Tax Saver Fund (Direct) | +0.35% | −5.64% | −2.65% | −6.86% | +13.04% | +10.90% | +14.11% |
| Invesco India Equity Savings Fund (Direct) | +0.16% | −0.83% | +2.49% | −1.47% | +8.51% | +7.22% | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
| Equity Savings average | −0.02% | −0.68% | +1.71% | +2.12% | +8.55% | +7.55% | -- |
Category average: the average of the 50 ELSS funds and the 23 Equity Savings funds, same plan type.
DSP ELSS Tax Saver vs Invesco India Equity Savings: Year-wise Returns
| Year | DSP ELSS Tax SaverDSP ELSS Tax Saver | Invesco India Equity SavingsInvesco India Equity Savings |
|---|---|---|
| 2026to date | −8.80% | −0.44% |
| 2025 | +8.50% | +1.97% |
| 2024 | +25.04% | +18.39% |
| 2023 | +31.19% | +17.28% |
| 2022 | +5.51% | +0.11% |
| 2021 | +36.41% | +12.22% |
DSP ELSS Tax Saver vs Invesco India Equity Savings: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of DSP ELSS Tax Saver Fund
Rolling returns
Every 3-year holding period, 1,144 of them, one for each trading day from 08-03-2022 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.
DSP ELSS Tax Saver Fund (Direct)
Invesco India Equity Savings Fund (Direct)
Nifty 500 TRI
to
Jul 2022May 2020
to
May 2023Feb 2021
to
Feb 2024Dec 2021
to
Dec 2024Sept 2022
to
Sept 2025Jun 2023
to
Jun 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DSP ELSS Tax Saver | 0.0 | 0.0 | 0.0 | 4.2 | 37.5 | 44.5 | 13.8 | 20.8% | 20.7% | 11.3% | 34.9% | 100% |
| Invesco India Equity Savings | 0.0 | 0.0 | 50.1 | 49.9 | 0.0 | 0.0 | 0.0 | 10.2% | 10.0% | 6.4% | 14.8% | 0% |
| Nifty 500 TRI | 0.0 | 0.0 | 1.7 | 20.3 | 53.2 | 18.1 | 6.7 | 17.9% | 17.4% | 8.8% | 33.5% | -- |
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 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 08-03-2019. Past returns do not promise future returns.
DSP ELSS Tax Saver vs Invesco India Equity Savings: 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 01-03-2019 to 30-10-2026: 92 instalments, ₹9,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| DSP ELSS Tax SaverDSP ELSS Tax Saver Fund (Direct) | ₹9,20,000 | ₹16,14,995 | ₹6,94,995 | 14.4% |
| Invesco India Equity SavingsInvesco India Equity Savings Fund (Direct) | ₹9,20,000 | ₹12,56,601 | ₹3,36,601 | 8.0% |
DSP ELSS Tax SaverDSP ELSS Tax Saver Fund (Direct)
Invesco India Equity SavingsInvesco India Equity Savings 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.
DSP ELSS Tax Saver vs Invesco India Equity Savings: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP ELSS Tax Saver Fund (Direct) | Invesco India Equity Savings Fund (Direct) |
|---|---|---|
| Return (CAGR) | −6.86% | −1.47% |
| Standard deviation | 14.04% | 5.10% |
| Sharpe ratio | -0.86 | -1.32 |
| Sortino ratio | -1.17 | -1.78 |
| Maximum drawdown | −14.8% (31-03-2026) | −6.6% (30-03-2026) |
| Beta | 0.95 | -- |
| Alpha | −0.20% | -- |
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 | DSP ELSS Tax Saver Fund (Direct) | Invesco India Equity Savings Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.04% | +8.51% |
| Standard deviation | 13.97% | 5.30% |
| Sharpe ratio | 0.50 | 0.47 |
| Sortino ratio | 0.69 | 0.65 |
| Maximum drawdown | −16.2% (03-03-2025) | −6.8% (30-03-2026) |
| Beta | 0.96 | -- |
| Alpha | +3.01% | -- |
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 | DSP ELSS Tax Saver Fund (Direct) | Invesco India Equity Savings Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.90% | +7.22% |
| Standard deviation | 13.89% | 5.33% |
| Sharpe ratio | 0.37 | 0.27 |
| Sortino ratio | 0.49 | 0.36 |
| Maximum drawdown | −16.9% (20-06-2022) | −8.0% (17-06-2022) |
| Beta | 0.94 | -- |
| Alpha | +2.25% | -- |
From daily NAVs, 29-10-2021 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.
| Measure | DSP ELSS Tax Saver Fund (Direct) | Invesco India Equity Savings Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.89% | +8.59% |
| Standard deviation | 15.63% | 6.04% |
| Sharpe ratio | 0.63 | 0.56 |
| Sortino ratio | 0.85 | 0.76 |
| Maximum drawdown | −37.2% (23-03-2020) | −13.6% (23-03-2020) |
| Beta | 0.96 | -- |
| Alpha | +3.34% | -- |
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.
DSP ELSS Tax Saver Fund (Direct)
Invesco India Equity Savings Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP ELSS Tax Saver Fund (Direct) | −37.2% | 24-01-2020 | 23-03-2020 | 09-11-2020 | 8 months | −9.8% |
| Invesco India Equity Savings Fund (Direct) | −13.6% | 19-02-2020 | 23-03-2020 | 23-07-2020 | 4 months | −1.8% |
| Nifty 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −8.8% |
From daily values since 08-03-2019, 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.
DSP ELSS Tax Saver Fund (Direct)
Invesco India Equity Savings Fund (Direct)
Nifty 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.
DSP ELSS Tax Saver Fund (Direct)
Invesco India Equity Savings Fund (Direct)
Nifty 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
DSP ELSS Tax Saver Fund (Direct)
Invesco India Equity Savings Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| DSP ELSS Tax Saver Fund (Direct) | 102% | 89% | 3.67% |
| Invesco India Equity Savings Fund (Direct) | 43% | 27% | 12.12% |
From month-end values since 08-03-2019. 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.
DSP ELSS Tax Saver vs Invesco India Equity Savings: Portfolio Overlap
From each fund's latest monthly portfolio: DSP ELSS Tax Saver Fund, September 2026; Invesco India Equity Savings Fund, September 2026
Holdings in common
- Overlap
- 38.1%
- Held by both
- 18
- Only in DSP ELSS Tax Saver
- 40
- Only in Invesco India Equity Savings
- 35
| Security | % of DSP ELSS Tax Saver | % of Invesco India Equity Savings |
|---|---|---|
| HDFC Bank Limited | 8.97% | 7.47% |
| Axis Bank Limited | 7.97% | 7.20% |
| Kotak Mahindra Bank Limited | 3.89% | 6.30% |
| ICICI Bank Limited | 9.69% | 3.72% |
| Reliance Industries Limited | 2.84% | 5.29% |
| Infosys Limited | 2.28% | 2.62% |
| Bharti Airtel Limited | 3.37% | 1.62% |
| State Bank of India | 5.59% | 1.61% |
| Hindustan Unilever Limited | 1.61% | 2.37% |
| Ultratech Cement Limited | 1.06% | 1.23% |
| Cholamandalam Investment and Finance Co Limited | 0.90% | 0.86% |
| Sun Pharmaceutical Industries Limited | 1.68% | 0.71% |
| AU Small Finance Bank Limited | 0.99% | 0.64% |
| Hyundai Motor India Limited | 0.61% | 1.89% |
| Maruti Suzuki India Limited | 1.19% | 0.58% |
| Indus Towers Limited | 1.55% | 0.57% |
| Shriram Finance Limited | 0.55% | 0.97% |
| SBI Life Insurance Co Limited | 1.53% | 0.32% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 38.1% means 38.1% 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 DSP ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| Mahindra & Mahindra Limited | 2.43% |
| Max Financial Services Limited | 2.06% |
| Bharat Petroleum Corporation Limited | 1.95% |
| Cipla Limited | 1.93% |
| NTPC Limited | 1.86% |
Largest holdings only in Invesco India Equity Savings Fund
| Security | % of fund |
|---|---|
| 7.49% Small Industries Dev Bank of India 2029 | 5.54% |
| Invesco India Liquid Fund - Direct Plan - Growth | 4.74% |
| United Spirits Limited | 4.10% |
| 6.94% Government of India 2036 | 4.03% |
| Invesco India Short Term Fund - Direct Plan - Growth | 2.50% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP ELSS Tax Saver | Invesco India Equity Savings |
|---|---|---|
| Equity | 98.8% | 65.9% |
| Debt | 0.0% | 17.3% |
| Cash and others | 1.2% | 16.8% |
Market cap of stocks
| Market cap | DSP ELSS Tax Saver | Invesco India Equity Savings |
|---|---|---|
| Large Cap | 76.1% | 50.6% |
| Mid Cap | 15.2% | 9.4% |
| Small Cap | 7.5% | 5.9% |
| 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 | DSP ELSS Tax Saver | Invesco India Equity Savings |
|---|---|---|
| Banks | 37.1% | 29.1% |
| Pharmaceuticals & Biotechnology | 6.9% | 0.7% |
| Petroleum Products | 5.8% | 5.3% |
| IT - Software | 5.4% | 2.6% |
| Telecom - Services | 4.9% | 2.2% |
| Finance | 4.9% | 2.4% |
| Automobiles | 4.2% | 2.5% |
| Beverages | 0.0% | 4.1% |
| Cement & Cement Products | 1.4% | 2.9% |
The six largest sectors of each fund's stocks, % of the fund.
DSP ELSS Tax Saver vs Invesco India Equity Savings: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP ELSS Tax Saver Fund | Invesco India Equity Savings Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.91% | 1.51% |
| Base expense ratio (Direct) | 0.68% | 0.79% |
| Total expense ratio (Regular) | 1.80% | 2.97% |
| Base expense ratio (Regular) | 1.45% | 2.06% |
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 DSP ELSS Tax Saver with
Compare Invesco India Equity Savings with
DSP ELSS Tax Saver Fund vs Invesco India Equity Savings Fund: Frequently Asked Questions
What is the difference between DSP ELSS Tax Saver Fund and Invesco India Equity Savings Fund?
DSP ELSS Tax Saver Fund is an ELSS fund, Invesco India Equity Savings Fund is an Equity Savings fund, run by DSP Mutual Fund and Invesco Mutual Fund. Their portfolios overlap 38.1%. DSP ELSS Tax Saver Fund charges 0.91% a year and Invesco India Equity Savings Fund 1.51%.
Which has given higher returns, DSP ELSS Tax Saver Fund or Invesco India Equity Savings Fund?
Over 1 year: DSP ELSS Tax Saver Fund −6.86%, Invesco India Equity Savings Fund −1.47%. Over 3 years: DSP ELSS Tax Saver Fund +13.04% a year, Invesco India Equity Savings Fund +8.51% a year. Over 5 years: DSP ELSS Tax Saver Fund +10.90% a year, Invesco India Equity Savings Fund +7.22% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, DSP ELSS Tax Saver Fund or Invesco India Equity Savings Fund?
DSP ELSS Tax Saver Fund charges less: 0.91% a year against 1.51%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP ELSS Tax Saver Fund and Invesco India Equity Savings Fund overlap?
38.1%. They hold 18 of the same securities, the largest shared ones being HDFCBANK, AXISBANK, KOTAKBANK. From each fund's latest monthly portfolio.
Which is riskier, DSP ELSS Tax Saver Fund or Invesco India Equity Savings Fund?
On SEBI's riskometer, DSP ELSS Tax Saver Fund is rated Very High and Invesco India Equity Savings Fund Moderate. Over 3 years, the standard deviation of daily returns was 13.97% and 5.30% a year.
Which is better for SIP, DSP ELSS Tax Saver Fund or Invesco India Equity Savings Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,81,832 in DSP ELSS Tax Saver Fund (XIRR 9.7% a year) and ₹7,29,112 in Invesco India Equity Savings Fund (XIRR 7.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both DSP ELSS Tax Saver Fund and Invesco India Equity Savings Fund?
Yes. 38.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages DSP ELSS Tax Saver Fund and Invesco India Equity Savings Fund?
DSP ELSS Tax Saver Fund: Rohit Singhania. Invesco India Equity Savings Fund: Krishna Cheemalapati, Deepak Gupta, 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.