DSP ELSS Tax Saver Fund vs Zerodha BSE SENSEX Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP ELSS Tax Saver Fund is an ELSS fund and Zerodha BSE SENSEX Index Fund is an Index fund. DSP ELSS Tax Saver Fund charges 0.91% a year and Zerodha BSE SENSEX Index Fund 0.47% (Direct plans). Their portfolios overlap 56.3%: they hold 19 of the same securities.
Which is better, DSP ELSS Tax Saver or Zerodha BSE SENSEX Index? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Zerodha BSE SENSEX Index costs less: 0.47% a year against 0.91% (Direct plans).
- DSP ELSS Tax Saver fell less in its worst fall since 10-11-2025: −14.8% against −16.1%.
- Zerodha BSE SENSEX Index holds more in large companies: 100.1% of the fund in large caps against 76.1%.
- DSP ELSS Tax Saver is the larger fund: ₹15,569 Cr against ₹19 Cr.
- Their portfolios overlap 56.3%: 19 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 | Zerodha BSE SENSEX Index Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | Zerodha Mutual Fund |
| Category | ELSS | Index |
| AUM | ₹15,569 Cr (30-09-2026) | ₹19 Cr (30-09-2026) |
| NAV | ₹147.63 (Direct) | ₹8.99 (Direct) |
| Expense ratio (Direct) | 0.91% | 0.47% |
| Expense ratio (Regular) | 1.80% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | BSE SENSEX TRI |
| Launch date | 18-01-2007 | 06-11-2025 |
| Minimum investment | ₹500 | ₹100 |
| Lock in | 3 years | None |
| Fund managers | Rohit Singhania | Kedarnath Mirajkar |
| Exit load | Nil | Nil |
DSP ELSS Tax Saver vs Zerodha BSE SENSEX Index: 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% |
| Zerodha BSE SENSEX Index Fund (Direct) | +2.75% | −4.37% | −2.58% | -- | -- | -- | -- |
| 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.
DSP ELSS Tax Saver vs Zerodha BSE SENSEX Index: Year-wise Returns
| Year | DSP ELSS Tax SaverDSP ELSS Tax Saver | Zerodha BSE SENSEX IndexZerodha BSE SENSEX Index |
|---|---|---|
| 2026to date | −8.80% | −12.06% |
| 2025 | +8.50% | -- |
| 2024 | +25.04% | -- |
| 2023 | +31.19% | -- |
| 2022 | +5.51% | -- |
| 2021 | +36.41% | -- |
DSP ELSS Tax Saver vs Zerodha BSE SENSEX Index: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of DSP ELSS Tax Saver Fund
DSP ELSS Tax Saver vs Zerodha BSE SENSEX Index: 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) | Zerodha BSE SENSEX Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.89% | −10.70% |
| Standard deviation | 15.63% | 14.00% |
| Sharpe ratio | 0.63 | -1.14 |
| Sortino ratio | 0.85 | -1.53 |
| Maximum drawdown | −37.2% (23-03-2020) | −16.1% (30-03-2026) |
| Beta | 0.96 | 1.00 |
| Alpha | +3.34% | −0.40% |
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)
Zerodha BSE SENSEX Index 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) | −14.8% | 06-01-2026 | 31-03-2026 | Not yet | -- | −9.8% |
| Zerodha BSE SENSEX Index Fund (Direct) | −16.1% | 02-01-2026 | 30-03-2026 | Not yet | -- | −12.6% |
| Nifty 500 TRI | −14.7% | 02-01-2026 | 30-03-2026 | Not yet | -- | −8.4% |
From daily values since 10-11-2025, the first day every fund has.
DSP ELSS Tax Saver vs Zerodha BSE SENSEX Index: Portfolio Overlap
From each fund's latest monthly portfolio: DSP ELSS Tax Saver Fund, September 2026; Zerodha BSE SENSEX Index Fund, September 2026
Holdings in common
- Overlap
- 56.3%
- Held by both
- 19
- Only in DSP ELSS Tax Saver
- 39
- Only in Zerodha BSE SENSEX Index
- 11
| Security | % of DSP ELSS Tax Saver | % of Zerodha BSE SENSEX Index |
|---|---|---|
| ICICI Bank Limited | 9.69% | 11.04% |
| HDFC Bank Limited | 8.97% | 12.59% |
| State Bank of India | 5.59% | 4.64% |
| Axis Bank Limited | 7.97% | 4.08% |
| Kotak Mahindra Bank Limited | 3.89% | 3.58% |
| Bharti Airtel Limited | 3.37% | 6.39% |
| Reliance Industries Limited | 2.84% | 9.16% |
| Mahindra & Mahindra Limited | 2.43% | 3.08% |
| Infosys Limited | 2.28% | 4.09% |
| NTPC Limited | 1.86% | 1.78% |
| Sun Pharmaceutical Industries Limited | 1.68% | 2.29% |
| Hindustan Unilever Limited | 1.61% | 1.96% |
| Larsen & Toubro Limited | 1.52% | 5.11% |
| Tata Consultancy Services Limited | 1.51% | 2.42% |
| Eternal Limited | 1.47% | 2.70% |
| ITC Limited | 1.38% | 2.97% |
| Asian Paints Limited | 1.21% | 1.26% |
| Maruti Suzuki India Limited | 1.19% | 1.79% |
| Ultratech Cement Limited | 1.06% | 1.50% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 56.3% means 56.3% 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 |
|---|---|
| Max Financial Services Limited | 2.06% |
| Bharat Petroleum Corporation Limited | 1.95% |
| Cipla Limited | 1.93% |
| Samvardhana Motherson International Limited | 1.61% |
| Coforge Limited | 1.60% |
Largest holdings only in Zerodha BSE SENSEX Index Fund
| Security | % of fund |
|---|---|
| Bajaj Finance Limited | 3.00% |
| Titan Company Limited | 2.18% |
| Tata Steel Limited | 1.77% |
| Adani Ports and Special Economic Zone Limited | 1.63% |
| Bharat Electronics Limited | 1.62% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP ELSS Tax Saver | Zerodha BSE SENSEX Index |
|---|---|---|
| Equity | 98.8% | 100.1% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.2% | -0.1% |
Market cap of stocks
| Market cap | DSP ELSS Tax Saver | Zerodha BSE SENSEX Index |
|---|---|---|
| Large Cap | 76.1% | 100.1% |
| Mid Cap | 15.2% | 0.0% |
| Small Cap | 7.5% | 0.0% |
| 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 | Zerodha BSE SENSEX Index |
|---|---|---|
| Banks | 37.1% | 35.9% |
| Petroleum Products | 5.8% | 9.2% |
| IT - Software | 5.4% | 9.2% |
| Pharmaceuticals & Biotechnology | 6.9% | 2.3% |
| Telecom - Services | 4.9% | 6.4% |
| Construction | 2.2% | 5.1% |
| Diversified FMCG | 3.0% | 4.9% |
| Finance | 4.9% | 4.1% |
The six largest sectors of each fund's stocks, % of the fund.
DSP ELSS Tax Saver vs Zerodha BSE SENSEX Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP ELSS Tax Saver Fund | Zerodha BSE SENSEX Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.91% | 0.47% |
| Base expense ratio (Direct) | 0.68% | 0.29% |
| Total expense ratio (Regular) | 1.80% | Not available |
| Base expense ratio (Regular) | 1.45% | 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
DSP ELSS Tax Saver Fund vs Zerodha BSE SENSEX Index Fund: Frequently Asked Questions
What is the difference between DSP ELSS Tax Saver Fund and Zerodha BSE SENSEX Index Fund?
DSP ELSS Tax Saver Fund is an ELSS fund, Zerodha BSE SENSEX Index Fund is an Index fund, run by DSP Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 56.3%. DSP ELSS Tax Saver Fund charges 0.91% a year and Zerodha BSE SENSEX Index Fund 0.47%.
Which has the lower expense ratio, DSP ELSS Tax Saver Fund or Zerodha BSE SENSEX Index Fund?
Zerodha BSE SENSEX Index Fund charges less: 0.47% a year against 0.91%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP ELSS Tax Saver Fund and Zerodha BSE SENSEX Index Fund overlap?
56.3%. They hold 19 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, SBIN. From each fund's latest monthly portfolio.
Which is riskier, DSP ELSS Tax Saver Fund or Zerodha BSE SENSEX Index Fund?
On SEBI's riskometer, DSP ELSS Tax Saver Fund is rated Very High and Zerodha BSE SENSEX Index Fund Very High. Over their common history, the standard deviation of daily returns was 15.63% and 14.00% a year.
Can I invest in both DSP ELSS Tax Saver Fund and Zerodha BSE SENSEX Index Fund?
Yes. 56.3% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages DSP ELSS Tax Saver Fund and Zerodha BSE SENSEX Index Fund?
DSP ELSS Tax Saver Fund: Rohit Singhania. Zerodha BSE SENSEX Index Fund: 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.