DSP MSCI India ETF vs Groww ELSS Tax Saver Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
DSP MSCI India ETF is a mutual fund and Groww ELSS Tax Saver Fund is an ELSS fund. DSP MSCI India ETF charges 0.16% a year and Groww ELSS Tax Saver Fund 1.52%. Their portfolios overlap 71.0%: they hold 79 of the same securities.
Which is better, DSP MSCI India ETF or Groww ELSS Tax Saver? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- DSP MSCI India ETF costs less: 0.16% a year against 1.52%.
- DSP MSCI India ETF fell less in its worst fall since 25-11-2025: −14.6% against −15.3%.
- Groww ELSS Tax Saver is the larger fund: ₹48 Cr against ₹3 Cr.
- Their portfolios overlap 71.0%: 79 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 MSCI India ETF | Groww ELSS Tax Saver Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | Groww Mutual Fund |
| Category | Not available | ELSS |
| AUM | ₹3 Cr (30-09-2026) | ₹48 Cr (30-09-2026) |
| NAV | ₹27.96 | ₹20.99 (Direct) |
| Expense ratio (Direct) | Not available | 1.52% |
| Expense ratio (Regular) | Not available | 2.92% |
| Riskometer | Not available | Very High |
| Benchmark | Not available | BSE 500 TRI |
| Launch date | Not available | 28-12-2017 |
| Minimum investment | Not available | ₹500 |
| Lock in | Not available | 3 years |
| Fund managers | Not available | Paras Matalia, Nikhil Satam |
| Exit load | Not available | Nil |
DSP MSCI India ETF vs Groww ELSS Tax Saver: 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 MSCI India ETF | +0.34% | −5.94% | −3.51% | -- | -- | -- | -- |
| Groww ELSS Tax Saver Fund (Direct) | +0.77% | −4.29% | −1.55% | −9.41% | +9.02% | +7.69% | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | -- |
Category average: the average of the 50 ELSS funds, same plan type.
DSP MSCI India ETF vs Groww ELSS Tax Saver: Year-wise Returns
| Year | DSP MSCI India ETFDSP MSCI India ETF | Groww ELSS Tax SaverGroww ELSS Tax Saver |
|---|---|---|
| 2026to date | −8.97% | −8.58% |
| 2025 | -- | +0.70% |
| 2024 | -- | +20.19% |
| 2023 | -- | +27.49% |
| 2022 | -- | +4.57% |
| 2021 | -- | +23.63% |
DSP MSCI India ETF vs Groww ELSS Tax Saver: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of Groww ELSS Tax Saver Fund
DSP MSCI India ETF vs Groww ELSS Tax Saver: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP MSCI India ETF | Groww ELSS Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.48% | +8.71% |
| Standard deviation | 14.60% | 15.45% |
| Sharpe ratio | -0.94 | 0.22 |
| Sortino ratio | -1.24 | 0.29 |
| Maximum drawdown | −14.6% (31-03-2026) | −34.6% (23-03-2020) |
| Beta | -- | 0.90 |
| Alpha | -- | −1.85% |
From daily NAVs, 25-11-2025 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.
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 MSCI India ETF
Groww ELSS Tax Saver Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP MSCI India ETF | −14.6% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.1% |
| Groww ELSS Tax Saver Fund (Direct) | −15.3% | 02-01-2026 | 30-03-2026 | Not yet | -- | −9.4% |
| BSE 500 TRI | −14.8% | 02-01-2026 | 30-03-2026 | Not yet | -- | −8.7% |
From daily values since 25-11-2025, the first day every fund has.
DSP MSCI India ETF vs Groww ELSS Tax Saver: Portfolio Overlap
From each fund's latest monthly portfolio: DSP MSCI India ETF, September 2026; Groww ELSS Tax Saver Fund, September 2026
Holdings in common
- Overlap
- 71.0%
- Held by both
- 79
- Only in DSP MSCI India ETF
- 85
- Only in Groww ELSS Tax Saver
- 20
| Security | % of DSP MSCI India ETF | % of Groww ELSS Tax Saver |
|---|---|---|
| HDFC Bank Limited | 6.44% | 6.77% |
| ICICI Bank Limited | 5.59% | 5.98% |
| Reliance Industries Limited | 5.44% | 4.92% |
| Bharti Airtel Limited | 3.93% | 3.52% |
| Infosys Limited | 2.41% | 2.08% |
| Larsen & Toubro Limited | 2.02% | 2.72% |
| Axis Bank Limited | 2.25% | 1.86% |
| Kotak Mahindra Bank Limited | 1.82% | 1.98% |
| Bajaj Finance Limited | 1.90% | 1.78% |
| Mahindra & Mahindra Limited | 2.05% | 1.75% |
| State Bank of India | 1.41% | 2.29% |
| Sun Pharmaceutical Industries Limited | 1.30% | 1.30% |
| Titan Co Limited | 1.29% | 1.57% |
| Tata Consultancy Services Limited | 1.33% | 1.28% |
| Eternal Limited | 1.22% | 1.41% |
| Shriram Finance Limited | 1.10% | 1.23% |
| Hindustan Unilever Limited | 1.05% | 0.93% |
| Tata Steel Limited | 1.10% | 0.91% |
| Ultratech Cement Limited | 0.89% | 1.06% |
| NTPC Limited | 1.12% | 0.88% |
| Divi's Laboratories Limited | 0.90% | 0.87% |
| Adani Ports and Special Economic Zone Limited | 0.83% | 1.22% |
| TVS Motor Co Limited | 0.78% | 1.03% |
| Maruti Suzuki India Limited | 1.11% | 0.76% |
| Interglobe Aviation Limited | 0.75% | 1.03% |
| Asian Paints Limited | 0.73% | 0.68% |
| Hindalco Industries Limited | 0.97% | 0.68% |
| Eicher Motors Limited | 0.77% | 0.67% |
| Grasim Industries Limited | 0.66% | 0.86% |
| Bharat Electronics Limited | 1.07% | 0.63% |
| ITC Limited | 0.63% | 1.36% |
| Tata Motors Limited | 0.62% | 0.68% |
| JSW Steel Limited | 0.61% | 0.62% |
| Nestle India Limited | 0.60% | 0.67% |
| Bajaj Auto Limited | 0.59% | 1.23% |
| Trent Limited | 0.56% | 0.66% |
| HCL Technologies Limited | 0.86% | 0.55% |
| Laurus Labs Limited | 0.55% | 1.63% |
| Torrent Pharmaceuticals Limited | 0.54% | 0.58% |
| Cholamandalam Investment and Finance Co Limited | 0.55% | 0.53% |
| Adani Power Limited | 0.53% | 0.69% |
| Hero MotoCorp Limited | 0.51% | 0.62% |
| One 97 Communications Limited | 0.51% | 1.17% |
| Coal India Limited | 0.52% | 0.51% |
| Power Grid Corporation of India Limited | 0.87% | 0.50% |
| BSE Limited | 0.49% | 1.24% |
| Adani Enterprises Limited | 0.59% | 0.49% |
| Indian Hotels Co Limited | 0.48% | 0.95% |
| Federal Bank Limited | 0.46% | 0.90% |
| Jio Financial Services Limited | 0.46% | 0.48% |
| AU Small Finance Bank Limited | 0.44% | 0.73% |
| Bajaj Finserv Limited | 0.53% | 0.43% |
| Persistent Systems Limited | 0.43% | 0.74% |
| Ge Vernova T&D India Limited | 0.42% | 0.47% |
| IndusInd Bank Limited | 0.41% | 0.72% |
| Tata Consumer Products Limited | 0.41% | 0.88% |
| Hindustan Aeronautics Limited | 0.63% | 0.40% |
| Solar Industries India Limited | 0.38% | 0.69% |
| Apollo Hospitals Enterprise Limited | 0.66% | 0.37% |
| Indus Towers Limited | 0.37% | 0.45% |
| Lupin Limited | 0.37% | 0.66% |
| Tech Mahindra Limited | 0.65% | 0.37% |
| Britannia Industries Limited | 0.41% | 0.37% |
| Bharat Forge Limited | 0.36% | 0.96% |
| Lenskart Solutions Limited | 0.36% | 0.53% |
| Hitachi Energy India Limited | 0.35% | 0.48% |
| Ashok Leyland Limited | 0.34% | 0.79% |
| Aurobindo Pharma Limited | 0.34% | 0.44% |
| Pidilite Industries Limited | 0.33% | 0.46% |
| Multi Commodity Exchange Of India Limited | 0.33% | 1.24% |
| Suzlon Energy Limited | 0.32% | 0.41% |
| Marico Limited | 0.32% | 0.77% |
| FSN E-Commerce Ventures Limited | 0.31% | 1.05% |
| Fortis Healthcare Limited | 0.30% | 0.48% |
| Phoenix Mills Limited | 0.29% | 0.65% |
| Vedanta Limited | 0.28% | 0.80% |
| Lodha Developers Limited | 0.25% | 0.59% |
| Adani Energy Solutions Limited | 0.22% | 0.44% |
| Oracle Financial Services Software Limited | 0.16% | 0.47% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 71.0% means 71.0% 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 MSCI India ETF
| Security | % of fund |
|---|---|
| SBI Life Insurance Co Limited | 0.61% |
| Samvardhana Motherson International Limited | 0.55% |
| Cipla Limited | 0.54% |
| Max Healthcare Institute Limited | 0.52% |
| Cummins India Limited | 0.50% |
Largest holdings only in Groww ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| Navin Fluorine International Limited | 0.88% |
| Acutaas Chemicals Limited | 0.61% |
| Coforge Limited | 0.61% |
| Dr. Lal Path Labs Ltd. | 0.55% |
| Radico Khaitan Limited | 0.54% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP MSCI India ETF | Groww ELSS Tax Saver |
|---|---|---|
| Equity | 99.5% | 98.6% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.5% | 1.4% |
Market cap of stocks
| Market cap | DSP MSCI India ETF | Groww ELSS Tax Saver |
|---|---|---|
| Large Cap | 80.5% | 73.0% |
| Mid Cap | 19.0% | 18.6% |
| Small Cap | 0.0% | 7.0% |
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 MSCI India ETF | Groww ELSS Tax Saver |
|---|---|---|
| Banks | 20.3% | 21.2% |
| Pharmaceuticals & Biotechnology | 5.6% | 7.1% |
| IT - Software | 6.5% | 6.1% |
| Petroleum Products | 6.4% | 4.9% |
| Finance | 6.3% | 5.0% |
| Automobiles | 6.2% | 6.1% |
The six largest sectors of each fund's stocks, % of the fund.
DSP MSCI India ETF vs Groww ELSS Tax Saver: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP MSCI India ETF | Groww ELSS Tax Saver Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 1.52% |
| Base expense ratio (Direct) | 0.11% | 0.83% |
| Total expense ratio (Regular) | Not available | 2.92% |
| Base expense ratio (Regular) | 0.00% | 2.08% |
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 MSCI India ETF vs Groww ELSS Tax Saver Fund: Frequently Asked Questions
What is the difference between DSP MSCI India ETF and Groww ELSS Tax Saver Fund?
DSP MSCI India ETF is a mutual fund, Groww ELSS Tax Saver Fund is an ELSS fund, run by DSP Mutual Fund and Groww Mutual Fund. Their portfolios overlap 71.0%. DSP MSCI India ETF charges 0.16% a year and Groww ELSS Tax Saver Fund 1.52%.
Which has the lower expense ratio, DSP MSCI India ETF or Groww ELSS Tax Saver Fund?
DSP MSCI India ETF charges less: 0.16% a year against 1.52%. These are the total expense ratios reported to AMFI.
How much do DSP MSCI India ETF and Groww ELSS Tax Saver Fund overlap?
71.0%. They hold 79 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Can I invest in both DSP MSCI India ETF and Groww ELSS Tax Saver Fund?
Yes. 71.0% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
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.