DSP Nifty 500 Index Fund vs ICICI Prudential Multi Asset Allocation Fund

Direct Plan, Growth option · Data as on 30-10-2026

DSP Nifty 500 Index Fund is an Index fund and ICICI Prudential Multi Asset Allocation Fund is a Multi Asset fund. DSP Nifty 500 Index Fund charges 0.33% a year and ICICI Prudential Multi Asset Allocation Fund 0.85% (Direct plans). Their portfolios overlap 41.6%: they hold 102 of the same securities.

DSP Nifty 500 Index Fund

Index

Expense ratio: 0.33%
NAV: ₹9.15

See DSP Nifty 500 Index Fund

ICICI Prudential Multi Asset Allocation Fund

Multi Asset

Expense ratio: 0.85%
NAV: ₹853.87

See ICICI Prudential Multi Asset Allocation Fund

Which is better, DSP Nifty 500 Index or ICICI Prudential Multi Asset Allocation? Key differences

It depends on what you want from the fund. These are the differences in numbers, from the data on this page.

DSP Nifty 500 Index costs less: 0.33% a year against 0.85% (Direct plans).
ICICI Prudential Multi Asset Allocation fell less in its worst fall since 05-01-2026: −9.5% against −14.6%.
DSP Nifty 500 Index holds more in large companies: 66.8% of the fund in large caps against 49.2%.
ICICI Prudential Multi Asset Allocation is the larger fund: ₹84,108 Cr against ₹17 Cr.
Their portfolios overlap 41.6%: 102 of the same holdings.

Past returns do not promise future returns. This page is information, not investment advice.

NAV comparison

How each fund's NAV moved over the same days, as % change since the first day of the range

DSP Nifty 500 Index Fund (Direct)
−8.3%
ICICI Prudential Multi Asset Allocation Fund (Direct)
−6.2%

Change in NAV from 05-01-2026 to 29-10-2026

−15%−10%−5%0%+5%

Key facts

From each fund's scheme summary document and AMFI

Fact	DSP Nifty 500 Index Fund	ICICI Prudential Multi Asset Allocation Fund
Fund house	DSP Mutual Fund	ICICI Prudential Mutual Fund
Category	Index	Multi Asset
AUM	₹17 Cr (30-09-2026)	₹84,108 Cr (30-09-2026)
NAV	₹9.15 (Direct)	₹853.87 (Direct)
Expense ratio (Direct)	0.33%	0.85%
Expense ratio (Regular)	1.06%	1.43%
Riskometer	Very High	Not available
Benchmark	Nifty 500 TRI	Nifty 200 TRI (65%) + Nifty Composite Debt Index (25%) + Domestic Price of Gold (6%) + Domestic Price of Silver (1%) + i
Launch date	05-01-2026	31-10-2002
Minimum investment	₹100	₹500
Lock in	None	None
Fund managers	Anil Ghelani, Diipesh Shah, Neha Rathi	Sankaran Naren, Manish Banthia, Gaurav Chikane, Sharmila D'silva, Antariksha Banerjee, Akhil Kakkar, Masoomi Jurmarvala
Exit load	Nil	Exit Load for units in excess of 30% of the investment,1% will be charged for redemption within 365 days.

DSP Nifty 500 Index vs ICICI Prudential Multi Asset Allocation: 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 Nifty 500 Index Fund (Direct)	−0.79%	−6.11%	−2.97%	--	--	--	--
ICICI Prudential Multi Asset Allocation Fund (Direct)	−1.72%	−5.05%	−3.78%	−3.66%	+12.92%	+13.95%	+14.80%
Multi Asset average	−1.71%	−3.33%	−1.78%	+2.00%	+14.20%	+12.56%	+12.92%

Category average: the average of the 37 Multi Asset funds, same plan type.

DSP Nifty 500 Index vs ICICI Prudential Multi Asset Allocation: Year-wise Returns

Year	DSP Nifty 500 IndexDSP Nifty 500 Index	ICICI Prudential Multi Asset AllocationICICI Prudential Multi Asset Allocation
2026to date	--	−5.73%
2025	--	+19.46%
2024	--	+17.08%
2023	--	+24.98%
2022	--	+17.61%
2021	--	+35.54%

DSP Nifty 500 Index vs ICICI Prudential Multi Asset Allocation: Rolling Returns

Every holding period of both funds, against Nifty 500 TRI, the benchmark of DSP Nifty 500 Index Fund

DSP Nifty 500 Index vs ICICI Prudential Multi Asset Allocation: Risk and Drawdowns

How much each fund swings, and the worst fall over the same days

Risk and return

Measure	DSP Nifty 500 Index Fund (Direct)	ICICI Prudential Multi Asset Allocation Fund (Direct)
Return (CAGR)	−10.31%	+15.43%
Standard deviation	15.37%	11.61%
Sharpe ratio	-1.01	0.81
Sortino ratio	-1.34	1.11
Maximum drawdown	−14.6% (30-03-2026)	−30.6% (23-03-2020)
Beta	0.99	--
Alpha	−0.40%	--

From daily NAVs, 05-01-2026 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.

−15%−10%−5%0%

DSP Nifty 500 Index Fund (Direct)ICICI Prudential Multi Asset Allocation 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 Nifty 500 Index Fund (Direct)	−14.6%	05-01-2026	30-03-2026	Not yet	--	−8.5%
ICICI Prudential Multi Asset Allocation Fund (Direct)	−9.5%	11-02-2026	23-03-2026	Not yet	--	−7.1%
Nifty 500 TRI	−14.6%	05-01-2026	30-03-2026	Not yet	--	−8.2%

From daily values since 05-01-2026, the first day every fund has.

DSP Nifty 500 Index vs ICICI Prudential Multi Asset Allocation: Portfolio Overlap

From each fund's latest monthly portfolio: DSP Nifty 500 Index Fund, September 2026; ICICI Prudential Multi Asset Allocation Fund, September 2026

Holdings in common

Overlap: 41.6%
Held by both: 102
Only in DSP Nifty 500 Index: 396
Only in ICICI Prudential Multi Asset Allocation: 124

Security	% of DSP Nifty 500 Index	% of ICICI Prudential Multi Asset Allocation
HDFC Bank Limited	5.64%	6.07%
ICICI Bank Limited	4.92%	3.57%
Reliance Industries Limited	4.12%	3.17%
Axis Bank Limited	1.83%	2.34%
Bharti Airtel Limited	2.77%	1.55%
ITC Limited	1.31%	1.62%
Kotak Mahindra Bank Limited	1.59%	1.30%
Infosys Limited	1.82%	1.14%
Sun Pharmaceutical Industries Limited	1.00%	1.01%
State Bank of India	2.06%	0.98%
Hindustan Unilever Limited	0.87%	1.51%
Larsen & Toubro Limited	2.28%	0.82%
Maruti Suzuki India Limited	0.81%	1.37%
NTPC Limited	0.80%	1.41%
Mahindra & Mahindra Limited	1.37%	0.70%
Tata Steel Limited	0.79%	0.70%
Tata Consultancy Services Limited	1.09%	0.67%
Interglobe Aviation Limited	0.59%	1.89%
Asian Paints Limited	0.56%	0.56%
Bajaj Finserv Limited	0.52%	2.55%
Bajaj Auto Limited	0.62%	0.51%
Tata Motors Limited	0.46%	0.70%
Oil & Natural Gas Corporation Limited	0.46%	0.65%
Apollo Hospitals Enterprise Limited	0.44%	0.50%
Tech Mahindra Limited	0.50%	0.43%
Coal India Limited	0.53%	0.41%
SBI Life Insurance Co Limited	0.40%	0.53%
Embassy Office Parks REIT	0.39%	0.53%
Hindalco Industries Limited	0.71%	0.36%
Vedanta Aluminium Metal Limited	0.36%	0.45%
Avenue Supermarts Limited	0.32%	1.14%
IndusInd Bank Limited	0.31%	1.22%
Tata Motors Passenger Vehicles Limited	0.31%	0.57%
Bharat Electronics Limited	0.72%	0.31%
Britannia Industries Limited	0.30%	0.50%
HDFC Life Insurance Co Limited	0.29%	0.58%
Eicher Motors Limited	0.51%	0.28%
HCL Technologies Limited	0.67%	0.28%
Nestle India Limited	0.49%	0.27%
Life Insurance Corporation Of India	0.26%	3.76%
Info Edge (India) Limited	0.25%	0.65%
Dr. Reddy's Laboratories Limited	0.39%	0.23%
Brookfield India Real Estate Trust	0.23%	0.26%
FSN E-Commerce Ventures Limited	0.23%	0.24%
Trent Limited	0.45%	0.22%
ICICI Lombard General Insurance Co Limited	0.20%	0.44%
Ultratech Cement Limited	0.67%	0.20%
Pidilite Industries Limited	0.24%	0.20%
Swiggy Limited	0.19%	0.64%
Sona Blw Precision Forgings Limited	0.19%	0.22%
Cipla Limited	0.39%	0.18%
Shree Cement Limited	0.16%	0.94%
Alkem Laboratories Limited	0.16%	0.95%
Adani Ports and Special Economic Zone Limited	0.73%	0.15%
Hyundai Motor India Limited	0.15%	0.49%
Hindustan Petroleum Corporation Limited	0.17%	0.14%
Biocon Limited	0.13%	0.38%
Titan Co Limited	0.98%	0.13%
Hero MotoCorp Limited	0.35%	0.12%
Jindal Steel Limited	0.22%	0.12%
Dabur India Limited	0.12%	0.11%
Oberoi Realty Limited	0.11%	0.43%
Page Industries Limited	0.11%	0.84%
Bharat Petroleum Corporation Limited	0.32%	0.11%
PI Industries Limited	0.10%	0.27%
SBI Cards and Payment Services Limited	0.09%	1.44%
ICICI Prudential Life Insurance Co Limited	0.09%	0.68%
Jubilant Foodworks Limited	0.09%	0.41%
Oil India Limited	0.13%	0.09%
LIC Housing Finance Limited	0.08%	0.21%
AIA Engineering Limited	0.08%	0.37%
Kalpataru Projects International Limited	0.08%	0.24%
Indian Railway Catering And Tourism Corporation Limited	0.07%	0.24%
General Insurance Corporation Of India	0.07%	0.48%
HDB Financial Services Limited	0.07%	0.28%
Ambuja Cements Limited	0.12%	0.07%
Balkrishna Industries Limited	0.09%	0.06%
Brigade Enterprises Limited	0.06%	0.36%
TVS Motor Co Limited	0.50%	0.06%
Cholamandalam Investment and Finance Co Limited	0.36%	0.05%
Awl Agri Business Limited	0.05%	0.34%
Amara Raja Energy And Mobility Limited	0.05%	0.10%
Tata Chemicals Limited	0.05%	0.05%
ACC Limited	0.04%	0.10%
Motherson Sumi Wiring India Limited	0.04%	0.55%
Syngene International Limited	0.04%	0.12%
United Breweries Limited	0.04%	0.60%
Whirlpool Of India Limited	0.04%	0.06%
PVR Inox Limited	0.05%	0.04%
Sun TV Network Limited	0.03%	0.10%
CIE Automotive India Limited	0.03%	0.31%
NCC Limited	0.03%	0.18%
Indiamart Intermesh Limited	0.03%	0.15%
Rainbow Childrens Medicare Limited	0.03%	0.21%
Vedanta Power Limited	0.03%	0.03%
Bajaj Finance Limited	1.36%	0.02%
Brainbees Solutions Limited	0.02%	0.09%
Afcons Infrastructure Limited	0.02%	0.14%
Nuvoco Vistas Corporation Limited	0.02%	0.07%
JSW Steel Limited	0.63%	0.02%
J.K. Cement Limited	0.11%	0.01%
Emami Limited	0.04%	0.01%

Overlap: for each holding both funds own, the smaller of its two weights, added up. 41.6% means 41.6% 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 Nifty 500 Index Fund

Security	% of fund
Eternal Limited	1.20%
Shriram Finance Limited	0.71%
BSE Limited	0.66%
Divi's Laboratories Limited	0.61%
Power Grid Corporation of India Limited	0.61%

Largest holdings only in ICICI Prudential Multi Asset Allocation Fund

Security	% of fund
ICICI Prudential Gold ETF	10.07%
Government Securities	2.11%
HDFC Bank Ltd.	1.33%
Cholamandalam Investment And Finance Company Ltd.	0.68%
Government Securities	0.52%

Asset and sector split

Share of each fund, from its latest monthly portfolio

Asset allocation

Asset	DSP Nifty 500 Index	ICICI Prudential Multi Asset Allocation
Equity	99.1%	67.3%
Debt	0.0%	15.0%
Cash and others	0.9%	17.7%

Market cap of stocks

Market cap	DSP Nifty 500 Index	ICICI Prudential Multi Asset Allocation
Large Cap	66.8%	49.2%
Mid Cap	20.8%	12.1%
Small Cap	11.3%	5.4%
Foreign stocks	0.0%	0.2%
Not on AMFI's list	0.1%	0.4%

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 Nifty 500 Index	ICICI Prudential Multi Asset Allocation
Banks	19.2%	15.5%
Insurance	1.6%	6.5%
Finance	6.4%	4.5%
Pharmaceuticals & Biotechnology	5.7%	2.8%
IT - Software	5.6%	0.0%
Petroleum Products	5.0%	3.4%
Automobiles	4.9%	4.1%
Retailing	3.3%	3.3%

The six largest sectors of each fund's stocks, % of the fund.

DSP Nifty 500 Index vs ICICI Prudential Multi Asset Allocation: Expense Ratio

What each plan charges a year, from AMFI's expense ratio file

Charge	DSP Nifty 500 Index Fund	ICICI Prudential Multi Asset Allocation Fund
Total expense ratio (Direct)	0.33%	0.85%
Base expense ratio (Direct)	0.17%	0.57%
Total expense ratio (Regular)	1.06%	1.43%
Base expense ratio (Regular)	0.80%	1.07%

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 ICICI Prudential Multi Asset Allocation with

DSP Nifty 500 Index Fund vs ICICI Prudential Multi Asset Allocation Fund: Frequently Asked Questions

What is the difference between DSP Nifty 500 Index Fund and ICICI Prudential Multi Asset Allocation Fund?

DSP Nifty 500 Index Fund is an Index fund, ICICI Prudential Multi Asset Allocation Fund is a Multi Asset fund, run by DSP Mutual Fund and ICICI Prudential Mutual Fund. Their portfolios overlap 41.6%. DSP Nifty 500 Index Fund charges 0.33% a year and ICICI Prudential Multi Asset Allocation Fund 0.85%.

Which has the lower expense ratio, DSP Nifty 500 Index Fund or ICICI Prudential Multi Asset Allocation Fund?

DSP Nifty 500 Index Fund charges less: 0.33% a year against 0.85%. These are the Direct plans' total expense ratios reported to AMFI.

How much do DSP Nifty 500 Index Fund and ICICI Prudential Multi Asset Allocation Fund overlap?

41.6%. They hold 102 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 Nifty 500 Index Fund and ICICI Prudential Multi Asset Allocation Fund?

Yes. 41.6% of each fund's money sits in the same holdings, so a large part of the two investments would move together.

Who manages DSP Nifty 500 Index Fund and ICICI Prudential Multi Asset Allocation Fund?

DSP Nifty 500 Index Fund: Anil Ghelani, Diipesh Shah, Neha Rathi. ICICI Prudential Multi Asset Allocation Fund: Sankaran Naren, Manish Banthia, Gaurav Chikane, Sharmila D'silva, Antariksha Banerjee, Akhil Kakkar, Masoomi Jurmarvala.

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.