Franklin India ELSS Tax Saver Fund vs Franklin India Multi Asset Allocation Fund
Direct Plan, Growth option · Data as on 30-10-2026
Franklin India ELSS Tax Saver Fund is an ELSS fund and Franklin India Multi Asset Allocation Fund is a Multi Asset fund. In the year to 30-10-2026, Franklin India ELSS Tax Saver Fund (Direct) returned −9.5% and Franklin India Multi Asset Allocation Fund (Direct) returned 0.7%. Franklin India ELSS Tax Saver Fund charges 1.15% a year and Franklin India Multi Asset Allocation Fund 0.55% (Direct plans). Their portfolios overlap 47.0%: they hold 30 of the same securities.
Franklin India ELSS Tax Saver Fund
ELSS
- 1 year return
- −9.5%
- Expense ratio
- 1.15%
- NAV
- ₹1,532.38
Franklin India Multi Asset Allocation Fund
Multi Asset
- 1 year return
- 0.7%
- Expense ratio
- 0.55%
- NAV
- ₹10.56
Which is better, Franklin India ELSS Tax Saver or Franklin India 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.
- Franklin India Multi Asset Allocation returned more over 1 year: 0.7% against −9.5%.
- Franklin India Multi Asset Allocation costs less: 0.55% a year against 1.15% (Direct plans).
- Franklin India Multi Asset Allocation fell less in its worst fall since 31-07-2025: −11.6% against −14.9%.
- Franklin India ELSS Tax Saver holds more in large companies: 73.9% of the fund in large caps against 46.0%.
- Franklin India ELSS Tax Saver is the larger fund: ₹5,839 Cr against ₹2,767 Cr.
- Their portfolios overlap 47.0%: 30 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 | Franklin India ELSS Tax Saver Fund | Franklin India Multi Asset Allocation Fund |
|---|---|---|
| Fund house | Franklin Templeton Mutual Fund | Franklin Templeton Mutual Fund |
| Category | ELSS | Multi Asset |
| AUM | ₹5,839 Cr (30-09-2026) | ₹2,767 Cr (30-09-2026) |
| NAV | ₹1,532.38 (Direct) | ₹10.56 (Direct) |
| Expense ratio (Direct) | 1.15% | 0.55% |
| Expense ratio (Regular) | 1.93% | 1.95% |
| Riskometer | Not available | Not available |
| Benchmark | Nifty 500 TRI | 65% Nifty 500+ 20% Nifty Short Duration Index+ 5% Domestic price of gold+ 5% Domestic price of silver+ 5% iCOMDEX |
| Launch date | 10-04-1999 | 31-07-2025 |
| Minimum investment | 500/500 | 5000/1 |
| Lock in | 3 years | None |
| Fund managers | Janakiraman Rengaraju, Rajasa Kakulavarapu | Janakiraman Rengaraju, Rajasa Kakulavarapu, Rohan Maru, Anuj Tagra, Sandeep Manam |
| Exit load | Nil | <ul style="text-align: justify;"> <li>Upto 10% of the Units may be redeemed without any exit load within 1 year from the date of allotment*.</li> <li>Any redemption in excess of the above limit shall be subject to the following exit load: <ul> <li>0.50 % - if redeemed on or before 1 year from the date of allotment</li> <li>Nil - if redeemed after 1 year from the date of allotment</li> </ul> </li> </ul> |
Franklin India ELSS Tax Saver vs Franklin India 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 |
|---|---|---|---|---|---|---|---|
| Franklin India ELSS Tax Saver Fund (Direct) | +0.54% | −5.02% | −1.80% | −9.53% | +10.26% | +10.08% | +12.22% |
| Franklin India Multi Asset Allocation Fund (Direct) | −1.84% | −5.28% | −3.50% | +0.65% | -- | -- | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | -- | -- | -- |
Category average: the average of the 50 ELSS funds and the 37 Multi Asset funds, same plan type.
Franklin India ELSS Tax Saver vs Franklin India Multi Asset Allocation: Year-wise Returns
| Year | ELSS Tax SaverFranklin India ELSS Tax Saver | Multi Asset AllocationFranklin India Multi Asset Allocation |
|---|---|---|
| 2026to date | −8.42% | −3.46% |
| 2025 | +2.85% | -- |
| 2024 | +23.42% | -- |
| 2023 | +32.36% | -- |
| 2022 | +6.27% | -- |
| 2021 | +37.85% | -- |
Franklin India ELSS Tax Saver vs Franklin India Multi Asset Allocation: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Franklin India ELSS Tax Saver Fund
Rolling returns
Every 1-year holding period, 61 of them, one for each trading day from 31-07-2026 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.
Franklin India ELSS Tax Saver Fund (Direct)
Franklin India Multi Asset Allocation Fund (Direct)
Nifty 500 TRI
to
Aug 2026Aug 2025
to
Aug 2026Sept 2025
to
Sept 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 2026Oct 2025
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Franklin India ELSS Tax Saver | 78.7 | 21.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | −3.9% | −3.6% | −11.1% | 2.4% | 0% |
| Franklin India Multi Asset Allocation | 6.6 | 23.0 | 21.3 | 49.2 | 0.0 | 0.0 | 0.0 | 8.6% | 9.8% | −1.0% | 14.7% | 100% |
| Nifty 500 TRI | 50.8 | 32.8 | 16.4 | 0.0 | 0.0 | 0.0 | 0.0 | −0.1% | −0.1% | −9.0% | 6.8% | -- |
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 31-07-2025. Past returns do not promise future returns.
Franklin India ELSS Tax Saver vs Franklin India Multi Asset Allocation: 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 01-07-2025 to 30-10-2026: 16 instalments, ₹1,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Franklin India ELSS Tax SaverFranklin India ELSS Tax Saver Fund (Direct) | ₹1,60,000 | ₹1,52,474 | −₹7,526 | −6.7% |
| Franklin India Multi Asset AllocationFranklin India Multi Asset Allocation Fund (Direct) | ₹1,60,000 | ₹1,58,218 | −₹1,782 | −1.6% |
Franklin India ELSS Tax SaverFranklin India ELSS Tax Saver Fund (Direct)
Franklin India Multi Asset AllocationFranklin India Multi Asset Allocation 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.
Franklin India ELSS Tax Saver vs Franklin India Multi Asset Allocation: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Franklin India ELSS Tax Saver Fund (Direct) | Franklin India Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.53% | +0.65% |
| Standard deviation | 13.72% | 12.79% |
| Sharpe ratio | -1.08 | -0.36 |
| Sortino ratio | -1.44 | -0.48 |
| Maximum drawdown | −14.9% (31-03-2026) | −11.6% (23-03-2026) |
| Beta | 0.93 | -- |
| Alpha | −3.03% | -- |
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 | Franklin India ELSS Tax Saver Fund (Direct) | Franklin India Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.26% | +4.43% |
| Standard deviation | 15.10% | 11.79% |
| Sharpe ratio | 0.54 | -0.07 |
| Sortino ratio | 0.74 | -0.10 |
| Maximum drawdown | −39.0% (23-03-2020) | −11.6% (23-03-2026) |
| Beta | 0.92 | -- |
| Alpha | +1.92% | -- |
From daily NAVs, 01-01-2013 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.
Franklin India ELSS Tax Saver Fund (Direct)
Franklin India 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 |
|---|---|---|---|---|---|---|
| Franklin India ELSS Tax Saver Fund (Direct) | −14.9% | 20-11-2025 | 31-03-2026 | Not yet | -- | −9.9% |
| Franklin India Multi Asset Allocation Fund (Direct) | −11.6% | 29-01-2026 | 23-03-2026 | Not yet | -- | −8.0% |
| Nifty 500 TRI | −14.7% | 02-01-2026 | 30-03-2026 | Not yet | -- | −8.4% |
From daily values since 31-07-2025, 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.
Franklin India ELSS Tax Saver Fund (Direct)
Franklin India Multi Asset Allocation Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Franklin India ELSS Tax Saver Fund (Direct) | 80% | 98% | 3.26% |
| Franklin India Multi Asset Allocation Fund (Direct) | 78% | 45% | 8.05% |
From month-end values since 31-07-2025. 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.
Franklin India ELSS Tax Saver vs Franklin India Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: Franklin India ELSS Tax Saver Fund, September 2026; Franklin India Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 47.0%
- Held by both
- 30
- Only in Franklin India ELSS Tax Saver
- 20
- Only in Franklin India Multi Asset Allocation
- 27
| Security | % of Franklin India ELSS Tax Saver | % of Franklin India Multi Asset Allocation |
|---|---|---|
| State Bank of India | 4.66% | 3.33% |
| HDFC Bank Ltd | 5.78% | 3.21% |
| ICICI Bank Ltd | 7.47% | 2.90% |
| Axis Bank Ltd | 5.20% | 2.65% |
| Eternal Ltd | 4.11% | 2.38% |
| Reliance Industries Ltd | 2.99% | 2.36% |
| Larsen & Toubro Ltd | 4.62% | 2.24% |
| Bharti Airtel Ltd | 3.28% | 2.06% |
| Mahindra & Mahindra Ltd | 3.04% | 1.98% |
| Hindustan Aeronautics Ltd | 1.91% | 2.10% |
| HCL Technologies Ltd | 2.00% | 1.77% |
| Apollo Hospitals Enterprise Ltd | 2.54% | 1.75% |
| Marico Ltd | 2.33% | 1.73% |
| Cipla Ltd | 1.85% | 1.68% |
| Interglobe Aviation Ltd | 1.68% | 1.54% |
| Tata Steel Ltd | 1.59% | 1.47% |
| Britannia Industries Ltd | 1.60% | 1.44% |
| Tata Power Co Ltd | 1.84% | 1.41% |
| Infosys Ltd | 3.25% | 1.22% |
| Tata Capital Ltd | 1.22% | 1.21% |
| Pine Labs Ltd | 1.43% | 1.19% |
| Hindalco Industries Ltd | 1.29% | 1.11% |
| Eris Lifesciences Ltd | 0.95% | 1.10% |
| Bharat Petroleum Corporation Ltd | 1.05% | 0.85% |
| Exide Industries Ltd | 0.71% | 1.35% |
| Ge Vernova T&D India Ltd | 0.64% | 0.74% |
| Prestige Estates Projects Ltd | 1.05% | 0.44% |
| Tenneco Clean Air India Ltd | 0.36% | 1.08% |
| MedPlus Health Services Ltd | 0.31% | 0.79% |
| 360 One Wam Ltd | 0.24% | 1.18% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 47.0% means 47.0% 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 Franklin India ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| Kotak Mahindra Bank Ltd | 3.12% |
| Bharat Electronics Ltd | 2.63% |
| Kirloskar Oil Engines Ltd | 2.26% |
| NTPC Ltd | 1.92% |
| Grasim Industries Ltd | 1.52% |
Largest holdings only in Franklin India Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| Nippon India ETF Gold Bees | 14.10% |
| Nippon India Silver ETF | 3.25% |
| Knowledge Realty Trust | 2.12% |
| Ultratech Cement Ltd | 2.09% |
| 7.55% Poonawalla Fincorp Ltd (25-Mar-2027) | 2.06% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Franklin India ELSS Tax Saver | Franklin India Multi Asset Allocation |
|---|---|---|
| Equity | 93.8% | 65.8% |
| Debt | 0.3% | 12.2% |
| Cash and others | 5.9% | 22.1% |
Market cap of stocks
| Market cap | Franklin India ELSS Tax Saver | Franklin India Multi Asset Allocation |
|---|---|---|
| Large Cap | 73.9% | 46.0% |
| Mid Cap | 12.2% | 5.6% |
| Small Cap | 7.7% | 14.1% |
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 | Franklin India ELSS Tax Saver | Franklin India Multi Asset Allocation |
|---|---|---|
| Banks | 26.2% | 12.1% |
| IT - Software | 5.8% | 3.0% |
| Retailing | 5.6% | 4.6% |
| Construction | 4.6% | 2.2% |
| Aerospace & Defense | 4.5% | 3.4% |
| Petroleum Products | 4.0% | 3.2% |
| Auto Components | 2.5% | 3.3% |
The six largest sectors of each fund's stocks, % of the fund.
Franklin India ELSS Tax Saver vs Franklin India Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Franklin India ELSS Tax Saver Fund | Franklin India Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.15% | 0.55% |
| Base expense ratio (Direct) | 0.90% | 0.40% |
| Total expense ratio (Regular) | 1.93% | 1.95% |
| Base expense ratio (Regular) | 1.58% | 1.61% |
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 Franklin India ELSS Tax Saver with
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Compare Franklin India Multi Asset Allocation with
- Franklin India Multi Asset Allocation vs Quant Multi Asset Allocation
- Franklin India Multi Asset Allocation vs Nippon India Multi Asset Allocation
- Franklin India Multi Asset Allocation vs DSP Multi Asset Allocation
- Franklin India Multi Asset Allocation vs Kotak Multi Asset Allocation
- Franklin India Multi Asset Allocation vs WhiteOak Capital Multi Asset Allocation
Franklin India ELSS Tax Saver Fund vs Franklin India Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between Franklin India ELSS Tax Saver Fund and Franklin India Multi Asset Allocation Fund?
Franklin India ELSS Tax Saver Fund is an ELSS fund, Franklin India Multi Asset Allocation Fund is a Multi Asset fund, run by Franklin Templeton Mutual Fund. Their portfolios overlap 47.0%. Franklin India ELSS Tax Saver Fund charges 1.15% a year and Franklin India Multi Asset Allocation Fund 0.55%.
Which has given higher returns, Franklin India ELSS Tax Saver Fund or Franklin India Multi Asset Allocation Fund?
Over 1 year: Franklin India ELSS Tax Saver Fund −9.53%, Franklin India Multi Asset Allocation Fund +0.65%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Franklin India ELSS Tax Saver Fund or Franklin India Multi Asset Allocation Fund?
Franklin India Multi Asset Allocation Fund charges less: 0.55% a year against 1.15%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Franklin India ELSS Tax Saver Fund and Franklin India Multi Asset Allocation Fund overlap?
47.0%. They hold 30 of the same securities, the largest shared ones being SBIN, HDFCBANK, ICICIBANK. From each fund's latest monthly portfolio.
Can I invest in both Franklin India ELSS Tax Saver Fund and Franklin India Multi Asset Allocation Fund?
Yes. 47.0% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Franklin India ELSS Tax Saver Fund and Franklin India Multi Asset Allocation Fund?
Franklin India ELSS Tax Saver Fund: Janakiraman Rengaraju, Rajasa Kakulavarapu. Franklin India Multi Asset Allocation Fund: Janakiraman Rengaraju, Rajasa Kakulavarapu, Rohan Maru, Anuj Tagra, Sandeep Manam.
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.