Franklin India Opportunities Fund vs Nippon India Flexi Cap Fund
Direct Plan, Growth option · Data as on 29-10-2026
Franklin India Opportunities Fund is a Thematic fund and Nippon India Flexi Cap Fund is a Flexi Cap fund. In the 3 years to 30-10-2026, Franklin India Opportunities Fund (Direct) returned 19.5% a year and Nippon India Flexi Cap Fund (Direct) returned 9.1% a year. Franklin India Opportunities Fund charges 0.88% a year and Nippon India Flexi Cap Fund 0.66% (Direct plans). Their portfolios overlap 20.8%: they hold 16 of the same securities.
Franklin India Opportunities Fund
Thematic
- 3 year return
- 19.5%
- Expense ratio
- 0.88%
- NAV
- ₹279.87
Nippon India Flexi Cap Fund
Flexi Cap
- 3 year return
- 9.1%
- Expense ratio
- 0.66%
- NAV
- ₹16.77
Which is better, Franklin India Opportunities or Nippon India Flexi Cap? 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 Opportunities returned more over 5 years: 16.5% a year against 9.4%.
- Franklin India Opportunities returned more over 3 years: 19.5% a year against 9.1%.
- Nippon India Flexi Cap costs less: 0.66% a year against 0.88% (Direct plans).
- Nippon India Flexi Cap swung less over 3 years: a standard deviation of 14.5% a year against 15.0%.
- Nippon India Flexi Cap fell less in its worst fall since 18-08-2021: −19.8% against −24.3%.
- Franklin India Opportunities holds 4.0% of the fund in foreign stocks; Nippon India Flexi Cap 0.0%.
- Nippon India Flexi Cap holds more in large companies: 62.9% of the fund in large caps against 30.1%.
- Franklin India Opportunities is the larger fund: ₹9,577 Cr against ₹9,214 Cr.
- Their portfolios overlap 20.8%: 16 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 Opportunities Fund | Nippon India Flexi Cap Fund |
|---|---|---|
| Fund house | Franklin Templeton Mutual Fund | Nippon India Mutual Fund |
| Category | Thematic | Flexi Cap |
| AUM | ₹9,577 Cr (30-09-2026) | ₹9,214 Cr (30-09-2026) |
| NAV | ₹279.87 (Direct) | ₹16.77 (Direct) |
| Expense ratio (Direct) | 0.88% | 0.66% |
| Expense ratio (Regular) | 2.08% | 1.85% |
| Riskometer | Not available | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 21-02-2000 | 13-08-2021 |
| Minimum investment | 5000/1 | ₹500 |
| Lock in | None | None |
| Fund managers | Kiran Sebastian, Janakiraman Rengaraju, Sandeep Manam | Meenakshi Dawar, Dhrumil Shah |
| Exit load | Exit load of 1% if redeemed within 1 year | Exit load for units in excess of 10% of the investment,1% will be charged for redemption within 365 days |
Franklin India Opportunities vs Nippon India Flexi Cap: 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 Opportunities Fund (Direct) | −3.95% | −3.56% | +1.12% | −4.53% | +19.53% | +16.53% | +15.94% |
| Nippon India Flexi Cap Fund (Direct) | −2.31% | −6.36% | −2.62% | −7.62% | +9.10% | +9.40% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | +13.76% |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | -- |
Category average: the average of the 235 Thematic funds and the 46 Flexi Cap funds, same plan type.
Franklin India Opportunities vs Nippon India Flexi Cap: Year-wise Returns
| Year | Franklin India OpportunitiesFranklin India Opportunities | Nippon India Flexi CapNippon India Flexi Cap | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | −2.61% | −6.70% | −7.33% |
| 2025 | +4.43% | +3.90% | +7.76% |
| 2024 | +39.17% | +16.94% | +16.24% |
| 2023 | +54.87% | +34.89% | +26.91% |
| 2022 | −1.20% | +0.74% | +4.25% |
| 2021 | +30.55% | -- | +31.60% |
Franklin India Opportunities vs Nippon India Flexi Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 544 of them, one for each trading day from 19-08-2024 to 29-10-2026: 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 Opportunities Fund (Direct)
Nippon India Flexi Cap Fund (Direct)
Nifty 500 TRI
to
Oct 2024Mar 2022
to
Mar 2025Jul 2022
to
Jul 2025Dec 2022
to
Dec 2025Apr 2023
to
Apr 2026Aug 2023
to
Aug 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 Opportunities | 0.0 | 0.0 | 0.0 | 0.0 | 3.9 | 17.3 | 78.9 | 28.4% | 28.9% | 17.1% | 37.9% | 100% |
| Nippon India Flexi Cap | 0.0 | 0.0 | 4.6 | 28.9 | 55.1 | 11.4 | 0.0 | 16.2% | 16.7% | 8.4% | 22.7% | 87% |
| Nifty 500 TRI | 0.0 | 0.0 | 3.7 | 34.7 | 55.7 | 5.9 | 0.0 | 15.5% | 15.6% | 8.8% | 22.3% | -- |
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 18-08-2021. Past returns do not promise future returns.
Franklin India Opportunities vs Nippon India Flexi Cap: 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 02-08-2021 to 29-10-2026: 63 instalments, ₹6,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Franklin India OpportunitiesFranklin India Opportunities Fund (Direct) | ₹6,30,000 | ₹9,79,019 | ₹3,49,019 | 16.8% |
| Nippon India Flexi CapNippon India Flexi Cap Fund (Direct) | ₹6,30,000 | ₹7,74,762 | ₹1,44,762 | 7.8% |
Franklin India OpportunitiesFranklin India Opportunities Fund (Direct)
Nippon India Flexi CapNippon India Flexi Cap 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 Opportunities vs Nippon India Flexi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Franklin India Opportunities Fund (Direct) | Nippon India Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −4.53% | −7.62% |
| Standard deviation | 15.49% | 15.01% |
| Sharpe ratio | -0.63 | -0.86 |
| Sortino ratio | -0.84 | -1.14 |
| Maximum drawdown | −15.3% (30-03-2026) | −15.0% (30-03-2026) |
| Beta | 1.01 | 1.03 |
| Alpha | +3.15% | +0.10% |
From daily NAVs, 29-10-2025 to 29-10-2026. 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 Opportunities Fund (Direct) | Nippon India Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +19.53% | +9.10% |
| Standard deviation | 15.02% | 14.53% |
| Sharpe ratio | 0.90 | 0.21 |
| Sortino ratio | 1.23 | 0.28 |
| Maximum drawdown | −18.1% (03-03-2025) | −19.8% (28-02-2025) |
| Beta | 0.98 | 1.00 |
| Alpha | +9.18% | −1.13% |
From daily NAVs, 27-10-2023 to 29-10-2026. 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 Opportunities Fund (Direct) | Nippon India Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.53% | +9.40% |
| Standard deviation | 15.25% | 14.70% |
| Sharpe ratio | 0.70 | 0.25 |
| Sortino ratio | 0.95 | 0.33 |
| Maximum drawdown | −24.3% (12-05-2022) | −19.8% (28-02-2025) |
| Beta | 0.98 | 1.00 |
| Alpha | +7.72% | +0.58% |
From daily NAVs, 29-10-2021 to 29-10-2026. 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 Opportunities Fund (Direct) | Nippon India Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.60% | +10.27% |
| Standard deviation | 15.99% | 14.60% |
| Sharpe ratio | 0.66 | 0.31 |
| Sortino ratio | 0.90 | 0.42 |
| Maximum drawdown | −39.3% (23-03-2020) | −19.8% (28-02-2025) |
| Beta | 0.96 | 1.00 |
| Alpha | +4.01% | +0.33% |
From daily NAVs, 01-01-2013 to 29-10-2026. 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 Opportunities Fund (Direct)
Nippon India Flexi Cap 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 Opportunities Fund (Direct) | −24.3% | 12-11-2021 | 12-05-2022 | 11-05-2023 | 12 months | −6.9% |
| Nippon India Flexi Cap Fund (Direct) | −19.8% | 23-09-2024 | 28-02-2025 | Not yet | -- | −10.6% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 18-08-2021, 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 Opportunities Fund (Direct)
Nippon India Flexi Cap 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.
Franklin India Opportunities Fund (Direct)
Nippon India Flexi Cap 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.
Franklin India Opportunities Fund (Direct)
Nippon India Flexi Cap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Franklin India Opportunities Fund (Direct) | 119% | 84% | 7.35% |
| Nippon India Flexi Cap Fund (Direct) | 98% | 93% | 3.48% |
From month-end values since 18-08-2021. 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 Opportunities vs Nippon India Flexi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Franklin India Opportunities Fund, September 2026; Nippon India Flexi Cap Fund, September 2026
Holdings in common
- Overlap
- 20.8%
- Held by both
- 16
- Only in Franklin India Opportunities
- 34
- Only in Nippon India Flexi Cap
- 69
| Security | % of Franklin India Opportunities | % of Nippon India Flexi Cap |
|---|---|---|
| Reliance Industries Ltd | 2.67% | 3.39% |
| Axis Bank Ltd | 2.09% | 3.91% |
| HDFC Bank Ltd | 1.99% | 5.84% |
| Kirloskar Oil Engines Ltd | 3.10% | 1.98% |
| State Bank of India | 1.98% | 1.99% |
| Mankind Pharma Ltd | 3.98% | 1.87% |
| Hindustan Aeronautics Ltd | 6.74% | 1.62% |
| NTPC Ltd | 2.52% | 1.59% |
| Interglobe Aviation Ltd | 0.92% | 1.56% |
| One 97 Communications Ltd | 2.80% | 0.85% |
| Finolex Cables Ltd | 2.97% | 0.82% |
| PB Fintech Ltd | 0.88% | 0.73% |
| Tata Communications Ltd | 1.21% | 0.61% |
| Zensar Technologies Ltd | 0.81% | 0.45% |
| SBI Life Insurance Co Ltd | 1.31% | 0.41% |
| Honeywell Automation India Ltd | 1.21% | 0.20% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 20.8% means 20.8% 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 Opportunities Fund
| Security | % of fund |
|---|---|
| TBO Tek Ltd | 4.98% |
| Syrma SGS Technology Ltd | 4.45% |
| APL Apollo Tubes Ltd | 3.80% |
| TVS Motor Co Ltd | 3.18% |
| AIA Engineering Ltd | 2.83% |
Largest holdings only in Nippon India Flexi Cap Fund
| Security | % of fund |
|---|---|
| ICICI Bank Limited | 7.07% |
| Larsen & Toubro Limited | 2.64% |
| Mahindra & Mahindra Limited | 2.36% |
| Samvardhana Motherson International Limited | 2.28% |
| Eternal Limited | 2.21% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Franklin India Opportunities | Nippon India Flexi Cap |
|---|---|---|
| Equity | 94.8% | 99.0% |
| Debt | 0.7% | 0.0% |
| Cash and others | 4.5% | 1.0% |
Market cap of stocks
| Market cap | Franklin India Opportunities | Nippon India Flexi Cap |
|---|---|---|
| Large Cap | 30.1% | 62.9% |
| Mid Cap | 20.6% | 21.4% |
| Small Cap | 39.5% | 14.6% |
| Foreign stocks | 4.0% | 0.0% |
| Not on AMFI's list | 0.7% | 0.1% |
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 Opportunities | Nippon India Flexi Cap |
|---|---|---|
| Banks | 9.9% | 21.0% |
| Industrial Products | 14.9% | 3.7% |
| Industrial Manufacturing | 9.6% | 1.5% |
| Retailing | 1.1% | 8.2% |
| Aerospace & Defense | 7.7% | 1.6% |
| Pharmaceuticals & Biotechnology | 7.5% | 5.5% |
| Leisure Services | 6.0% | 1.6% |
| IT - Software | 2.4% | 5.5% |
| Finance | 4.5% | 4.2% |
| Petroleum Products | 2.7% | 4.4% |
The six largest sectors of each fund's stocks, % of the fund.
Franklin India Opportunities vs Nippon India Flexi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Franklin India Opportunities Fund | Nippon India Flexi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.88% | 0.66% |
| Base expense ratio (Direct) | 0.47% | 0.48% |
| Total expense ratio (Regular) | 2.08% | 1.85% |
| Base expense ratio (Regular) | 1.51% | 1.52% |
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 Opportunities with
Franklin India Opportunities Fund vs Nippon India Flexi Cap Fund: Frequently Asked Questions
What is the difference between Franklin India Opportunities Fund and Nippon India Flexi Cap Fund?
Franklin India Opportunities Fund is a Thematic fund, Nippon India Flexi Cap Fund is a Flexi Cap fund, run by Franklin Templeton Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 20.8%. Franklin India Opportunities Fund charges 0.88% a year and Nippon India Flexi Cap Fund 0.66%.
Which has given higher returns, Franklin India Opportunities Fund or Nippon India Flexi Cap Fund?
Over 1 year: Franklin India Opportunities Fund −4.53%, Nippon India Flexi Cap Fund −7.62%. Over 3 years: Franklin India Opportunities Fund +19.53% a year, Nippon India Flexi Cap Fund +9.10% a year. Over 5 years: Franklin India Opportunities Fund +16.53% a year, Nippon India Flexi Cap Fund +9.40% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Franklin India Opportunities Fund or Nippon India Flexi Cap Fund?
Nippon India Flexi Cap Fund charges less: 0.66% a year against 0.88%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Franklin India Opportunities Fund and Nippon India Flexi Cap Fund overlap?
20.8%. They hold 16 of the same securities, the largest shared ones being RELIANCE, AXISBANK, HDFCBANK. From each fund's latest monthly portfolio.
Which is better for SIP, Franklin India Opportunities Fund or Nippon India Flexi Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 29-10-2026 grew to ₹9,32,985 in Franklin India Opportunities Fund (XIRR 16.8% a year) and ₹7,41,931 in Nippon India Flexi Cap Fund (XIRR 7.6% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Franklin India Opportunities Fund and Nippon India Flexi Cap Fund?
Yes. 20.8% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Franklin India Opportunities Fund and Nippon India Flexi Cap Fund?
Franklin India Opportunities Fund: Kiran Sebastian, Janakiraman Rengaraju, Sandeep Manam. Nippon India Flexi Cap Fund: Meenakshi Dawar, Dhrumil Shah.
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.