Groww ELSS Tax Saver Fund vs HSBC Multi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Groww ELSS Tax Saver Fund is an ELSS fund and HSBC Multi Cap Fund is a Multi Cap fund. In the 3 years to 30-10-2026, Groww ELSS Tax Saver Fund (Direct) returned 9.0% a year and HSBC Multi Cap Fund (Direct) returned 16.4% a year. Groww ELSS Tax Saver Fund charges 1.52% a year and HSBC Multi Cap Fund 0.80% (Direct plans). Their portfolios overlap 37.8%: they hold 48 of the same securities.
Groww ELSS Tax Saver Fund
ELSS
- 3 year return
- 9.0%
- Expense ratio
- 1.52%
- NAV
- ₹20.99
Which is better, Groww ELSS Tax Saver or HSBC Multi Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Multi Cap returned more over 3 years: 16.4% a year against 9.0%.
- HSBC Multi Cap returned more over 1 year: −0.1% against −9.4%.
- HSBC Multi Cap costs less: 0.80% a year against 1.52% (Direct plans).
- Groww ELSS Tax Saver swung less over 3 years: a standard deviation of 14.3% a year against 16.2%.
- HSBC Multi Cap fell less in its worst fall since 03-02-2023: −20.1% against −20.8%.
- Groww ELSS Tax Saver holds more in large companies: 73.0% of the fund in large caps against 36.1%.
- HSBC Multi Cap is the larger fund: ₹6,380 Cr against ₹48 Cr.
- Their portfolios overlap 37.8%: 48 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 | Groww ELSS Tax Saver Fund | HSBC Multi Cap Fund |
|---|---|---|
| Fund house | Groww Mutual Fund | HSBC Mutual Fund |
| Category | ELSS | Multi Cap |
| AUM | ₹48 Cr (30-09-2026) | ₹6,380 Cr (30-09-2026) |
| NAV | ₹20.99 (Direct) | ₹19.86 (Direct) |
| Expense ratio (Direct) | 1.52% | 0.80% |
| Expense ratio (Regular) | 2.92% | 2.04% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 28-12-2017 | 30-01-2023 |
| Minimum investment | ₹500 | ₹5,000 |
| Lock in | 3 years | None |
| Fund managers | Paras Matalia, Nikhil Satam | Venugopal Manghat, Mahesh Chhabria, Mayank Chaturvedi, Dipan S. Parikh |
| Exit load | Nil | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 1 year. |
Groww ELSS Tax Saver vs HSBC Multi 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 |
|---|---|---|---|---|---|---|---|
| Groww ELSS Tax Saver Fund (Direct) | +0.77% | −4.29% | −1.55% | −9.41% | +9.02% | +7.69% | -- |
| HSBC Multi Cap Fund (Direct) | −3.78% | −3.51% | +0.87% | −0.09% | +16.40% | -- | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
Category average: the average of the 50 ELSS funds and the 33 Multi Cap funds, same plan type.
Groww ELSS Tax Saver vs HSBC Multi Cap: Year-wise Returns
| Year | Groww ELSS Tax SaverGroww ELSS Tax Saver | HSBC Multi CapHSBC Multi Cap |
|---|---|---|
| 2026to date | −8.58% | +0.60% |
| 2025 | +0.70% | +2.42% |
| 2024 | +20.19% | +30.28% |
| 2023 | +27.49% | -- |
| 2022 | +4.57% | -- |
| 2021 | +23.63% | -- |
Groww ELSS Tax Saver vs HSBC Multi Cap: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of Groww ELSS Tax Saver Fund
Rolling returns
Every 3-year holding period, 182 of them, one for each trading day from 03-02-2026 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.
Groww ELSS Tax Saver Fund (Direct)
HSBC Multi Cap Fund (Direct)
BSE 500 TRI
to
Feb 2026Apr 2023
to
Apr 2026May 2023
to
May 2026Jul 2023
to
Jul 2026Aug 2023
to
Aug 2026Oct 2023
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Groww ELSS Tax Saver | 0.0 | 0.0 | 19.8 | 68.7 | 11.5 | 0.0 | 0.0 | 11.8% | 11.7% | 7.2% | 16.4% | 0% |
| HSBC Multi Cap | 0.0 | 0.0 | 0.0 | 0.0 | 23.6 | 70.9 | 5.5 | 21.3% | 21.4% | 15.1% | 25.4% | 100% |
| BSE 500 TRI | 0.0 | 0.0 | 13.2 | 61.0 | 25.8 | 0.0 | 0.0 | 13.2% | 13.0% | 8.4% | 17.8% | -- |
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 BSE 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 03-02-2023. Past returns do not promise future returns.
Groww ELSS Tax Saver vs HSBC Multi 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 01-02-2023 to 30-10-2026: 45 instalments, ₹4,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Groww ELSS Tax SaverGroww ELSS Tax Saver Fund (Direct) | ₹4,50,000 | ₹4,78,722 | ₹28,722 | 3.3% |
| HSBC Multi CapHSBC Multi Cap Fund (Direct) | ₹4,50,000 | ₹5,55,886 | ₹1,05,886 | 11.3% |
Groww ELSS Tax SaverGroww ELSS Tax Saver Fund (Direct)
HSBC Multi CapHSBC Multi 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.
Groww ELSS Tax Saver vs HSBC Multi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Groww ELSS Tax Saver Fund (Direct) | HSBC Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.41% | −0.09% |
| Standard deviation | 14.31% | 15.62% |
| Sharpe ratio | -1.02 | -0.34 |
| Sortino ratio | -1.37 | -0.46 |
| Maximum drawdown | −15.3% (30-03-2026) | −13.1% (23-03-2026) |
| Beta | 0.99 | 1.00 |
| Alpha | −1.89% | +6.01% |
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 | Groww ELSS Tax Saver Fund (Direct) | HSBC Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.02% | +16.40% |
| Standard deviation | 14.34% | 16.17% |
| Sharpe ratio | 0.21 | 0.64 |
| Sortino ratio | 0.28 | 0.87 |
| Maximum drawdown | −20.8% (07-04-2025) | −20.1% (28-02-2025) |
| Beta | 0.98 | 1.04 |
| Alpha | −0.79% | +4.92% |
From daily NAVs, 30-10-2023 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 | Groww ELSS Tax Saver Fund (Direct) | HSBC Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.71% | +20.09% |
| Standard deviation | 15.45% | 15.03% |
| Sharpe ratio | 0.22 | 0.93 |
| Sortino ratio | 0.29 | 1.26 |
| Maximum drawdown | −34.6% (23-03-2020) | −20.1% (28-02-2025) |
| Beta | 0.90 | 1.03 |
| Alpha | −1.85% | +5.75% |
From daily NAVs, 29-12-2017 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.
Groww ELSS Tax Saver Fund (Direct)
HSBC Multi Cap Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Groww ELSS Tax Saver Fund (Direct) | −20.8% | 23-09-2024 | 07-04-2025 | Not yet | -- | −13.5% |
| HSBC Multi Cap Fund (Direct) | −20.1% | 16-12-2024 | 28-02-2025 | 06-05-2026 | 14 months | −8.3% |
| BSE 500 TRI | −18.7% | 26-09-2024 | 28-02-2025 | Not yet | -- | −9.4% |
From daily values since 03-02-2023, 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.
Groww ELSS Tax Saver Fund (Direct)
HSBC Multi Cap Fund (Direct)
BSE 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.
Groww ELSS Tax Saver Fund (Direct)
HSBC Multi Cap Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Groww ELSS Tax Saver Fund (Direct) | 96% | 101% | 4.31% |
| HSBC Multi Cap Fund (Direct) | 120% | 83% | 6.62% |
From month-end values since 03-02-2023. 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.
Groww ELSS Tax Saver vs HSBC Multi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Groww ELSS Tax Saver Fund, September 2026; HSBC Multi Cap Fund, September 2026
Holdings in common
- Overlap
- 37.8%
- Held by both
- 48
- Only in Groww ELSS Tax Saver
- 51
- Only in HSBC Multi Cap
- 52
| Security | % of Groww ELSS Tax Saver | % of HSBC Multi Cap |
|---|---|---|
| HDFC Bank Limited | 6.77% | 2.85% |
| ICICI Bank Limited | 5.98% | 2.13% |
| Reliance Industries Limited | 4.92% | 1.87% |
| State Bank of India | 2.29% | 1.80% |
| Larsen & Toubro Limited | 2.72% | 1.51% |
| Eternal Limited | 1.41% | 1.41% |
| Kotak Mahindra Bank Limited | 1.98% | 1.26% |
| Multi Commodity Exchange of India Ltd. | 1.24% | 1.39% |
| Shriram Finance Limited | 1.23% | 1.38% |
| Bharti Airtel Limited | 3.52% | 1.16% |
| TVS Motor Company Limited | 1.03% | 1.10% |
| UltraTech Cement Limited | 1.06% | 1.01% |
| The Federal Bank Limited | 0.90% | 2.33% |
| Navin Fluorine International Limited | 0.88% | 1.89% |
| Divi's Laboratories Limited | 0.87% | 1.48% |
| FSN E-Commerce Ventures Limited | 1.05% | 0.85% |
| Titan Company Limited | 1.57% | 0.77% |
| Tata Motors Limited | 0.68% | 1.81% |
| Eicher Motors Limited | 0.67% | 0.88% |
| NTPC Limited | 0.88% | 0.66% |
| Lupin Limited | 0.66% | 0.87% |
| Bharat Forge Limited | 0.96% | 0.63% |
| Hero MotoCorp Limited | 0.62% | 1.37% |
| JSW Steel Limited | 0.62% | 0.86% |
| Hindalco Industries Limited | 0.68% | 0.61% |
| Maruti Suzuki India Limited | 0.76% | 0.59% |
| Torrent Pharmaceuticals Limited | 0.58% | 0.93% |
| Radico Khaitan Limited | 0.54% | 2.31% |
| Lenskart Solutions Limited | 0.53% | 1.38% |
| Cholamandalam Invest & Finance Co Ltd | 0.53% | 0.63% |
| Aditya Infotech Limited | 0.52% | 0.52% |
| Mahindra & Mahindra Limited | 1.75% | 0.51% |
| Neuland Laboratories Ltd | 0.50% | 1.24% |
| VIJAYA DIAGNOSTIC CENTRE LIMITED | 0.49% | 0.84% |
| Sai Life Sciences Ltd. | 0.48% | 2.11% |
| GE Vernova T&D India Limited | 0.47% | 1.44% |
| Hindustan Aeronautics Limited | 0.40% | 1.04% |
| Infosys Limited | 2.08% | 0.40% |
| Trent Limited | 0.66% | 0.40% |
| Hindustan Unilever Limited | 0.93% | 0.39% |
| Bajaj Finance Limited | 1.78% | 0.38% |
| Tech Mahindra Limited | 0.37% | 1.04% |
| CRAFTSMAN AUTOMATION LIMITED | 0.32% | 0.77% |
| PERSISTENT SYSTEMS LTD | 0.74% | 0.32% |
| Marico Limited | 0.77% | 0.31% |
| One 97 Communications Limited | 1.17% | 0.29% |
| Britannia Industries Limited | 0.37% | 0.27% |
| HCL Technologies Limited | 0.55% | 0.24% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 37.8% means 37.8% 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 Groww ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| Axis Bank Limited | 1.86% |
| Laurus Labs Limited | 1.63% |
| ITC Limited | 1.36% |
| Sun Pharmaceutical Industries Limited | 1.30% |
| Tata Consultancy Services Limited | 1.28% |
Largest holdings only in HSBC Multi Cap Fund
| Security | % of fund |
|---|---|
| TD Power Systems Limited | 3.10% |
| APAR INDUSTRIES LTD | 2.39% |
| Engineers India Limited | 2.27% |
| HAPPY FORGINGS LIMITED | 1.60% |
| FINOLEX CABLES LTD | 1.58% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Groww ELSS Tax Saver | HSBC Multi Cap |
|---|---|---|
| Equity | 98.6% | 97.5% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.4% | 2.5% |
Market cap of stocks
| Market cap | Groww ELSS Tax Saver | HSBC Multi Cap |
|---|---|---|
| Large Cap | 73.0% | 36.1% |
| Mid Cap | 18.6% | 25.9% |
| Small Cap | 7.0% | 31.1% |
| Not on AMFI's list | 0.0% | 4.5% |
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 | Groww ELSS Tax Saver | HSBC Multi Cap |
|---|---|---|
| Banks | 21.2% | 13.7% |
| Electrical Equipment | 1.9% | 11.0% |
| Pharmaceuticals & Biotechnology | 7.1% | 8.6% |
| Industrial Products | 0.0% | 7.4% |
| IT - Software | 6.1% | 2.6% |
| Automobiles | 6.1% | 4.5% |
| Finance | 5.0% | 4.1% |
| Petroleum Products | 4.9% | 1.9% |
| Capital Markets | 2.5% | 4.5% |
The six largest sectors of each fund's stocks, % of the fund.
Groww ELSS Tax Saver vs HSBC Multi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Groww ELSS Tax Saver Fund | HSBC Multi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.52% | 0.80% |
| Base expense ratio (Direct) | 0.83% | 0.52% |
| Total expense ratio (Regular) | 2.92% | 2.04% |
| Base expense ratio (Regular) | 2.08% | 1.57% |
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 Groww ELSS Tax Saver with
Groww ELSS Tax Saver Fund vs HSBC Multi Cap Fund: Frequently Asked Questions
What is the difference between Groww ELSS Tax Saver Fund and HSBC Multi Cap Fund?
Groww ELSS Tax Saver Fund is an ELSS fund, HSBC Multi Cap Fund is a Multi Cap fund, run by Groww Mutual Fund and HSBC Mutual Fund. Their portfolios overlap 37.8%. Groww ELSS Tax Saver Fund charges 1.52% a year and HSBC Multi Cap Fund 0.80%.
Which has given higher returns, Groww ELSS Tax Saver Fund or HSBC Multi Cap Fund?
Over 1 year: Groww ELSS Tax Saver Fund −9.41%, HSBC Multi Cap Fund −0.09%. Over 3 years: Groww ELSS Tax Saver Fund +9.02% a year, HSBC Multi Cap Fund +16.40% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Groww ELSS Tax Saver Fund or HSBC Multi Cap Fund?
HSBC Multi Cap Fund charges less: 0.80% a year against 1.52%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Groww ELSS Tax Saver Fund and HSBC Multi Cap Fund overlap?
37.8%. They hold 48 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Groww ELSS Tax Saver Fund or HSBC Multi Cap Fund?
On SEBI's riskometer, Groww ELSS Tax Saver Fund is rated Very High and HSBC Multi Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.34% and 16.17% a year.
Which is better for SIP, Groww ELSS Tax Saver Fund or HSBC Multi Cap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,67,633 in Groww ELSS Tax Saver Fund (XIRR -0.4% a year) and ₹4,09,644 in HSBC Multi Cap Fund (XIRR 6.6% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Groww ELSS Tax Saver Fund and HSBC Multi Cap Fund?
Yes. 37.8% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Groww ELSS Tax Saver Fund and HSBC Multi Cap Fund?
Groww ELSS Tax Saver Fund: Paras Matalia, Nikhil Satam. HSBC Multi Cap Fund: Venugopal Manghat, Mahesh Chhabria, Mayank Chaturvedi, Dipan S. Parikh.
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.