Groww ELSS Tax Saver Fund vs ITI Business Cycle Fund
Direct Plan, Growth option · Data as on 30-10-2026
Groww ELSS Tax Saver Fund is an ELSS fund and ITI Business Cycle Fund is a Thematic fund. Groww ELSS Tax Saver Fund charges 1.52% a year and ITI Business Cycle Fund 1.63% (Direct plans). Their portfolios overlap 29.9%: they hold 28 of the same securities.
Which is better, Groww ELSS Tax Saver or ITI Business Cycle? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Groww ELSS Tax Saver costs less: 1.52% a year against 1.63% (Direct plans).
- Groww ELSS Tax Saver fell less in its worst fall since 12-03-2026: −8.8% against −12.3%.
- Groww ELSS Tax Saver holds more in large companies: 73.0% of the fund in large caps against 30.0%.
- ITI Business Cycle is the larger fund: ₹117 Cr against ₹48 Cr.
- Their portfolios overlap 29.9%: 28 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 | ITI Business Cycle Fund |
|---|---|---|
| Fund house | Groww Mutual Fund | ITI Mutual Fund |
| Category | ELSS | Thematic |
| AUM | ₹48 Cr (30-09-2026) | ₹117 Cr (30-09-2026) |
| NAV | ₹20.99 (Direct) | ₹9.97 (Direct) |
| Expense ratio (Direct) | 1.52% | 1.63% |
| Expense ratio (Regular) | 2.92% | 3.39% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | Nifty 500 TRI |
| Launch date | 28-12-2017 | 09-03-2026 |
| Minimum investment | ₹500 | ₹5,000 |
| Lock in | 3 years | None |
| Fund managers | Paras Matalia, Nikhil Satam | Nilay Dalal, Alok Ranjan |
| Exit load | Nil | Exit load of 0.50%, if redeemed within 3 months. |
Groww ELSS Tax Saver vs ITI Business Cycle: 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% | -- |
| ITI Business Cycle Fund (Direct) | −5.70% | −4.02% | −3.02% | -- | -- | -- | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | -- | -- | -- | -- |
Category average: the average of the 50 ELSS funds and the 235 Thematic funds, same plan type.
Groww ELSS Tax Saver vs ITI Business Cycle: Year-wise Returns
| Year | Groww ELSS Tax SaverGroww ELSS Tax Saver | ITI Business CycleITI Business Cycle |
|---|---|---|
| 2026to date | −8.58% | -- |
| 2025 | +0.70% | -- |
| 2024 | +20.19% | -- |
| 2023 | +27.49% | -- |
| 2022 | +4.57% | -- |
| 2021 | +23.63% | -- |
Groww ELSS Tax Saver vs ITI Business Cycle: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of Groww ELSS Tax Saver Fund
Groww ELSS Tax Saver vs ITI Business Cycle: 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) | ITI Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.71% | −0.10% |
| Standard deviation | 15.45% | 12.69% |
| Sharpe ratio | 0.22 | -0.42 |
| Sortino ratio | 0.29 | -0.55 |
| Maximum drawdown | −34.6% (23-03-2020) | −12.3% (23-10-2026) |
| Beta | 0.90 | 0.68 |
| Alpha | −1.85% | −2.55% |
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)
ITI Business Cycle 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) | −8.8% | 03-08-2026 | 23-10-2026 | Not yet | -- | −6.2% |
| ITI Business Cycle Fund (Direct) | −12.3% | 23-09-2026 | 23-10-2026 | Not yet | -- | −9.9% |
| BSE 500 TRI | −9.7% | 06-08-2026 | 23-10-2026 | Not yet | -- | −7.8% |
From daily values since 12-03-2026, the first day every fund has.
Groww ELSS Tax Saver vs ITI Business Cycle: Portfolio Overlap
From each fund's latest monthly portfolio: Groww ELSS Tax Saver Fund, September 2026; ITI Business Cycle Fund, September 2026
Holdings in common
- Overlap
- 29.9%
- Held by both
- 28
- Only in Groww ELSS Tax Saver
- 71
- Only in ITI Business Cycle
- 43
| Security | % of Groww ELSS Tax Saver | % of ITI Business Cycle |
|---|---|---|
| HDFC Bank Limited | 6.77% | 3.83% |
| ICICI Bank Limited | 5.98% | 2.37% |
| Reliance Industries Limited | 4.92% | 1.93% |
| Laurus Labs Limited | 1.63% | 1.59% |
| Titan Company Limited | 1.57% | 1.70% |
| Eternal Limited | 1.41% | 2.19% |
| Bajaj Finance Limited | 1.78% | 1.31% |
| Multi Commodity Exchange of India Ltd. | 1.24% | 1.34% |
| Bajaj Auto Limited | 1.23% | 1.70% |
| TVS Motor Company Limited | 1.03% | 1.26% |
| FSN E-Commerce Ventures Limited | 1.05% | 1.02% |
| Infosys Limited | 2.08% | 0.95% |
| Navin Fluorine International Limited | 0.88% | 1.19% |
| Divi's Laboratories Limited | 0.87% | 1.54% |
| Grasim Industries Limited | 0.86% | 1.41% |
| Marico Limited | 0.77% | 1.10% |
| State Bank of India | 2.29% | 0.74% |
| AU Small Finance Bank Limited | 0.73% | 1.39% |
| Solar Industries India Limited | 0.69% | 1.18% |
| Adani Power Limited | 0.69% | 1.01% |
| Hindalco Industries Limited | 0.68% | 1.24% |
| Torrent Pharmaceuticals Limited | 0.58% | 1.17% |
| Dr. Lal Path Labs Ltd. | 0.55% | 1.13% |
| Radico Khaitan Limited | 0.54% | 1.10% |
| SYRMA SGS TECHNOLOGY LIMITED | 0.53% | 1.20% |
| Neuland Laboratories Ltd | 0.50% | 1.16% |
| Aurobindo Pharma Limited | 0.44% | 1.25% |
| Apollo Hospitals Enterprise Limited | 0.37% | 1.30% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 29.9% means 29.9% 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 |
|---|---|
| Bharti Airtel Limited | 3.52% |
| Larsen & Toubro Limited | 2.72% |
| Kotak Mahindra Bank Limited | 1.98% |
| Axis Bank Limited | 1.86% |
| Mahindra & Mahindra Limited | 1.75% |
Largest holdings only in ITI Business Cycle Fund
| Security | % of fund |
|---|---|
| ESDS Software Solution Ltd | 6.03% |
| Manipal Payment and Identity Solutions Ltd | 2.02% |
| HDFC Life Insurance Company Limited | 2.01% |
| LG Electronics India Ltd | 1.40% |
| Ajanta Pharma Limited | 1.32% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Groww ELSS Tax Saver | ITI Business Cycle |
|---|---|---|
| Equity | 98.6% | 91.3% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.4% | 8.7% |
Market cap of stocks
| Market cap | Groww ELSS Tax Saver | ITI Business Cycle |
|---|---|---|
| Large Cap | 73.0% | 30.0% |
| Mid Cap | 18.6% | 23.4% |
| Small Cap | 7.0% | 28.0% |
| Not on AMFI's list | 0.0% | 9.9% |
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 | ITI Business Cycle |
|---|---|---|
| Banks | 21.2% | 14.1% |
| Pharmaceuticals & Biotechnology | 7.1% | 12.6% |
| IT - Software | 6.1% | 0.9% |
| Automobiles | 6.1% | 3.5% |
| IT - Services | 0.3% | 6.0% |
| Finance | 5.0% | 3.5% |
| Petroleum Products | 4.9% | 1.9% |
| Industrial Products | 0.0% | 4.5% |
| Healthcare Services | 1.9% | 4.3% |
| Chemicals & Petrochemicals | 2.0% | 4.3% |
The six largest sectors of each fund's stocks, % of the fund.
Groww ELSS Tax Saver vs ITI Business Cycle: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Groww ELSS Tax Saver Fund | ITI Business Cycle Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.52% | 1.63% |
| Base expense ratio (Direct) | 0.83% | 0.53% |
| Total expense ratio (Regular) | 2.92% | 3.39% |
| Base expense ratio (Regular) | 2.08% | 2.10% |
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 ITI Business Cycle Fund: Frequently Asked Questions
What is the difference between Groww ELSS Tax Saver Fund and ITI Business Cycle Fund?
Groww ELSS Tax Saver Fund is an ELSS fund, ITI Business Cycle Fund is a Thematic fund, run by Groww Mutual Fund and ITI Mutual Fund. Their portfolios overlap 29.9%. Groww ELSS Tax Saver Fund charges 1.52% a year and ITI Business Cycle Fund 1.63%.
Which has the lower expense ratio, Groww ELSS Tax Saver Fund or ITI Business Cycle Fund?
Groww ELSS Tax Saver Fund charges less: 1.52% a year against 1.63%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Groww ELSS Tax Saver Fund and ITI Business Cycle Fund overlap?
29.9%. They hold 28 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 ITI Business Cycle Fund?
On SEBI's riskometer, Groww ELSS Tax Saver Fund is rated Very High and ITI Business Cycle Fund Very High. Over their common history, the standard deviation of daily returns was 15.45% and 12.69% a year.
Can I invest in both Groww ELSS Tax Saver Fund and ITI Business Cycle Fund?
Yes. 29.9% 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 ITI Business Cycle Fund?
Groww ELSS Tax Saver Fund: Paras Matalia, Nikhil Satam. ITI Business Cycle Fund: Nilay Dalal, Alok Ranjan.
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.