Groww ELSS Tax Saver Fund vs LIC MF Equity Savings Fund
Direct Plan, Growth option · Data as on 30-10-2026
Groww ELSS Tax Saver Fund is an ELSS fund and LIC MF Equity Savings Fund is an Equity Savings fund. In the 3 years to 30-10-2026, Groww ELSS Tax Saver Fund (Direct) returned 9.0% a year and LIC MF Equity Savings Fund (Direct) returned 8.2% a year. Groww ELSS Tax Saver Fund charges 1.52% a year and LIC MF Equity Savings Fund 1.86% (Direct plans). Their portfolios overlap 29.6%: they hold 34 of the same securities.
Groww ELSS Tax Saver Fund
ELSS
- 3 year return
- 9.0%
- Expense ratio
- 1.52%
- NAV
- ₹20.99
LIC MF Equity Savings Fund
Equity Savings
- 3 year return
- 8.2%
- Expense ratio
- 1.86%
- NAV
- ₹31.98
Which is better, Groww ELSS Tax Saver or LIC MF Equity Savings? 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 returned more over 3 years: 9.0% a year against 8.2%.
- LIC MF Equity Savings returned more over 1 year: −0.3% against −9.4%.
- Groww ELSS Tax Saver costs less: 1.52% a year against 1.86% (Direct plans).
- LIC MF Equity Savings swung less over 3 years: a standard deviation of 6.8% a year against 14.3%.
- LIC MF Equity Savings fell less in its worst fall since 31-07-2023: −7.5% against −20.8%.
- Groww ELSS Tax Saver holds more in large companies: 73.0% of the fund in large caps against 40.1%.
- Groww ELSS Tax Saver is the larger fund: ₹48 Cr against ₹39 Cr.
- Their portfolios overlap 29.6%: 34 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 | LIC MF Equity Savings Fund |
|---|---|---|
| Fund house | Groww Mutual Fund | LIC Mutual Fund |
| Category | ELSS | Equity Savings |
| AUM | ₹48 Cr (30-09-2026) | ₹39 Cr (30-09-2026) |
| NAV | ₹20.99 (Direct) | ₹31.98 (Direct) |
| Expense ratio (Direct) | 1.52% | 1.86% |
| Expense ratio (Regular) | 2.92% | 2.83% |
| Riskometer | Very High | Moderate |
| Benchmark | BSE 500 TRI | Nifty Equity Savings Index |
| Launch date | 28-12-2017 | 07-03-2011 |
| Minimum investment | ₹500 | ₹5,000 |
| Lock in | 3 years | None |
| Fund managers | Paras Matalia, Nikhil Satam | Siddharth Panjwani, Pratik Harish Shroff |
| Exit load | Nil | Nil, If units of the Scheme are redeemed or switched out up to 12% of the units (the limit) within 3 months from the date of allotment. 1% of the applicable NAV, If units of the scheme are redeemed or switched out in excess of the limit within 3 months from the date of allotment. Nil, If units of scheme are redeemed or switched out after 3 months from the date of allotment. |
Groww ELSS Tax Saver vs LIC MF Equity Savings: 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% | -- |
| LIC MF Equity Savings Fund (Direct) | −1.15% | −1.22% | +0.64% | −0.33% | +8.23% | -- | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | -- |
| Equity Savings average | −0.02% | −0.68% | +1.71% | +2.12% | +8.55% | -- | -- |
Category average: the average of the 50 ELSS funds and the 23 Equity Savings funds, same plan type.
Groww ELSS Tax Saver vs LIC MF Equity Savings: Year-wise Returns
| Year | Groww ELSS Tax SaverGroww ELSS Tax Saver | LIC MF Equity SavingsLIC MF Equity Savings |
|---|---|---|
| 2026to date | −8.58% | +0.33% |
| 2025 | +0.70% | +8.46% |
| 2024 | +20.19% | +10.05% |
| 2023 | +27.49% | -- |
| 2022 | +4.57% | -- |
| 2021 | +23.63% | -- |
Groww ELSS Tax Saver vs LIC MF Equity Savings: 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, 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.
Groww ELSS Tax Saver Fund (Direct)
LIC MF Equity Savings Fund (Direct)
BSE 500 TRI
to
Aug 2026Aug 2023
to
Aug 2026Sept 2023
to
Sept 2026Sept 2023
to
Sept 2026Oct 2023
to
Oct 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 | 57.4 | 42.6 | 0.0 | 0.0 | 0.0 | 9.8% | 9.6% | 7.2% | 11.9% | 0% |
| LIC MF Equity Savings | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 8.8% | 8.7% | 7.8% | 9.7% | 0% |
| BSE 500 TRI | 0.0 | 0.0 | 39.3 | 60.7 | 0.0 | 0.0 | 0.0 | 10.7% | 10.4% | 8.4% | 12.8% | -- |
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 31-07-2023. Past returns do not promise future returns.
Groww ELSS Tax Saver vs LIC MF Equity Savings: 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 03-07-2023 to 30-10-2026: 40 instalments, ₹4,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Groww ELSS Tax SaverGroww ELSS Tax Saver Fund (Direct) | ₹4,00,000 | ₹4,06,708 | ₹6,708 | 1.0% |
| LIC MF Equity SavingsLIC MF Equity Savings Fund (Direct) | ₹4,00,000 | ₹4,38,447 | ₹38,447 | 5.5% |
Groww ELSS Tax SaverGroww ELSS Tax Saver Fund (Direct)
LIC MF Equity SavingsLIC MF Equity Savings 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 LIC MF Equity Savings: 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) | LIC MF Equity Savings Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.41% | −0.33% |
| Standard deviation | 14.31% | 5.43% |
| Sharpe ratio | -1.02 | -1.03 |
| Sortino ratio | -1.37 | -1.37 |
| Maximum drawdown | −15.3% (30-03-2026) | −5.5% (30-03-2026) |
| Beta | 0.99 | -- |
| Alpha | −1.89% | -- |
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) | LIC MF Equity Savings Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.02% | +8.23% |
| Standard deviation | 14.34% | 6.85% |
| Sharpe ratio | 0.21 | 0.32 |
| Sortino ratio | 0.28 | 0.44 |
| Maximum drawdown | −20.8% (07-04-2025) | −7.5% (03-03-2025) |
| Beta | 0.98 | -- |
| Alpha | −0.79% | -- |
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) | LIC MF Equity Savings Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.71% | +7.75% |
| Standard deviation | 15.45% | 6.69% |
| Sharpe ratio | 0.22 | 0.25 |
| Sortino ratio | 0.29 | 0.34 |
| Maximum drawdown | −34.6% (23-03-2020) | −7.5% (03-03-2025) |
| Beta | 0.90 | -- |
| Alpha | −1.85% | -- |
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)
LIC MF Equity Savings 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% |
| LIC MF Equity Savings Fund (Direct) | −7.5% | 16-12-2024 | 03-03-2025 | 16-04-2025 | 44 days | −2.9% |
| BSE 500 TRI | −18.7% | 26-09-2024 | 28-02-2025 | Not yet | -- | −9.4% |
From daily values since 31-07-2023, 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)
LIC MF Equity Savings 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)
LIC MF Equity Savings Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Groww ELSS Tax Saver Fund (Direct) | 98% | 101% | 4.55% |
| LIC MF Equity Savings Fund (Direct) | 50% | 30% | 9.22% |
From month-end values since 31-07-2023. 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 LIC MF Equity Savings: Portfolio Overlap
From each fund's latest monthly portfolio: Groww ELSS Tax Saver Fund, September 2026; LIC MF Equity Savings Fund, September 2026
Holdings in common
- Overlap
- 29.6%
- Held by both
- 34
- Only in Groww ELSS Tax Saver
- 65
- Only in LIC MF Equity Savings
- 26
| Security | % of Groww ELSS Tax Saver | % of LIC MF Equity Savings |
|---|---|---|
| State Bank of India | 2.29% | 2.23% |
| Eternal Limited | 1.41% | 2.01% |
| Kotak Mahindra Bank Limited | 1.98% | 1.29% |
| Tata Consultancy Services Limited | 1.28% | 1.43% |
| Bharti Airtel Limited | 3.52% | 1.23% |
| Bajaj Auto Limited | 1.23% | 1.79% |
| HDFC Bank Limited | 6.77% | 1.19% |
| Titan Company Limited | 1.57% | 1.19% |
| UltraTech Cement Limited | 1.06% | 1.42% |
| FSN E-Commerce Ventures Limited | 1.05% | 1.27% |
| ICICI Bank Limited | 5.98% | 0.96% |
| Infosys Limited | 2.08% | 0.93% |
| Bajaj Finance Limited | 1.78% | 0.93% |
| Tata Steel Limited | 0.91% | 1.18% |
| Divi's Laboratories Limited | 0.87% | 1.68% |
| Ashok Leyland Limited | 0.79% | 1.59% |
| Maruti Suzuki India Limited | 0.76% | 0.93% |
| PERSISTENT SYSTEMS LTD | 0.74% | 1.02% |
| AU Small Finance Bank Limited | 0.73% | 0.97% |
| Solar Industries India Limited | 0.69% | 1.60% |
| Asian Paints Limited | 0.68% | 1.09% |
| Larsen & Toubro Limited | 2.72% | 0.68% |
| Hindalco Industries Limited | 0.68% | 1.36% |
| Eicher Motors Limited | 0.67% | 0.92% |
| Trent Limited | 0.66% | 1.53% |
| Bharat Electronics Limited | 0.63% | 0.68% |
| Hero MotoCorp Limited | 0.62% | 1.22% |
| Coforge Limited | 0.61% | 1.07% |
| Torrent Pharmaceuticals Limited | 0.58% | 1.59% |
| Radico Khaitan Limited | 0.54% | 1.41% |
| Sona BLW Precision Forgings Limited | 0.49% | 1.29% |
| Hitachi Energy India Limited | 0.48% | 0.95% |
| Hindustan Aeronautics Limited | 0.40% | 0.67% |
| Apollo Hospitals Enterprise Limited | 0.37% | 1.06% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 29.6% means 29.6% 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 Groww ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| Reliance Industries Limited | 4.92% |
| Axis Bank Limited | 1.86% |
| Mahindra & Mahindra Limited | 1.75% |
| Laurus Labs Limited | 1.63% |
| ITC Limited | 1.36% |
Largest holdings only in LIC MF Equity Savings Fund
| Security | % of fund |
|---|---|
| LIC MF LIQUID FUND-DR PLN-GR | 9.73% |
| Cipla Ltd. | 2.66% |
| APL Apollo Tubes Ltd. | 1.78% |
| Bank of Baroda | 1.74% |
| Ajanta Pharma Ltd. | 1.47% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Groww ELSS Tax Saver | LIC MF Equity Savings |
|---|---|---|
| Equity | 98.6% | 66.3% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.4% | 33.7% |
Market cap of stocks
| Market cap | Groww ELSS Tax Saver | LIC MF Equity Savings |
|---|---|---|
| Large Cap | 73.0% | 40.1% |
| Mid Cap | 18.6% | 20.4% |
| Small Cap | 7.0% | 5.9% |
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 | LIC MF Equity Savings |
|---|---|---|
| Banks | 21.2% | 9.4% |
| Pharmaceuticals & Biotechnology | 7.1% | 7.4% |
| IT - Software | 6.1% | 4.5% |
| Automobiles | 6.1% | 4.9% |
| Retailing | 3.6% | 5.7% |
| Finance | 5.0% | 2.1% |
| Petroleum Products | 4.9% | 0.0% |
| Consumer Durables | 2.3% | 4.2% |
The six largest sectors of each fund's stocks, % of the fund.
Groww ELSS Tax Saver vs LIC MF Equity Savings: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Groww ELSS Tax Saver Fund | LIC MF Equity Savings Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.52% | 1.86% |
| Base expense ratio (Direct) | 0.83% | 1.11% |
| Total expense ratio (Regular) | 2.92% | 2.83% |
| Base expense ratio (Regular) | 2.08% | 1.99% |
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 LIC MF Equity Savings Fund: Frequently Asked Questions
What is the difference between Groww ELSS Tax Saver Fund and LIC MF Equity Savings Fund?
Groww ELSS Tax Saver Fund is an ELSS fund, LIC MF Equity Savings Fund is an Equity Savings fund, run by Groww Mutual Fund and LIC Mutual Fund. Their portfolios overlap 29.6%. Groww ELSS Tax Saver Fund charges 1.52% a year and LIC MF Equity Savings Fund 1.86%.
Which has given higher returns, Groww ELSS Tax Saver Fund or LIC MF Equity Savings Fund?
Over 1 year: Groww ELSS Tax Saver Fund −9.41%, LIC MF Equity Savings Fund −0.33%. Over 3 years: Groww ELSS Tax Saver Fund +9.02% a year, LIC MF Equity Savings Fund +8.23% 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 LIC MF Equity Savings Fund?
Groww ELSS Tax Saver Fund charges less: 1.52% a year against 1.86%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Groww ELSS Tax Saver Fund and LIC MF Equity Savings Fund overlap?
29.6%. They hold 34 of the same securities, the largest shared ones being SBIN, ETERNAL, KOTAKBANK. From each fund's latest monthly portfolio.
Which is riskier, Groww ELSS Tax Saver Fund or LIC MF Equity Savings Fund?
On SEBI's riskometer, Groww ELSS Tax Saver Fund is rated Very High and LIC MF Equity Savings Fund Moderate. Over 3 years, the standard deviation of daily returns was 14.34% and 6.85% a year.
Which is better for SIP, Groww ELSS Tax Saver Fund or LIC MF Equity Savings 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 ₹4,00,245 in LIC MF Equity Savings Fund (XIRR 5.0% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Groww ELSS Tax Saver Fund and LIC MF Equity Savings Fund?
Yes. 29.6% 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 LIC MF Equity Savings Fund?
Groww ELSS Tax Saver Fund: Paras Matalia, Nikhil Satam. LIC MF Equity Savings Fund: Siddharth Panjwani, Pratik Harish Shroff.
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.