HDFC ELSS - Tax Saver Fund vs HDFC Value Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC ELSS - Tax Saver Fund is an ELSS fund and HDFC Value Fund is a Value and Contra fund. In the 3 years to 30-10-2026, HDFC ELSS - Tax Saver Fund (Direct) returned 12.7% a year and HDFC Value Fund (Direct) returned 15.1% a year. HDFC ELSS - Tax Saver Fund charges 1.20% a year and HDFC Value Fund 1.11% (Direct plans). Their portfolios overlap 47.6%: they hold 33 of the same securities.
HDFC ELSS - Tax Saver Fund
ELSS
- 3 year return
- 12.7%
- Expense ratio
- 1.20%
- NAV
- ₹1,434.92
Which is better, HDFC ELSS - Tax Saver or HDFC Value? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC ELSS - Tax Saver returned more over 5 years: 13.0% a year against 12.3%.
- HDFC Value returned more over 3 years: 15.1% a year against 12.7%.
- HDFC Value costs less: 1.11% a year against 1.20% (Direct plans).
- HDFC ELSS - Tax Saver swung less over 3 years: a standard deviation of 12.4% a year against 13.7%.
- HDFC Value fell less in its worst fall since 01-01-2013: −43.9% against −44.1%.
- HDFC ELSS - Tax Saver holds more in large companies: 78.4% of the fund in large caps against 56.6%.
- HDFC ELSS - Tax Saver is the larger fund: ₹14,949 Cr against ₹8,039 Cr.
- Their portfolios overlap 47.6%: 33 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 | HDFC ELSS - Tax Saver Fund | HDFC Value Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | HDFC Mutual Fund |
| Category | ELSS | Value and Contra |
| AUM | ₹14,949 Cr (30-09-2026) | ₹8,039 Cr (30-09-2026) |
| NAV | ₹1,434.92 (Direct) | ₹848.85 (Direct) |
| Expense ratio (Direct) | 1.20% | 1.11% |
| Expense ratio (Regular) | 1.76% | 1.88% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 31-03-1996 | 01-02-1994 |
| Minimum investment | ₹500 | ₹100 |
| Lock in | 3 years | None |
| Fund managers | Amar Kalkundrikar, Gopal Agrawal | Anand Laddha, Gopal Agrawal, Bhagyesh Kagalkar |
| Exit load | NIL | In respect of each purchase / switch-in of units, an Exit Load of 0.25% is payable if Units are redeemed/ switched-out within 1 month from the date of allotment. No Exit Load is payable if Units are redeemed / switched-out after 1 month from the date of allotment. |
HDFC ELSS - Tax Saver vs HDFC Value: 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 |
|---|---|---|---|---|---|---|---|
| HDFC ELSS - Tax Saver Fund (Direct) | +1.27% | −4.75% | −0.92% | −9.55% | +12.73% | +12.97% | +12.64% |
| HDFC Value Fund (Direct) | −1.58% | −4.12% | +1.58% | −1.48% | +15.13% | +12.33% | +13.72% |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
| Value and Contra average | −2.09% | −5.76% | −3.23% | −5.72% | +11.83% | +11.08% | +12.63% |
Category average: the average of the 50 ELSS funds and the 30 Value and Contra funds, same plan type.
HDFC ELSS - Tax Saver vs HDFC Value: Year-wise Returns
| Year | ELSS - Tax SaverHDFC ELSS - Tax Saver | ValueHDFC Value | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | −9.15% | −1.84% | −7.51% |
| 2025 | +10.94% | +9.51% | +7.76% |
| 2024 | +22.07% | +21.73% | +16.24% |
| 2023 | +34.02% | +30.73% | +26.91% |
| 2022 | +11.14% | +4.58% | +4.25% |
| 2021 | +36.05% | +36.87% | +31.60% |
HDFC ELSS - Tax Saver vs HDFC Value: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 2,667 of them, one for each trading day from 01-01-2016 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.
HDFC ELSS - Tax Saver Fund (Direct)
HDFC Value Fund (Direct)
Nifty 500 TRI
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC ELSS - Tax Saver | 7.5 | 3.0 | 13.9 | 23.3 | 19.5 | 16.7 | 16.1 | 15.3% | 15.5% | −11.0% | 36.3% | 50% |
| HDFC Value | 3.7 | 4.7 | 6.9 | 18.3 | 35.4 | 23.8 | 7.2 | 16.3% | 17.2% | −9.9% | 37.1% | 70% |
| Nifty 500 TRI | 1.9 | 4.3 | 7.8 | 37.0 | 34.8 | 11.3 | 2.9 | 14.7% | 14.9% | −6.3% | 33.5% | -- |
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 01-01-2013. Past returns do not promise future returns.
HDFC ELSS - Tax Saver vs HDFC Value: 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 01-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC ELSS - Tax SaverHDFC ELSS - Tax Saver Fund (Direct) | ₹16,60,000 | ₹45,30,059 | ₹28,70,059 | 13.5% |
| HDFC ValueHDFC Value Fund (Direct) | ₹16,60,000 | ₹49,85,356 | ₹33,25,356 | 14.7% |
HDFC ELSS - Tax SaverHDFC ELSS - Tax Saver Fund (Direct)
HDFC ValueHDFC Value 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.
HDFC ELSS - Tax Saver vs HDFC Value: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC ELSS - Tax Saver Fund (Direct) | HDFC Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.55% | −1.48% |
| Standard deviation | 13.16% | 14.15% |
| Sharpe ratio | -1.12 | -0.48 |
| Sortino ratio | -1.48 | -0.65 |
| Maximum drawdown | −14.7% (31-03-2026) | −13.8% (31-03-2026) |
| Beta | 0.88 | 0.97 |
| Alpha | −3.71% | +5.47% |
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 | HDFC ELSS - Tax Saver Fund (Direct) | HDFC Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.73% | +15.13% |
| Standard deviation | 12.37% | 13.73% |
| Sharpe ratio | 0.54 | 0.66 |
| Sortino ratio | 0.76 | 0.91 |
| Maximum drawdown | −14.8% (31-03-2026) | −18.2% (28-02-2025) |
| Beta | 0.83 | 0.95 |
| Alpha | +3.24% | +5.13% |
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 | HDFC ELSS - Tax Saver Fund (Direct) | HDFC Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.97% | +12.33% |
| Standard deviation | 12.63% | 13.81% |
| Sharpe ratio | 0.57 | 0.47 |
| Sortino ratio | 0.79 | 0.64 |
| Maximum drawdown | −14.8% (31-03-2026) | −18.4% (20-06-2022) |
| Beta | 0.84 | 0.94 |
| Alpha | +4.63% | +3.68% |
From daily NAVs, 29-10-2021 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 | HDFC ELSS - Tax Saver Fund (Direct) | HDFC Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.59% | +15.36% |
| Standard deviation | 15.87% | 15.62% |
| Sharpe ratio | 0.48 | 0.60 |
| Sortino ratio | 0.65 | 0.80 |
| Maximum drawdown | −44.1% (23-03-2020) | −43.9% (23-03-2020) |
| Beta | 0.96 | 0.96 |
| Alpha | +1.04% | +2.76% |
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.
HDFC ELSS - Tax Saver Fund (Direct)
HDFC Value Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC ELSS - Tax Saver Fund (Direct) | −44.1% | 23-01-2018 | 23-03-2020 | 08-01-2021 | 10 months | −10.0% |
| HDFC Value Fund (Direct) | −43.9% | 23-01-2018 | 23-03-2020 | 01-12-2020 | 8 months | −6.2% |
| Nifty 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −8.8% |
From daily values since 01-01-2013, 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.
HDFC ELSS - Tax Saver Fund (Direct)
HDFC Value 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.
HDFC ELSS - Tax Saver Fund (Direct)
HDFC Value 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.
HDFC ELSS - Tax Saver Fund (Direct)
HDFC Value Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC ELSS - Tax Saver Fund (Direct) | 100% | 95% | 5.02% |
| HDFC Value Fund (Direct) | 105% | 95% | 3.86% |
From month-end values since 01-01-2013. 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.
HDFC ELSS - Tax Saver vs HDFC Value: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC ELSS - Tax Saver Fund, September 2026; HDFC Value Fund, September 2026
Holdings in common
- Overlap
- 47.6%
- Held by both
- 33
- Only in HDFC ELSS - Tax Saver
- 29
- Only in HDFC Value
- 47
| Security | % of HDFC ELSS - Tax Saver | % of HDFC Value |
|---|---|---|
| ICICI Bank Ltd. | 9.06% | 6.17% |
| HDFC Bank Ltd. | 7.87% | 4.56% |
| Axis Bank Ltd. | 6.56% | 3.20% |
| State Bank of India | 4.49% | 3.16% |
| Bharti Airtel Ltd. | 4.45% | 2.84% |
| SBI Life Insurance Company Ltd. | 3.21% | 1.85% |
| Reliance Industries Ltd. | 2.64% | 1.85% |
| Eternal Limited | 2.41% | 1.75% |
| Maruti Suzuki India Limited | 4.40% | 1.61% |
| Larsen and Toubro Ltd. | 1.59% | 2.46% |
| Bosch Limited | 1.42% | 1.70% |
| HCL Technologies Ltd. | 2.94% | 1.38% |
| Bajaj Auto Limited | 1.88% | 1.15% |
| Britannia Industries Ltd. | 1.69% | 1.14% |
| Karur Vysya Bank Ltd. | 1.30% | 1.05% |
| United Spirits Limited | 1.03% | 1.32% |
| Tech Mahindra Ltd. | 1.02% | 1.61% |
| Infosys Limited | 0.96% | 1.98% |
| Lupin Ltd. | 0.95% | 1.20% |
| InterGlobe Aviation Ltd. | 1.37% | 0.93% |
| Alkem Laboratories Ltd. | 1.21% | 0.90% |
| Eicher Motors Ltd. | 0.86% | 1.33% |
| 360 ONE WAM LIMITED | 0.79% | 0.90% |
| Hyundai Motor India Limited | 2.72% | 0.78% |
| Hindustan Unilever Ltd. | 0.75% | 0.94% |
| Chalet Hotels Ltd. | 0.81% | 0.74% |
| Godrej Consumer Products Ltd. | 0.74% | 0.97% |
| ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY LIMITED | 1.05% | 0.64% |
| Bharat Electronics Ltd. | 0.56% | 1.93% |
| MphasiS Limited. | 1.01% | 0.54% |
| Cummins India Ltd. | 0.68% | 0.30% |
| Rubicon Research Limited | 0.24% | 0.45% |
| Popular Vehicles and Services Limited | 0.31% | 0.11% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 47.6% means 47.6% 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 HDFC ELSS - Tax Saver Fund
| Security | % of fund |
|---|---|
| Kotak Mahindra Bank Limited | 4.88% |
| Tata Steel Ltd. | 1.85% |
| JSW Steel Ltd. | 1.55% |
| Dr. Lal Path Labs Ltd | 1.52% |
| Apollo Hospitals Enterprise Ltd. | 1.50% |
Largest holdings only in HDFC Value Fund
| Security | % of fund |
|---|---|
| Sun Pharmaceutical Industries Ltd. | 2.20% |
| Au Small Finance Bank Ltd. | 2.19% |
| NTPC Limited | 2.01% |
| ACME Solar Holdings Limited | 1.64% |
| Divis Laboratories Ltd. | 1.62% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC ELSS - Tax Saver | HDFC Value |
|---|---|---|
| Equity | 99.2% | 98.5% |
| Debt | 0.3% | 0.0% |
| Cash and others | 0.4% | 1.5% |
Market cap of stocks
| Market cap | HDFC ELSS - Tax Saver | HDFC Value |
|---|---|---|
| Large Cap | 78.4% | 56.6% |
| Mid Cap | 10.1% | 22.7% |
| Small Cap | 10.6% | 18.2% |
| Not on AMFI's list | 0.1% | 1.0% |
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 | HDFC ELSS - Tax Saver | HDFC Value |
|---|---|---|
| Banks | 34.2% | 21.9% |
| Automobiles | 10.9% | 5.0% |
| Pharmaceuticals & Biotechnology | 4.0% | 6.9% |
| IT - Software | 5.9% | 6.0% |
| Insurance | 5.9% | 3.8% |
| Finance | 0.0% | 5.7% |
| Auto Components | 1.4% | 4.7% |
| Telecom - Services | 4.5% | 3.8% |
| Healthcare Services | 4.2% | 2.3% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC ELSS - Tax Saver vs HDFC Value: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC ELSS - Tax Saver Fund | HDFC Value Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.20% | 1.11% |
| Base expense ratio (Direct) | 0.97% | 0.87% |
| Total expense ratio (Regular) | 1.76% | 1.88% |
| Base expense ratio (Regular) | 1.45% | 1.53% |
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 HDFC ELSS - Tax Saver with
HDFC ELSS - Tax Saver Fund vs HDFC Value Fund: Frequently Asked Questions
What is the difference between HDFC ELSS - Tax Saver Fund and HDFC Value Fund?
HDFC ELSS - Tax Saver Fund is an ELSS fund, HDFC Value Fund is a Value and Contra fund, run by HDFC Mutual Fund. Their portfolios overlap 47.6%. HDFC ELSS - Tax Saver Fund charges 1.20% a year and HDFC Value Fund 1.11%.
Which has given higher returns, HDFC ELSS - Tax Saver Fund or HDFC Value Fund?
Over 1 year: HDFC ELSS - Tax Saver Fund −9.55%, HDFC Value Fund −1.48%. Over 3 years: HDFC ELSS - Tax Saver Fund +12.73% a year, HDFC Value Fund +15.13% a year. Over 5 years: HDFC ELSS - Tax Saver Fund +12.97% a year, HDFC Value Fund +12.33% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC ELSS - Tax Saver Fund or HDFC Value Fund?
HDFC Value Fund charges less: 1.11% a year against 1.20%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC ELSS - Tax Saver Fund and HDFC Value Fund overlap?
47.6%. They hold 33 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, HDFC ELSS - Tax Saver Fund or HDFC Value Fund?
On SEBI's riskometer, HDFC ELSS - Tax Saver Fund is rated Very High and HDFC Value Fund Very High. Over 3 years, the standard deviation of daily returns was 12.37% and 13.73% a year.
Which is better for SIP, HDFC ELSS - Tax Saver Fund or HDFC Value Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,97,262 in HDFC ELSS - Tax Saver Fund (XIRR 10.5% a year) and ₹8,31,781 in HDFC Value Fund (XIRR 12.2% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC ELSS - Tax Saver Fund and HDFC Value Fund?
Yes. 47.6% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HDFC ELSS - Tax Saver Fund and HDFC Value Fund?
HDFC ELSS - Tax Saver Fund: Amar Kalkundrikar, Gopal Agrawal. HDFC Value Fund: Anand Laddha, Gopal Agrawal, Bhagyesh Kagalkar.
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.