Invesco India ELSS Tax Saver Fund vs JM ELSS - Tax Saver Fund
Direct Plan, Growth option · Data as on 30-10-2026
Invesco India ELSS Tax Saver Fund and JM ELSS - Tax Saver Fund are both ELSS funds. In the 3 years to 30-10-2026, Invesco India ELSS Tax Saver Fund (Direct) returned 11.3% a year and JM ELSS - Tax Saver Fund (Direct) returned 15.6% a year. Invesco India ELSS Tax Saver Fund charges 1.21% a year and JM ELSS - Tax Saver Fund 1.34% (Direct plans). Their portfolios overlap 25.6%: they hold 17 of the same securities.
Invesco India ELSS Tax Saver Fund
ELSS
- 3 year return
- 11.3%
- Expense ratio
- 1.21%
- NAV
- ₹143.26
JM ELSS - Tax Saver Fund
ELSS
- 3 year return
- 15.6%
- Expense ratio
- 1.34%
- NAV
- ₹57.26
Which is better, Invesco India ELSS Tax Saver or JM ELSS - Tax Saver? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- JM ELSS - Tax Saver returned more over 5 years: 12.3% a year against 8.5%.
- JM ELSS - Tax Saver returned more over 3 years: 15.6% a year against 11.3%.
- Invesco India ELSS Tax Saver costs less: 1.21% a year against 1.34% (Direct plans).
- Invesco India ELSS Tax Saver swung less over 3 years: a standard deviation of 14.8% a year against 16.1%.
- Invesco India ELSS Tax Saver fell less in its worst fall since 02-01-2013: −35.8% against −37.4%.
- Invesco India ELSS Tax Saver is the larger fund: ₹2,598 Cr against ₹240 Cr.
- Their portfolios overlap 25.6%: 17 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 | Invesco India ELSS Tax Saver Fund | JM ELSS - Tax Saver Fund |
|---|---|---|
| Fund house | Invesco Mutual Fund | JM Financial Mutual Fund |
| Category | ELSS | ELSS |
| AUM | ₹2,598 Cr (30-09-2026) | ₹240 Cr (30-09-2026) |
| NAV | ₹143.26 (Direct) | ₹57.26 (Direct) |
| Expense ratio (Direct) | 1.21% | 1.34% |
| Expense ratio (Regular) | 2.30% | 2.68% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | BSE 500 TRI |
| Launch date | 29-12-2006 | 31-03-2008 |
| Minimum investment | Not available | ₹500 |
| Lock in | 3 years | 3 years |
| Fund managers | Depesh Kashyap | Deepak Gupta, Satish Ramanathan, Asit Bhandarkar, Ruchi Fozdar |
| Exit load | Nil | Nil |
Invesco India ELSS Tax Saver vs JM ELSS - Tax Saver: 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 |
|---|---|---|---|---|---|---|---|
| Invesco India ELSS Tax Saver Fund (Direct) | −1.84% | −3.92% | +3.50% | −6.34% | +11.35% | +8.46% | +13.20% |
| JM ELSS - Tax Saver Fund (Direct) | −3.36% | −4.03% | +5.11% | −1.27% | +15.60% | +12.32% | +15.40% |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
Category average: the average of the 50 ELSS funds, same plan type.
Invesco India ELSS Tax Saver vs JM ELSS - Tax Saver: Year-wise Returns
| Year | Invesco India ELSSInvesco India ELSS Tax Saver | JM ELSS -JM ELSS - Tax Saver | BSE 500 TRI |
|---|---|---|---|
| 2026to date | −3.18% | −0.54% | −7.81% |
| 2025 | −1.73% | +3.83% | +7.63% |
| 2024 | +26.67% | +30.64% | +15.81% |
| 2023 | +32.41% | +32.19% | +26.55% |
| 2022 | −6.45% | +1.47% | +4.77% |
| 2021 | +34.21% | +33.15% | +31.63% |
Invesco India ELSS Tax Saver vs JM ELSS - Tax Saver: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 2,666 of them, one for each trading day from 04-01-2016 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.
Invesco India ELSS Tax Saver Fund (Direct)
JM ELSS - Tax Saver Fund (Direct)
BSE 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Invesco India ELSS Tax Saver | 0.1 | 2.3 | 6.6 | 28.2 | 39.2 | 19.0 | 4.6 | 16.6% | 16.4% | −2.0% | 32.7% | 77% |
| JM ELSS - Tax Saver | 1.3 | 4.6 | 2.3 | 16.7 | 37.3 | 25.5 | 12.2 | 17.9% | 17.9% | −3.5% | 33.2% | 91% |
| BSE 500 TRI | 1.8 | 4.2 | 8.0 | 36.8 | 34.2 | 11.7 | 3.3 | 14.8% | 14.9% | −6.2% | 33.9% | -- |
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 02-01-2013. Past returns do not promise future returns.
Invesco India ELSS Tax Saver vs JM ELSS - Tax Saver: 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 02-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Invesco India ELSS Tax SaverInvesco India ELSS Tax Saver Fund (Direct) | ₹16,60,000 | ₹47,14,283 | ₹30,54,283 | 14.0% |
| JM ELSS - Tax SaverJM ELSS - Tax Saver Fund (Direct) | ₹16,60,000 | ₹55,77,578 | ₹39,17,578 | 16.1% |
Invesco India ELSS Tax SaverInvesco India ELSS Tax Saver Fund (Direct)
JM ELSS - Tax SaverJM ELSS - Tax Saver 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.
Invesco India ELSS Tax Saver vs JM ELSS - Tax Saver: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Invesco India ELSS Tax Saver Fund (Direct) | JM ELSS - Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | −6.34% | −1.27% |
| Standard deviation | 15.46% | 15.50% |
| Sharpe ratio | -0.75 | -0.42 |
| Sortino ratio | -1.00 | -0.56 |
| Maximum drawdown | −18.7% (31-03-2026) | −16.9% (23-03-2026) |
| Beta | 1.05 | 1.04 |
| Alpha | +1.92% | +6.93% |
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 | Invesco India ELSS Tax Saver Fund (Direct) | JM ELSS - Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.35% | +15.60% |
| Standard deviation | 14.75% | 16.06% |
| Sharpe ratio | 0.36 | 0.60 |
| Sortino ratio | 0.49 | 0.80 |
| Maximum drawdown | −20.6% (31-03-2026) | −20.9% (07-04-2025) |
| Beta | 1.00 | 1.08 |
| Alpha | +1.47% | +5.41% |
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 | Invesco India ELSS Tax Saver Fund (Direct) | JM ELSS - Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.46% | +12.32% |
| Standard deviation | 14.59% | 15.58% |
| Sharpe ratio | 0.18 | 0.42 |
| Sortino ratio | 0.24 | 0.56 |
| Maximum drawdown | −22.5% (20-06-2022) | −20.9% (07-04-2025) |
| Beta | 0.98 | 1.04 |
| Alpha | −0.15% | +3.55% |
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 | Invesco India ELSS Tax Saver Fund (Direct) | JM ELSS - Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.39% | +16.16% |
| Standard deviation | 15.32% | 16.95% |
| Sharpe ratio | 0.61 | 0.60 |
| Sortino ratio | 0.83 | 0.81 |
| Maximum drawdown | −35.8% (23-03-2020) | −37.4% (23-03-2020) |
| Beta | 0.94 | 1.02 |
| Alpha | +2.99% | +3.19% |
From daily NAVs, 02-01-2013 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.
Invesco India ELSS Tax Saver Fund (Direct)
JM ELSS - Tax Saver Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Invesco India ELSS Tax Saver Fund (Direct) | −35.8% | 19-02-2020 | 23-03-2020 | 09-11-2020 | 8 months | −8.4% |
| JM ELSS - Tax Saver Fund (Direct) | −37.4% | 19-02-2020 | 23-03-2020 | 10-11-2020 | 8 months | −7.2% |
| BSE 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −9.4% |
From daily values since 02-01-2013, 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.
Invesco India ELSS Tax Saver Fund (Direct)
JM ELSS - Tax Saver 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.
Invesco India ELSS Tax Saver Fund (Direct)
JM ELSS - Tax Saver Fund (Direct)
BSE 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.
Invesco India ELSS Tax Saver Fund (Direct)
JM ELSS - Tax Saver Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Invesco India ELSS Tax Saver Fund (Direct) | 103% | 92% | 4.48% |
| JM ELSS - Tax Saver Fund (Direct) | 109% | 93% | 5.72% |
From month-end values since 02-01-2013. 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.
Invesco India ELSS Tax Saver vs JM ELSS - Tax Saver: Portfolio Overlap
From each fund's latest monthly portfolio: Invesco India ELSS Tax Saver Fund, September 2026; JM ELSS - Tax Saver Fund, September 2026
Holdings in common
- Overlap
- 25.6%
- Held by both
- 17
- Only in Invesco India ELSS Tax Saver
- 59
- Only in JM ELSS - Tax Saver
- 36
| Security | % of Invesco India ELSS Tax Saver | % of JM ELSS - Tax Saver |
|---|---|---|
| HDFC Bank Limited | 5.05% | 2.90% |
| ICICI Bank Limited | 3.55% | 2.67% |
| Eternal Limited | 2.05% | 2.08% |
| Kotak Mahindra Bank Ltd | 1.96% | 2.11% |
| Bajaj Finance Ltd | 1.84% | 1.94% |
| Bharti Airtel Limited | 1.78% | 2.41% |
| Shaily Engineering Plastics Limited | 1.54% | 1.89% |
| Mahindra & Mahindra Limited | 1.42% | 1.63% |
| Persistent Systems Ltd | 1.29% | 1.54% |
| Prestige Estates Projects Limited | 1.35% | 1.26% |
| Shriram Finance Limited | 1.25% | 1.70% |
| State Bank of India | 1.22% | 2.01% |
| Tech Mahindra Limited | 1.09% | 1.71% |
| Belrise Industries Ltd. | 1.05% | 1.95% |
| BSE Limited | 0.82% | 1.61% |
| Bajaj Auto Limited | 0.82% | 1.63% |
| One 97 Communications Limited | 0.62% | 3.31% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 25.6% means 25.6% 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 Invesco India ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| Jyoti CNC Automation Ltd | 2.51% |
| Divi's Laboratories Limited | 2.20% |
| Axis Bank Limited | 2.11% |
| InterGlobe Aviation Limited | 2.03% |
| Multi Commodity Exchange of India Limited | 1.92% |
Largest holdings only in JM ELSS - Tax Saver Fund
| Security | % of fund |
|---|---|
| SYRMA SGS TECHNOLOGY LIMITED | 3.41% |
| Karur Vysya Bank Limited | 2.69% |
| Reliance Industries Limited | 2.64% |
| CarTrade Tech Limited | 2.30% |
| EPL Limited | 2.19% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Invesco India ELSS Tax Saver | JM ELSS - Tax Saver |
|---|---|---|
| Equity | 98.3% | 98.9% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.7% | 1.1% |
Market cap of stocks
| Market cap | Invesco India ELSS Tax Saver | JM ELSS - Tax Saver |
|---|---|---|
| Large Cap | 38.8% | 35.1% |
| Mid Cap | 21.6% | 18.2% |
| Small Cap | 36.2% | 45.5% |
| Not on AMFI's list | 1.8% | 0.0% |
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 | Invesco India ELSS Tax Saver | JM ELSS - Tax Saver |
|---|---|---|
| Banks | 16.6% | 12.4% |
| Finance | 4.9% | 10.1% |
| Capital Markets | 8.0% | 1.6% |
| Auto Components | 6.8% | 3.5% |
| Retailing | 5.4% | 6.4% |
| Pharmaceuticals & Biotechnology | 5.3% | 3.1% |
| IT - Software | 5.1% | 3.3% |
| Industrial Manufacturing | 4.8% | 5.0% |
| Commercial Services & Supplies | 2.4% | 4.9% |
| Automobiles | 3.2% | 4.7% |
The six largest sectors of each fund's stocks, % of the fund.
Invesco India ELSS Tax Saver vs JM ELSS - Tax Saver: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Invesco India ELSS Tax Saver Fund | JM ELSS - Tax Saver Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.21% | 1.34% |
| Base expense ratio (Direct) | 0.76% | 0.93% |
| Total expense ratio (Regular) | 2.30% | 2.68% |
| Base expense ratio (Regular) | 1.71% | 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 Invesco India ELSS Tax Saver with
Invesco India ELSS Tax Saver Fund vs JM ELSS - Tax Saver Fund: Frequently Asked Questions
What is the difference between Invesco India ELSS Tax Saver Fund and JM ELSS - Tax Saver Fund?
Both are ELSS funds, run by Invesco Mutual Fund and JM Financial Mutual Fund. Their portfolios overlap 25.6%. Invesco India ELSS Tax Saver Fund charges 1.21% a year and JM ELSS - Tax Saver Fund 1.34%.
Which has given higher returns, Invesco India ELSS Tax Saver Fund or JM ELSS - Tax Saver Fund?
Over 1 year: Invesco India ELSS Tax Saver Fund −6.34%, JM ELSS - Tax Saver Fund −1.27%. Over 3 years: Invesco India ELSS Tax Saver Fund +11.35% a year, JM ELSS - Tax Saver Fund +15.60% a year. Over 5 years: Invesco India ELSS Tax Saver Fund +8.46% a year, JM ELSS - Tax Saver Fund +12.32% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Invesco India ELSS Tax Saver Fund or JM ELSS - Tax Saver Fund?
Invesco India ELSS Tax Saver Fund charges less: 1.21% a year against 1.34%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Invesco India ELSS Tax Saver Fund and JM ELSS - Tax Saver Fund overlap?
25.6%. They hold 17 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, ETERNAL. From each fund's latest monthly portfolio.
Which is riskier, Invesco India ELSS Tax Saver Fund or JM ELSS - Tax Saver Fund?
On SEBI's riskometer, Invesco India ELSS Tax Saver Fund is rated Very High and JM ELSS - Tax Saver Fund Very High. Over 3 years, the standard deviation of daily returns was 14.75% and 16.06% a year.
Which is better for SIP, Invesco India ELSS Tax Saver Fund or JM ELSS - Tax Saver Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,62,847 in Invesco India ELSS Tax Saver Fund (XIRR 8.7% a year) and ₹8,40,555 in JM ELSS - Tax Saver Fund (XIRR 12.6% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Invesco India ELSS Tax Saver Fund and JM ELSS - Tax Saver Fund?
Yes. 25.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Invesco India ELSS Tax Saver Fund and JM ELSS - Tax Saver Fund?
Invesco India ELSS Tax Saver Fund: Depesh Kashyap. JM ELSS - Tax Saver Fund: Deepak Gupta, Satish Ramanathan, Asit Bhandarkar, Ruchi Fozdar.
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.