Invesco India ELSS Tax Saver Fund vs SBI MultiCap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Invesco India ELSS Tax Saver Fund is an ELSS fund and SBI MultiCap Fund is a Multi Cap fund. In the 3 years to 30-10-2026, Invesco India ELSS Tax Saver Fund (Direct) returned 11.3% a year and SBI MultiCap Fund (Direct) returned 11.7% a year. Invesco India ELSS Tax Saver Fund charges 1.21% a year and SBI MultiCap Fund 1.06% (Direct plans). Their portfolios overlap 26.6%: they hold 19 of the same securities.
Invesco India ELSS Tax Saver Fund
ELSS
- 3 year return
- 11.3%
- Expense ratio
- 1.21%
- NAV
- ₹143.26
Which is better, Invesco India ELSS Tax Saver or SBI MultiCap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- SBI MultiCap returned more over 3 years: 11.7% a year against 11.3%.
- Invesco India ELSS Tax Saver returned more over 1 year: −6.3% against −6.8%.
- SBI MultiCap costs less: 1.06% a year against 1.21% (Direct plans).
- SBI MultiCap swung less over 3 years: a standard deviation of 13.1% a year against 14.8%.
- SBI MultiCap fell less in its worst fall since 15-03-2022: −15.1% against −20.6%.
- SBI MultiCap is the larger fund: ₹23,456 Cr against ₹2,598 Cr.
- Their portfolios overlap 26.6%: 19 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 | SBI MultiCap Fund |
|---|---|---|
| Fund house | Invesco Mutual Fund | SBI Mutual Fund |
| Category | ELSS | Multi Cap |
| AUM | ₹2,598 Cr (30-09-2026) | ₹23,456 Cr (30-09-2026) |
| NAV | ₹143.26 (Direct) | ₹16.86 (Direct) |
| Expense ratio (Direct) | 1.21% | 1.06% |
| Expense ratio (Regular) | 2.30% | 1.84% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 29-12-2006 | 08-03-2022 |
| Minimum investment | Not available | ₹5,000 |
| Lock in | 3 years | None |
| Fund managers | Depesh Kashyap | R Srinivasan, Saurabh Pant |
| Exit load | Nil | Exit load of 0.25% if redeemed within 30 days and 0.10% if redeemed after 30 days but on or before 90 days. |
Invesco India ELSS Tax Saver vs SBI MultiCap: 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% |
| SBI MultiCap Fund (Direct) | −3.15% | −5.73% | −1.62% | −6.77% | +11.73% | -- | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
| 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.
Invesco India ELSS Tax Saver vs SBI MultiCap: Year-wise Returns
| Year | Invesco India ELSS Tax SaverInvesco India ELSS Tax Saver | SBI MultiCapSBI MultiCap |
|---|---|---|
| 2026to date | −3.18% | −4.05% |
| 2025 | −1.73% | +3.83% |
| 2024 | +26.67% | +27.02% |
| 2023 | +32.41% | +23.63% |
| 2022 | −6.45% | -- |
| 2021 | +34.21% | -- |
Invesco India ELSS Tax Saver vs SBI MultiCap: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of Invesco India ELSS Tax Saver Fund
Rolling returns
Every 3-year holding period, 400 of them, one for each trading day from 17-03-2025 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)
SBI MultiCap Fund (Direct)
BSE 500 TRI
to
May 2025Aug 2022
to
Aug 2025Nov 2022
to
Nov 2025Mar 2023
to
Mar 2026Jun 2023
to
Jun 2026Sept 2023
to
Sept 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Invesco India ELSS Tax Saver | 0.0 | 0.0 | 0.0 | 37.0 | 48.0 | 15.0 | 0.0 | 16.7% | 17.0% | 10.2% | 23.9% | 99% |
| SBI MultiCap | 0.0 | 0.0 | 0.0 | 18.0 | 70.0 | 12.1 | 0.0 | 17.1% | 17.2% | 10.1% | 23.7% | 100% |
| BSE 500 TRI | 0.0 | 0.0 | 6.0 | 36.5 | 50.7 | 6.8 | 0.0 | 15.1% | 15.3% | 8.4% | 22.0% | -- |
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 15-03-2022. Past returns do not promise future returns.
Invesco India ELSS Tax Saver vs SBI MultiCap: 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 02-03-2022 to 30-10-2026: 56 instalments, ₹5,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Invesco India ELSS Tax SaverInvesco India ELSS Tax Saver Fund (Direct) | ₹5,60,000 | ₹6,87,681 | ₹1,27,681 | 8.8% |
| SBI MultiCapSBI MultiCap Fund (Direct) | ₹5,60,000 | ₹6,89,053 | ₹1,29,053 | 8.9% |
Invesco India ELSS Tax SaverInvesco India ELSS Tax Saver Fund (Direct)
SBI MultiCapSBI MultiCap 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 SBI MultiCap: 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) | SBI MultiCap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −6.34% | −6.77% |
| Standard deviation | 15.46% | 14.08% |
| Sharpe ratio | -0.75 | -0.85 |
| Sortino ratio | -1.00 | -1.13 |
| Maximum drawdown | −18.7% (31-03-2026) | −14.6% (31-03-2026) |
| Beta | 1.05 | 0.90 |
| Alpha | +1.92% | −1.84% |
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) | SBI MultiCap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.35% | +11.73% |
| Standard deviation | 14.75% | 13.09% |
| Sharpe ratio | 0.36 | 0.44 |
| Sortino ratio | 0.49 | 0.59 |
| Maximum drawdown | −20.6% (31-03-2026) | −15.1% (31-03-2026) |
| Beta | 1.00 | 0.81 |
| Alpha | +1.47% | +1.43% |
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) | SBI MultiCap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.39% | +11.52% |
| Standard deviation | 15.32% | 12.18% |
| Sharpe ratio | 0.61 | 0.45 |
| Sortino ratio | 0.83 | 0.61 |
| Maximum drawdown | −35.8% (23-03-2020) | −15.1% (31-03-2026) |
| Beta | 0.94 | 0.79 |
| Alpha | +2.99% | +0.26% |
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)
SBI MultiCap 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) | −20.6% | 11-12-2024 | 31-03-2026 | Not yet | -- | −8.4% |
| SBI MultiCap Fund (Direct) | −15.1% | 23-07-2025 | 31-03-2026 | 20-08-2026 | 5 months | −8.0% |
| BSE 500 TRI | −18.7% | 26-09-2024 | 28-02-2025 | Not yet | -- | −9.4% |
From daily values since 15-03-2022, 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)
SBI MultiCap 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)
SBI MultiCap Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Invesco India ELSS Tax Saver Fund (Direct) | 102% | 99% | 4.80% |
| SBI MultiCap Fund (Direct) | 90% | 75% | 5.13% |
From month-end values since 15-03-2022. 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 SBI MultiCap: Portfolio Overlap
From each fund's latest monthly portfolio: Invesco India ELSS Tax Saver Fund, September 2026; SBI MultiCap Fund, September 2026
Holdings in common
- Overlap
- 26.6%
- Held by both
- 19
- Only in Invesco India ELSS Tax Saver
- 57
- Only in SBI MultiCap
- 52
| Security | % of Invesco India ELSS Tax Saver | % of SBI MultiCap |
|---|---|---|
| ICICI Bank Limited | 3.55% | 3.94% |
| HDFC Bank Limited | 5.05% | 3.02% |
| Divi's Laboratories Limited | 2.20% | 3.37% |
| Kotak Mahindra Bank Ltd | 1.96% | 2.67% |
| Coforge Limited | 1.77% | 1.58% |
| Sona BLW Precision Forgings Limited | 1.52% | 1.77% |
| Axis Bank Limited | 2.11% | 1.36% |
| The Federal Bank Limited | 1.60% | 1.35% |
| Jubilant Foodworks Limited | 1.33% | 1.97% |
| Eternal Limited | 2.05% | 1.26% |
| Blue Star Limited | 1.16% | 1.62% |
| FSN E-Commerce Ventures Limited | 1.04% | 1.09% |
| Nippon Life India Asset Management Limited | 1.08% | 0.97% |
| Swiggy Limited | 0.99% | 0.96% |
| Adani Enterprises Limited | 0.87% | 3.47% |
| BSE Limited | 0.82% | 1.05% |
| Sedemac Mechatronics Limited | 0.78% | 0.71% |
| Craftsman Automation Limited | 0.88% | 0.61% |
| Persistent Systems Ltd | 1.29% | 0.38% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 26.6% means 26.6% 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% |
| InterGlobe Aviation Limited | 2.03% |
| Multi Commodity Exchange of India Limited | 1.92% |
| Mrs. Bectors Food Specialities Ltd | 1.88% |
| Bajaj Finance Ltd | 1.84% |
Largest holdings only in SBI MultiCap Fund
| Security | % of fund |
|---|---|
| Adani Power Ltd. | 3.48% |
| K.P.R. Mill Ltd. | 3.06% |
| Aether Industries Ltd. | 2.61% |
| Paradeep Phosphates Ltd. | 2.30% |
| Lenskart Solutions Ltd. | 2.19% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Invesco India ELSS Tax Saver | SBI MultiCap |
|---|---|---|
| Equity | 98.3% | 99.1% |
| Debt | 0.0% | 0.1% |
| Cash and others | 1.7% | 0.8% |
Market cap of stocks
| Market cap | Invesco India ELSS Tax Saver | SBI MultiCap |
|---|---|---|
| Large Cap | 38.8% | 35.1% |
| Mid Cap | 21.6% | 26.3% |
| Small Cap | 36.2% | 33.5% |
| Not on AMFI's list | 1.8% | 4.2% |
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 | SBI MultiCap |
|---|---|---|
| Banks | 16.6% | 12.3% |
| Consumer Durables | 4.3% | 8.8% |
| Retailing | 5.4% | 8.6% |
| Capital Markets | 8.0% | 2.0% |
| Auto Components | 6.8% | 7.5% |
| Pharmaceuticals & Biotechnology | 5.3% | 6.3% |
| Power | 0.0% | 6.3% |
| IT - Software | 5.1% | 2.0% |
The six largest sectors of each fund's stocks, % of the fund.
Invesco India ELSS Tax Saver vs SBI MultiCap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Invesco India ELSS Tax Saver Fund | SBI MultiCap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.21% | 1.06% |
| Base expense ratio (Direct) | 0.76% | 0.73% |
| Total expense ratio (Regular) | 2.30% | 1.84% |
| Base expense ratio (Regular) | 1.71% | 1.40% |
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 SBI MultiCap Fund: Frequently Asked Questions
What is the difference between Invesco India ELSS Tax Saver Fund and SBI MultiCap Fund?
Invesco India ELSS Tax Saver Fund is an ELSS fund, SBI MultiCap Fund is a Multi Cap fund, run by Invesco Mutual Fund and SBI Mutual Fund. Their portfolios overlap 26.6%. Invesco India ELSS Tax Saver Fund charges 1.21% a year and SBI MultiCap Fund 1.06%.
Which has given higher returns, Invesco India ELSS Tax Saver Fund or SBI MultiCap Fund?
Over 1 year: Invesco India ELSS Tax Saver Fund −6.34%, SBI MultiCap Fund −6.77%. Over 3 years: Invesco India ELSS Tax Saver Fund +11.35% a year, SBI MultiCap Fund +11.73% 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 SBI MultiCap Fund?
SBI MultiCap Fund charges less: 1.06% a year against 1.21%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Invesco India ELSS Tax Saver Fund and SBI MultiCap Fund overlap?
26.6%. They hold 19 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, DIVISLAB. From each fund's latest monthly portfolio.
Which is riskier, Invesco India ELSS Tax Saver Fund or SBI MultiCap Fund?
On SEBI's riskometer, Invesco India ELSS Tax Saver Fund is rated Very High and SBI MultiCap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.75% and 13.09% a year.
Which is better for SIP, Invesco India ELSS Tax Saver Fund or SBI MultiCap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,86,178 in Invesco India ELSS Tax Saver Fund (XIRR 2.7% a year) and ₹3,89,595 in SBI MultiCap Fund (XIRR 3.3% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Invesco India ELSS Tax Saver Fund and SBI MultiCap Fund?
Yes. 26.6% 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 SBI MultiCap Fund?
Invesco India ELSS Tax Saver Fund: Depesh Kashyap. SBI MultiCap Fund: R Srinivasan, Saurabh Pant.
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.