Invesco India Multi cap Fund vs Nippon India Innovation Fund
Direct Plan, Growth option · Data as on 30-10-2026
Invesco India Multi cap Fund is a Multi Cap fund and Nippon India Innovation Fund is a Thematic fund. In the 3 years to 30-10-2026, Invesco India Multi cap Fund (Direct) returned 12.2% a year and Nippon India Innovation Fund (Direct) returned 12.8% a year. Invesco India Multi cap Fund charges 0.94% a year and Nippon India Innovation Fund 0.90% (Direct plans). Their portfolios overlap 31.1%: they hold 23 of the same securities.
Invesco India Multi cap Fund
Multi Cap
- 3 year return
- 12.2%
- Expense ratio
- 0.94%
- NAV
- ₹150.84
Nippon India Innovation Fund
Thematic
- 3 year return
- 12.8%
- Expense ratio
- 0.90%
- NAV
- ₹14.35
Which is better, Invesco India Multi cap or Nippon India Innovation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Nippon India Innovation returned more over 3 years: 12.8% a year against 12.2%.
- Invesco India Multi cap returned more over 1 year: −4.3% against −5.1%.
- Nippon India Innovation costs less: 0.90% a year against 0.94% (Direct plans).
- Nippon India Innovation swung less over 3 years: a standard deviation of 14.3% a year against 15.9%.
- Nippon India Innovation fell less in its worst fall since 01-09-2023: −21.5% against −22.6%.
- Invesco India Multi cap is the larger fund: ₹4,301 Cr against ₹2,923 Cr.
- Their portfolios overlap 31.1%: 23 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 Multi cap Fund | Nippon India Innovation Fund |
|---|---|---|
| Fund house | Invesco Mutual Fund | Nippon India Mutual Fund |
| Category | Multi Cap | Thematic |
| AUM | ₹4,301 Cr (30-09-2026) | ₹2,923 Cr (30-09-2026) |
| NAV | ₹150.84 (Direct) | ₹14.35 (Direct) |
| Expense ratio (Direct) | 0.94% | 0.90% |
| Expense ratio (Regular) | 2.09% | 2.11% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 Multicap 50:25:25 Total Return Index | Nifty 500 TRI |
| Launch date | 17-03-2008 | 28-08-2023 |
| Minimum investment | Not available | ₹100 |
| Lock in | None | None |
| Fund managers | Taher Badshah, Deepak Gupta, Manish Poddar | Vinay Sharma, Rishit Parikh |
| Exit load | Exit load for units in excess of 10% of the investment, 1% will be charged for redemption within 1 year. | Exit load of 1%, if redeemed within 1 year. |
Invesco India Multi cap vs Nippon India Innovation: 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 Multi cap Fund (Direct) | −1.33% | −3.76% | +4.49% | −4.27% | +12.21% | +10.49% | +13.54% |
| Nippon India Innovation Fund (Direct) | −3.60% | −5.91% | +0.65% | −5.09% | +12.84% | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | +12.56% | +14.55% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
Category average: the average of the 33 Multi Cap funds and the 235 Thematic funds, same plan type.
Invesco India Multi cap vs Nippon India Innovation: Year-wise Returns
| Year | Invesco India Multi capInvesco India Multi cap | Nippon India InnovationNippon India Innovation |
|---|---|---|
| 2026to date | −0.40% | −2.92% |
| 2025 | −5.57% | +6.82% |
| 2024 | +31.46% | +21.85% |
| 2023 | +33.52% | -- |
| 2022 | −0.84% | -- |
| 2021 | +42.54% | -- |
Invesco India Multi cap vs Nippon India Innovation: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of Invesco India Multi cap Fund
Rolling returns
Every 3-year holding period, 39 of them, one for each trading day from 01-09-2026 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.
Invesco India Multi cap Fund (Direct)
Nippon India Innovation Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
to
Sept 2026Sept 2023
to
Sept 2026Sept 2023
to
Sept 2026Oct 2023
to
Oct 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Invesco India Multi cap | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 12.8% | 12.4% | 10.8% | 14.8% | 100% |
| Nippon India Innovation | 0.0 | 0.0 | 0.0 | 82.1 | 17.9 | 0.0 | 0.0 | 13.9% | 13.8% | 11.4% | 16.0% | 100% |
| Nifty500 Multicap 50:25:25 TRI | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 11.5% | 11.3% | 10.1% | 13.5% | -- |
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 Nifty500 Multicap 50:25:25 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 01-09-2023. Past returns do not promise future returns.
Invesco India Multi cap vs Nippon India Innovation: 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 01-09-2023 to 30-10-2026: 38 instalments, ₹3,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Invesco India Multi capInvesco India Multi cap Fund (Direct) | ₹3,80,000 | ₹4,04,873 | ₹24,873 | 4.0% |
| Nippon India InnovationNippon India Innovation Fund (Direct) | ₹3,80,000 | ₹4,08,950 | ₹28,950 | 4.6% |
Invesco India Multi capInvesco India Multi cap Fund (Direct)
Nippon India InnovationNippon India Innovation 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 Multi cap vs Nippon India Innovation: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Invesco India Multi cap Fund (Direct) | Nippon India Innovation Fund (Direct) |
|---|---|---|
| Return (CAGR) | −4.27% | −5.09% |
| Standard deviation | 16.64% | 16.17% |
| Sharpe ratio | -0.57 | -0.64 |
| Sortino ratio | -0.79 | -0.86 |
| Maximum drawdown | −18.0% (30-03-2026) | −16.4% (31-03-2026) |
| Beta | 1.08 | 1.04 |
| Alpha | +2.67% | +2.79% |
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 Multi cap Fund (Direct) | Nippon India Innovation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.21% | +12.84% |
| Standard deviation | 15.87% | 14.35% |
| Sharpe ratio | 0.39 | 0.47 |
| Sortino ratio | 0.53 | 0.65 |
| Maximum drawdown | −22.6% (30-03-2026) | −21.5% (03-03-2025) |
| Beta | 1.01 | 0.91 |
| Alpha | +0.89% | +2.98% |
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 Multi cap Fund (Direct) | Nippon India Innovation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.68% | +11.81% |
| Standard deviation | 15.76% | 14.13% |
| Sharpe ratio | 0.67 | 0.41 |
| Sortino ratio | 0.90 | 0.55 |
| Maximum drawdown | −38.0% (23-03-2020) | −21.5% (03-03-2025) |
| Beta | -- | 0.91 |
| Alpha | -- | +2.90% |
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 Multi cap Fund (Direct)
Nippon India Innovation Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Invesco India Multi cap Fund (Direct) | −22.6% | 23-09-2024 | 30-03-2026 | Not yet | -- | −9.6% |
| Nippon India Innovation Fund (Direct) | −21.5% | 26-09-2024 | 03-03-2025 | 03-08-2026 | 17 months | −10.1% |
| Nifty500 Multicap 50:25:25 TRI | −19.8% | 26-09-2024 | 03-03-2025 | 03-08-2026 | 17 months | −8.0% |
From daily values since 01-09-2023, 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.
Invesco India Multi cap Fund (Direct)
Nippon India Innovation Fund (Direct)
Nifty500 Multicap 50:25:25 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 Multi cap Fund (Direct)
Nippon India Innovation Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
Against Nifty500 Multicap 50:25:25 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Invesco India Multi cap Fund (Direct) | 108% | 106% | 4.71% |
| Nippon India Innovation Fund (Direct) | 104% | 96% | 5.03% |
From month-end values since 01-09-2023. 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.
Invesco India Multi cap vs Nippon India Innovation: Portfolio Overlap
From each fund's latest monthly portfolio: Invesco India Multi cap Fund, September 2026; Nippon India Innovation Fund, September 2026
Holdings in common
- Overlap
- 31.1%
- Held by both
- 23
- Only in Invesco India Multi cap
- 50
- Only in Nippon India Innovation
- 34
| Security | % of Invesco India Multi cap | % of Nippon India Innovation |
|---|---|---|
| Eternal Limited | 4.33% | 5.22% |
| Axis Bank Limited | 2.41% | 2.52% |
| ICICI Bank Limited | 3.57% | 2.26% |
| Coforge Limited | 2.05% | 1.80% |
| Trent Limited | 1.76% | 3.54% |
| ABB India Limited | 1.74% | 1.74% |
| InterGlobe Aviation Limited | 2.70% | 1.73% |
| FSN E-Commerce Ventures Limited | 1.67% | 2.05% |
| HDFC Bank Limited | 1.41% | 2.02% |
| Hindustan Aeronautics Limited | 1.25% | 2.00% |
| Multi Commodity Exchange of India Limited | 1.93% | 1.19% |
| Swiggy Limited | 1.08% | 2.91% |
| Timken India Limited | 1.19% | 1.07% |
| Delhivery Limited | 1.82% | 1.01% |
| Billionbrains Garage Ventures Ltd | 1.18% | 1.01% |
| Krishna Institute Of Medical Sciences Limited | 2.38% | 0.91% |
| PB Fintech Limited | 0.89% | 1.62% |
| Meesho Ltd | 0.86% | 1.03% |
| KFin Technologies Limited | 0.73% | 0.95% |
| Cholamandalam Investment and Finance Company Limited | 1.95% | 0.55% |
| Craftsman Automation Limited | 1.11% | 0.54% |
| Avenue Supermarts Limited | 0.49% | 2.56% |
| Dixon Technologies (India) Limited | 0.39% | 1.42% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 31.1% means 31.1% 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 Multi cap Fund
| Security | % of fund |
|---|---|
| Sai Life Sciences Limited | 2.71% |
| TVS Motor Company Limited | 2.28% |
| Dr Agarwals Health Care Limited | 2.25% |
| AU Small Finance Bank Limited | 2.14% |
| Prestige Estates Projects Limited | 2.02% |
Largest holdings only in Nippon India Innovation Fund
| Security | % of fund |
|---|---|
| Info Edge (India) Limited | 4.64% |
| Varun Beverages Limited | 3.47% |
| Samvardhana Motherson International Limited | 3.17% |
| 3M India Limited | 3.16% |
| ZF Commercial Vehicle Control Systems India Limited | 2.71% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Invesco India Multi cap | Nippon India Innovation |
|---|---|---|
| Equity | 99.5% | 97.5% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.5% | 2.5% |
Market cap of stocks
| Market cap | Invesco India Multi cap | Nippon India Innovation |
|---|---|---|
| Large Cap | 37.0% | 38.2% |
| Mid Cap | 27.7% | 33.3% |
| Small Cap | 30.6% | 24.0% |
| Not on AMFI's list | 4.1% | 2.0% |
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 Multi cap | Nippon India Innovation |
|---|---|---|
| Retailing | 10.3% | 21.9% |
| Banks | 15.2% | 6.8% |
| Capital Markets | 8.4% | 3.1% |
| Healthcare Services | 8.0% | 3.5% |
| Auto Components | 4.9% | 7.4% |
| Electrical Equipment | 4.1% | 6.2% |
| Pharmaceuticals & Biotechnology | 4.8% | 4.1% |
| Insurance | 0.0% | 4.8% |
| Leisure Services | 0.0% | 4.5% |
The six largest sectors of each fund's stocks, % of the fund.
Invesco India Multi cap vs Nippon India Innovation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Invesco India Multi cap Fund | Nippon India Innovation Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.94% | 0.90% |
| Base expense ratio (Direct) | 0.63% | 0.61% |
| Total expense ratio (Regular) | 2.09% | 2.11% |
| Base expense ratio (Regular) | 1.63% | 1.69% |
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 Multi cap with
Compare Nippon India Innovation with
Invesco India Multi cap Fund vs Nippon India Innovation Fund: Frequently Asked Questions
What is the difference between Invesco India Multi cap Fund and Nippon India Innovation Fund?
Invesco India Multi cap Fund is a Multi Cap fund, Nippon India Innovation Fund is a Thematic fund, run by Invesco Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 31.1%. Invesco India Multi cap Fund charges 0.94% a year and Nippon India Innovation Fund 0.90%.
Which has given higher returns, Invesco India Multi cap Fund or Nippon India Innovation Fund?
Over 1 year: Invesco India Multi cap Fund −4.27%, Nippon India Innovation Fund −5.09%. Over 3 years: Invesco India Multi cap Fund +12.21% a year, Nippon India Innovation Fund +12.84% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Invesco India Multi cap Fund or Nippon India Innovation Fund?
Nippon India Innovation Fund charges less: 0.90% a year against 0.94%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Invesco India Multi cap Fund and Nippon India Innovation Fund overlap?
31.1%. They hold 23 of the same securities, the largest shared ones being ETERNAL, AXISBANK, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, Invesco India Multi cap Fund or Nippon India Innovation Fund?
On SEBI's riskometer, Invesco India Multi cap Fund is rated Very High and Nippon India Innovation Fund Very High. Over 3 years, the standard deviation of daily returns was 15.87% and 14.35% a year.
Which is better for SIP, Invesco India Multi cap Fund or Nippon India Innovation Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,90,710 in Invesco India Multi cap Fund (XIRR 3.5% a year) and ₹3,94,717 in Nippon India Innovation Fund (XIRR 4.1% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Invesco India Multi cap Fund and Nippon India Innovation Fund?
Yes. 31.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Invesco India Multi cap Fund and Nippon India Innovation Fund?
Invesco India Multi cap Fund: Taher Badshah, Deepak Gupta, Manish Poddar. Nippon India Innovation Fund: Vinay Sharma, Rishit Parikh.
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.