ITI ELSS Tax Saver Fund vs ITI Value Fund
Direct Plan, Growth option · Data as on 30-10-2026
ITI ELSS Tax Saver Fund is an ELSS fund and ITI Value Fund is a Value and Contra fund. In the 3 years to 30-10-2026, ITI ELSS Tax Saver Fund (Direct) returned 13.7% a year and ITI Value Fund (Direct) returned 10.7% a year. ITI ELSS Tax Saver Fund charges 0.93% a year and ITI Value Fund 1.34% (Direct plans). Their portfolios overlap 28.3%: they hold 24 of the same securities.
Which is better, ITI ELSS Tax Saver or ITI Value? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ITI ELSS Tax Saver returned more over 5 years: 11.2% a year against 10.3%.
- ITI ELSS Tax Saver returned more over 3 years: 13.7% a year against 10.7%.
- ITI ELSS Tax Saver costs less: 0.93% a year against 1.34% (Direct plans).
- ITI Value swung less over 3 years: a standard deviation of 17.1% a year against 17.5%.
- ITI Value fell less in its worst fall since 17-06-2021: −22.7% against −22.8%.
- ITI Value holds more in large companies: 42.3% of the fund in large caps against 28.6%.
- ITI ELSS Tax Saver is the larger fund: ₹445 Cr against ₹346 Cr.
- Their portfolios overlap 28.3%: 24 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 | ITI ELSS Tax Saver Fund | ITI Value Fund |
|---|---|---|
| Fund house | ITI Mutual Fund | ITI Mutual Fund |
| Category | ELSS | Value and Contra |
| AUM | ₹445 Cr (30-09-2026) | ₹346 Cr (30-09-2026) |
| NAV | ₹26.31 (Direct) | ₹17.22 (Direct) |
| Expense ratio (Direct) | 0.93% | 1.34% |
| Expense ratio (Regular) | 2.60% | 3.04% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 18-10-2019 | 14-06-2021 |
| Minimum investment | ₹500 | ₹5,000 |
| Lock in | 3 years | None |
| Fund managers | Dhimant Shah | Nilay Dalal, Dhimant Shah |
| Exit load | Nil | Exit load of 0.50%, if redeemed within 3 months. |
ITI ELSS Tax Saver vs ITI 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 |
|---|---|---|---|---|---|---|---|
| ITI ELSS Tax Saver Fund (Direct) | −6.59% | −7.59% | −3.93% | −7.52% | +13.67% | +11.23% | -- |
| ITI Value Fund (Direct) | −4.96% | −7.71% | −6.93% | −7.38% | +10.66% | +10.32% | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | -- |
| Value and Contra average | −2.09% | −5.76% | −3.23% | −5.72% | +11.83% | +11.08% | -- |
Category average: the average of the 50 ELSS funds and the 30 Value and Contra funds, same plan type.
ITI ELSS Tax Saver vs ITI Value: Year-wise Returns
| Year | ELSS Tax SaverITI ELSS Tax Saver | ValueITI Value | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | −5.14% | −9.36% | −7.51% |
| 2025 | +4.45% | +5.32% | +7.76% |
| 2024 | +24.47% | +20.57% | +16.24% |
| 2023 | +39.06% | +38.94% | +26.91% |
| 2022 | +4.60% | +7.86% | +4.25% |
| 2021 | +21.63% | -- | +31.60% |
ITI ELSS Tax Saver vs ITI Value: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 585 of them, one for each trading day from 18-06-2024 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.
ITI ELSS Tax Saver Fund (Direct)
ITI Value Fund (Direct)
Nifty 500 TRI
to
Aug 2024Jan 2022
to
Jan 2025Jun 2022
to
Jun 2025Nov 2022
to
Nov 2025Apr 2023
to
Apr 2026Aug 2023
to
Aug 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ITI ELSS Tax Saver | 0.0 | 0.0 | 0.0 | 2.2 | 36.2 | 52.1 | 9.4 | 21.0% | 21.1% | 13.3% | 29.1% | 100% |
| ITI Value | 0.0 | 0.0 | 0.0 | 8.0 | 42.1 | 44.3 | 5.6 | 19.8% | 20.0% | 10.2% | 27.1% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 3.2 | 32.3 | 55.4 | 9.1 | 0.0 | 15.8% | 15.8% | 8.8% | 22.3% | -- |
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 17-06-2021. Past returns do not promise future returns.
ITI ELSS Tax Saver vs ITI 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 01-06-2021 to 30-10-2026: 65 instalments, ₹6,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ITI ELSS Tax SaverITI ELSS Tax Saver Fund (Direct) | ₹6,50,000 | ₹8,77,095 | ₹2,27,095 | 11.0% |
| ITI ValueITI Value Fund (Direct) | ₹6,50,000 | ₹8,36,061 | ₹1,86,061 | 9.2% |
ITI ELSS Tax SaverITI ELSS Tax Saver Fund (Direct)
ITI ValueITI 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.
ITI ELSS Tax Saver vs ITI Value: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ITI ELSS Tax Saver Fund (Direct) | ITI Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | −7.52% | −7.38% |
| Standard deviation | 18.03% | 16.32% |
| Sharpe ratio | -0.71 | -0.77 |
| Sortino ratio | -0.96 | -1.03 |
| Maximum drawdown | −18.5% (31-03-2026) | −15.8% (31-03-2026) |
| Beta | 1.18 | 1.09 |
| Alpha | +2.05% | +1.09% |
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 | ITI ELSS Tax Saver Fund (Direct) | ITI Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.67% | +10.66% |
| Standard deviation | 17.51% | 17.09% |
| Sharpe ratio | 0.44 | 0.27 |
| Sortino ratio | 0.59 | 0.36 |
| Maximum drawdown | −22.6% (28-02-2025) | −21.4% (03-03-2025) |
| Beta | 1.15 | 1.14 |
| Alpha | +2.81% | −0.14% |
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 | ITI ELSS Tax Saver Fund (Direct) | ITI Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.23% | +10.32% |
| Standard deviation | 16.12% | 15.96% |
| Sharpe ratio | 0.34 | 0.28 |
| Sortino ratio | 0.45 | 0.37 |
| Maximum drawdown | −22.6% (28-02-2025) | −21.4% (03-03-2025) |
| Beta | 1.05 | 1.05 |
| Alpha | +2.25% | +1.35% |
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 | ITI ELSS Tax Saver Fund (Direct) | ITI Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.69% | +10.66% |
| Standard deviation | 17.91% | 15.63% |
| Sharpe ratio | 0.53 | 0.32 |
| Sortino ratio | 0.70 | 0.43 |
| Maximum drawdown | −38.5% (23-03-2020) | −22.7% (20-06-2022) |
| Beta | 0.98 | 1.04 |
| Alpha | +1.01% | −0.18% |
From daily NAVs, 25-10-2019 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.
ITI ELSS Tax Saver Fund (Direct)
ITI 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 |
|---|---|---|---|---|---|---|
| ITI ELSS Tax Saver Fund (Direct) | −22.8% | 13-10-2021 | 20-06-2022 | 07-06-2023 | 12 months | −10.8% |
| ITI Value Fund (Direct) | −22.7% | 18-10-2021 | 20-06-2022 | 25-05-2023 | 11 months | −10.6% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 17-06-2021, 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.
ITI ELSS Tax Saver Fund (Direct)
ITI 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.
ITI ELSS Tax Saver Fund (Direct)
ITI 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.
ITI ELSS Tax Saver Fund (Direct)
ITI Value Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ITI ELSS Tax Saver Fund (Direct) | 109% | 109% | 7.77% |
| ITI Value Fund (Direct) | 104% | 104% | 5.89% |
From month-end values since 17-06-2021. 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.
ITI ELSS Tax Saver vs ITI Value: Portfolio Overlap
From each fund's latest monthly portfolio: ITI ELSS Tax Saver Fund, September 2026; ITI Value Fund, September 2026
Holdings in common
- Overlap
- 28.3%
- Held by both
- 24
- Only in ITI ELSS Tax Saver
- 47
- Only in ITI Value
- 47
| Security | % of ITI ELSS Tax Saver | % of ITI Value |
|---|---|---|
| HDFC Bank Limited | 2.39% | 4.90% |
| Axis Bank Limited | 2.19% | 2.13% |
| ICICI Bank Limited | 1.86% | 1.95% |
| Divi's Laboratories Limited | 1.50% | 1.63% |
| PNB Housing Finance Limited | 1.84% | 1.34% |
| TVS Motor Company Limited | 2.90% | 1.32% |
| Manipal Payment and Identity Solutions Ltd | 1.32% | 2.23% |
| Bajaj Finance Limited | 2.54% | 1.24% |
| IIFL Finance Limited | 2.20% | 1.22% |
| RBL Bank Limited | 1.20% | 1.52% |
| Manappuram Finance Limited | 1.34% | 1.19% |
| Shriram Finance Limited | 1.18% | 2.16% |
| Voltamp Transformers Limited | 1.18% | 1.49% |
| State Bank of India | 2.34% | 1.16% |
| Cholamandalam Investment and Finance Company Ltd | 2.80% | 1.08% |
| IndusInd Bank Limited | 1.01% | 1.15% |
| Five Star Business Finance Limited | 1.18% | 0.91% |
| Cohance Lifesciences Limited | 1.78% | 0.90% |
| Larsen & Toubro Limited | 1.54% | 0.90% |
| Engineers India Limited | 0.88% | 1.03% |
| CreditAccess Grameen Limited | 0.81% | 1.02% |
| Eternal Limited | 0.74% | 1.45% |
| Bharti Airtel Limited | 1.48% | 0.67% |
| Midwest Limited | 1.15% | 0.22% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 28.3% means 28.3% 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 ITI ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| Sansera Engineering Limited | 2.80% |
| Welspun Corp Limited | 2.65% |
| Sanghvi Movers Limited | 2.25% |
| Mahindra & Mahindra Limited | 2.21% |
| Supriya Lifescience Limited | 1.96% |
Largest holdings only in ITI Value Fund
| Security | % of fund |
|---|---|
| Reliance Industries Limited | 3.31% |
| ITC Limited | 2.27% |
| Bharat Heavy Electricals Limited | 2.21% |
| Craftsman Automation Limited | 2.15% |
| Samvardhana Motherson International Limited | 1.91% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI ELSS Tax Saver | ITI Value |
|---|---|---|
| Equity | 99.0% | 95.6% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.0% | 4.4% |
Market cap of stocks
| Market cap | ITI ELSS Tax Saver | ITI Value |
|---|---|---|
| Large Cap | 28.6% | 42.3% |
| Mid Cap | 7.3% | 10.5% |
| Small Cap | 60.0% | 40.6% |
| Not on AMFI's list | 3.1% | 2.2% |
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 | ITI ELSS Tax Saver | ITI Value |
|---|---|---|
| Banks | 14.0% | 22.1% |
| Finance | 17.4% | 12.7% |
| Industrial Products | 10.3% | 0.8% |
| Healthcare Services | 2.6% | 6.2% |
| Auto Components | 6.0% | 5.0% |
| Chemicals & Petrochemicals | 2.9% | 5.8% |
| Pharmaceuticals & Biotechnology | 5.2% | 5.1% |
| Automobiles | 5.1% | 3.6% |
The six largest sectors of each fund's stocks, % of the fund.
ITI ELSS Tax Saver vs ITI Value: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI ELSS Tax Saver Fund | ITI Value Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.93% | 1.34% |
| Base expense ratio (Direct) | 0.62% | 0.60% |
| Total expense ratio (Regular) | 2.60% | 3.04% |
| Base expense ratio (Regular) | 2.10% | 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 ITI ELSS Tax Saver with
ITI ELSS Tax Saver Fund vs ITI Value Fund: Frequently Asked Questions
What is the difference between ITI ELSS Tax Saver Fund and ITI Value Fund?
ITI ELSS Tax Saver Fund is an ELSS fund, ITI Value Fund is a Value and Contra fund, run by ITI Mutual Fund. Their portfolios overlap 28.3%. ITI ELSS Tax Saver Fund charges 0.93% a year and ITI Value Fund 1.34%.
Which has given higher returns, ITI ELSS Tax Saver Fund or ITI Value Fund?
Over 1 year: ITI ELSS Tax Saver Fund −7.52%, ITI Value Fund −7.38%. Over 3 years: ITI ELSS Tax Saver Fund +13.67% a year, ITI Value Fund +10.66% a year. Over 5 years: ITI ELSS Tax Saver Fund +11.23% a year, ITI Value Fund +10.32% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ITI ELSS Tax Saver Fund or ITI Value Fund?
ITI ELSS Tax Saver Fund charges less: 0.93% a year against 1.34%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ITI ELSS Tax Saver Fund and ITI Value Fund overlap?
28.3%. They hold 24 of the same securities, the largest shared ones being HDFCBANK, AXISBANK, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, ITI ELSS Tax Saver Fund or ITI Value Fund?
On SEBI's riskometer, ITI ELSS Tax Saver Fund is rated Very High and ITI Value Fund Very High. Over 3 years, the standard deviation of daily returns was 17.51% and 17.09% a year.
Which is better for SIP, ITI ELSS Tax Saver Fund or ITI Value Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,06,098 in ITI ELSS Tax Saver Fund (XIRR 10.9% a year) and ₹7,67,161 in ITI Value Fund (XIRR 9.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both ITI ELSS Tax Saver Fund and ITI Value Fund?
Yes. 28.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ITI ELSS Tax Saver Fund and ITI Value Fund?
ITI ELSS Tax Saver Fund: Dhimant Shah. ITI Value Fund: Nilay Dalal, Dhimant Shah.
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.