ITI Flexi Cap Fund vs ITI Multi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
ITI Flexi Cap Fund is a Flexi Cap fund and ITI Multi Cap Fund is a Multi Cap fund. In the 3 years to 30-10-2026, ITI Flexi Cap Fund (Direct) returned 18.3% a year and ITI Multi Cap Fund (Direct) returned 16.0% a year. ITI Flexi Cap Fund charges 0.88% a year and ITI Multi Cap Fund 0.85% (Direct plans). Their portfolios overlap 57.6%: they hold 50 of the same securities.
Which is better, ITI Flexi Cap or ITI Multi Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ITI Flexi Cap returned more over 3 years: 18.3% a year against 16.0%.
- ITI Flexi Cap returned more over 1 year: 6.4% against 6.0%.
- ITI Multi Cap costs less: 0.85% a year against 0.88% (Direct plans).
- ITI Multi Cap swung less over 3 years: a standard deviation of 16.2% a year against 16.3%.
- ITI Flexi Cap fell less in its worst fall since 22-02-2023: −21.4% against −23.1%.
- ITI Flexi Cap is the larger fund: ₹1,588 Cr against ₹1,500 Cr.
- Their portfolios overlap 57.6%: 50 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 Flexi Cap Fund | ITI Multi Cap Fund |
|---|---|---|
| Fund house | ITI Mutual Fund | ITI Mutual Fund |
| Category | Flexi Cap | Multi Cap |
| AUM | ₹1,588 Cr (30-09-2026) | ₹1,500 Cr (30-09-2026) |
| NAV | ₹20.35 (Direct) | ₹28.69 (Direct) |
| Expense ratio (Direct) | 0.88% | 0.85% |
| Expense ratio (Regular) | 2.32% | 2.32% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 17-02-2023 | 15-05-2019 |
| Minimum investment | ₹5,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Dhimant Shah, Nilay Dalal | Dhimant Shah, Alok Ranjan |
| Exit load | Exit load of 0.50%, if redeemed within 3 months. | Exit load of 0.50%, if redeemed within 3 months. |
ITI Flexi Cap vs ITI Multi Cap: 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 Flexi Cap Fund (Direct) | −1.70% | −0.27% | +7.12% | +6.40% | +18.32% | -- | -- |
| ITI Multi Cap Fund (Direct) | −2.74% | −1.44% | +4.34% | +6.02% | +16.02% | +13.24% | -- |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | +12.56% | -- |
Category average: the average of the 46 Flexi Cap funds and the 33 Multi Cap funds, same plan type.
ITI Flexi Cap vs ITI Multi Cap: Year-wise Returns
| Year | FlexiITI Flexi Cap | MultiITI Multi Cap |
|---|---|---|
| 2026to date | +5.44% | +4.60% |
| 2025 | +4.71% | +4.33% |
| 2024 | +28.10% | +22.24% |
| 2023 | -- | +41.14% |
| 2022 | -- | +4.97% |
| 2021 | -- | +21.85% |
ITI Flexi Cap vs ITI Multi Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of ITI Flexi Cap Fund
Rolling returns
Every 3-year holding period, 168 of them, one for each trading day from 23-02-2026 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.
ITI Flexi Cap Fund (Direct)
ITI Multi Cap Fund (Direct)
Nifty 500 TRI
to
Mar 2026Apr 2023
to
Apr 2026Jun 2023
to
Jun 2026Jul 2023
to
Jul 2026Aug 2023
to
Aug 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ITI Flexi Cap | 0.0 | 0.0 | 0.0 | 0.0 | 35.1 | 64.9 | 0.0 | 20.3% | 20.3% | 16.7% | 24.4% | 100% |
| ITI Multi Cap | 0.0 | 0.0 | 0.0 | 1.2 | 57.7 | 41.1 | 0.0 | 19.4% | 19.6% | 14.8% | 23.1% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 11.3 | 64.9 | 23.8 | 0.0 | 0.0 | 13.3% | 13.2% | 8.8% | 18.1% | -- |
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 22-02-2023. Past returns do not promise future returns.
ITI Flexi Cap vs ITI Multi Cap: 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 22-02-2023 to 30-10-2026: 45 instalments, ₹4,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ITI Flexi CapITI Flexi Cap Fund (Direct) | ₹4,50,000 | ₹5,81,922 | ₹1,31,922 | 13.8% |
| ITI Multi CapITI Multi Cap Fund (Direct) | ₹4,50,000 | ₹5,63,785 | ₹1,13,785 | 12.1% |
ITI Flexi CapITI Flexi Cap Fund (Direct)
ITI Multi CapITI Multi Cap 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 Flexi Cap vs ITI Multi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ITI Flexi Cap Fund (Direct) | ITI Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.40% | +6.02% |
| Standard deviation | 15.44% | 15.68% |
| Sharpe ratio | 0.07 | 0.05 |
| Sortino ratio | 0.10 | 0.07 |
| Maximum drawdown | −13.0% (31-03-2026) | −11.9% (23-03-2026) |
| Beta | 1.03 | 1.01 |
| Alpha | +14.15% | +12.17% |
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 Flexi Cap Fund (Direct) | ITI Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.32% | +16.02% |
| Standard deviation | 16.26% | 16.22% |
| Sharpe ratio | 0.76 | 0.62 |
| Sortino ratio | 1.02 | 0.82 |
| Maximum drawdown | −21.4% (28-02-2025) | −23.1% (28-02-2025) |
| Beta | 1.09 | 1.05 |
| Alpha | +7.73% | +4.52% |
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 Flexi Cap Fund (Direct) | ITI Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +21.51% | +15.16% |
| Standard deviation | 15.22% | 17.61% |
| Sharpe ratio | 1.01 | 0.57 |
| Sortino ratio | 1.36 | 0.74 |
| Maximum drawdown | −21.4% (28-02-2025) | −38.7% (23-03-2020) |
| Beta | 1.07 | -- |
| Alpha | +8.54% | -- |
From daily NAVs, 22-02-2023 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.
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 Flexi Cap Fund (Direct)
ITI Multi Cap 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 Flexi Cap Fund (Direct) | −21.4% | 23-09-2024 | 28-02-2025 | 12-06-2026 | 15 months | −5.0% |
| ITI Multi Cap Fund (Direct) | −23.1% | 27-09-2024 | 28-02-2025 | 07-05-2026 | 14 months | −6.3% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 22-02-2023, 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.
ITI Flexi Cap Fund (Direct)
ITI Multi Cap 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 Flexi Cap Fund (Direct)
ITI Multi Cap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ITI Flexi Cap Fund (Direct) | 126% | 92% | 5.71% |
| ITI Multi Cap Fund (Direct) | 122% | 94% | 5.59% |
From month-end values since 22-02-2023. 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.
ITI Flexi Cap vs ITI Multi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: ITI Flexi Cap Fund, September 2026; ITI Multi Cap Fund, September 2026
Holdings in common
- Overlap
- 57.6%
- Held by both
- 50
- Only in ITI Flexi Cap
- 32
- Only in ITI Multi Cap
- 27
| Security | % of ITI Flexi Cap | % of ITI Multi Cap |
|---|---|---|
| ICICI Bank Limited | 4.61% | 3.63% |
| HDFC Bank Limited | 3.56% | 3.01% |
| Reliance Industries Limited | 3.48% | 2.77% |
| Aditya Infotech Limited | 2.62% | 2.27% |
| Bharti Airtel Limited | 2.27% | 1.87% |
| Larsen & Toubro Limited | 2.07% | 1.63% |
| Sai Life Sciences Limited | 1.63% | 1.57% |
| Wockhardt Limited | 1.53% | 1.64% |
| State Bank of India | 2.06% | 1.49% |
| PTC Industries Limited | 1.56% | 1.49% |
| Multi Commodity Exchange of India Limited | 1.49% | 2.09% |
| Divi's Laboratories Limited | 1.68% | 1.40% |
| Axis Bank Limited | 1.73% | 1.36% |
| Sedemac Mechatronics Limited | 1.35% | 1.33% |
| Filatex India Limited | 1.32% | 1.36% |
| Jyoti CNC Automation Ltd | 1.31% | 1.32% |
| GNG Electronics Ltd | 1.31% | 1.42% |
| Kotak Mahindra Bank Limited | 1.57% | 1.24% |
| Eternal Limited | 1.19% | 1.35% |
| Bosch Limited | 1.20% | 1.11% |
| TVS Motor Company Limited | 1.11% | 1.32% |
| LG Electronics India Ltd | 1.07% | 1.19% |
| Linde India Limited | 1.05% | 1.68% |
| NTPC Limited | 1.19% | 1.02% |
| Vishnu Chemicals Limited | 1.00% | 1.09% |
| Sun Pharmaceutical Industries Limited | 0.97% | 1.21% |
| Shriram Finance Limited | 0.97% | 1.01% |
| Dixon Technologies (India) Limited | 0.97% | 1.19% |
| Hindustan Copper Limited | 1.05% | 0.95% |
| Tata Consultancy Services Limited | 0.95% | 1.05% |
| Grasim Industries Limited | 0.94% | 1.03% |
| Titan Company Limited | 0.93% | 1.37% |
| UltraTech Cement Limited | 0.92% | 0.91% |
| The Indian Hotels Company Limited | 0.88% | 1.15% |
| InterGlobe Aviation Limited | 0.86% | 0.86% |
| Vedanta Aluminium Metal Limited | 1.21% | 0.85% |
| Maruti Suzuki India Limited | 0.81% | 0.79% |
| Canara Bank | 0.81% | 0.79% |
| Prestige Estates Projects Limited | 0.87% | 0.76% |
| Max Financial Services Limited | 0.75% | 1.08% |
| Bank of Maharashtra | 0.72% | 1.18% |
| Mahindra & Mahindra Limited | 0.67% | 0.90% |
| National Stock Exchange Of India Ltd | 0.65% | 0.69% |
| Symbiotec Pharmalab Limited | 0.65% | 0.67% |
| Diamond Power Infra Limited | 0.61% | 0.61% |
| FIEM Industries Limited | 0.59% | 0.72% |
| Purple Style Labs Limited | 0.36% | 0.38% |
| Leap India Limited | 0.25% | 0.26% |
| Knack Packaging Limited | 0.20% | 0.21% |
| Oriental Hotels Limited | 0.09% | 0.10% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 57.6% means 57.6% 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 ITI Flexi Cap Fund
| Security | % of fund |
|---|---|
| Ather Energy Limited | 1.82% |
| Apar Industries Limited | 1.74% |
| VA Tech Wabag Limited | 1.72% |
| KSH International Limited | 1.49% |
| Navin Fluorine International Limited | 1.43% |
Largest holdings only in ITI Multi Cap Fund
| Security | % of fund |
|---|---|
| Hitachi Energy India Limited | 3.77% |
| TD Power Systems Limited | 3.09% |
| Avalon Technologies Limited | 2.34% |
| One 97 Communications Limited | 2.00% |
| Lupin Limited | 1.54% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI Flexi Cap | ITI Multi Cap |
|---|---|---|
| Equity | 94.0% | 96.6% |
| Debt | 0.0% | 0.0% |
| Cash and others | 6.0% | 3.4% |
Market cap of stocks
| Market cap | ITI Flexi Cap | ITI Multi Cap |
|---|---|---|
| Large Cap | 44.7% | 39.5% |
| Mid Cap | 15.5% | 26.3% |
| Small Cap | 29.2% | 25.1% |
| Not on AMFI's list | 4.7% | 5.8% |
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 Flexi Cap | ITI Multi Cap |
|---|---|---|
| Banks | 15.9% | 15.3% |
| Electrical Equipment | 3.5% | 13.2% |
| Pharmaceuticals & Biotechnology | 7.5% | 9.0% |
| Industrial Products | 5.8% | 1.7% |
| Auto Components | 5.6% | 4.4% |
| Chemicals & Petrochemicals | 4.3% | 5.5% |
| Consumer Durables | 3.0% | 4.5% |
| Automobiles | 4.4% | 3.0% |
The six largest sectors of each fund's stocks, % of the fund.
ITI Flexi Cap vs ITI Multi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI Flexi Cap Fund | ITI Multi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.88% | 0.85% |
| Base expense ratio (Direct) | 0.53% | 0.54% |
| Total expense ratio (Regular) | 2.32% | 2.32% |
| Base expense ratio (Regular) | 1.81% | 1.83% |
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 Flexi Cap with
ITI Flexi Cap Fund vs ITI Multi Cap Fund: Frequently Asked Questions
What is the difference between ITI Flexi Cap Fund and ITI Multi Cap Fund?
ITI Flexi Cap Fund is a Flexi Cap fund, ITI Multi Cap Fund is a Multi Cap fund, run by ITI Mutual Fund. Their portfolios overlap 57.6%. ITI Flexi Cap Fund charges 0.88% a year and ITI Multi Cap Fund 0.85%.
Which has given higher returns, ITI Flexi Cap Fund or ITI Multi Cap Fund?
Over 1 year: ITI Flexi Cap Fund +6.40%, ITI Multi Cap Fund +6.02%. Over 3 years: ITI Flexi Cap Fund +18.32% a year, ITI Multi Cap Fund +16.02% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ITI Flexi Cap Fund or ITI Multi Cap Fund?
ITI Multi Cap Fund charges less: 0.85% a year against 0.88%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ITI Flexi Cap Fund and ITI Multi Cap Fund overlap?
57.6%. They hold 50 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, ITI Flexi Cap Fund or ITI Multi Cap Fund?
On SEBI's riskometer, ITI Flexi Cap Fund is rated Very High and ITI Multi Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 16.26% and 16.22% a year.
Which is better for SIP, ITI Flexi Cap Fund or ITI Multi Cap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,32,787 in ITI Flexi Cap Fund (XIRR 10.2% a year) and ₹4,20,712 in ITI Multi Cap Fund (XIRR 8.3% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both ITI Flexi Cap Fund and ITI Multi Cap Fund?
Yes. 57.6% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages ITI Flexi Cap Fund and ITI Multi Cap Fund?
ITI Flexi Cap Fund: Dhimant Shah, Nilay Dalal. ITI Multi Cap Fund: Dhimant Shah, Alok Ranjan.
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.