ITI Multi Cap Fund vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
ITI Multi Cap Fund is a Multi Cap fund and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund is an Index fund. In the year to 30-10-2026, ITI Multi Cap Fund (Direct) returned 6.0% and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct) returned −6.2%. ITI Multi Cap Fund charges 0.85% a year and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund 0.36% (Direct plans). Their portfolios overlap 36.0%: they hold 48 of the same securities.
Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund
Index
- 1 year return
- −6.2%
- Expense ratio
- 0.36%
- NAV
- ₹13.49
Which is better, ITI Multi Cap or Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ITI Multi Cap returned more over 1 year: 6.0% against −6.2%.
- Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index costs less: 0.36% a year against 0.85% (Direct plans).
- Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index fell less in its worst fall since 10-11-2023: −18.7% against −23.1%.
- Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index holds more in large companies: 52.0% of the fund in large caps against 39.5%.
- ITI Multi Cap is the larger fund: ₹1,500 Cr against ₹280 Cr.
- Their portfolios overlap 36.0%: 48 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 Multi Cap Fund | Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund |
|---|---|---|
| Fund house | ITI Mutual Fund | Zerodha Mutual Fund |
| Category | Multi Cap | Index |
| AUM | ₹1,500 Cr (30-09-2026) | ₹280 Cr (30-09-2026) |
| NAV | ₹28.69 (Direct) | ₹13.49 (Direct) |
| Expense ratio (Direct) | 0.85% | 0.36% |
| Expense ratio (Regular) | 2.32% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 Multicap 50:25:25 Total Return Index | Nifty LargeMidcap 250 TRI |
| Launch date | 15-05-2019 | 08-11-2023 |
| Minimum investment | ₹1,000 | ₹500 |
| Lock in | None | None |
| Fund managers | Dhimant Shah, Alok Ranjan | Kedarnath Mirajkar |
| Exit load | Exit load of 0.50%, if redeemed within 3 months. | Nil |
ITI Multi Cap vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index: 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 Multi Cap Fund (Direct) | −2.74% | −1.44% | +4.34% | +6.02% | +16.02% | +13.24% | -- |
| Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct) | −1.30% | −6.82% | −3.24% | −6.16% | -- | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | +12.56% | -- |
Category average: the average of the 33 Multi Cap funds, same plan type.
ITI Multi Cap vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index: Year-wise Returns
| Year | ITI Multi CapITI Multi Cap | Zerodha ELSS Tax Saver Nifty LargeMidcap 250 IndexZerodha ELSS Tax Saver Nifty LargeMidcap 250 Index |
|---|---|---|
| 2026to date | +4.60% | −6.81% |
| 2025 | +4.33% | +8.44% |
| 2024 | +22.24% | +18.59% |
| 2023 | +41.14% | -- |
| 2022 | +4.97% | -- |
| 2021 | +21.85% | -- |
ITI Multi Cap vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of ITI Multi Cap Fund
Rolling returns
Every 1-year holding period, 485 of them, one for each trading day from 11-11-2024 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 Multi Cap Fund (Direct)
Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
to
Jan 2025May 2024
to
May 2025Sept 2024
to
Sept 2025Jan 2025
to
Jan 2026May 2025
to
May 2026Sept 2025
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ITI Multi Cap | 21.2 | 21.6 | 23.5 | 16.3 | 8.2 | 3.3 | 5.8 | 7.8% | 6.9% | −8.1% | 38.6% | 49% |
| Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index | 13.8 | 32.2 | 29.1 | 13.4 | 4.7 | 1.9 | 4.9 | 7.0% | 5.8% | −7.7% | 33.4% | 85% |
| Nifty500 Multicap 50:25:25 TRI | 20.2 | 33.6 | 29.5 | 7.0 | 2.7 | 2.1 | 4.9 | 5.8% | 4.6% | −7.6% | 34.3% | -- |
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 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 10-11-2023. Past returns do not promise future returns.
ITI Multi Cap vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index: 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 01-11-2023 to 30-10-2026: 36 instalments, ₹3,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ITI Multi CapITI Multi Cap Fund (Direct) | ₹3,60,000 | ₹4,05,389 | ₹45,389 | 7.9% |
| Zerodha ELSS Tax Saver Nifty LargeMidcap 250 IndexZerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct) | ₹3,60,000 | ₹3,70,310 | ₹10,310 | 1.8% |
ITI Multi CapITI Multi Cap Fund (Direct)
Zerodha ELSS Tax Saver Nifty LargeMidcap 250 IndexZerodha ELSS Tax Saver Nifty LargeMidcap 250 Index 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 Multi Cap vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ITI Multi Cap Fund (Direct) | Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.02% | −6.16% |
| Standard deviation | 15.68% | 14.85% |
| Sharpe ratio | 0.05 | -0.77 |
| Sortino ratio | 0.07 | -1.02 |
| Maximum drawdown | −11.9% (23-03-2026) | −14.3% (30-03-2026) |
| Beta | 1.01 | 1.00 |
| Alpha | +12.17% | +0.31% |
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 Multi Cap Fund (Direct) | Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.16% | +10.56% |
| Standard deviation | 17.61% | 14.89% |
| Sharpe ratio | 0.57 | 0.31 |
| Sortino ratio | 0.74 | 0.41 |
| Maximum drawdown | −38.7% (23-03-2020) | −18.7% (28-02-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | +0.12% |
From daily NAVs, 16-05-2019 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 Multi Cap Fund (Direct)
Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index 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 |
|---|---|---|---|---|---|---|
| ITI Multi Cap Fund (Direct) | −23.1% | 27-09-2024 | 28-02-2025 | 07-05-2026 | 14 months | −6.3% |
| Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct) | −18.7% | 26-09-2024 | 28-02-2025 | 17-11-2025 | 9 months | −8.6% |
| 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 10-11-2023, 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 Multi Cap Fund (Direct)
Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
Against Nifty500 Multicap 50:25:25 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ITI Multi Cap Fund (Direct) | 116% | 98% | 4.79% |
| Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund (Direct) | 98% | 95% | 2.06% |
From month-end values since 10-11-2023. 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 Multi Cap vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index: Portfolio Overlap
From each fund's latest monthly portfolio: ITI Multi Cap Fund, September 2026; Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund, September 2026
Holdings in common
- Overlap
- 36.0%
- Held by both
- 48
- Only in ITI Multi Cap
- 29
- Only in Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index
- 202
| Security | % of ITI Multi Cap | % of Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index |
|---|---|---|
| ICICI Bank Limited | 3.63% | 3.68% |
| HDFC Bank Limited | 3.01% | 4.22% |
| Reliance Industries Limited | 2.77% | 3.08% |
| Bharti Airtel Limited | 1.87% | 2.08% |
| Larsen & Toubro Limited | 1.63% | 1.71% |
| State Bank of India | 1.49% | 1.54% |
| Axis Bank Limited | 1.36% | 1.37% |
| Kotak Mahindra Bank Limited | 1.24% | 1.19% |
| Multi Commodity Exchange of India Limited | 2.09% | 1.04% |
| Eternal Limited | 1.35% | 0.90% |
| Mahindra & Mahindra Limited | 0.90% | 1.02% |
| One 97 Communications Limited | 2.00% | 0.89% |
| Tata Consultancy Services Limited | 1.05% | 0.81% |
| The Indian Hotels Company Limited | 1.15% | 0.79% |
| Sun Pharmaceutical Industries Limited | 1.21% | 0.75% |
| Coforge Limited | 1.04% | 0.75% |
| Titan Company Limited | 1.37% | 0.74% |
| Persistent Systems Limited | 0.97% | 0.71% |
| IDFC First Bank Limited | 1.39% | 0.67% |
| Dixon Technologies (India) Limited | 1.19% | 0.67% |
| Lupin Limited | 1.54% | 0.61% |
| Maruti Suzuki India Limited | 0.79% | 0.60% |
| NTPC Limited | 1.02% | 0.59% |
| Shriram Finance Limited | 1.01% | 0.53% |
| Marico Limited | 1.48% | 0.51% |
| UltraTech Cement Limited | 0.91% | 0.50% |
| Divi's Laboratories Limited | 1.40% | 0.46% |
| Max Financial Services Limited | 1.08% | 0.45% |
| Grasim Industries Limited | 1.03% | 0.45% |
| InterGlobe Aviation Limited | 0.86% | 0.44% |
| Bajaj Finserv Limited | 0.62% | 0.39% |
| National Aluminium Company Limited | 0.86% | 0.38% |
| TVS Motor Company Limited | 1.32% | 0.37% |
| Apollo Hospitals Enterprise Limited | 0.87% | 0.33% |
| Prestige Estates Projects Limited | 0.76% | 0.31% |
| Page Industries Limited | 1.20% | 0.28% |
| Vedanta Aluminium Metal Limited | 0.85% | 0.27% |
| Gujarat Fluorochemicals Limited | 1.38% | 0.23% |
| LG Electronics India Ltd | 1.19% | 0.22% |
| Hindustan Copper Limited | 0.95% | 0.22% |
| Bank of Maharashtra | 1.18% | 0.20% |
| Solar Industries India Limited | 1.39% | 0.19% |
| Linde India Limited | 1.68% | 0.16% |
| Thermax Limited | 1.29% | 0.16% |
| Bosch Limited | 1.11% | 0.16% |
| Canara Bank | 0.79% | 0.16% |
| Hitachi Energy India Limited | 3.77% | 0.15% |
| Bharat Dynamics Limited | 0.73% | 0.13% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 36.0% means 36.0% 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 Multi Cap Fund
| Security | % of fund |
|---|---|
| TD Power Systems Limited | 3.09% |
| Avalon Technologies Limited | 2.34% |
| Aditya Infotech Limited | 2.27% |
| Wockhardt Limited | 1.64% |
| Sai Life Sciences Limited | 1.57% |
Largest holdings only in Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund
| Security | % of fund |
|---|---|
| Infosys Limited | 1.36% |
| Bajaj Finance Limited | 1.02% |
| ITC Limited | 0.98% |
| The Federal Bank Limited | 0.97% |
| Laurus Labs Limited | 0.95% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI Multi Cap | Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index |
|---|---|---|
| Equity | 96.6% | 99.6% |
| Debt | 0.0% | 0.0% |
| Cash and others | 3.4% | 0.4% |
Market cap of stocks
| Market cap | ITI Multi Cap | Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index |
|---|---|---|
| Large Cap | 39.5% | 52.0% |
| Mid Cap | 26.3% | 46.3% |
| Small Cap | 25.1% | 1.3% |
| Not on AMFI's list | 5.8% | 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 | ITI Multi Cap | Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index |
|---|---|---|
| Banks | 15.3% | 16.9% |
| Electrical Equipment | 13.2% | 3.7% |
| Pharmaceuticals & Biotechnology | 9.0% | 6.7% |
| Finance | 1.6% | 6.5% |
| IT - Software | 3.1% | 5.6% |
| Chemicals & Petrochemicals | 5.5% | 1.2% |
| Consumer Durables | 4.5% | 3.3% |
| Auto Components | 4.4% | 2.7% |
| Retailing | 1.7% | 4.3% |
| Automobiles | 3.0% | 4.0% |
The six largest sectors of each fund's stocks, % of the fund.
ITI Multi Cap vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI Multi Cap Fund | Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.85% | 0.36% |
| Base expense ratio (Direct) | 0.54% | 0.25% |
| Total expense ratio (Regular) | 2.32% | Not available |
| Base expense ratio (Regular) | 1.83% | 0.00% |
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
ITI Multi Cap Fund vs Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund: Frequently Asked Questions
What is the difference between ITI Multi Cap Fund and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund?
ITI Multi Cap Fund is a Multi Cap fund, Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund is an Index fund, run by ITI Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 36.0%. ITI Multi Cap Fund charges 0.85% a year and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund 0.36%.
Which has given higher returns, ITI Multi Cap Fund or Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund?
Over 1 year: ITI Multi Cap Fund +6.02%, Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund −6.16%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ITI Multi Cap Fund or Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund?
Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund charges less: 0.36% a year against 0.85%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ITI Multi Cap Fund and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund overlap?
36.0%. They hold 48 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, ITI Multi Cap Fund or Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund?
On SEBI's riskometer, ITI Multi Cap Fund is rated Very High and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund Very High. Over 1 years, the standard deviation of daily returns was 15.68% and 14.85% a year.
Can I invest in both ITI Multi Cap Fund and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund?
Yes. 36.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ITI Multi Cap Fund and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund?
ITI Multi Cap Fund: Dhimant Shah, Alok Ranjan. Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund: Kedarnath Mirajkar.
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.