JM ELSS - Tax Saver Fund vs SBI ELSS Tax Saver Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM ELSS - Tax Saver Fund and SBI ELSS Tax Saver Fund are both ELSS funds. In the 3 years to 30-10-2026, JM ELSS - Tax Saver Fund (Direct) returned 15.6% a year and SBI ELSS Tax Saver Fund (Direct) returned 13.2% a year. JM ELSS - Tax Saver Fund charges 1.34% a year and SBI ELSS Tax Saver Fund 1.23% (Direct plans). Their portfolios overlap 26.0%: they hold 18 of the same securities.
JM ELSS - Tax Saver Fund
ELSS
- 3 year return
- 15.6%
- Expense ratio
- 1.34%
- NAV
- ₹57.26
SBI ELSS Tax Saver Fund
ELSS
- 3 year return
- 13.2%
- Expense ratio
- 1.23%
- NAV
- ₹441.93
Which is better, JM ELSS - Tax Saver or SBI ELSS Tax Saver? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- SBI ELSS Tax Saver returned more over 5 years: 13.2% a year against 12.3%.
- JM ELSS - Tax Saver returned more over 3 years: 15.6% a year against 13.2%.
- SBI ELSS Tax Saver costs less: 1.23% a year against 1.34% (Direct plans).
- SBI ELSS Tax Saver swung less over 3 years: a standard deviation of 13.1% a year against 16.1%.
- JM ELSS - Tax Saver fell less in its worst fall since 02-01-2013: −37.4% against −38.2%.
- SBI ELSS Tax Saver holds more in large companies: 63.3% of the fund in large caps against 35.1%.
- SBI ELSS Tax Saver is the larger fund: ₹30,027 Cr against ₹240 Cr.
- Their portfolios overlap 26.0%: 18 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 | JM ELSS - Tax Saver Fund | SBI ELSS Tax Saver Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | SBI Mutual Fund |
| Category | ELSS | ELSS |
| AUM | ₹240 Cr (30-09-2026) | ₹30,027 Cr (30-09-2026) |
| NAV | ₹57.26 (Direct) | ₹441.93 (Direct) |
| Expense ratio (Direct) | 1.34% | 1.23% |
| Expense ratio (Regular) | 2.68% | 1.85% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | BSE 500 TRI |
| Launch date | 31-03-2008 | 31-03-1993 |
| Minimum investment | ₹500 | ₹500 |
| Lock in | 3 years | 3 years |
| Fund managers | Deepak Gupta, Satish Ramanathan, Asit Bhandarkar, Ruchi Fozdar | Dinesh Balachandran |
| Exit load | Nil | Nil |
JM ELSS - Tax Saver vs SBI ELSS Tax Saver: 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 |
|---|---|---|---|---|---|---|---|
| JM ELSS - Tax Saver Fund (Direct) | −3.36% | −4.03% | +5.11% | −1.27% | +15.60% | +12.32% | +15.40% |
| SBI ELSS Tax Saver Fund (Direct) | −0.50% | −7.18% | −4.75% | −8.94% | +13.23% | +13.15% | +13.59% |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
Category average: the average of the 50 ELSS funds, same plan type.
JM ELSS - Tax Saver vs SBI ELSS Tax Saver: Year-wise Returns
| Year | JM ELSS -JM ELSS - Tax Saver | SBI ELSSSBI ELSS Tax Saver | BSE 500 TRI |
|---|---|---|---|
| 2026to date | −0.54% | −10.21% | −7.81% |
| 2025 | +3.83% | +7.28% | +7.63% |
| 2024 | +30.64% | +28.61% | +15.81% |
| 2023 | +32.19% | +41.00% | +26.55% |
| 2022 | +1.47% | +7.58% | +4.77% |
| 2021 | +33.15% | +31.86% | +31.63% |
JM ELSS - Tax Saver vs SBI ELSS Tax Saver: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 2,667 of them, one for each trading day from 04-01-2016 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.
JM ELSS - Tax Saver Fund (Direct)
SBI ELSS Tax Saver Fund (Direct)
BSE 500 TRI
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JM ELSS - Tax Saver | 1.3 | 4.6 | 2.3 | 16.7 | 37.3 | 25.5 | 12.2 | 17.9% | 17.9% | −3.5% | 33.2% | 91% |
| SBI ELSS Tax Saver | 3.3 | 6.7 | 15.1 | 17.3 | 19.9 | 17.2 | 20.6 | 16.6% | 17.6% | −8.2% | 35.7% | 54% |
| BSE 500 TRI | 1.8 | 4.2 | 7.9 | 36.8 | 34.2 | 11.7 | 3.3 | 14.8% | 14.9% | −6.2% | 33.9% | -- |
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 02-01-2013. Past returns do not promise future returns.
JM ELSS - Tax Saver vs SBI ELSS Tax Saver: 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 02-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| JM ELSS - Tax SaverJM ELSS - Tax Saver Fund (Direct) | ₹16,60,000 | ₹55,77,578 | ₹39,17,578 | 16.1% |
| SBI ELSS Tax SaverSBI ELSS Tax Saver Fund (Direct) | ₹16,60,000 | ₹48,67,692 | ₹32,07,692 | 14.4% |
JM ELSS - Tax SaverJM ELSS - Tax Saver Fund (Direct)
SBI ELSS Tax SaverSBI ELSS Tax Saver 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.
JM ELSS - Tax Saver vs SBI ELSS Tax Saver: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | JM ELSS - Tax Saver Fund (Direct) | SBI ELSS Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | −1.27% | −8.94% |
| Standard deviation | 15.50% | 13.24% |
| Sharpe ratio | -0.42 | -1.07 |
| Sortino ratio | -0.56 | -1.41 |
| Maximum drawdown | −16.9% (23-03-2026) | −14.3% (31-03-2026) |
| Beta | 1.04 | 0.91 |
| Alpha | +6.93% | −2.40% |
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 | JM ELSS - Tax Saver Fund (Direct) | SBI ELSS Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.60% | +13.23% |
| Standard deviation | 16.06% | 13.11% |
| Sharpe ratio | 0.60 | 0.55 |
| Sortino ratio | 0.80 | 0.75 |
| Maximum drawdown | −20.9% (07-04-2025) | −15.8% (07-04-2025) |
| Beta | 1.08 | 0.90 |
| Alpha | +5.41% | +3.72% |
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 | JM ELSS - Tax Saver Fund (Direct) | SBI ELSS Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.32% | +13.15% |
| Standard deviation | 15.58% | 13.35% |
| Sharpe ratio | 0.42 | 0.55 |
| Sortino ratio | 0.56 | 0.74 |
| Maximum drawdown | −20.9% (07-04-2025) | −16.7% (20-06-2022) |
| Beta | 1.04 | 0.91 |
| Alpha | +3.55% | +4.76% |
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 | JM ELSS - Tax Saver Fund (Direct) | SBI ELSS Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.16% | +14.52% |
| Standard deviation | 16.95% | 15.05% |
| Sharpe ratio | 0.60 | 0.56 |
| Sortino ratio | 0.81 | 0.76 |
| Maximum drawdown | −37.4% (23-03-2020) | −38.2% (23-03-2020) |
| Beta | 1.02 | 0.93 |
| Alpha | +3.19% | +2.18% |
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.
JM ELSS - Tax Saver Fund (Direct)
SBI ELSS Tax Saver Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| JM ELSS - Tax Saver Fund (Direct) | −37.4% | 19-02-2020 | 23-03-2020 | 10-11-2020 | 8 months | −7.2% |
| SBI ELSS Tax Saver Fund (Direct) | −38.2% | 23-01-2018 | 23-03-2020 | 17-11-2020 | 8 months | −10.8% |
| BSE 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −9.4% |
From daily values since 02-01-2013, 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.
JM ELSS - Tax Saver Fund (Direct)
SBI ELSS Tax Saver 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.
JM ELSS - Tax Saver Fund (Direct)
SBI ELSS Tax Saver Fund (Direct)
BSE 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.
JM ELSS - Tax Saver Fund (Direct)
SBI ELSS Tax Saver Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| JM ELSS - Tax Saver Fund (Direct) | 109% | 93% | 5.72% |
| SBI ELSS Tax Saver Fund (Direct) | 102% | 93% | 3.77% |
From month-end values since 02-01-2013. 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.
JM ELSS - Tax Saver vs SBI ELSS Tax Saver: Portfolio Overlap
From each fund's latest monthly portfolio: JM ELSS - Tax Saver Fund, September 2026; SBI ELSS Tax Saver Fund, September 2026
Holdings in common
- Overlap
- 26.0%
- Held by both
- 18
- Only in JM ELSS - Tax Saver
- 35
- Only in SBI ELSS Tax Saver
- 71
| Security | % of JM ELSS - Tax Saver | % of SBI ELSS Tax Saver |
|---|---|---|
| HDFC Bank Limited | 2.90% | 5.92% |
| ICICI Bank Limited | 2.67% | 6.45% |
| Reliance Industries Limited | 2.64% | 4.65% |
| Kotak Mahindra Bank Limited | 2.11% | 6.76% |
| Bajaj Finance Limited | 1.94% | 2.65% |
| Bharti Airtel Limited | 2.41% | 1.79% |
| Larsen & Toubro Limited | 1.75% | 2.84% |
| Tech Mahindra Limited | 1.71% | 1.92% |
| Hindalco Industries Limited | 1.37% | 1.44% |
| Maruti Suzuki India Limited | 1.42% | 1.20% |
| Mahindra & Mahindra Limited | 1.63% | 0.98% |
| Navin Fluorine International Limited | 1.65% | 0.97% |
| Manappuram Finance Limited | 2.03% | 0.92% |
| Bosch Limited | 1.57% | 0.87% |
| One 97 Communications Limited | 3.31% | 0.84% |
| Karur Vysya Bank Limited | 2.69% | 0.45% |
| Fortis Healthcare Limited | 1.97% | 0.45% |
| BSE Ltd | 1.61% | 0.41% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 26.0% means 26.0% 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 JM ELSS - Tax Saver Fund
| Security | % of fund |
|---|---|
| SYRMA SGS TECHNOLOGY LIMITED | 3.41% |
| CarTrade Tech Limited | 2.30% |
| EPL Limited | 2.19% |
| United Spirits Limited | 2.09% |
| Eternal Limited | 2.08% |
Largest holdings only in SBI ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| Adani Enterprises Ltd. | 2.93% |
| Torrent Power Ltd. | 2.33% |
| Cipla Ltd. | 2.13% |
| FSN E-Commerce Ventures Ltd. | 1.92% |
| Axis Bank Ltd. | 1.80% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM ELSS - Tax Saver | SBI ELSS Tax Saver |
|---|---|---|
| Equity | 98.9% | 95.5% |
| Debt | 0.0% | 0.2% |
| Cash and others | 1.1% | 4.3% |
Market cap of stocks
| Market cap | JM ELSS - Tax Saver | SBI ELSS Tax Saver |
|---|---|---|
| Large Cap | 35.1% | 63.3% |
| Mid Cap | 18.2% | 16.9% |
| Small Cap | 45.5% | 15.2% |
| Not on AMFI's list | 0.0% | 0.1% |
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 | JM ELSS - Tax Saver | SBI ELSS Tax Saver |
|---|---|---|
| Banks | 12.4% | 23.4% |
| Finance | 10.1% | 8.6% |
| Retailing | 6.4% | 2.8% |
| Pharmaceuticals & Biotechnology | 3.1% | 5.4% |
| Industrial Manufacturing | 5.0% | 0.4% |
| Commercial Services & Supplies | 4.9% | 0.0% |
| Automobiles | 4.7% | 3.2% |
| Petroleum Products | 2.6% | 4.7% |
| IT - Software | 3.3% | 4.1% |
| Auto Components | 3.5% | 4.1% |
The six largest sectors of each fund's stocks, % of the fund.
JM ELSS - Tax Saver vs SBI ELSS Tax Saver: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM ELSS - Tax Saver Fund | SBI ELSS Tax Saver Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.34% | 1.23% |
| Base expense ratio (Direct) | 0.93% | 0.82% |
| Total expense ratio (Regular) | 2.68% | 1.85% |
| Base expense ratio (Regular) | 2.10% | 1.35% |
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 JM ELSS - Tax Saver with
JM ELSS - Tax Saver Fund vs SBI ELSS Tax Saver Fund: Frequently Asked Questions
What is the difference between JM ELSS - Tax Saver Fund and SBI ELSS Tax Saver Fund?
Both are ELSS funds, run by JM Financial Mutual Fund and SBI Mutual Fund. Their portfolios overlap 26.0%. JM ELSS - Tax Saver Fund charges 1.34% a year and SBI ELSS Tax Saver Fund 1.23%.
Which has given higher returns, JM ELSS - Tax Saver Fund or SBI ELSS Tax Saver Fund?
Over 1 year: JM ELSS - Tax Saver Fund −1.27%, SBI ELSS Tax Saver Fund −8.94%. Over 3 years: JM ELSS - Tax Saver Fund +15.60% a year, SBI ELSS Tax Saver Fund +13.23% a year. Over 5 years: JM ELSS - Tax Saver Fund +12.32% a year, SBI ELSS Tax Saver Fund +13.15% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, JM ELSS - Tax Saver Fund or SBI ELSS Tax Saver Fund?
SBI ELSS Tax Saver Fund charges less: 1.23% a year against 1.34%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM ELSS - Tax Saver Fund and SBI ELSS Tax Saver Fund overlap?
26.0%. They hold 18 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, JM ELSS - Tax Saver Fund or SBI ELSS Tax Saver Fund?
On SEBI's riskometer, JM ELSS - Tax Saver Fund is rated Very High and SBI ELSS Tax Saver Fund Very High. Over 3 years, the standard deviation of daily returns was 16.06% and 13.11% a year.
Which is better for SIP, JM ELSS - Tax Saver Fund or SBI ELSS Tax Saver Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,40,555 in JM ELSS - Tax Saver Fund (XIRR 12.6% a year) and ₹8,05,884 in SBI ELSS Tax Saver Fund (XIRR 10.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both JM ELSS - Tax Saver Fund and SBI ELSS Tax Saver Fund?
Yes. 26.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages JM ELSS - Tax Saver Fund and SBI ELSS Tax Saver Fund?
JM ELSS - Tax Saver Fund: Deepak Gupta, Satish Ramanathan, Asit Bhandarkar, Ruchi Fozdar. SBI ELSS Tax Saver Fund: Dinesh Balachandran.
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.