JM ELSS - Tax Saver Fund vs UTI ELSS Tax Saver Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM ELSS - Tax Saver Fund and UTI 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 UTI ELSS Tax Saver Fund (Direct) returned 7.9% a year. JM ELSS - Tax Saver Fund charges 1.34% a year and UTI ELSS Tax Saver Fund 1.19% (Direct plans). Their portfolios overlap 22.9%: they hold 11 of the same securities.
JM ELSS - Tax Saver Fund
ELSS
- 3 year return
- 15.6%
- Expense ratio
- 1.34%
- NAV
- ₹57.26
Which is better, JM ELSS - Tax Saver or UTI 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.
- JM ELSS - Tax Saver returned more over 5 years: 12.3% a year against 6.3%.
- JM ELSS - Tax Saver returned more over 3 years: 15.6% a year against 7.9%.
- UTI ELSS Tax Saver costs less: 1.19% a year against 1.34% (Direct plans).
- UTI ELSS Tax Saver swung less over 3 years: a standard deviation of 12.9% a year against 16.1%.
- UTI ELSS Tax Saver fell less in its worst fall since 02-01-2013: −35.1% against −37.4%.
- UTI ELSS Tax Saver holds more in large companies: 67.9% of the fund in large caps against 35.1%.
- UTI ELSS Tax Saver is the larger fund: ₹3,253 Cr against ₹240 Cr.
- Their portfolios overlap 22.9%: 11 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 | UTI ELSS Tax Saver Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | UTI Mutual Fund |
| Category | ELSS | ELSS |
| AUM | ₹240 Cr (30-09-2026) | ₹3,253 Cr (30-09-2026) |
| NAV | ₹57.26 (Direct) | ₹214.73 (Direct) |
| Expense ratio (Direct) | 1.34% | 1.19% |
| Expense ratio (Regular) | 2.68% | 1.96% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | Nifty 500 TRI |
| Launch date | 31-03-2008 | 15-12-1999 |
| Minimum investment | ₹500 | Regular Plan-Growth- Rs.500, Regular Plan-Payout of IDCW- Rs.500, Direct Plan-Growth- Rs.500, Direct Plan-Payout of IDCW- Rs.500, |
| Lock in | 3 years | 3 years |
| Fund managers | Deepak Gupta, Satish Ramanathan, Asit Bhandarkar, Ruchi Fozdar | Amit Premchandani FM 1, Not Applicable FM 2, Not Applicable FM 3, Not Applicable FM 4 |
| Exit load | Nil | Nil |
JM ELSS - Tax Saver vs UTI 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% |
| UTI ELSS Tax Saver Fund (Direct) | −0.44% | −6.30% | −2.70% | −9.13% | +7.90% | +6.27% | +11.37% |
| 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 UTI ELSS Tax Saver: Year-wise Returns
| Year | JM ELSS -JM ELSS - Tax Saver | UTI ELSSUTI ELSS Tax Saver |
|---|---|---|
| 2026to date | −0.54% | −9.30% |
| 2025 | +3.83% | +5.57% |
| 2024 | +30.64% | +15.08% |
| 2023 | +32.19% | +25.54% |
| 2022 | +1.47% | −2.51% |
| 2021 | +33.15% | +34.37% |
JM ELSS - Tax Saver vs UTI ELSS Tax Saver: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of JM ELSS - Tax Saver Fund
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)
UTI 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% |
| UTI ELSS Tax Saver | 1.7 | 4.2 | 12.6 | 38.5 | 28.8 | 12.5 | 1.5 | 14.2% | 14.1% | −5.1% | 30.3% | 40% |
| 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 UTI 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% |
| UTI ELSS Tax SaverUTI ELSS Tax Saver Fund (Direct) | ₹16,60,000 | ₹39,08,378 | ₹22,48,378 | 11.6% |
JM ELSS - Tax SaverJM ELSS - Tax Saver Fund (Direct)
UTI ELSS Tax SaverUTI 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 UTI 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) | UTI ELSS Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | −1.27% | −9.13% |
| Standard deviation | 15.50% | 13.48% |
| Sharpe ratio | -0.42 | -1.07 |
| Sortino ratio | -0.56 | -1.42 |
| Maximum drawdown | −16.9% (23-03-2026) | −15.2% (31-03-2026) |
| Beta | 1.04 | 0.92 |
| Alpha | +6.93% | −2.82% |
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) | UTI ELSS Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.60% | +7.90% |
| Standard deviation | 16.06% | 12.92% |
| Sharpe ratio | 0.60 | 0.15 |
| Sortino ratio | 0.80 | 0.20 |
| Maximum drawdown | −20.9% (07-04-2025) | −18.6% (28-02-2025) |
| Beta | 1.08 | 0.88 |
| Alpha | +5.41% | −1.80% |
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) | UTI ELSS Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.32% | +6.27% |
| Standard deviation | 15.58% | 13.31% |
| Sharpe ratio | 0.42 | 0.04 |
| Sortino ratio | 0.56 | 0.05 |
| Maximum drawdown | −20.9% (07-04-2025) | −21.3% (17-06-2022) |
| Beta | 1.04 | 0.90 |
| Alpha | +3.55% | −2.24% |
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) | UTI ELSS Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.16% | +12.44% |
| Standard deviation | 16.95% | 14.96% |
| Sharpe ratio | 0.60 | 0.43 |
| Sortino ratio | 0.81 | 0.57 |
| Maximum drawdown | −37.4% (23-03-2020) | −35.1% (23-03-2020) |
| Beta | 1.02 | 0.92 |
| Alpha | +3.19% | +0.16% |
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)
UTI 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% |
| UTI ELSS Tax Saver Fund (Direct) | −35.1% | 12-02-2020 | 23-03-2020 | 05-11-2020 | 7 months | −12.9% |
| 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)
UTI 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)
UTI 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)
UTI 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% |
| UTI ELSS Tax Saver Fund (Direct) | 96% | 95% | 3.44% |
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 UTI ELSS Tax Saver: Portfolio Overlap
From each fund's latest monthly portfolio: JM ELSS - Tax Saver Fund, September 2026; UTI ELSS Tax Saver Fund, September 2026
Holdings in common
- Overlap
- 22.9%
- Held by both
- 11
- Only in JM ELSS - Tax Saver
- 42
- Only in UTI ELSS Tax Saver
- 49
| Security | % of JM ELSS - Tax Saver | % of UTI ELSS Tax Saver |
|---|---|---|
| HDFC Bank Limited | 2.90% | 8.11% |
| ICICI Bank Limited | 2.67% | 7.11% |
| Reliance Industries Limited | 2.64% | 2.74% |
| Bharti Airtel Limited | 2.41% | 4.32% |
| Kotak Mahindra Bank Limited | 2.11% | 4.49% |
| State Bank of India | 2.01% | 2.36% |
| Bajaj Finance Limited | 1.94% | 2.95% |
| Tech Mahindra Limited | 1.71% | 2.08% |
| Mahindra & Mahindra Limited | 1.63% | 2.49% |
| Eternal Limited | 2.08% | 1.48% |
| Maruti Suzuki India Limited | 1.42% | 1.84% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 22.9% means 22.9% 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% |
| One 97 Communications Limited | 3.31% |
| Karur Vysya Bank Limited | 2.69% |
| CarTrade Tech Limited | 2.30% |
| EPL Limited | 2.19% |
Largest holdings only in UTI ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| EQ - AXIS BANK LTD. | 3.70% |
| EQ - INFOSYS LTD. | 2.44% |
| EQ - TATA STEEL LTD. | 2.21% |
| EQ - AJANTA PHARMA LTD. | 2.07% |
| EQ - PHOENIX MILLS LTD | 1.99% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM ELSS - Tax Saver | UTI ELSS Tax Saver |
|---|---|---|
| Equity | 98.9% | 99.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.1% | 1.0% |
Market cap of stocks
| Market cap | JM ELSS - Tax Saver | UTI ELSS Tax Saver |
|---|---|---|
| Large Cap | 35.1% | 67.9% |
| Mid Cap | 18.2% | 19.0% |
| Small Cap | 45.5% | 12.1% |
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 | UTI ELSS Tax Saver |
|---|---|---|
| Banks | 12.4% | 26.4% |
| Finance | 10.1% | 4.3% |
| IT - Software | 3.3% | 7.3% |
| Retailing | 6.4% | 6.5% |
| Automobiles | 4.7% | 5.7% |
| Industrial Manufacturing | 5.0% | 0.0% |
| Commercial Services & Supplies | 4.9% | 0.0% |
| Telecom - Services | 2.4% | 4.3% |
The six largest sectors of each fund's stocks, % of the fund.
JM ELSS - Tax Saver vs UTI ELSS Tax Saver: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM ELSS - Tax Saver Fund | UTI ELSS Tax Saver Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.34% | 1.19% |
| Base expense ratio (Direct) | 0.93% | 0.95% |
| Total expense ratio (Regular) | 2.68% | 1.96% |
| Base expense ratio (Regular) | 2.10% | 1.66% |
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 UTI ELSS Tax Saver Fund: Frequently Asked Questions
What is the difference between JM ELSS - Tax Saver Fund and UTI ELSS Tax Saver Fund?
Both are ELSS funds, run by JM Financial Mutual Fund and UTI Mutual Fund. Their portfolios overlap 22.9%. JM ELSS - Tax Saver Fund charges 1.34% a year and UTI ELSS Tax Saver Fund 1.19%.
Which has given higher returns, JM ELSS - Tax Saver Fund or UTI ELSS Tax Saver Fund?
Over 1 year: JM ELSS - Tax Saver Fund −1.27%, UTI ELSS Tax Saver Fund −9.13%. Over 3 years: JM ELSS - Tax Saver Fund +15.60% a year, UTI ELSS Tax Saver Fund +7.90% a year. Over 5 years: JM ELSS - Tax Saver Fund +12.32% a year, UTI ELSS Tax Saver Fund +6.27% 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 UTI ELSS Tax Saver Fund?
UTI ELSS Tax Saver Fund charges less: 1.19% 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 UTI ELSS Tax Saver Fund overlap?
22.9%. They hold 11 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 UTI ELSS Tax Saver Fund?
On SEBI's riskometer, JM ELSS - Tax Saver Fund is rated Very High and UTI ELSS Tax Saver Fund Very High. Over 3 years, the standard deviation of daily returns was 16.06% and 12.92% a year.
Which is better for SIP, JM ELSS - Tax Saver Fund or UTI 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 ₹6,99,861 in UTI ELSS Tax Saver Fund (XIRR 5.4% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both JM ELSS - Tax Saver Fund and UTI ELSS Tax Saver Fund?
Yes. 22.9% 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 UTI ELSS Tax Saver Fund?
JM ELSS - Tax Saver Fund: Deepak Gupta, Satish Ramanathan, Asit Bhandarkar, Ruchi Fozdar. UTI ELSS Tax Saver Fund: Amit Premchandani FM 1, Not Applicable FM 2, Not Applicable FM 3, Not Applicable FM 4.
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.