JM Flexi Cap Fund vs JM Value Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM Flexi Cap Fund is a Flexi Cap fund and JM Value Fund is a Value and Contra fund. In the 3 years to 30-10-2026, JM Flexi Cap Fund (Direct) returned 13.1% a year and JM Value Fund (Direct) returned 9.8% a year. JM Flexi Cap Fund charges 1.09% a year and JM Value Fund 1.59% (Direct plans). Their portfolios overlap 32.4%: they hold 26 of the same securities.
Which is better, JM Flexi Cap or JM Value? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- JM Flexi Cap returned more over 5 years: 13.9% a year against 12.3%.
- JM Flexi Cap returned more over 3 years: 13.1% a year against 9.8%.
- JM Flexi Cap costs less: 1.09% a year against 1.59% (Direct plans).
- JM Flexi Cap swung less over 3 years: a standard deviation of 15.7% a year against 17.2%.
- JM Flexi Cap fell less in its worst fall since 02-01-2013: −35.0% against −37.9%.
- JM Flexi Cap holds more in large companies: 49.4% of the fund in large caps against 32.3%.
- JM Flexi Cap is the larger fund: ₹5,036 Cr against ₹780 Cr.
- Their portfolios overlap 32.4%: 26 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 Flexi Cap Fund | JM Value Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | JM Financial Mutual Fund |
| Category | Flexi Cap | Value and Contra |
| AUM | ₹5,036 Cr (30-09-2026) | ₹780 Cr (30-09-2026) |
| NAV | ₹108.04 (Direct) | ₹100.86 (Direct) |
| Expense ratio (Direct) | 1.09% | 1.59% |
| Expense ratio (Regular) | 2.31% | 2.75% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | BSE 500 TRI |
| Launch date | 23-09-2008 | 02-06-1997 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar | Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar |
| Exit load | Exit load of 1%, if redeemed within 30 days. | Exit load of 1%, if redeemed within 30 days. |
JM Flexi Cap vs JM 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 |
|---|---|---|---|---|---|---|---|
| JM Flexi Cap Fund (Direct) | −3.51% | −4.36% | +1.11% | −5.28% | +13.05% | +13.89% | +15.31% |
| JM Value Fund (Direct) | −6.48% | −5.75% | −2.96% | −9.64% | +9.77% | +12.34% | +14.15% |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | +13.13% |
| Value and Contra average | −2.09% | −5.76% | −3.23% | −5.72% | +11.83% | +11.08% | +12.63% |
Category average: the average of the 46 Flexi Cap funds and the 30 Value and Contra funds, same plan type.
JM Flexi Cap vs JM Value: Year-wise Returns
| Year | Flexi CapJM Flexi Cap | ValueJM Value | BSE 500 TRI |
|---|---|---|---|
| 2026to date | −2.66% | −7.28% | −7.81% |
| 2025 | −5.65% | −3.20% | +7.63% |
| 2024 | +35.27% | +26.72% | +15.81% |
| 2023 | +41.55% | +48.68% | +26.55% |
| 2022 | +8.69% | +6.05% | +4.77% |
| 2021 | +33.98% | +37.17% | +31.63% |
JM Flexi Cap vs JM Value: 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 Flexi Cap Fund (Direct)
JM Value 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 Flexi Cap | 1.2 | 5.1 | 2.6 | 20.7 | 28.5 | 18.7 | 23.2 | 18.8% | 18.3% | −3.0% | 34.1% | 88% |
| JM Value | 4.9 | 2.5 | 4.8 | 18.1 | 23.7 | 19.2 | 26.7 | 18.9% | 19.0% | −6.7% | 35.9% | 75% |
| 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 Flexi Cap vs JM 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 02-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| JM Flexi CapJM Flexi Cap Fund (Direct) | ₹16,60,000 | ₹56,06,552 | ₹39,46,552 | 16.2% |
| JM ValueJM Value Fund (Direct) | ₹16,60,000 | ₹52,69,595 | ₹36,09,595 | 15.4% |
JM Flexi CapJM Flexi Cap Fund (Direct)
JM ValueJM 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.
JM Flexi Cap vs JM Value: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | JM Flexi Cap Fund (Direct) | JM Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | −5.28% | −9.64% |
| Standard deviation | 15.20% | 17.60% |
| Sharpe ratio | -0.69 | -0.85 |
| Sortino ratio | -0.91 | -1.12 |
| Maximum drawdown | −16.2% (31-03-2026) | −18.5% (31-03-2026) |
| Beta | 1.03 | 1.15 |
| Alpha | +2.72% | +0.02% |
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 Flexi Cap Fund (Direct) | JM Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.05% | +9.77% |
| Standard deviation | 15.74% | 17.15% |
| Sharpe ratio | 0.45 | 0.22 |
| Sortino ratio | 0.59 | 0.29 |
| Maximum drawdown | −22.6% (31-03-2026) | −26.1% (31-03-2026) |
| Beta | 1.05 | 1.13 |
| Alpha | +2.95% | −0.61% |
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 Flexi Cap Fund (Direct) | JM Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.89% | +12.34% |
| Standard deviation | 15.35% | 16.35% |
| Sharpe ratio | 0.53 | 0.40 |
| Sortino ratio | 0.71 | 0.53 |
| Maximum drawdown | −22.6% (31-03-2026) | −26.1% (31-03-2026) |
| Beta | 1.03 | 1.07 |
| Alpha | +5.17% | +3.49% |
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 Flexi Cap Fund (Direct) | JM Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.00% | +14.98% |
| Standard deviation | 17.02% | 18.46% |
| Sharpe ratio | 0.58 | 0.48 |
| Sortino ratio | 0.80 | 0.66 |
| Maximum drawdown | −35.0% (23-03-2020) | −37.9% (23-03-2020) |
| Beta | 1.02 | 1.11 |
| Alpha | +3.03% | +1.44% |
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 Flexi Cap Fund (Direct)
JM Value 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 Flexi Cap Fund (Direct) | −35.0% | 12-02-2020 | 23-03-2020 | 24-11-2020 | 8 months | −12.5% |
| JM Value Fund (Direct) | −37.9% | 12-02-2020 | 23-03-2020 | 17-11-2020 | 8 months | −18.1% |
| 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 Flexi Cap Fund (Direct)
JM Value 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 Flexi Cap Fund (Direct)
JM Value 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 Flexi Cap Fund (Direct)
JM Value Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| JM Flexi Cap Fund (Direct) | 107% | 91% | 6.25% |
| JM Value Fund (Direct) | 114% | 108% | 7.59% |
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 Flexi Cap vs JM Value: Portfolio Overlap
From each fund's latest monthly portfolio: JM Flexi Cap Fund, September 2026; JM Value Fund, September 2026
Holdings in common
- Overlap
- 32.4%
- Held by both
- 26
- Only in JM Flexi Cap
- 63
- Only in JM Value
- 48
| Security | % of JM Flexi Cap | % of JM Value |
|---|---|---|
| ICICI Bank Limited | 4.44% | 3.78% |
| Shriram Finance Limited | 2.66% | 3.40% |
| Larsen & Toubro Limited | 2.37% | 3.38% |
| Bharti Airtel Limited | 2.23% | 2.70% |
| Pine Labs Limited | 2.40% | 2.09% |
| Godfrey Phillips India Limited | 2.06% | 2.14% |
| Redington Limited | 1.82% | 4.70% |
| HDFC Bank Limited | 2.55% | 1.82% |
| Arvind Limited | 1.60% | 1.80% |
| Tata Motors Limited | 1.34% | 2.55% |
| Tech Mahindra Limited | 1.21% | 2.52% |
| Infosys Limited | 1.07% | 2.43% |
| EQUITAS SMALL FINANCE BANK LIMITED | 0.94% | 1.64% |
| Life Insurance Corporation Of India | 0.94% | 1.88% |
| Hero Motors Limited | 0.90% | 0.93% |
| Hindustan Zinc Limited | 1.01% | 0.89% |
| Amber Enterprises India Limited | 0.83% | 1.16% |
| Diamond Power Infrastructure Limited | 0.70% | 0.80% |
| NTPC Limited | 0.81% | 0.62% |
| Horizon Industrial Parks Limited | 0.92% | 0.53% |
| Restaurant Brands Asia Limited | 0.46% | 2.23% |
| OPTIEMUS INFRACOM LIMITED | 0.43% | 1.58% |
| TITAGARH RAIL SYSTEMS LIMITED | 0.41% | 1.50% |
| Cohance Lifesciences Limited | 0.35% | 0.98% |
| SBI Funds Management Ltd | 0.45% | 0.29% |
| Varmora Granito Limited | 0.11% | 0.24% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 32.4% means 32.4% 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 Flexi Cap Fund
| Security | % of fund |
|---|---|
| State Bank of India | 3.42% |
| Reliance Industries Limited | 2.65% |
| Mahindra & Mahindra Limited | 2.22% |
| One 97 Communications Limited | 2.12% |
| Divi's Laboratories Limited | 2.12% |
Largest holdings only in JM Value Fund
| Security | % of fund |
|---|---|
| Jana Small Finance Bank Ltd | 2.55% |
| JK TYRE & INDUSTRIES LTD | 2.26% |
| INDO COUNT INDUSTRIES LIMITED | 1.77% |
| CRAFTSMAN AUTOMATION LIMITED | 1.75% |
| Aptus Value Housing Finance India Ltd | 1.69% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM Flexi Cap | JM Value |
|---|---|---|
| Equity | 97.7% | 98.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.3% | 1.2% |
Market cap of stocks
| Market cap | JM Flexi Cap | JM Value |
|---|---|---|
| Large Cap | 49.4% | 32.3% |
| Mid Cap | 15.6% | 7.0% |
| Small Cap | 29.4% | 55.7% |
| Not on AMFI's list | 3.3% | 3.8% |
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 | JM Flexi Cap | JM Value |
|---|---|---|
| Banks | 15.0% | 11.3% |
| Finance | 4.5% | 10.8% |
| Auto Components | 7.3% | 7.9% |
| Construction | 2.4% | 5.6% |
| Electrical Equipment | 5.1% | 5.2% |
| IT - Software | 3.5% | 4.9% |
| Pharmaceuticals & Biotechnology | 4.6% | 2.9% |
| Financial Technology (Fintech) | 4.5% | 2.1% |
The six largest sectors of each fund's stocks, % of the fund.
JM Flexi Cap vs JM Value: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM Flexi Cap Fund | JM Value Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.09% | 1.59% |
| Base expense ratio (Direct) | 0.57% | 1.04% |
| Total expense ratio (Regular) | 2.31% | 2.75% |
| Base expense ratio (Regular) | 1.61% | 2.04% |
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 Flexi Cap with
JM Flexi Cap Fund vs JM Value Fund: Frequently Asked Questions
What is the difference between JM Flexi Cap Fund and JM Value Fund?
JM Flexi Cap Fund is a Flexi Cap fund, JM Value Fund is a Value and Contra fund, run by JM Financial Mutual Fund. Their portfolios overlap 32.4%. JM Flexi Cap Fund charges 1.09% a year and JM Value Fund 1.59%.
Which has given higher returns, JM Flexi Cap Fund or JM Value Fund?
Over 1 year: JM Flexi Cap Fund −5.28%, JM Value Fund −9.64%. Over 3 years: JM Flexi Cap Fund +13.05% a year, JM Value Fund +9.77% a year. Over 5 years: JM Flexi Cap Fund +13.89% a year, JM Value Fund +12.34% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, JM Flexi Cap Fund or JM Value Fund?
JM Flexi Cap Fund charges less: 1.09% a year against 1.59%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM Flexi Cap Fund and JM Value Fund overlap?
32.4%. They hold 26 of the same securities, the largest shared ones being ICICIBANK, SHRIRAMFIN, LT. From each fund's latest monthly portfolio.
Which is riskier, JM Flexi Cap Fund or JM Value Fund?
On SEBI's riskometer, JM Flexi Cap Fund is rated Very High and JM Value Fund Very High. Over 3 years, the standard deviation of daily returns was 15.74% and 17.15% a year.
Which is better for SIP, JM Flexi Cap Fund or JM Value Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,18,519 in JM Flexi Cap Fund (XIRR 11.5% a year) and ₹7,78,992 in JM Value Fund (XIRR 9.6% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both JM Flexi Cap Fund and JM Value Fund?
Yes. 32.4% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages JM Flexi Cap Fund and JM Value Fund?
JM Flexi Cap Fund: Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar. JM Value Fund: Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar.
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.