Kotak ELSS Tax Saver Fund vs Kotak Multi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Kotak ELSS Tax Saver Fund is an ELSS fund and Kotak Multi Cap Fund is a Multi Cap fund. In the 3 years to 30-10-2026, Kotak ELSS Tax Saver Fund (Direct) returned 10.8% a year and Kotak Multi Cap Fund (Direct) returned 15.6% a year. Kotak ELSS Tax Saver Fund charges 0.85% a year and Kotak Multi Cap Fund 0.69% (Direct plans). Their portfolios overlap 37.2%: they hold 26 of the same securities.
Kotak ELSS Tax Saver Fund
ELSS
- 3 year return
- 10.8%
- Expense ratio
- 0.85%
- NAV
- ₹132.52
Which is better, Kotak ELSS Tax Saver or Kotak 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.
- Kotak Multi Cap returned more over 5 years: 15.5% a year against 10.8%.
- Kotak Multi Cap returned more over 3 years: 15.6% a year against 10.8%.
- Kotak Multi Cap costs less: 0.69% a year against 0.85% (Direct plans).
- Kotak ELSS Tax Saver swung less over 3 years: a standard deviation of 14.3% a year against 15.9%.
- Kotak ELSS Tax Saver fell less in its worst fall since 06-10-2021: −19.6% against −21.0%.
- Kotak ELSS Tax Saver holds more in large companies: 60.6% of the fund in large caps against 39.5%.
- Kotak Multi Cap is the larger fund: ₹30,335 Cr against ₹6,071 Cr.
- Their portfolios overlap 37.2%: 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 | Kotak ELSS Tax Saver Fund | Kotak Multi Cap Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | ELSS | Multi Cap |
| AUM | ₹6,071 Cr (30-09-2026) | ₹30,335 Cr (30-09-2026) |
| NAV | ₹132.52 (Direct) | ₹20.32 (Direct) |
| Expense ratio (Direct) | 0.85% | 0.69% |
| Expense ratio (Regular) | 1.96% | 1.77% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 23-11-2005 | 29-09-2021 |
| Minimum investment | ₹500 | ₹100 |
| Lock in | 3 years | None |
| Fund managers | Harsha Upadhyaya | Devender Singal, Abhishek Bisen |
| Exit load | Nil | Exit load for units in excess of 10% of the investment,1% will be charged for redemption within 1 year. |
Kotak ELSS Tax Saver vs Kotak 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 |
|---|---|---|---|---|---|---|---|
| Kotak ELSS Tax Saver Fund (Direct) | −1.48% | −4.54% | −0.03% | −4.31% | +10.76% | +10.84% | +13.65% |
| Kotak Multi Cap Fund (Direct) | −3.75% | −5.89% | −2.88% | −4.64% | +15.63% | +15.50% | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | +12.56% | -- |
Category average: the average of the 50 ELSS funds and the 33 Multi Cap funds, same plan type.
Kotak ELSS Tax Saver vs Kotak Multi Cap: Year-wise Returns
| Year | ELSS Tax SaverKotak ELSS Tax Saver | Multi CapKotak Multi Cap |
|---|---|---|
| 2026to date | −4.13% | −5.28% |
| 2025 | +2.92% | +7.73% |
| 2024 | +23.31% | +28.75% |
| 2023 | +25.20% | +41.89% |
| 2022 | +8.37% | +11.82% |
| 2021 | +35.05% | -- |
Kotak ELSS Tax Saver vs Kotak Multi Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Kotak ELSS Tax Saver Fund
Rolling returns
Every 3-year holding period, 509 of them, one for each trading day from 07-10-2024 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.
Kotak ELSS Tax Saver Fund (Direct)
Kotak Multi Cap Fund (Direct)
Nifty 500 TRI
to
Dec 2024Apr 2022
to
Apr 2025Aug 2022
to
Aug 2025Dec 2022
to
Dec 2025May 2023
to
May 2026Aug 2023
to
Aug 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Kotak ELSS Tax Saver | 0.0 | 0.0 | 1.8 | 30.5 | 55.2 | 12.6 | 0.0 | 16.3% | 16.4% | 9.3% | 23.9% | 82% |
| Kotak Multi Cap | 0.0 | 0.0 | 0.0 | 0.6 | 13.4 | 48.7 | 37.3 | 24.0% | 24.3% | 14.4% | 31.8% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 3.7 | 37.1 | 53.4 | 5.7 | 0.0 | 15.3% | 15.4% | 8.8% | 22.3% | -- |
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 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 06-10-2021. Past returns do not promise future returns.
Kotak ELSS Tax Saver vs Kotak 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 01-10-2021 to 30-10-2026: 61 instalments, ₹6,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak ELSS Tax SaverKotak ELSS Tax Saver Fund (Direct) | ₹6,10,000 | ₹7,64,967 | ₹1,54,967 | 8.9% |
| Kotak Multi CapKotak Multi Cap Fund (Direct) | ₹6,10,000 | ₹8,68,533 | ₹2,58,533 | 13.9% |
Kotak ELSS Tax SaverKotak ELSS Tax Saver Fund (Direct)
Kotak Multi CapKotak 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.
Kotak ELSS Tax Saver vs Kotak Multi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Kotak ELSS Tax Saver Fund (Direct) | Kotak Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −4.31% | −4.64% |
| Standard deviation | 14.54% | 15.80% |
| Sharpe ratio | -0.66 | -0.63 |
| Sortino ratio | -0.87 | -0.83 |
| Maximum drawdown | −13.7% (31-03-2026) | −13.9% (30-03-2026) |
| Beta | 0.99 | 1.03 |
| Alpha | +2.93% | +1.72% |
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 | Kotak ELSS Tax Saver Fund (Direct) | Kotak Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.76% | +15.63% |
| Standard deviation | 14.34% | 15.91% |
| Sharpe ratio | 0.33 | 0.60 |
| Sortino ratio | 0.44 | 0.82 |
| Maximum drawdown | −19.6% (28-02-2025) | −21.0% (03-03-2025) |
| Beta | 0.98 | 1.02 |
| Alpha | +0.61% | +4.27% |
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 | Kotak ELSS Tax Saver Fund (Direct) | Kotak Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.84% | +15.50% |
| Standard deviation | 14.18% | 15.43% |
| Sharpe ratio | 0.36 | 0.63 |
| Sortino ratio | 0.48 | 0.84 |
| Maximum drawdown | −19.6% (28-02-2025) | −21.0% (03-03-2025) |
| Beta | 0.97 | 0.99 |
| Alpha | +2.13% | +5.02% |
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 | Kotak ELSS Tax Saver Fund (Direct) | Kotak Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.48% | +15.00% |
| Standard deviation | 15.28% | 15.36% |
| Sharpe ratio | 0.55 | 0.60 |
| Sortino ratio | 0.74 | 0.81 |
| Maximum drawdown | −36.4% (23-03-2020) | −21.0% (03-03-2025) |
| Beta | 0.94 | 0.99 |
| Alpha | +2.08% | +4.82% |
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.
Kotak ELSS Tax Saver Fund (Direct)
Kotak 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 |
|---|---|---|---|---|---|---|
| Kotak ELSS Tax Saver Fund (Direct) | −19.6% | 27-09-2024 | 28-02-2025 | Not yet | -- | −7.7% |
| Kotak Multi Cap Fund (Direct) | −21.0% | 27-09-2024 | 03-03-2025 | 20-10-2025 | 8 months | −7.4% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 06-10-2021, 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.
Kotak ELSS Tax Saver Fund (Direct)
Kotak 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.
Kotak ELSS Tax Saver Fund (Direct)
Kotak Multi Cap Fund (Direct)
Nifty 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.
Kotak ELSS Tax Saver Fund (Direct)
Kotak Multi Cap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Kotak ELSS Tax Saver Fund (Direct) | 102% | 92% | 3.89% |
| Kotak Multi Cap Fund (Direct) | 121% | 93% | 4.92% |
From month-end values since 06-10-2021. 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.
Kotak ELSS Tax Saver vs Kotak Multi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak ELSS Tax Saver Fund, September 2026; Kotak Multi Cap Fund, September 2026
Holdings in common
- Overlap
- 37.2%
- Held by both
- 26
- Only in Kotak ELSS Tax Saver
- 27
- Only in Kotak Multi Cap
- 47
| Security | % of Kotak ELSS Tax Saver | % of Kotak Multi Cap |
|---|---|---|
| HDFC BANK LTD. | 7.00% | 5.66% |
| STATE BANK OF INDIA. | 4.98% | 3.55% |
| ETERNAL LIMITED | 3.16% | 3.28% |
| Hero MotoCorp Ltd. | 2.59% | 3.26% |
| NTPC LTD | 2.76% | 2.20% |
| SUN PHARMACEUTICAL INDUSTRIES LTD. | 2.39% | 2.13% |
| Engineers India Ltd | 1.63% | 1.64% |
| Larsen and Toubro Ltd. | 2.48% | 1.48% |
| PINE LABS LTD. | 1.56% | 1.43% |
| INDUSIND BANK LTD. | 1.34% | 2.97% |
| Inter Globe Aviation Ltd | 1.85% | 1.15% |
| POONAWALLA FINCORP LIMITED | 1.10% | 1.72% |
| BANK OF BARODA | 1.06% | 2.29% |
| KALPATARU PROJECTS INTERNATIONAL LIMITED | 1.99% | 1.03% |
| SWIGGY LTD | 1.03% | 1.14% |
| United Spirits Ltd | 1.00% | 1.24% |
| PIRAMAL FINANCE LTD | 1.60% | 0.87% |
| Indus Towers Ltd. | 0.86% | 2.86% |
| BHARTI AIRTEL LTD. | 3.47% | 0.78% |
| SRF LTD. | 0.81% | 0.74% |
| AXISCADES TECHNOLOGIES LTD | 1.25% | 0.67% |
| Ultratech Cement Ltd. | 1.71% | 0.52% |
| BILLIONBRAINS GARAGE VENTURES LIMITED (GROWW) | 1.15% | 0.52% |
| NATIONAL STOCK EXCHANGE OF INDIA LIMITED (NSE) | 0.36% | 0.27% |
| RELIANCE INDUSTRIES LTD. | 1.60% | 0.23% |
| CRISIL Ltd. | 1.17% | 0.17% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 37.2% means 37.2% 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 Kotak ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| ICICI BANK LTD. | 5.01% |
| Tech Mahindra Ltd. | 3.01% |
| Divis Laboratories Ltd. | 2.68% |
| Dixon Technologies India Ltd | 2.59% |
| BAJAJ FINANCE LTD. | 2.49% |
Largest holdings only in Kotak Multi Cap Fund
| Security | % of fund |
|---|---|
| Maruti Suzuki India Limited | 4.10% |
| Oracle Financial Services Software Ltd | 3.46% |
| INDO-MIM LTD | 3.33% |
| One 97 Communications Ltd | 2.70% |
| Power Finance Corporation Ltd. | 2.26% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak ELSS Tax Saver | Kotak Multi Cap |
|---|---|---|
| Equity | 98.5% | 98.5% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.5% | 1.5% |
Market cap of stocks
| Market cap | Kotak ELSS Tax Saver | Kotak Multi Cap |
|---|---|---|
| Large Cap | 60.6% | 39.5% |
| Mid Cap | 21.5% | 25.1% |
| Small Cap | 15.5% | 29.5% |
| Not on AMFI's list | 0.9% | 4.4% |
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 | Kotak ELSS Tax Saver | Kotak Multi Cap |
|---|---|---|
| Banks | 23.0% | 20.4% |
| Pharmaceuticals and Biotechnology | 7.5% | 4.4% |
| Finance | 6.4% | 7.5% |
| Automobiles | 6.0% | 7.4% |
| Retailing | 6.5% | 4.4% |
| Construction | 6.1% | 5.2% |
| Industrial Manufacturing | 2.2% | 5.7% |
| Telecom - Services | 4.3% | 4.6% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak ELSS Tax Saver vs Kotak Multi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak ELSS Tax Saver Fund | Kotak Multi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.85% | 0.69% |
| Base expense ratio (Direct) | 0.63% | 0.42% |
| Total expense ratio (Regular) | 1.96% | 1.77% |
| Base expense ratio (Regular) | 1.57% | 1.34% |
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 Kotak ELSS Tax Saver with
Kotak ELSS Tax Saver Fund vs Kotak Multi Cap Fund: Frequently Asked Questions
What is the difference between Kotak ELSS Tax Saver Fund and Kotak Multi Cap Fund?
Kotak ELSS Tax Saver Fund is an ELSS fund, Kotak Multi Cap Fund is a Multi Cap fund, run by Kotak Mahindra Mutual Fund. Their portfolios overlap 37.2%. Kotak ELSS Tax Saver Fund charges 0.85% a year and Kotak Multi Cap Fund 0.69%.
Which has given higher returns, Kotak ELSS Tax Saver Fund or Kotak Multi Cap Fund?
Over 1 year: Kotak ELSS Tax Saver Fund −4.31%, Kotak Multi Cap Fund −4.64%. Over 3 years: Kotak ELSS Tax Saver Fund +10.76% a year, Kotak Multi Cap Fund +15.63% a year. Over 5 years: Kotak ELSS Tax Saver Fund +10.84% a year, Kotak Multi Cap Fund +15.50% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak ELSS Tax Saver Fund or Kotak Multi Cap Fund?
Kotak Multi Cap Fund charges less: 0.69% a year against 0.85%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak ELSS Tax Saver Fund and Kotak Multi Cap Fund overlap?
37.2%. They hold 26 of the same securities, the largest shared ones being HDFCBANK, SBIN, ETERNAL. From each fund's latest monthly portfolio.
Which is riskier, Kotak ELSS Tax Saver Fund or Kotak Multi Cap Fund?
On SEBI's riskometer, Kotak ELSS Tax Saver Fund is rated Very High and Kotak Multi Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.34% and 15.91% a year.
Which is better for SIP, Kotak ELSS Tax Saver Fund or Kotak Multi Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,64,967 in Kotak ELSS Tax Saver Fund (XIRR 8.9% a year) and ₹8,68,533 in Kotak Multi Cap Fund (XIRR 13.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Kotak ELSS Tax Saver Fund and Kotak Multi Cap Fund?
Yes. 37.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Kotak ELSS Tax Saver Fund and Kotak Multi Cap Fund?
Kotak ELSS Tax Saver Fund: Harsha Upadhyaya. Kotak Multi Cap Fund: Devender Singal, Abhishek Bisen.
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.