Kotak Multi Asset Allocation Fund vs Kotak Multi Cap Fund
Direct Plan, Growth option · Data as on 29-10-2026
Kotak Multi Asset Allocation Fund is a Multi Asset fund and Kotak Multi Cap Fund is a Multi Cap fund. In the 3 years to 30-10-2026, Kotak Multi Asset Allocation Fund (Direct) returned 16.2% a year and Kotak Multi Cap Fund (Direct) returned 15.6% a year. Kotak Multi Asset Allocation Fund charges 0.63% a year and Kotak Multi Cap Fund 0.69% (Direct plans). Their portfolios overlap 47.4%: they hold 41 of the same securities.
Kotak Multi Asset Allocation Fund
Multi Asset
- 3 year return
- 16.2%
- Expense ratio
- 0.63%
- NAV
- ₹15.65
Which is better, Kotak Multi Asset Allocation 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 Asset Allocation returned more over 3 years: 16.2% a year against 15.6%.
- Kotak Multi Asset Allocation returned more over 1 year: 4.3% against −4.6%.
- Kotak Multi Asset Allocation costs less: 0.63% a year against 0.69% (Direct plans).
- Kotak Multi Asset Allocation swung less over 3 years: a standard deviation of 12.2% a year against 15.9%.
- Kotak Multi Asset Allocation fell less in its worst fall since 03-10-2023: −13.8% against −21.0%.
- Kotak Multi Cap is the larger fund: ₹30,335 Cr against ₹15,236 Cr.
- Their portfolios overlap 47.4%: 41 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 Multi Asset Allocation Fund | Kotak Multi Cap Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Multi Asset | Multi Cap |
| AUM | ₹15,236 Cr (30-09-2026) | ₹30,335 Cr (30-09-2026) |
| NAV | ₹15.65 (Direct) | ₹20.32 (Direct) |
| Expense ratio (Direct) | 0.63% | 0.69% |
| Expense ratio (Regular) | 1.76% | 1.77% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 TRI 65% + NIFTY Short Duration Debt Index 25% + Domestic Price of Gold 5% + Domestic Price of Silver 5% | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 22-09-2023 | 29-09-2021 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Devender Singhal, Abhishek Bisen, Hiten Shah, Jeetu Valechha Sonar | Devender Singal, Abhishek Bisen |
| Exit load | Exit Load for units in excess of 30% of the investment,1% will be charged for redemption within 1 year. | Exit load for units in excess of 10% of the investment,1% will be charged for redemption within 1 year. |
Kotak Multi Asset Allocation 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 Multi Asset Allocation Fund (Direct) | −3.51% | −4.32% | −4.66% | +4.34% | +16.23% | -- | -- |
| Kotak Multi Cap Fund (Direct) | −3.75% | −5.89% | −2.88% | −4.64% | +15.63% | +15.50% | -- |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | +14.20% | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | +12.56% | -- |
Category average: the average of the 37 Multi Asset funds and the 33 Multi Cap funds, same plan type.
Kotak Multi Asset Allocation vs Kotak Multi Cap: Year-wise Returns
| Year | Asset AllocationKotak Multi Asset Allocation | CapKotak Multi Cap |
|---|---|---|
| 2026to date | −2.85% | −5.28% |
| 2025 | +24.37% | +7.73% |
| 2024 | +17.87% | +28.75% |
| 2023 | -- | +41.89% |
| 2022 | -- | +11.82% |
Kotak Multi Asset Allocation vs Kotak Multi Cap: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of Kotak Multi Cap Fund
Rolling returns
Every 1-year holding period, 512 of them, one for each trading day from 03-10-2024 to 29-10-2026: 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 Multi Asset Allocation Fund (Direct)
Kotak Multi Cap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
to
Dec 2024Apr 2024
to
Apr 2025Aug 2024
to
Aug 2025Dec 2024
to
Dec 2025May 2025
to
May 2026Aug 2025
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 Multi Asset Allocation | 0.0 | 5.7 | 26.2 | 13.5 | 13.1 | 17.4 | 24.2 | 17.3% | 17.3% | 2.5% | 39.2% | 85% |
| Kotak Multi Cap | 10.6 | 22.5 | 32.9 | 13.9 | 4.7 | 2.5 | 12.9 | 11.3% | 7.6% | −5.8% | 53.0% | 87% |
| Nifty500 Multicap 50:25:25 TRI | 19.3 | 31.8 | 27.9 | 6.6 | 2.5 | 2.0 | 9.8 | 7.5% | 4.8% | −7.6% | 42.5% | -- |
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 03-10-2023. Past returns do not promise future returns.
Kotak Multi Asset Allocation 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 03-10-2023 to 29-10-2026: 37 instalments, ₹3,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak Multi Asset AllocationKotak Multi Asset Allocation Fund (Direct) | ₹3,70,000 | ₹4,35,008 | ₹65,008 | 10.5% |
| Kotak Multi CapKotak Multi Cap Fund (Direct) | ₹3,70,000 | ₹3,99,991 | ₹29,991 | 5.0% |
Kotak Multi Asset AllocationKotak Multi Asset Allocation 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 Multi Asset Allocation 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 Multi Asset Allocation Fund (Direct) | Kotak Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.34% | −4.64% |
| Standard deviation | 15.49% | 15.80% |
| Sharpe ratio | -0.06 | -0.63 |
| Sortino ratio | -0.07 | -0.83 |
| Maximum drawdown | −13.8% (23-03-2026) | −13.9% (30-03-2026) |
| Beta | -- | 1.03 |
| Alpha | -- | +1.72% |
From daily NAVs, 29-10-2025 to 29-10-2026. 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 Multi Asset Allocation Fund (Direct) | Kotak Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.23% | +15.63% |
| Standard deviation | 12.23% | 15.91% |
| Sharpe ratio | 0.83 | 0.60 |
| Sortino ratio | 1.11 | 0.82 |
| Maximum drawdown | −13.8% (23-03-2026) | −21.0% (03-03-2025) |
| Beta | -- | 1.02 |
| Alpha | -- | +4.27% |
From daily NAVs, 27-10-2023 to 29-10-2026. 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 Multi Asset Allocation Fund (Direct) | Kotak Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.57% | +15.00% |
| Standard deviation | 12.12% | 15.36% |
| Sharpe ratio | 0.79 | 0.60 |
| Sortino ratio | 1.05 | 0.81 |
| Maximum drawdown | −13.8% (23-03-2026) | −21.0% (03-03-2025) |
| Beta | -- | 0.99 |
| Alpha | -- | +4.82% |
From daily NAVs, 03-10-2023 to 29-10-2026. 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 Multi Asset Allocation Fund (Direct)
Kotak Multi Cap 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 |
|---|---|---|---|---|---|---|
| Kotak Multi Asset Allocation Fund (Direct) | −13.8% | 29-01-2026 | 23-03-2026 | Not yet | -- | −9.9% |
| Kotak Multi Cap Fund (Direct) | −21.0% | 27-09-2024 | 03-03-2025 | 20-10-2025 | 8 months | −7.4% |
| 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 03-10-2023, 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.
Kotak Multi Asset Allocation Fund (Direct)
Kotak Multi Cap Fund (Direct)
Nifty500 Multicap 50:25:25 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 Multi Asset Allocation Fund (Direct)
Kotak Multi Cap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
Against Nifty500 Multicap 50:25:25 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Kotak Multi Asset Allocation Fund (Direct) | 74% | 31% | 9.43% |
| Kotak Multi Cap Fund (Direct) | 111% | 95% | 4.26% |
From month-end values since 03-10-2023. 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.
Kotak Multi Asset Allocation vs Kotak Multi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Multi Asset Allocation Fund, September 2026; Kotak Multi Cap Fund, September 2026
Holdings in common
- Overlap
- 47.4%
- Held by both
- 41
- Only in Kotak Multi Asset Allocation
- 57
- Only in Kotak Multi Cap
- 32
| Security | % of Kotak Multi Asset Allocation | % of Kotak Multi Cap |
|---|---|---|
| STATE BANK OF INDIA. | 3.27% | 3.55% |
| INDO-MIM LTD | 2.91% | 3.33% |
| ETERNAL LIMITED | 2.50% | 3.28% |
| Maruti Suzuki India Limited | 2.40% | 4.10% |
| HDFC BANK LTD. | 2.39% | 5.66% |
| Hero MotoCorp Ltd. | 2.24% | 3.26% |
| NTPC LTD | 2.51% | 2.20% |
| Indus Towers Ltd. | 2.09% | 2.86% |
| ITC Ltd. | 2.54% | 2.04% |
| Power Finance Corporation Ltd. | 2.00% | 2.26% |
| Oracle Financial Services Software Ltd | 1.99% | 3.46% |
| BANK OF BARODA | 1.74% | 2.29% |
| Radico Khaitan Ltd. | 1.68% | 2.26% |
| NLC India Ltd. (Neyveli Lignite Corporation Ltd.) | 1.57% | 1.63% |
| One 97 Communications Ltd | 1.50% | 2.70% |
| POONAWALLA FINCORP LIMITED | 1.27% | 1.72% |
| BANDHAN BANK LIMITED | 1.50% | 1.04% |
| TATA TECHNOLOGIES LTD | 0.93% | 1.28% |
| SHRIRAM FINANCE LIMITED | 1.74% | 0.91% |
| Ami Organics Ltd | 0.98% | 0.89% |
| Hindustan Unilever Ltd. | 1.98% | 0.88% |
| BHARTI AIRTEL LTD. | 1.27% | 0.78% |
| SOUTH INDIAN BANK LTD | 0.75% | 1.93% |
| SWIGGY LTD | 0.74% | 1.14% |
| Hindalco Industries Ltd. | 0.96% | 0.59% |
| JYOTI CNC AUTOMATION LTD | 0.59% | 1.31% |
| PIRAMAL FINANCE LTD | 0.57% | 0.87% |
| Whirlpool of India Ltd. | 0.52% | 1.20% |
| Aditya Birla Sun Life AMC Ltd | 0.52% | 1.12% |
| Life Insurance Corporation Of India | 0.49% | 0.92% |
| PVR LTD. | 0.47% | 0.76% |
| DLF LIMITED | 0.44% | 1.14% |
| JAMMU KASHMIR BANK LTD | 0.41% | 1.67% |
| Sun TV Network Limited | 0.39% | 1.54% |
| Inter Globe Aviation Ltd | 0.39% | 1.15% |
| BILLIONBRAINS GARAGE VENTURES LIMITED (GROWW) | 0.32% | 0.52% |
| Kotak Liquid Direct Growth | 0.52% | 0.26% |
| RELIANCE INDUSTRIES LTD. | 1.19% | 0.23% |
| SUBROS LIMITED | 0.23% | 0.56% |
| NAVNEET EDUCATION LTD | 0.13% | 0.31% |
| ORCHID PHARMA LIMITED | 0.62% | 0.09% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 47.4% means 47.4% 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 Kotak Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| KOTAK MUTUAL FUND - KOTAK SILVER ETF | 7.90% |
| KOTAK MUTUAL FUND - KOTAK GOLD ETF | 5.74% |
| MTAR TECHNOLOGIES LIMITED | 1.95% |
| PARK MEDI WORLD LIMITED (PARK HOSPITAL) | 1.62% |
| Oil India Limited | 1.42% |
Largest holdings only in Kotak Multi Cap Fund
| Security | % of fund |
|---|---|
| INDUSIND BANK LTD. | 2.97% |
| SUN PHARMACEUTICAL INDUSTRIES LTD. | 2.13% |
| Kajaria Ceramics Ltd. | 1.89% |
| Engineers India Ltd | 1.64% |
| LIC HOUSING FINANCE LTD. | 1.53% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak Multi Asset Allocation | Kotak Multi Cap |
|---|---|---|
| Equity | 70.7% | 98.5% |
| Debt | 10.6% | 0.0% |
| Cash and others | 18.7% | 1.5% |
Market cap of stocks
| Market cap | Kotak Multi Asset Allocation | Kotak Multi Cap |
|---|---|---|
| Large Cap | 36.0% | 39.5% |
| Mid Cap | 16.0% | 25.1% |
| Small Cap | 14.5% | 29.5% |
| Not on AMFI's list | 4.1% | 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 Multi Asset Allocation | Kotak Multi Cap |
|---|---|---|
| Banks | 11.4% | 20.4% |
| Finance | 5.6% | 7.5% |
| Automobiles | 4.6% | 7.4% |
| Industrial Manufacturing | 4.1% | 5.7% |
| Construction | 0.0% | 5.2% |
| Power | 4.9% | 3.8% |
| Telecom - Services | 4.1% | 4.6% |
| Diversified FMCG | 4.5% | 2.9% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak Multi Asset Allocation vs Kotak Multi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Multi Asset Allocation Fund | Kotak Multi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.63% | 0.69% |
| Base expense ratio (Direct) | 0.44% | 0.42% |
| Total expense ratio (Regular) | 1.76% | 1.77% |
| Base expense ratio (Regular) | 1.40% | 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 Multi Asset Allocation with
Kotak Multi Asset Allocation Fund vs Kotak Multi Cap Fund: Frequently Asked Questions
What is the difference between Kotak Multi Asset Allocation Fund and Kotak Multi Cap Fund?
Kotak Multi Asset Allocation Fund is a Multi Asset fund, Kotak Multi Cap Fund is a Multi Cap fund, run by Kotak Mahindra Mutual Fund. Their portfolios overlap 47.4%. Kotak Multi Asset Allocation Fund charges 0.63% a year and Kotak Multi Cap Fund 0.69%.
Which has given higher returns, Kotak Multi Asset Allocation Fund or Kotak Multi Cap Fund?
Over 1 year: Kotak Multi Asset Allocation Fund +4.34%, Kotak Multi Cap Fund −4.64%. Over 3 years: Kotak Multi Asset Allocation Fund +16.23% a year, Kotak Multi Cap Fund +15.63% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak Multi Asset Allocation Fund or Kotak Multi Cap Fund?
Kotak Multi Asset Allocation Fund charges less: 0.63% a year against 0.69%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak Multi Asset Allocation Fund and Kotak Multi Cap Fund overlap?
47.4%. They hold 41 of the same securities, the largest shared ones being SBIN, INDOMIM, ETERNAL. From each fund's latest monthly portfolio.
Which is riskier, Kotak Multi Asset Allocation Fund or Kotak Multi Cap Fund?
On SEBI's riskometer, Kotak Multi Asset Allocation Fund is rated Very High and Kotak Multi Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 12.23% and 15.91% a year.
Which is better for SIP, Kotak Multi Asset Allocation Fund or Kotak Multi Cap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 29-10-2026 grew to ₹4,35,008 in Kotak Multi Asset Allocation Fund (XIRR 10.5% a year) and ₹3,99,991 in Kotak Multi Cap Fund (XIRR 5.0% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Kotak Multi Asset Allocation Fund and Kotak Multi Cap Fund?
Yes. 47.4% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Kotak Multi Asset Allocation Fund and Kotak Multi Cap Fund?
Kotak Multi Asset Allocation Fund: Devender Singhal, Abhishek Bisen, Hiten Shah, Jeetu Valechha Sonar. 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.