Motilal Oswal ELSS Tax Saver Fund vs Motilal Oswal Multi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Motilal Oswal ELSS Tax Saver Fund is an ELSS fund and Motilal Oswal Multi Cap Fund is a Multi Cap fund. In the year to 30-10-2026, Motilal Oswal ELSS Tax Saver Fund (Direct) returned 0.9% and Motilal Oswal Multi Cap Fund (Direct) returned 5.1%. Motilal Oswal ELSS Tax Saver Fund charges 0.97% a year and Motilal Oswal Multi Cap Fund 1.20% (Direct plans). Their portfolios overlap 25.6%: they hold 10 of the same securities.
Motilal Oswal ELSS Tax Saver Fund
ELSS
- 1 year return
- 0.9%
- Expense ratio
- 0.97%
- NAV
- ₹61.46
Motilal Oswal Multi Cap Fund
Multi Cap
- 1 year return
- 5.1%
- Expense ratio
- 1.20%
- NAV
- ₹14.86
Which is better, Motilal Oswal ELSS Tax Saver or Motilal Oswal 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.
- Motilal Oswal Multi Cap returned more over 1 year: 5.1% against 0.9%.
- Motilal Oswal ELSS Tax Saver costs less: 0.97% a year against 1.20% (Direct plans).
- Motilal Oswal Multi Cap fell less in its worst fall since 21-06-2024: −24.1% against −27.7%.
- Motilal Oswal Multi Cap holds more in large companies: 29.5% of the fund in large caps against 9.5%.
- Motilal Oswal ELSS Tax Saver is the larger fund: ₹4,890 Cr against ₹4,601 Cr.
- Their portfolios overlap 25.6%: 10 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 | Motilal Oswal ELSS Tax Saver Fund | Motilal Oswal Multi Cap Fund |
|---|---|---|
| Fund house | Motilal Oswal Mutual Fund | Motilal Oswal Mutual Fund |
| Category | ELSS | Multi Cap |
| AUM | ₹4,890 Cr (30-09-2026) | ₹4,601 Cr (30-09-2026) |
| NAV | ₹61.46 (Direct) | ₹14.86 (Direct) |
| Expense ratio (Direct) | 0.97% | 1.20% |
| Expense ratio (Regular) | 2.11% | 2.31% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 21-01-2015 | 18-06-2024 |
| Minimum investment | ₹500 | ₹500 |
| Lock in | 3 years | None |
| Fund managers | Aditya Khemani, Abhiroop Mukherjee | Ajay Khandelwal, Sandeep Jain, Atul Mehra, Rakesh Shetty, Swapnil Mayekar |
| Exit load | Nil | 1% - If redeemed on or before 15 days from the date of allotment. Nil - If redeemed after 15 days from the date of allotment. |
Motilal Oswal ELSS Tax Saver vs Motilal Oswal 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 |
|---|---|---|---|---|---|---|---|
| Motilal Oswal ELSS Tax Saver Fund (Direct) | −4.64% | −1.85% | −0.84% | +0.93% | +19.52% | +15.67% | +16.08% |
| Motilal Oswal Multi Cap Fund (Direct) | −1.25% | +3.81% | +17.42% | +5.13% | -- | -- | -- |
| 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% | -- | -- | -- |
Category average: the average of the 50 ELSS funds and the 33 Multi Cap funds, same plan type.
Motilal Oswal ELSS Tax Saver vs Motilal Oswal Multi Cap: Year-wise Returns
| Year | ELSS Tax SaverMotilal Oswal ELSS Tax Saver | Multi CapMotilal Oswal Multi Cap |
|---|---|---|
| 2026to date | +5.59% | +10.31% |
| 2025 | −8.00% | −2.29% |
| 2024 | +49.50% | -- |
| 2023 | +38.71% | -- |
| 2022 | +3.03% | -- |
| 2021 | +33.77% | -- |
Motilal Oswal ELSS Tax Saver vs Motilal Oswal Multi Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Motilal Oswal ELSS Tax Saver Fund
Rolling returns
Every 1-year holding period, 334 of them, one for each trading day from 23-06-2025 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.
Motilal Oswal ELSS Tax Saver Fund (Direct)
Motilal Oswal Multi Cap Fund (Direct)
Nifty 500 TRI
to
Aug 2025Oct 2024
to
Oct 2025Jan 2025
to
Jan 2026Apr 2025
to
Apr 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Motilal Oswal ELSS Tax Saver | 24.9 | 18.0 | 29.3 | 18.3 | 8.4 | 1.2 | 0.0 | 5.5% | 6.0% | −12.8% | 22.7% | 69% |
| Motilal Oswal Multi Cap | 25.7 | 22.2 | 15.0 | 13.5 | 12.6 | 3.0 | 8.1 | 7.6% | 5.6% | −12.6% | 32.5% | 57% |
| Nifty 500 TRI | 31.1 | 34.1 | 26.0 | 6.9 | 1.8 | 0.0 | 0.0 | 2.9% | 2.3% | −9.0% | 15.9% | -- |
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 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 21-06-2024. Past returns do not promise future returns.
Motilal Oswal ELSS Tax Saver vs Motilal Oswal 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 03-06-2024 to 30-10-2026: 29 instalments, ₹2,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Motilal Oswal ELSS Tax SaverMotilal Oswal ELSS Tax Saver Fund (Direct) | ₹2,90,000 | ₹3,06,792 | ₹16,792 | 4.6% |
| Motilal Oswal Multi CapMotilal Oswal Multi Cap Fund (Direct) | ₹2,90,000 | ₹3,35,901 | ₹45,901 | 12.3% |
Motilal Oswal ELSS Tax SaverMotilal Oswal ELSS Tax Saver Fund (Direct)
Motilal Oswal Multi CapMotilal Oswal 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.
Motilal Oswal ELSS Tax Saver vs Motilal Oswal Multi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Motilal Oswal ELSS Tax Saver Fund (Direct) | Motilal Oswal Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +0.93% | +5.13% |
| Standard deviation | 18.70% | 17.58% |
| Sharpe ratio | -0.23 | -0.01 |
| Sortino ratio | -0.32 | -0.01 |
| Maximum drawdown | −14.4% (31-03-2026) | −23.9% (30-03-2026) |
| Beta | 1.04 | 1.06 |
| Alpha | +8.72% | +11.89% |
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 | Motilal Oswal ELSS Tax Saver Fund (Direct) | Motilal Oswal Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.58% | +17.06% |
| Standard deviation | 17.49% | 18.15% |
| Sharpe ratio | 0.63 | 0.62 |
| Sortino ratio | 0.84 | 0.88 |
| Maximum drawdown | −37.7% (23-03-2020) | −24.1% (30-03-2026) |
| Beta | 0.99 | 1.07 |
| Alpha | +5.43% | +16.92% |
From daily NAVs, 22-01-2015 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.
Motilal Oswal ELSS Tax Saver Fund (Direct)
Motilal Oswal 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 |
|---|---|---|---|---|---|---|
| Motilal Oswal ELSS Tax Saver Fund (Direct) | −27.7% | 16-12-2024 | 03-03-2025 | 06-08-2026 | 17 months | −9.5% |
| Motilal Oswal Multi Cap Fund (Direct) | −24.1% | 17-09-2025 | 30-03-2026 | 03-08-2026 | 4 months | −5.3% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 21-06-2024, 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.
Motilal Oswal ELSS Tax Saver Fund (Direct)
Motilal Oswal Multi Cap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Motilal Oswal ELSS Tax Saver Fund (Direct) | 154% | 122% | 14.46% |
| Motilal Oswal Multi Cap Fund (Direct) | 168% | 87% | 13.59% |
From month-end values since 21-06-2024. 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.
Motilal Oswal ELSS Tax Saver vs Motilal Oswal Multi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Motilal Oswal ELSS Tax Saver Fund, September 2026; Motilal Oswal Multi Cap Fund, September 2026
Holdings in common
- Overlap
- 25.6%
- Held by both
- 10
- Only in Motilal Oswal ELSS Tax Saver
- 20
- Only in Motilal Oswal Multi Cap
- 25
| Security | % of Motilal Oswal ELSS Tax Saver | % of Motilal Oswal Multi Cap |
|---|---|---|
| Shaily Engineering Plastics Limited | 4.18% | 4.02% |
| One 97 Communications Limited | 4.80% | 3.26% |
| Piramal Finance Limited | 2.88% | 2.87% |
| Kalyan Jewellers India Limited | 2.69% | 3.51% |
| Shriram Finance Limited | 3.42% | 2.59% |
| Multi Commodity Exchange of India Limited | 5.74% | 2.35% |
| MTAR Technologies Limited | 4.32% | 2.33% |
| Muthoot Finance Limited | 3.29% | 2.32% |
| Ather Energy Limited | 3.79% | 2.13% |
| Billionbrains Garage Ventures Ltd | 2.75% | 1.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 25.6% means 25.6% 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 Motilal Oswal ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| PTC Industries Ltd | 5.23% |
| Sterlite Technologies Limited | 4.54% |
| Gujarat Fluorochemicals Limited | 4.22% |
| Apar Industries Limited | 3.91% |
| Zen Technologies Limited | 3.91% |
Largest holdings only in Motilal Oswal Multi Cap Fund
| Security | % of fund |
|---|---|
| Divi's Laboratories Limited | 5.03% |
| Eternal Limited | 4.38% |
| Lenskart Solutions Limited | 4.30% |
| RBL Bank Limited | 3.45% |
| CG Power and Industrial Solutions Limited | 3.40% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Motilal Oswal ELSS Tax Saver | Motilal Oswal Multi Cap |
|---|---|---|
| Equity | 96.6% | 93.7% |
| Debt | 0.0% | 0.0% |
| Cash and others | 3.4% | 6.3% |
Market cap of stocks
| Market cap | Motilal Oswal ELSS Tax Saver | Motilal Oswal Multi Cap |
|---|---|---|
| Large Cap | 9.5% | 29.5% |
| Mid Cap | 35.6% | 29.3% |
| Small Cap | 48.6% | 32.8% |
| Not on AMFI's list | 3.0% | 2.1% |
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 | Motilal Oswal ELSS Tax Saver | Motilal Oswal Multi Cap |
|---|---|---|
| Electrical Equipment | 15.8% | 10.0% |
| Retailing | 0.0% | 11.7% |
| Finance | 10.2% | 10.9% |
| Capital Markets | 10.7% | 5.5% |
| Consumer Durables | 6.9% | 9.8% |
| Aerospace & Defense | 7.8% | 0.0% |
| Industrial Products | 7.7% | 0.0% |
| Banks | 0.0% | 6.4% |
| Transport Services | 0.0% | 6.0% |
The six largest sectors of each fund's stocks, % of the fund.
Motilal Oswal ELSS Tax Saver vs Motilal Oswal Multi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Motilal Oswal ELSS Tax Saver Fund | Motilal Oswal Multi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.97% | 1.20% |
| Base expense ratio (Direct) | 0.61% | 0.61% |
| Total expense ratio (Regular) | 2.11% | 2.31% |
| Base expense ratio (Regular) | 1.62% | 1.62% |
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 Motilal Oswal ELSS Tax Saver with
Motilal Oswal ELSS Tax Saver Fund vs Motilal Oswal Multi Cap Fund: Frequently Asked Questions
What is the difference between Motilal Oswal ELSS Tax Saver Fund and Motilal Oswal Multi Cap Fund?
Motilal Oswal ELSS Tax Saver Fund is an ELSS fund, Motilal Oswal Multi Cap Fund is a Multi Cap fund, run by Motilal Oswal Mutual Fund. Their portfolios overlap 25.6%. Motilal Oswal ELSS Tax Saver Fund charges 0.97% a year and Motilal Oswal Multi Cap Fund 1.20%.
Which has given higher returns, Motilal Oswal ELSS Tax Saver Fund or Motilal Oswal Multi Cap Fund?
Over 1 year: Motilal Oswal ELSS Tax Saver Fund +0.93%, Motilal Oswal Multi Cap Fund +5.13%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Motilal Oswal ELSS Tax Saver Fund or Motilal Oswal Multi Cap Fund?
Motilal Oswal ELSS Tax Saver Fund charges less: 0.97% a year against 1.20%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Motilal Oswal ELSS Tax Saver Fund and Motilal Oswal Multi Cap Fund overlap?
25.6%. They hold 10 of the same securities, the largest shared ones being SHAILY, PAYTM, PIRAMALFIN. From each fund's latest monthly portfolio.
Which is riskier, Motilal Oswal ELSS Tax Saver Fund or Motilal Oswal Multi Cap Fund?
On SEBI's riskometer, Motilal Oswal ELSS Tax Saver Fund is rated Very High and Motilal Oswal Multi Cap Fund Very High. Over 1 years, the standard deviation of daily returns was 18.70% and 17.58% a year.
Can I invest in both Motilal Oswal ELSS Tax Saver Fund and Motilal Oswal Multi Cap Fund?
Yes. 25.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Motilal Oswal ELSS Tax Saver Fund and Motilal Oswal Multi Cap Fund?
Motilal Oswal ELSS Tax Saver Fund: Aditya Khemani, Abhiroop Mukherjee. Motilal Oswal Multi Cap Fund: Ajay Khandelwal, Sandeep Jain, Atul Mehra, Rakesh Shetty, Swapnil Mayekar.
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.