Nippon India ELSS Tax Saver Fund vs Nippon India Multi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Nippon India ELSS Tax Saver Fund is an ELSS fund and Nippon India Multi Cap Fund is a Multi Cap fund. In the 3 years to 30-10-2026, Nippon India ELSS Tax Saver Fund (Direct) returned 11.9% a year and Nippon India Multi Cap Fund (Direct) returned 11.9% a year. Nippon India ELSS Tax Saver Fund charges 1.13% a year and Nippon India Multi Cap Fund 0.89% (Direct plans). Their portfolios overlap 41.8%: they hold 33 of the same securities.
Nippon India ELSS Tax Saver Fund
ELSS
- 3 year return
- 11.9%
- Expense ratio
- 1.13%
- NAV
- ₹137.88
Nippon India Multi Cap Fund
Multi Cap
- 3 year return
- 11.9%
- Expense ratio
- 0.89%
- NAV
- ₹309.72
Which is better, Nippon India ELSS Tax Saver or Nippon India 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.
- Nippon India Multi Cap returned more over 5 years: 14.9% a year against 10.6%.
- Nippon India ELSS Tax Saver returned more over 3 years: 11.9% a year against 11.9%.
- Nippon India Multi Cap costs less: 0.89% a year against 1.13% (Direct plans).
- Nippon India Multi Cap swung less over 3 years: a standard deviation of 14.3% a year against 14.4%.
- Nippon India Multi Cap fell less in its worst fall since 02-01-2013: −42.8% against −51.9%.
- Nippon India ELSS Tax Saver holds more in large companies: 64.4% of the fund in large caps against 43.5%.
- Nippon India Multi Cap is the larger fund: ₹53,767 Cr against ₹14,096 Cr.
- Their portfolios overlap 41.8%: 33 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 | Nippon India ELSS Tax Saver Fund | Nippon India Multi Cap Fund |
|---|---|---|
| Fund house | Nippon India Mutual Fund | Nippon India Mutual Fund |
| Category | ELSS | Multi Cap |
| AUM | ₹14,096 Cr (30-09-2026) | ₹53,767 Cr (30-09-2026) |
| NAV | ₹137.88 (Direct) | ₹309.72 (Direct) |
| Expense ratio (Direct) | 1.13% | 0.89% |
| Expense ratio (Regular) | 1.79% | 1.62% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 21-09-2005 | 28-03-2005 |
| Minimum investment | ₹500 | ₹100 |
| Lock in | 3 years | None |
| Fund managers | Rupesh Patel, Ritesh Rathod | Sailesh Raj Bhan, Yatin Matta |
| Exit load | Nil | For units more than 10% of the investments, an exit load of 1% if redeemed within 12 months. |
Nippon India ELSS Tax Saver vs Nippon India 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 |
|---|---|---|---|---|---|---|---|
| Nippon India ELSS Tax Saver Fund (Direct) | −0.80% | −5.05% | −2.86% | −5.26% | +11.93% | +10.64% | +10.17% |
| Nippon India Multi Cap Fund (Direct) | −3.06% | −7.39% | −5.16% | −8.14% | +11.87% | +14.92% | +14.86% |
| 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% | +14.55% |
Category average: the average of the 50 ELSS funds and the 33 Multi Cap funds, same plan type.
Nippon India ELSS Tax Saver vs Nippon India Multi Cap: Year-wise Returns
| Year | ELSS Tax SaverNippon India ELSS Tax Saver | Multi CapNippon India Multi Cap |
|---|---|---|
| 2026to date | −4.08% | −6.44% |
| 2025 | +6.72% | +4.88% |
| 2024 | +18.43% | +26.85% |
| 2023 | +29.48% | +39.15% |
| 2022 | +7.71% | +14.97% |
| 2021 | +38.58% | +49.87% |
Nippon India ELSS Tax Saver vs Nippon India Multi Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Nippon India ELSS Tax Saver Fund
Rolling returns
Every 3-year holding period, 2,666 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.
Nippon India ELSS Tax Saver Fund (Direct)
Nippon India Multi Cap Fund (Direct)
Nifty 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nippon India ELSS Tax Saver | 10.0 | 5.7 | 15.5 | 17.2 | 22.7 | 13.7 | 15.2 | 14.2% | 15.3% | −13.9% | 37.9% | 53% |
| Nippon India Multi Cap | 6.6 | 2.2 | 14.2 | 20.5 | 18.4 | 17.1 | 21.0 | 17.3% | 16.9% | −8.9% | 42.6% | 55% |
| Nifty 500 TRI | 1.9 | 4.3 | 7.8 | 37.0 | 34.8 | 11.3 | 2.9 | 14.7% | 14.9% | −6.3% | 33.5% | -- |
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 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 02-01-2013. Past returns do not promise future returns.
Nippon India ELSS Tax Saver vs Nippon India 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 02-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Nippon India ELSS Tax SaverNippon India ELSS Tax Saver Fund (Direct) | ₹16,60,000 | ₹41,00,345 | ₹24,40,345 | 12.2% |
| Nippon India Multi CapNippon India Multi Cap Fund (Direct) | ₹16,60,000 | ₹52,34,670 | ₹35,74,670 | 15.3% |
Nippon India ELSS Tax SaverNippon India ELSS Tax Saver Fund (Direct)
Nippon India Multi CapNippon India 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.
Nippon India ELSS Tax Saver vs Nippon India Multi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Nippon India ELSS Tax Saver Fund (Direct) | Nippon India Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −5.26% | −8.14% |
| Standard deviation | 13.91% | 14.29% |
| Sharpe ratio | -0.76 | -0.94 |
| Sortino ratio | -1.01 | -1.24 |
| Maximum drawdown | −11.9% (31-03-2026) | −13.1% (31-03-2026) |
| Beta | 0.95 | 0.94 |
| Alpha | +1.43% | −2.81% |
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 | Nippon India ELSS Tax Saver Fund (Direct) | Nippon India Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.93% | +11.87% |
| Standard deviation | 14.36% | 14.32% |
| Sharpe ratio | 0.41 | 0.41 |
| Sortino ratio | 0.55 | 0.55 |
| Maximum drawdown | −20.1% (03-03-2025) | −18.6% (03-03-2025) |
| Beta | 0.99 | 0.93 |
| Alpha | +1.77% | +0.99% |
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 | Nippon India ELSS Tax Saver Fund (Direct) | Nippon India Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.64% | +14.92% |
| Standard deviation | 14.50% | 14.54% |
| Sharpe ratio | 0.33 | 0.63 |
| Sortino ratio | 0.45 | 0.84 |
| Maximum drawdown | −20.1% (03-03-2025) | −18.6% (03-03-2025) |
| Beta | 0.99 | 0.94 |
| Alpha | +1.85% | +4.68% |
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 | Nippon India ELSS Tax Saver Fund (Direct) | Nippon India Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.19% | +14.98% |
| Standard deviation | 17.32% | 16.54% |
| Sharpe ratio | 0.41 | 0.54 |
| Sortino ratio | 0.56 | 0.73 |
| Maximum drawdown | −51.9% (23-03-2020) | −42.8% (23-03-2020) |
| Beta | 1.03 | -- |
| Alpha | +0.19% | -- |
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.
Nippon India ELSS Tax Saver Fund (Direct)
Nippon India 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 |
|---|---|---|---|---|---|---|
| Nippon India ELSS Tax Saver Fund (Direct) | −51.9% | 23-01-2018 | 23-03-2020 | 07-07-2021 | 15 months | −7.3% |
| Nippon India Multi Cap Fund (Direct) | −42.8% | 27-05-2019 | 23-03-2020 | 12-01-2021 | 10 months | −9.2% |
| Nifty 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −8.8% |
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.
Nippon India ELSS Tax Saver Fund (Direct)
Nippon India 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.
Nippon India ELSS Tax Saver Fund (Direct)
Nippon India 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.
Nippon India ELSS Tax Saver Fund (Direct)
Nippon India Multi Cap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Nippon India ELSS Tax Saver Fund (Direct) | 115% | 121% | 7.13% |
| Nippon India Multi Cap Fund (Direct) | 110% | 102% | 7.01% |
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.
Nippon India ELSS Tax Saver vs Nippon India Multi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Nippon India ELSS Tax Saver Fund, September 2026; Nippon India Multi Cap Fund, September 2026
Holdings in common
- Overlap
- 41.8%
- Held by both
- 33
- Only in Nippon India ELSS Tax Saver
- 29
- Only in Nippon India Multi Cap
- 87
| Security | % of Nippon India ELSS Tax Saver | % of Nippon India Multi Cap |
|---|---|---|
| HDFC Bank Limited | 7.89% | 7.06% |
| Axis Bank Limited | 4.09% | 5.07% |
| ICICI Bank Limited | 7.03% | 2.97% |
| Infosys Limited | 2.29% | 3.06% |
| NTPC Limited | 3.21% | 1.79% |
| Samvardhana Motherson International Limited | 3.36% | 1.70% |
| Avenue Supermarts Limited | 1.54% | 1.63% |
| GE Vernova T&D India Limited | 1.42% | 1.58% |
| Mahindra & Mahindra Limited | 1.67% | 1.35% |
| Reliance Industries Limited | 2.78% | 1.34% |
| State Bank of India | 3.34% | 1.23% |
| Max Financial Services Limited | 1.17% | 1.51% |
| Divi's Laboratories Limited | 2.44% | 1.15% |
| Tata Power Company Limited | 1.35% | 1.08% |
| Linde India Limited | 1.04% | 1.79% |
| Eternal Limited | 2.50% | 0.96% |
| Trent Limited | 0.84% | 0.82% |
| The Indian Hotels Company Limited | 1.59% | 0.79% |
| ICICI Lombard General Insurance Company Limited | 1.47% | 0.75% |
| Crompton Greaves Consumer Electricals Limited | 0.74% | 0.74% |
| LG Electronics India Ltd | 0.73% | 0.92% |
| United Breweries Limited | 0.66% | 0.65% |
| Gland Pharma Limited | 2.06% | 0.64% |
| Tata Consultancy Services Limited | 0.58% | 0.99% |
| Info Edge (India) Limited | 0.82% | 0.56% |
| Siemens Energy India Limited | 0.53% | 1.00% |
| NTPC Green Energy Limited | 0.51% | 0.70% |
| Timken India Limited | 0.77% | 0.45% |
| SBI Life Insurance Company Limited | 0.96% | 0.43% |
| Power Finance Corporation Limited | 2.10% | 0.39% |
| NLC India Limited | 1.38% | 0.36% |
| Blue Star Limited | 0.36% | 0.56% |
| 3M India Limited | 1.11% | 0.34% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 41.8% means 41.8% 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 Nippon India ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| Bharti Airtel Limited | 2.85% |
| Radico Khaitan Limited | 2.63% |
| TVS Holdings Limited | 2.28% |
| Coal India Limited | 2.05% |
| Varun Beverages Limited | 1.87% |
Largest holdings only in Nippon India Multi Cap Fund
| Security | % of fund |
|---|---|
| Larsen & Toubro Limited | 1.74% |
| Swiggy Limited | 1.63% |
| Bajaj Finance Limited | 1.63% |
| ITC Limited | 1.49% |
| Jubilant Foodworks Limited | 1.49% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Nippon India ELSS Tax Saver | Nippon India Multi Cap |
|---|---|---|
| Equity | 99.1% | 99.3% |
| Debt | 0.1% | 0.0% |
| Cash and others | 0.8% | 0.7% |
Market cap of stocks
| Market cap | Nippon India ELSS Tax Saver | Nippon India Multi Cap |
|---|---|---|
| Large Cap | 64.4% | 43.5% |
| Mid Cap | 19.9% | 29.5% |
| Small Cap | 14.8% | 26.3% |
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 | Nippon India ELSS Tax Saver | Nippon India Multi Cap |
|---|---|---|
| Banks | 24.4% | 17.6% |
| Retailing | 5.7% | 9.9% |
| Pharmaceuticals & Biotechnology | 6.1% | 7.9% |
| Finance | 7.9% | 3.0% |
| Consumer Durables | 2.9% | 6.9% |
| Beverages | 6.7% | 0.7% |
| Power | 6.5% | 4.3% |
| Leisure Services | 1.6% | 5.8% |
| Electrical Equipment | 1.9% | 5.0% |
The six largest sectors of each fund's stocks, % of the fund.
Nippon India ELSS Tax Saver vs Nippon India Multi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Nippon India ELSS Tax Saver Fund | Nippon India Multi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.13% | 0.89% |
| Base expense ratio (Direct) | 0.88% | 0.60% |
| Total expense ratio (Regular) | 1.79% | 1.62% |
| Base expense ratio (Regular) | 1.46% | 1.23% |
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 Nippon India ELSS Tax Saver with
Nippon India ELSS Tax Saver Fund vs Nippon India Multi Cap Fund: Frequently Asked Questions
What is the difference between Nippon India ELSS Tax Saver Fund and Nippon India Multi Cap Fund?
Nippon India ELSS Tax Saver Fund is an ELSS fund, Nippon India Multi Cap Fund is a Multi Cap fund, run by Nippon India Mutual Fund. Their portfolios overlap 41.8%. Nippon India ELSS Tax Saver Fund charges 1.13% a year and Nippon India Multi Cap Fund 0.89%.
Which has given higher returns, Nippon India ELSS Tax Saver Fund or Nippon India Multi Cap Fund?
Over 1 year: Nippon India ELSS Tax Saver Fund −5.26%, Nippon India Multi Cap Fund −8.14%. Over 3 years: Nippon India ELSS Tax Saver Fund +11.93% a year, Nippon India Multi Cap Fund +11.87% a year. Over 5 years: Nippon India ELSS Tax Saver Fund +10.64% a year, Nippon India Multi Cap Fund +14.92% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Nippon India ELSS Tax Saver Fund or Nippon India Multi Cap Fund?
Nippon India Multi Cap Fund charges less: 0.89% a year against 1.13%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Nippon India ELSS Tax Saver Fund and Nippon India Multi Cap Fund overlap?
41.8%. They hold 33 of the same securities, the largest shared ones being HDFCBANK, AXISBANK, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, Nippon India ELSS Tax Saver Fund or Nippon India Multi Cap Fund?
On SEBI's riskometer, Nippon India ELSS Tax Saver Fund is rated Very High and Nippon India Multi Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.36% and 14.32% a year.
Which is better for SIP, Nippon India ELSS Tax Saver Fund or Nippon India Multi Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,76,675 in Nippon India ELSS Tax Saver Fund (XIRR 9.5% a year) and ₹8,13,687 in Nippon India Multi Cap Fund (XIRR 11.3% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Nippon India ELSS Tax Saver Fund and Nippon India Multi Cap Fund?
Yes. 41.8% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Nippon India ELSS Tax Saver Fund and Nippon India Multi Cap Fund?
Nippon India ELSS Tax Saver Fund: Rupesh Patel, Ritesh Rathod. Nippon India Multi Cap Fund: Sailesh Raj Bhan, Yatin Matta.
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.