Nippon India Innovation Fund vs Nippon India Multi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Nippon India Innovation Fund is a Thematic fund and Nippon India Multi Cap Fund is a Multi Cap fund. In the 3 years to 30-10-2026, Nippon India Innovation Fund (Direct) returned 12.8% a year and Nippon India Multi Cap Fund (Direct) returned 11.9% a year. Nippon India Innovation Fund charges 0.90% a year and Nippon India Multi Cap Fund 0.89% (Direct plans). Their portfolios overlap 31.5%: they hold 34 of the same securities.
Nippon India Innovation Fund
Thematic
- 3 year return
- 12.8%
- Expense ratio
- 0.90%
- NAV
- ₹14.35
Nippon India Multi Cap Fund
Multi Cap
- 3 year return
- 11.9%
- Expense ratio
- 0.89%
- NAV
- ₹309.72
Which is better, Nippon India Innovation 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 Innovation returned more over 3 years: 12.8% a year against 11.9%.
- Nippon India Innovation returned more over 1 year: −5.1% against −8.1%.
- Nippon India Multi Cap costs less: 0.89% a year against 0.90% (Direct plans).
- Nippon India Multi Cap swung less over 3 years: a standard deviation of 14.3% a year against 14.3%.
- Nippon India Multi Cap fell less in its worst fall since 01-09-2023: −18.6% against −21.5%.
- Nippon India Multi Cap is the larger fund: ₹53,767 Cr against ₹2,923 Cr.
- Their portfolios overlap 31.5%: 34 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 Innovation Fund | Nippon India Multi Cap Fund |
|---|---|---|
| Fund house | Nippon India Mutual Fund | Nippon India Mutual Fund |
| Category | Thematic | Multi Cap |
| AUM | ₹2,923 Cr (30-09-2026) | ₹53,767 Cr (30-09-2026) |
| NAV | ₹14.35 (Direct) | ₹309.72 (Direct) |
| Expense ratio (Direct) | 0.90% | 0.89% |
| Expense ratio (Regular) | 2.11% | 1.62% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 28-08-2023 | 28-03-2005 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Vinay Sharma, Rishit Parikh | Sailesh Raj Bhan, Yatin Matta |
| Exit load | Exit load of 1%, if redeemed within 1 year. | For units more than 10% of the investments, an exit load of 1% if redeemed within 12 months. |
Nippon India Innovation 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 Innovation Fund (Direct) | −3.60% | −5.91% | +0.65% | −5.09% | +12.84% | -- | -- |
| Nippon India Multi Cap Fund (Direct) | −3.06% | −7.39% | −5.16% | −8.14% | +11.87% | +14.92% | +14.86% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | +12.56% | +14.55% |
Category average: the average of the 235 Thematic funds and the 33 Multi Cap funds, same plan type.
Nippon India Innovation vs Nippon India Multi Cap: Year-wise Returns
| Year | InnovationNippon India Innovation | Multi CapNippon India Multi Cap |
|---|---|---|
| 2026to date | −2.92% | −6.44% |
| 2025 | +6.82% | +4.88% |
| 2024 | +21.85% | +26.85% |
| 2023 | -- | +39.15% |
| 2022 | -- | +14.97% |
| 2021 | -- | +49.87% |
Nippon India Innovation vs Nippon India Multi Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Nippon India Innovation Fund
Rolling returns
Every 3-year holding period, 39 of them, one for each trading day from 01-09-2026 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 Innovation Fund (Direct)
Nippon India Multi Cap Fund (Direct)
Nifty 500 TRI
to
Sept 2026Sept 2023
to
Sept 2026Sept 2023
to
Sept 2026Oct 2023
to
Oct 2026Oct 2023
to
Oct 2026Oct 2023
to
Oct 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nippon India Innovation | 0.0 | 0.0 | 0.0 | 82.1 | 17.9 | 0.0 | 0.0 | 13.9% | 13.8% | 11.4% | 16.0% | 100% |
| Nippon India Multi Cap | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 12.4% | 12.2% | 11.0% | 13.8% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 48.7 | 51.3 | 0.0 | 0.0 | 0.0 | 10.1% | 10.0% | 8.8% | 12.0% | -- |
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 01-09-2023. Past returns do not promise future returns.
Nippon India Innovation 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 01-09-2023 to 30-10-2026: 38 instalments, ₹3,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Nippon India InnovationNippon India Innovation Fund (Direct) | ₹3,80,000 | ₹4,08,950 | ₹28,950 | 4.6% |
| Nippon India Multi CapNippon India Multi Cap Fund (Direct) | ₹3,80,000 | ₹3,94,729 | ₹14,729 | 2.4% |
Nippon India InnovationNippon India Innovation 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 Innovation 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 Innovation Fund (Direct) | Nippon India Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −5.09% | −8.14% |
| Standard deviation | 16.17% | 14.29% |
| Sharpe ratio | -0.64 | -0.94 |
| Sortino ratio | -0.86 | -1.24 |
| Maximum drawdown | −16.4% (31-03-2026) | −13.1% (31-03-2026) |
| Beta | 1.04 | 0.94 |
| Alpha | +2.79% | −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 Innovation Fund (Direct) | Nippon India Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.84% | +11.87% |
| Standard deviation | 14.35% | 14.32% |
| Sharpe ratio | 0.47 | 0.41 |
| Sortino ratio | 0.65 | 0.55 |
| Maximum drawdown | −21.5% (03-03-2025) | −18.6% (03-03-2025) |
| Beta | 0.91 | 0.93 |
| Alpha | +2.98% | +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 Innovation Fund (Direct) | Nippon India Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.81% | +14.98% |
| Standard deviation | 14.13% | 16.54% |
| Sharpe ratio | 0.41 | 0.54 |
| Sortino ratio | 0.55 | 0.73 |
| Maximum drawdown | −21.5% (03-03-2025) | −42.8% (23-03-2020) |
| Beta | 0.91 | -- |
| Alpha | +2.90% | -- |
From daily NAVs, 01-09-2023 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.
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 Innovation 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 Innovation Fund (Direct) | −21.5% | 26-09-2024 | 03-03-2025 | 03-08-2026 | 17 months | −10.1% |
| Nippon India Multi Cap Fund (Direct) | −18.6% | 26-09-2024 | 03-03-2025 | 17-09-2025 | 7 months | −9.2% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 01-09-2023, 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.
Nippon India Innovation 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 Innovation Fund (Direct)
Nippon India Multi Cap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Nippon India Innovation Fund (Direct) | 113% | 103% | 5.60% |
| Nippon India Multi Cap Fund (Direct) | 105% | 98% | 5.10% |
From month-end values since 01-09-2023. 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.
Nippon India Innovation vs Nippon India Multi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Nippon India Innovation Fund, September 2026; Nippon India Multi Cap Fund, September 2026
Holdings in common
- Overlap
- 31.5%
- Held by both
- 34
- Only in Nippon India Innovation
- 23
- Only in Nippon India Multi Cap
- 86
| Security | % of Nippon India Innovation | % of Nippon India Multi Cap |
|---|---|---|
| Axis Bank Limited | 2.52% | 5.07% |
| ICICI Bank Limited | 2.26% | 2.97% |
| HDFC Bank Limited | 2.02% | 7.06% |
| Samvardhana Motherson International Limited | 3.17% | 1.70% |
| Swiggy Limited | 2.91% | 1.63% |
| Avenue Supermarts Limited | 2.56% | 1.63% |
| Max Financial Services Limited | 1.77% | 1.51% |
| FSN E-Commerce Ventures Limited | 2.05% | 1.19% |
| Multi Commodity Exchange of India Limited | 1.19% | 1.27% |
| Jubilant Foodworks Limited | 1.17% | 1.49% |
| Siemens Energy India Limited | 2.19% | 1.00% |
| Divi's Laboratories Limited | 1.00% | 1.15% |
| Eternal Limited | 5.22% | 0.96% |
| LG Electronics India Ltd | 2.03% | 0.92% |
| Sun Pharmaceutical Industries Limited | 1.86% | 0.91% |
| Trent Limited | 3.54% | 0.82% |
| ICICI Lombard General Insurance Company Limited | 2.18% | 0.75% |
| Dixon Technologies (India) Limited | 1.42% | 0.73% |
| Niva Bupa Health Insurance Company Limited | 0.83% | 0.71% |
| PB Fintech Limited | 1.62% | 0.69% |
| GE Vernova T&D India Limited | 0.67% | 1.58% |
| Kansai Nerolac Paints Limited | 0.78% | 0.59% |
| ZF Commercial Vehicle Control Systems India Limited | 2.71% | 0.57% |
| Info Edge (India) Limited | 4.64% | 0.56% |
| Meesho Ltd | 1.03% | 0.52% |
| ABB India Limited | 1.74% | 0.45% |
| Syngene International Limited | 1.64% | 0.45% |
| Timken India Limited | 1.07% | 0.45% |
| Delhivery Limited | 1.01% | 0.44% |
| Billionbrains Garage Ventures Ltd | 1.01% | 0.38% |
| 3M India Limited | 3.16% | 0.34% |
| Kaynes Technology India Limited | 1.03% | 0.27% |
| Sapphire Foods India Limited | 0.55% | 0.27% |
| Sanofi Consumer Healthcare India Limited | 1.26% | 0.19% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 31.5% means 31.5% 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 Innovation Fund
| Security | % of fund |
|---|---|
| Varun Beverages Limited | 3.47% |
| One 97 Communications Limited | 2.51% |
| Kirloskar Oil Engines Limited | 2.11% |
| Hindustan Aeronautics Limited | 2.00% |
| Coforge Limited | 1.80% |
Largest holdings only in Nippon India Multi Cap Fund
| Security | % of fund |
|---|---|
| Infosys Limited | 3.06% |
| Linde India Limited | 1.79% |
| NTPC Limited | 1.79% |
| Larsen & Toubro Limited | 1.74% |
| Bajaj Finance Limited | 1.63% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Nippon India Innovation | Nippon India Multi Cap |
|---|---|---|
| Equity | 97.5% | 99.3% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.5% | 0.7% |
Market cap of stocks
| Market cap | Nippon India Innovation | Nippon India Multi Cap |
|---|---|---|
| Large Cap | 38.2% | 43.5% |
| Mid Cap | 33.3% | 29.5% |
| Small Cap | 24.0% | 26.3% |
| Not on AMFI's list | 2.0% | 0.0% |
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 Innovation | Nippon India Multi Cap |
|---|---|---|
| Retailing | 21.9% | 9.9% |
| Banks | 6.8% | 17.6% |
| Pharmaceuticals & Biotechnology | 4.1% | 7.9% |
| Auto Components | 7.4% | 3.2% |
| Consumer Durables | 4.2% | 6.9% |
| Electrical Equipment | 6.2% | 5.0% |
| Leisure Services | 4.5% | 5.8% |
| Insurance | 4.8% | 4.2% |
The six largest sectors of each fund's stocks, % of the fund.
Nippon India Innovation vs Nippon India Multi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Nippon India Innovation Fund | Nippon India Multi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.90% | 0.89% |
| Base expense ratio (Direct) | 0.61% | 0.60% |
| Total expense ratio (Regular) | 2.11% | 1.62% |
| Base expense ratio (Regular) | 1.69% | 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 Innovation with
Nippon India Innovation Fund vs Nippon India Multi Cap Fund: Frequently Asked Questions
What is the difference between Nippon India Innovation Fund and Nippon India Multi Cap Fund?
Nippon India Innovation Fund is a Thematic fund, Nippon India Multi Cap Fund is a Multi Cap fund, run by Nippon India Mutual Fund. Their portfolios overlap 31.5%. Nippon India Innovation Fund charges 0.90% a year and Nippon India Multi Cap Fund 0.89%.
Which has given higher returns, Nippon India Innovation Fund or Nippon India Multi Cap Fund?
Over 1 year: Nippon India Innovation Fund −5.09%, Nippon India Multi Cap Fund −8.14%. Over 3 years: Nippon India Innovation Fund +12.84% a year, Nippon India Multi Cap Fund +11.87% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Nippon India Innovation Fund or Nippon India Multi Cap Fund?
Nippon India Multi Cap Fund charges less: 0.89% a year against 0.90%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Nippon India Innovation Fund and Nippon India Multi Cap Fund overlap?
31.5%. They hold 34 of the same securities, the largest shared ones being AXISBANK, ICICIBANK, HDFCBANK. From each fund's latest monthly portfolio.
Which is riskier, Nippon India Innovation Fund or Nippon India Multi Cap Fund?
On SEBI's riskometer, Nippon India Innovation Fund is rated Very High and Nippon India Multi Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.35% and 14.32% a year.
Which is better for SIP, Nippon India Innovation Fund or Nippon India Multi Cap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,94,717 in Nippon India Innovation Fund (XIRR 4.1% a year) and ₹3,81,103 in Nippon India Multi Cap Fund (XIRR 1.9% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Nippon India Innovation Fund and Nippon India Multi Cap Fund?
Yes. 31.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Nippon India Innovation Fund and Nippon India Multi Cap Fund?
Nippon India Innovation Fund: Vinay Sharma, Rishit Parikh. 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.