Shriram ELSS Tax Saver Fund vs Shriram Flexi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Shriram ELSS Tax Saver Fund is an ELSS fund and Shriram Flexi Cap Fund is a Flexi Cap fund. In the 3 years to 30-10-2026, Shriram ELSS Tax Saver Fund (Direct) returned 6.9% a year and Shriram Flexi Cap Fund (Direct) returned 6.6% a year. Shriram ELSS Tax Saver Fund charges 0.95% a year and Shriram Flexi Cap Fund 1.06% (Direct plans). Their portfolios overlap 91.4%: they hold 69 of the same securities.
Shriram ELSS Tax Saver Fund
ELSS
- 3 year return
- 6.9%
- Expense ratio
- 0.95%
- NAV
- ₹22.48
Shriram Flexi Cap Fund
Flexi Cap
- 3 year return
- 6.6%
- Expense ratio
- 1.06%
- NAV
- ₹21.48
Which is better, Shriram ELSS Tax Saver or Shriram Flexi Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Shriram Flexi Cap returned more over 5 years: 6.3% a year against 6.1%.
- Shriram ELSS Tax Saver returned more over 3 years: 6.9% a year against 6.6%.
- Shriram ELSS Tax Saver costs less: 0.95% a year against 1.06% (Direct plans).
- Shriram ELSS Tax Saver swung less over 3 years: a standard deviation of 15.4% a year against 15.7%.
- Shriram ELSS Tax Saver fell less in its worst fall since 01-02-2019: −29.8% against −32.1%.
- Shriram Flexi Cap is the larger fund: ₹122 Cr against ₹44 Cr.
- Their portfolios overlap 91.4%: 69 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 | Shriram ELSS Tax Saver Fund | Shriram Flexi Cap Fund |
|---|---|---|
| Fund house | Shriram Mutual Fund | Shriram Mutual Fund |
| Category | ELSS | Flexi Cap |
| AUM | ₹44 Cr (30-09-2026) | ₹122 Cr (30-09-2026) |
| NAV | ₹22.48 (Direct) | ₹21.48 (Direct) |
| Expense ratio (Direct) | 0.95% | 1.06% |
| Expense ratio (Regular) | 2.57% | 2.59% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 25-01-2019 | 28-09-2018 |
| Minimum investment | ₹500 | ₹500 |
| Lock in | 3 years | None |
| Fund managers | Hitesh Savanth, Prateek Nigudkar | Hitesh Savanth, Prateek Nigudkar |
| Exit load | NIL | Exit Load for units in excess of 12% of the investment,1% will be charged for redemption within 90 days, |
Shriram ELSS Tax Saver vs Shriram Flexi 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 |
|---|---|---|---|---|---|---|---|
| Shriram ELSS Tax Saver Fund (Direct) | −0.33% | −6.48% | −1.70% | −7.49% | +6.94% | +6.10% | -- |
| Shriram Flexi Cap Fund (Direct) | −0.32% | −6.84% | −2.02% | −8.03% | +6.61% | +6.33% | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | -- |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | -- |
Category average: the average of the 50 ELSS funds and the 46 Flexi Cap funds, same plan type.
Shriram ELSS Tax Saver vs Shriram Flexi Cap: Year-wise Returns
| Year | ELSS Tax SaverShriram ELSS Tax Saver | Flexi CapShriram Flexi Cap | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | −7.74% | −8.25% | −7.51% |
| 2025 | −4.18% | −5.05% | +7.76% |
| 2024 | +18.73% | +18.07% | +16.24% |
| 2023 | +26.68% | +28.79% | +26.91% |
| 2022 | +3.96% | +4.23% | +4.25% |
| 2021 | +20.99% | +22.64% | +31.60% |
Shriram ELSS Tax Saver vs Shriram Flexi Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 1,168 of them, one for each trading day from 01-02-2022 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.
Shriram ELSS Tax Saver Fund (Direct)
Shriram Flexi Cap Fund (Direct)
Nifty 500 TRI
to
Jun 2022Apr 2020
to
Apr 2023Jan 2021
to
Jan 2024Nov 2021
to
Nov 2024Sept 2022
to
Sept 2025Jun 2023
to
Jun 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shriram ELSS Tax Saver | 0.0 | 0.0 | 8.6 | 41.5 | 42.8 | 7.1 | 0.0 | 14.8% | 15.0% | 5.6% | 24.3% | 6% |
| Shriram Flexi Cap | 0.0 | 0.0 | 9.6 | 43.2 | 35.4 | 11.8 | 0.1 | 14.9% | 14.3% | 5.5% | 25.9% | 17% |
| Nifty 500 TRI | 0.0 | 0.0 | 1.6 | 19.9 | 53.6 | 18.2 | 6.6 | 17.9% | 17.5% | 8.8% | 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 01-02-2019. Past returns do not promise future returns.
Shriram ELSS Tax Saver vs Shriram Flexi 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 01-02-2019 to 30-10-2026: 93 instalments, ₹9,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Shriram ELSS Tax SaverShriram ELSS Tax Saver Fund (Direct) | ₹9,30,000 | ₹13,10,326 | ₹3,80,326 | 8.7% |
| Shriram Flexi CapShriram Flexi Cap Fund (Direct) | ₹9,30,000 | ₹13,00,535 | ₹3,70,535 | 8.5% |
Shriram ELSS Tax SaverShriram ELSS Tax Saver Fund (Direct)
Shriram Flexi CapShriram Flexi 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.
Shriram ELSS Tax Saver vs Shriram Flexi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Shriram ELSS Tax Saver Fund (Direct) | Shriram Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −7.49% | −8.03% |
| Standard deviation | 13.51% | 13.56% |
| Sharpe ratio | -0.94 | -0.98 |
| Sortino ratio | -1.26 | -1.31 |
| Maximum drawdown | −14.5% (31-03-2026) | −14.6% (31-03-2026) |
| Beta | 0.93 | 0.93 |
| Alpha | −1.08% | −1.58% |
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 | Shriram ELSS Tax Saver Fund (Direct) | Shriram Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.94% | +6.61% |
| Standard deviation | 15.39% | 15.66% |
| Sharpe ratio | 0.06 | 0.04 |
| Sortino ratio | 0.08 | 0.05 |
| Maximum drawdown | −23.5% (28-02-2025) | −23.9% (28-02-2025) |
| Beta | 1.02 | 1.03 |
| Alpha | −3.35% | −3.74% |
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 | Shriram ELSS Tax Saver Fund (Direct) | Shriram Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.10% | +6.33% |
| Standard deviation | 14.86% | 15.10% |
| Sharpe ratio | 0.02 | 0.04 |
| Sortino ratio | 0.03 | 0.05 |
| Maximum drawdown | −23.5% (28-02-2025) | −23.9% (28-02-2025) |
| Beta | 0.99 | 1.00 |
| Alpha | −2.68% | −2.48% |
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 | Shriram ELSS Tax Saver Fund (Direct) | Shriram Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.01% | +10.16% |
| Standard deviation | 15.95% | 16.12% |
| Sharpe ratio | 0.36 | 0.30 |
| Sortino ratio | 0.48 | 0.40 |
| Maximum drawdown | −29.8% (23-03-2020) | −32.1% (23-03-2020) |
| Beta | 0.90 | 0.91 |
| Alpha | −1.45% | −2.56% |
From daily NAVs, 01-02-2019 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.
Shriram ELSS Tax Saver Fund (Direct)
Shriram Flexi 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 |
|---|---|---|---|---|---|---|
| Shriram ELSS Tax Saver Fund (Direct) | −29.8% | 12-02-2020 | 23-03-2020 | 26-08-2020 | 5 months | −16.9% |
| Shriram Flexi Cap Fund (Direct) | −32.1% | 12-02-2020 | 23-03-2020 | 09-11-2020 | 8 months | −18.1% |
| Nifty 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −8.8% |
From daily values since 01-02-2019, 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.
Shriram ELSS Tax Saver Fund (Direct)
Shriram Flexi 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.
Shriram ELSS Tax Saver Fund (Direct)
Shriram Flexi 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.
Shriram ELSS Tax Saver Fund (Direct)
Shriram Flexi Cap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Shriram ELSS Tax Saver Fund (Direct) | 87% | 90% | 6.00% |
| Shriram Flexi Cap Fund (Direct) | 89% | 97% | 5.46% |
From month-end values since 01-02-2019. 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.
Shriram ELSS Tax Saver vs Shriram Flexi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Shriram ELSS Tax Saver Fund, September 2026; Shriram Flexi Cap Fund, September 2026
Holdings in common
- Overlap
- 91.4%
- Held by both
- 69
- Only in Shriram ELSS Tax Saver
- 2
- Only in Shriram Flexi Cap
- 0
| Security | % of Shriram ELSS Tax Saver | % of Shriram Flexi Cap |
|---|---|---|
| HDFC Bank Ltd. | 7.47% | 7.45% |
| ICICI Bank Ltd. | 5.02% | 5.52% |
| State Bank of India | 4.02% | 4.10% |
| Axis Bank Ltd. | 4.06% | 3.96% |
| Reliance Industries Ltd. | 3.90% | 3.81% |
| Bharti Airtel Ltd. | 3.79% | 3.87% |
| Mahindra & Mahindra Ltd. | 2.03% | 2.07% |
| KFIN Technologies Ltd. | 2.00% | 2.04% |
| Samhi Hotels Ltd. | 1.96% | 2.40% |
| Kirloskar Oil Engines Ltd. | 1.92% | 1.95% |
| Eternal Ltd. | 1.85% | 1.89% |
| Infosys Ltd. | 1.80% | 1.83% |
| S.J.S. Enterprises Ltd. | 1.78% | 1.80% |
| Bharat Electronics Ltd. | 1.78% | 2.08% |
| NTPC Ltd. | 1.91% | 1.75% |
| ITC Ltd. | 1.65% | 2.31% |
| Adani Ports & Special Economic Zone Ltd. | 1.54% | 1.56% |
| Tata Consultancy Services Ltd. | 1.48% | 1.50% |
| Larsen & Toubro Ltd. | 1.46% | 1.49% |
| SBI Life Insurance Company Ltd. | 1.46% | 1.81% |
| Navin Fluorine International Ltd. | 1.40% | 1.40% |
| Maruti Suzuki India Ltd. | 1.29% | 1.35% |
| Tata Steel Ltd. | 1.28% | 1.30% |
| Karur Vysya Bank Ltd. | 1.28% | 1.29% |
| Canara Robeco Asset Mgmt Co Ltd. | 1.24% | 1.29% |
| InterGlobe Aviation Ltd. | 1.89% | 1.22% |
| TVS Motor Company Ltd. | 1.22% | 1.23% |
| Oil India Ltd. | 1.31% | 1.21% |
| R R Kabel Ltd. | 1.75% | 1.19% |
| Marico Ltd. | 1.12% | 1.14% |
| Bajaj Holdings & Investment Ltd. | 1.12% | 1.13% |
| Apollo Hospitals Enterprise Ltd. | 1.34% | 1.10% |
| Sagility Ltd. | 1.30% | 1.10% |
| Ajanta Pharma Ltd. | 1.07% | 1.10% |
| Dodla Dairy Ltd. | 1.21% | 1.02% |
| Eicher Motors Ltd. | 1.00% | 1.02% |
| Thyrocare Technologies Ltd. | 1.07% | 0.99% |
| Tech Mahindra Ltd. | 0.99% | 1.01% |
| Rainbow Children's Medicare Ltd. | 0.92% | 0.93% |
| GMR Airports Ltd. | 0.92% | 0.92% |
| Coforge Ltd. | 0.88% | 0.90% |
| HCL Technologies Ltd. | 0.86% | 0.87% |
| Power Grid Corporation of India Ltd. | 0.86% | 0.88% |
| Kalpataru Projects International Ltd. | 0.82% | 0.84% |
| Oil & Natural Gas Corporation Ltd. | 0.81% | 0.94% |
| REC Ltd. | 0.81% | 0.83% |
| National Aluminium Company Ltd. | 0.80% | 0.81% |
| Divi's Laboratories Ltd. | 0.75% | 0.76% |
| Deepak Fertilizers & Petrochem Corp Ltd. | 0.72% | 0.74% |
| Eris Lifesciences Ltd. | 0.67% | 0.67% |
| TIPS Music Ltd. | 0.69% | 0.65% |
| Swiggy Ltd. | 0.62% | 0.90% |
| Power Mech Projects Ltd. | 0.67% | 0.58% |
| Sun Pharmaceutical Industries Ltd. | 1.07% | 0.57% |
| VARUN BEVERAGES LIMITED | 0.57% | 0.61% |
| Coal India Ltd. | 0.53% | 0.55% |
| Emami Ltd. | 0.50% | 0.52% |
| Persistent Systems Ltd. | 0.50% | 0.55% |
| Krishna Inst of Medical Sciences Ltd. | 0.50% | 0.49% |
| Fiem Industries Ltd. | 0.46% | 0.48% |
| PVR Inox Ltd. | 0.52% | 0.42% |
| Max Financial Services Ltd. | 0.42% | 0.43% |
| Cartrade Tech Ltd. | 0.39% | 0.39% |
| Bharat Petroleum Corporation Ltd. | 0.37% | 0.40% |
| Narayana Hrudayalaya ltd. | 0.37% | 0.39% |
| Muthoot Finance Ltd. | 0.33% | 0.34% |
| PB Fintech Ltd. | 0.24% | 0.65% |
| Cohance Lifesciences Ltd. | 0.18% | 0.19% |
| Godrej Consumer Products Ltd. | 0.10% | 0.07% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 91.4% means 91.4% 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 Shriram ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| Cipla Ltd. | 0.25% |
| Krsnaa Diagnostics Ltd. | 0.17% |
Largest holdings only in Shriram Flexi Cap Fund
Every holding of this fund is also held by the other.
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Shriram ELSS Tax Saver | Shriram Flexi Cap |
|---|---|---|
| Equity | 95.0% | 95.5% |
| Debt | 0.0% | 0.0% |
| Cash and others | 5.0% | 4.5% |
Market cap of stocks
| Market cap | Shriram ELSS Tax Saver | Shriram Flexi Cap |
|---|---|---|
| Large Cap | 61.9% | 62.4% |
| Mid Cap | 9.1% | 9.8% |
| Small Cap | 24.1% | 23.4% |
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 | Shriram ELSS Tax Saver | Shriram Flexi Cap |
|---|---|---|
| Banks | 21.9% | 22.3% |
| IT - Software | 6.5% | 6.7% |
| Automobiles | 5.5% | 5.7% |
| Healthcare Services | 4.4% | 3.9% |
| Petroleum Products | 4.3% | 4.2% |
| Pharmaceuticals & Biotechnology | 4.0% | 3.3% |
| Telecom - Services | 3.8% | 3.9% |
The six largest sectors of each fund's stocks, % of the fund.
Shriram ELSS Tax Saver vs Shriram Flexi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Shriram ELSS Tax Saver Fund | Shriram Flexi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.95% | 1.06% |
| Base expense ratio (Direct) | 0.66% | 0.75% |
| Total expense ratio (Regular) | 2.57% | 2.59% |
| Base expense ratio (Regular) | 2.09% | 2.10% |
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 Shriram ELSS Tax Saver with
Shriram ELSS Tax Saver Fund vs Shriram Flexi Cap Fund: Frequently Asked Questions
What is the difference between Shriram ELSS Tax Saver Fund and Shriram Flexi Cap Fund?
Shriram ELSS Tax Saver Fund is an ELSS fund, Shriram Flexi Cap Fund is a Flexi Cap fund, run by Shriram Mutual Fund. Their portfolios overlap 91.4%. Shriram ELSS Tax Saver Fund charges 0.95% a year and Shriram Flexi Cap Fund 1.06%.
Which has given higher returns, Shriram ELSS Tax Saver Fund or Shriram Flexi Cap Fund?
Over 1 year: Shriram ELSS Tax Saver Fund −7.49%, Shriram Flexi Cap Fund −8.03%. Over 3 years: Shriram ELSS Tax Saver Fund +6.94% a year, Shriram Flexi Cap Fund +6.61% a year. Over 5 years: Shriram ELSS Tax Saver Fund +6.10% a year, Shriram Flexi Cap Fund +6.33% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Shriram ELSS Tax Saver Fund or Shriram Flexi Cap Fund?
Shriram ELSS Tax Saver Fund charges less: 0.95% a year against 1.06%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Shriram ELSS Tax Saver Fund and Shriram Flexi Cap Fund overlap?
91.4%. They hold 69 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, SBIN. From each fund's latest monthly portfolio.
Which is riskier, Shriram ELSS Tax Saver Fund or Shriram Flexi Cap Fund?
On SEBI's riskometer, Shriram ELSS Tax Saver Fund is rated Very High and Shriram Flexi Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 15.39% and 15.66% a year.
Which is better for SIP, Shriram ELSS Tax Saver Fund or Shriram Flexi Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹6,84,154 in Shriram ELSS Tax Saver Fund (XIRR 4.5% a year) and ₹6,80,847 in Shriram Flexi Cap Fund (XIRR 4.3% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Shriram ELSS Tax Saver Fund and Shriram Flexi Cap Fund?
Yes. 91.4% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Shriram ELSS Tax Saver Fund and Shriram Flexi Cap Fund?
Shriram ELSS Tax Saver Fund: Hitesh Savanth, Prateek Nigudkar. Shriram Flexi Cap Fund: Hitesh Savanth, Prateek Nigudkar.
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.