Tata Business Cycle Fund vs Tata Multi Asset Allocation Fund
Direct Plan, Growth option · Data as on 30-10-2026
Tata Business Cycle Fund is a Thematic fund and Tata Multi Asset Allocation Fund is a Multi Asset fund. In the 3 years to 30-10-2026, Tata Business Cycle Fund (Direct) returned 9.1% a year and Tata Multi Asset Allocation Fund (Direct) returned 12.2% a year. Tata Business Cycle Fund charges 0.94% a year and Tata Multi Asset Allocation Fund 0.65% (Direct plans). Their portfolios overlap 29.0%: they hold 27 of the same securities.
Tata Business Cycle Fund
Thematic
- 3 year return
- 9.1%
- Expense ratio
- 0.94%
- NAV
- ₹18.57
Tata Multi Asset Allocation Fund
Multi Asset
- 3 year return
- 12.2%
- Expense ratio
- 0.65%
- NAV
- ₹26.80
Which is better, Tata Business Cycle or Tata Multi Asset Allocation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Tata Business Cycle returned more over 5 years: 11.9% a year against 11.1%.
- Tata Multi Asset Allocation returned more over 3 years: 12.2% a year against 9.1%.
- Tata Multi Asset Allocation costs less: 0.65% a year against 0.94% (Direct plans).
- Tata Multi Asset Allocation swung less over 3 years: a standard deviation of 9.2% a year against 14.8%.
- Tata Multi Asset Allocation fell less in its worst fall since 11-08-2021: −10.3% against −20.0%.
- Tata Multi Asset Allocation is the larger fund: ₹5,000 Cr against ₹2,416 Cr.
- Their portfolios overlap 29.0%: 27 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 | Tata Business Cycle Fund | Tata Multi Asset Allocation Fund |
|---|---|---|
| Fund house | Tata Mutual Fund | Tata Mutual Fund |
| Category | Thematic | Multi Asset |
| AUM | ₹2,416 Cr (30-09-2026) | ₹5,000 Cr (30-09-2026) |
| NAV | ₹18.57 (Direct) | ₹26.80 (Direct) |
| Expense ratio (Direct) | 0.94% | 0.65% |
| Expense ratio (Regular) | 2.19% | 1.96% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | (65%) BSE 200 + (15%) CRISIL Short Term Bond Index + (20%) iCOMDEX Composite Index TRI |
| Launch date | 04-08-2021 | 04-03-2020 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Murthy Nagarajan, Rahul Singh, Sailesh Jain, Hasmukh Vishariya | Rahul Singh, Murthy Nagarajan, Sailesh Jain, Amit Somani, Tapan Patel |
| Exit load | Exit load of 0.50%, if redeemed within 30 days. | Exit load of 0.50%, if redeemed within 30 days. |
Tata Business Cycle vs Tata Multi Asset Allocation: 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 |
|---|---|---|---|---|---|---|---|
| Tata Business Cycle Fund (Direct) | −5.10% | −10.05% | −6.25% | −9.95% | +9.10% | +11.90% | -- |
| Tata Multi Asset Allocation Fund (Direct) | −1.53% | −4.95% | −2.81% | −1.92% | +12.24% | +11.14% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | -- |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | +14.20% | +12.56% | -- |
Category average: the average of the 235 Thematic funds and the 37 Multi Asset funds, same plan type.
Tata Business Cycle vs Tata Multi Asset Allocation: Year-wise Returns
| Year | Business CycleTata Business Cycle | Multi Asset AllocationTata Multi Asset Allocation |
|---|---|---|
| 2026to date | −8.85% | −4.90% |
| 2025 | +2.23% | +16.53% |
| 2024 | +20.37% | +16.25% |
| 2023 | +36.54% | +20.21% |
| 2022 | +15.42% | +8.86% |
| 2021 | -- | +24.63% |
Tata Business Cycle vs Tata Multi Asset Allocation: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Tata Business Cycle Fund
Rolling returns
Every 3-year holding period, 547 of them, one for each trading day from 12-08-2024 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.
Tata Business Cycle Fund (Direct)
Tata Multi Asset Allocation Fund (Direct)
Nifty 500 TRI
to
Oct 2024Mar 2022
to
Mar 2025Jul 2022
to
Jul 2025Dec 2022
to
Dec 2025Apr 2023
to
Apr 2026Aug 2023
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tata Business Cycle | 0.0 | 0.0 | 2.9 | 9.3 | 39.9 | 31.1 | 16.8 | 20.1% | 19.7% | 8.5% | 28.2% | 98% |
| Tata Multi Asset Allocation | 0.0 | 0.0 | 0.0 | 29.7 | 70.3 | 0.0 | 0.0 | 15.8% | 16.0% | 11.4% | 19.4% | 65% |
| Nifty 500 TRI | 0.0 | 0.0 | 3.5 | 34.6 | 56.1 | 5.9 | 0.0 | 15.5% | 15.6% | 8.8% | 22.3% | -- |
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 11-08-2021. Past returns do not promise future returns.
Tata Business Cycle vs Tata Multi Asset Allocation: 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 11-08-2021 to 30-10-2026: 63 instalments, ₹6,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Tata Business CycleTata Business Cycle Fund (Direct) | ₹6,30,000 | ₹7,89,971 | ₹1,59,971 | 8.6% |
| Tata Multi Asset AllocationTata Multi Asset Allocation Fund (Direct) | ₹6,30,000 | ₹8,25,866 | ₹1,95,866 | 10.3% |
Tata Business CycleTata Business Cycle Fund (Direct)
Tata Multi Asset AllocationTata Multi Asset Allocation 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.
Tata Business Cycle vs Tata Multi Asset Allocation: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Tata Business Cycle Fund (Direct) | Tata Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.95% | −1.92% |
| Standard deviation | 15.50% | 10.57% |
| Sharpe ratio | -0.98 | -0.68 |
| Sortino ratio | -1.28 | -0.89 |
| Maximum drawdown | −14.1% (31-03-2026) | −10.3% (23-03-2026) |
| Beta | 1.03 | -- |
| Alpha | −2.19% | -- |
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 | Tata Business Cycle Fund (Direct) | Tata Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.10% | +12.24% |
| Standard deviation | 14.78% | 9.21% |
| Sharpe ratio | 0.21 | 0.67 |
| Sortino ratio | 0.28 | 0.91 |
| Maximum drawdown | −20.0% (03-03-2025) | −10.3% (23-03-2026) |
| Beta | 1.00 | -- |
| Alpha | −1.13% | -- |
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 | Tata Business Cycle Fund (Direct) | Tata Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.90% | +11.14% |
| Standard deviation | 14.83% | 8.85% |
| Sharpe ratio | 0.41 | 0.60 |
| Sortino ratio | 0.55 | 0.82 |
| Maximum drawdown | −20.0% (03-03-2025) | −10.3% (23-03-2026) |
| Beta | 1.00 | -- |
| Alpha | +3.09% | -- |
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 | Tata Business Cycle Fund (Direct) | Tata Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.62% | +16.84% |
| Standard deviation | 14.65% | 10.44% |
| Sharpe ratio | 0.47 | 1.12 |
| Sortino ratio | 0.63 | 1.52 |
| Maximum drawdown | −20.0% (03-03-2025) | −13.5% (23-03-2020) |
| Beta | 0.99 | -- |
| Alpha | +2.43% | -- |
From daily NAVs, 11-08-2021 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.
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.
Tata Business Cycle Fund (Direct)
Tata Multi Asset Allocation Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Tata Business Cycle Fund (Direct) | −20.0% | 27-09-2024 | 03-03-2025 | Not yet | -- | −14.8% |
| Tata Multi Asset Allocation Fund (Direct) | −10.3% | 29-01-2026 | 23-03-2026 | 03-08-2026 | 4 months | −6.7% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 11-08-2021, 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.
Tata Business Cycle Fund (Direct)
Tata Multi Asset Allocation 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.
Tata Business Cycle Fund (Direct)
Tata Multi Asset Allocation 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.
Tata Business Cycle Fund (Direct)
Tata Multi Asset Allocation Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Tata Business Cycle Fund (Direct) | 105% | 89% | 4.25% |
| Tata Multi Asset Allocation Fund (Direct) | 71% | 43% | 6.37% |
From month-end values since 11-08-2021. 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.
Tata Business Cycle vs Tata Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: Tata Business Cycle Fund, September 2026; Tata Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 29.0%
- Held by both
- 27
- Only in Tata Business Cycle
- 22
- Only in Tata Multi Asset Allocation
- 73
| Security | % of Tata Business Cycle | % of Tata Multi Asset Allocation |
|---|---|---|
| RELIANCE INDUSTRIES LTD | 4.80% | 3.81% |
| HDFC BANK LTD | 3.73% | 3.58% |
| AXIS BANK LTD | 3.95% | 1.73% |
| NIVA BUPA HEALTH INSURANCE COMPANY LTD | 2.41% | 1.39% |
| VEDANTA ALUMINIUM METAL LTD | 1.99% | 1.37% |
| ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD | 1.85% | 1.33% |
| LARSEN & TOUBRO LTD | 2.92% | 1.30% |
| ACME SOLAR HOLDINGS LTD | 1.89% | 1.29% |
| TATA STEEL LTD | 2.03% | 1.07% |
| DR. LAL PATH LABS LTD | 1.93% | 1.06% |
| CUMMINS INDIA LTD | 2.58% | 1.04% |
| JINDAL STEEL LTD | 3.92% | 1.03% |
| ADANI ENERGY SOLUTIONS LTD | 2.53% | 0.97% |
| PB FINTECH LTD | 2.13% | 0.96% |
| MARICO LTD | 2.08% | 0.78% |
| L&T FINANCE LTD | 2.96% | 0.77% |
| APOLLO HOSPITALS ENTERPRISE LTD | 1.95% | 0.73% |
| THE RAMCO CEMENTS LTD | 1.99% | 0.62% |
| GRAPHITE INDIA LTD | 1.90% | 0.62% |
| GODREJ PROPERTIES LTD | 2.10% | 0.59% |
| ICICI LOMBARD GENERAL INSURANCE CO. LTD | 1.50% | 0.55% |
| BAJAJ FINSERV LTD | 1.50% | 0.51% |
| AMBUJA CEMENTS LTD | 2.42% | 0.50% |
| HDFC LIFE INSURANCE CO. LTD | 1.38% | 0.45% |
| GRAVITA INDIA LTD | 1.06% | 0.35% |
| HINDUSTAN UNILEVER LTD | 0.97% | 0.30% |
| OIL & NATURAL GAS CO. | 2.14% | 0.27% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 29.0% means 29.0% 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 Tata Business Cycle Fund
| Security | % of fund |
|---|---|
| METROPOLIS HEALTHCARE LTD | 4.25% |
| DELHIVERY LTD | 2.78% |
| RATNAMANI METALS & TUBES LTD | 2.52% |
| SHRIRAM FINANCE LTD | 2.35% |
| SEDEMAC MECHATRONICS LTD | 1.99% |
Largest holdings only in Tata Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| TATA GOLD EXCHANGE TRADED FUND | 6.04% |
| ICICI BANK LTD | 3.15% |
| BHARTI AIRTEL LTD | 2.66% |
| TATA SILVER EXCHANGE TRADED FUND | 2.26% |
| KOTAK MAHINDRA BANK LTD | 2.03% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Tata Business Cycle | Tata Multi Asset Allocation |
|---|---|---|
| Equity | 97.8% | 66.6% |
| Debt | 0.0% | 10.7% |
| Cash and others | 2.2% | 22.7% |
Market cap of stocks
| Market cap | Tata Business Cycle | Tata Multi Asset Allocation |
|---|---|---|
| Large Cap | 46.1% | 41.6% |
| Mid Cap | 21.3% | 9.2% |
| Small Cap | 29.5% | 15.2% |
| Not on AMFI's list | 0.9% | 0.7% |
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 | Tata Business Cycle | Tata Multi Asset Allocation |
|---|---|---|
| Banks | 9.1% | 15.6% |
| Finance | 8.7% | 3.4% |
| Healthcare Services | 8.1% | 3.9% |
| Industrial Products | 7.0% | 1.7% |
| Cement & Cement Products | 6.7% | 2.0% |
| Ferrous Metals | 6.0% | 2.1% |
| Insurance | 5.3% | 4.2% |
| Petroleum Products | 4.8% | 4.4% |
| Power | 4.4% | 3.9% |
The six largest sectors of each fund's stocks, % of the fund.
Tata Business Cycle vs Tata Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Tata Business Cycle Fund | Tata Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.94% | 0.65% |
| Base expense ratio (Direct) | 0.64% | 0.45% |
| Total expense ratio (Regular) | 2.19% | 1.96% |
| Base expense ratio (Regular) | 1.72% | 1.58% |
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 Tata Business Cycle with
Compare Tata Multi Asset Allocation with
- Tata Multi Asset Allocation vs Quant Multi Asset Allocation
- Tata Multi Asset Allocation vs Nippon India Multi Asset Allocation
- Tata Multi Asset Allocation vs DSP Multi Asset Allocation
- Tata Multi Asset Allocation vs Kotak Multi Asset Allocation
- Tata Multi Asset Allocation vs WhiteOak Capital Multi Asset Allocation
Tata Business Cycle Fund vs Tata Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between Tata Business Cycle Fund and Tata Multi Asset Allocation Fund?
Tata Business Cycle Fund is a Thematic fund, Tata Multi Asset Allocation Fund is a Multi Asset fund, run by Tata Mutual Fund. Their portfolios overlap 29.0%. Tata Business Cycle Fund charges 0.94% a year and Tata Multi Asset Allocation Fund 0.65%.
Which has given higher returns, Tata Business Cycle Fund or Tata Multi Asset Allocation Fund?
Over 1 year: Tata Business Cycle Fund −9.95%, Tata Multi Asset Allocation Fund −1.92%. Over 3 years: Tata Business Cycle Fund +9.10% a year, Tata Multi Asset Allocation Fund +12.24% a year. Over 5 years: Tata Business Cycle Fund +11.90% a year, Tata Multi Asset Allocation Fund +11.14% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Tata Business Cycle Fund or Tata Multi Asset Allocation Fund?
Tata Multi Asset Allocation Fund charges less: 0.65% a year against 0.94%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Tata Business Cycle Fund and Tata Multi Asset Allocation Fund overlap?
29.0%. They hold 27 of the same securities, the largest shared ones being RELIANCE, HDFCBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, Tata Business Cycle Fund or Tata Multi Asset Allocation Fund?
On SEBI's riskometer, Tata Business Cycle Fund is rated Very High and Tata Multi Asset Allocation Fund Very High. Over 3 years, the standard deviation of daily returns was 14.78% and 9.21% a year.
Which is better for SIP, Tata Business Cycle Fund or Tata Multi Asset Allocation Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,53,142 in Tata Business Cycle Fund (XIRR 8.2% a year) and ₹7,90,571 in Tata Multi Asset Allocation Fund (XIRR 10.2% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Tata Business Cycle Fund and Tata Multi Asset Allocation Fund?
Yes. 29.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Tata Business Cycle Fund and Tata Multi Asset Allocation Fund?
Tata Business Cycle Fund: Murthy Nagarajan, Rahul Singh, Sailesh Jain, Hasmukh Vishariya. Tata Multi Asset Allocation Fund: Rahul Singh, Murthy Nagarajan, Sailesh Jain, Amit Somani, Tapan Patel.
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.