Tata India Innovation Fund vs Tata Multicap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Tata India Innovation Fund is a Thematic fund and Tata Multicap Fund is a Multi Cap fund. In the year to 30-10-2026, Tata India Innovation Fund (Direct) returned −1.9% and Tata Multicap Fund (Direct) returned −0.8%. Tata India Innovation Fund charges 0.97% a year and Tata Multicap Fund 0.82% (Direct plans). Their portfolios overlap 47.6%: they hold 34 of the same securities.
Tata India Innovation Fund
Thematic
- 1 year return
- −1.9%
- Expense ratio
- 0.97%
- NAV
- ₹10.02
Which is better, Tata India Innovation or Tata Multicap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Tata Multicap returned more over 1 year: −0.8% against −1.9%.
- Tata Multicap costs less: 0.82% a year against 0.97% (Direct plans).
- Tata India Innovation fell less in its worst fall since 05-12-2024: −18.1% against −19.4%.
- Tata Multicap is the larger fund: ₹3,409 Cr against ₹1,245 Cr.
- Their portfolios overlap 47.6%: 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 | Tata India Innovation Fund | Tata Multicap Fund |
|---|---|---|
| Fund house | Tata Mutual Fund | Tata Mutual Fund |
| Category | Thematic | Multi Cap |
| AUM | ₹1,245 Cr (30-09-2026) | ₹3,409 Cr (30-09-2026) |
| NAV | ₹10.02 (Direct) | ₹15.25 (Direct) |
| Expense ratio (Direct) | 0.97% | 0.82% |
| Expense ratio (Regular) | 2.37% | 2.18% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 28-11-2024 | 02-02-2023 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Meeta Shetty, Hasmukh Vishariya | Meeta Shetty, Murthy Nagarajan, Hasmukh Vishariya |
| Exit load | Exit load of 0.50%, if redeemed within 30 days. | Exit load of 0.50%, if redeemed within 30 days. |
Tata India Innovation vs Tata Multicap: 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 India Innovation Fund (Direct) | −0.27% | −3.35% | +6.88% | −1.91% | -- | -- | -- |
| Tata Multicap Fund (Direct) | −1.68% | −6.58% | −0.16% | −0.78% | +9.40% | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
Category average: the average of the 235 Thematic funds and the 33 Multi Cap funds, same plan type.
Tata India Innovation vs Tata Multicap: Year-wise Returns
| Year | India InnovationTata India Innovation | MulticapTata Multicap |
|---|---|---|
| 2026to date | −0.43% | −1.66% |
| 2025 | −0.34% | +4.65% |
| 2024 | -- | +14.27% |
Tata India Innovation vs Tata Multicap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Tata India Innovation Fund
Rolling returns
Every 1-year holding period, 221 of them, one for each trading day from 05-12-2025 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.
Tata India Innovation Fund (Direct)
Tata Multicap Fund (Direct)
Nifty 500 TRI
to
Dec 2025Feb 2025
to
Feb 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Aug 2025
to
Aug 2026Oct 2025
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tata India Innovation | 23.1 | 54.3 | 22.6 | 0.0 | 0.0 | 0.0 | 0.0 | 2.6% | 2.6% | −5.5% | 9.7% | 56% |
| Tata Multicap | 5.0 | 16.3 | 33.5 | 33.0 | 9.0 | 3.2 | 0.0 | 9.4% | 9.5% | −2.2% | 21.6% | 85% |
| Nifty 500 TRI | 26.7 | 34.4 | 27.1 | 9.0 | 2.7 | 0.0 | 0.0 | 3.5% | 2.7% | −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 05-12-2024. Past returns do not promise future returns.
Tata India Innovation vs Tata Multicap: 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 05-12-2024 to 30-10-2026: 23 instalments, ₹2,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Tata India InnovationTata India Innovation Fund (Direct) | ₹2,30,000 | ₹2,37,913 | ₹7,913 | 3.4% |
| Tata MulticapTata Multicap Fund (Direct) | ₹2,30,000 | ₹2,37,131 | ₹7,131 | 3.1% |
Tata India InnovationTata India Innovation Fund (Direct)
Tata MulticapTata Multicap 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 India Innovation vs Tata Multicap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Tata India Innovation Fund (Direct) | Tata Multicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −1.91% | −0.78% |
| Standard deviation | 14.35% | 14.71% |
| Sharpe ratio | -0.50 | -0.41 |
| Sortino ratio | -0.68 | -0.56 |
| Maximum drawdown | −16.8% (23-03-2026) | −13.1% (31-03-2026) |
| Beta | 0.95 | 0.96 |
| Alpha | +4.76% | +4.84% |
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 India Innovation Fund (Direct) | Tata Multicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.65% | +11.46% |
| Standard deviation | 14.70% | 14.14% |
| Sharpe ratio | -0.42 | 0.37 |
| Sortino ratio | -0.57 | 0.50 |
| Maximum drawdown | −18.1% (07-04-2025) | −22.4% (28-02-2025) |
| Beta | 0.98 | 0.97 |
| Alpha | +1.43% | −2.32% |
From daily NAVs, 05-12-2024 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 India Innovation Fund (Direct)
Tata Multicap 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 India Innovation Fund (Direct) | −18.1% | 02-01-2025 | 07-04-2025 | 19-09-2025 | 5 months | −5.5% |
| Tata Multicap Fund (Direct) | −19.4% | 10-12-2024 | 28-02-2025 | 29-10-2025 | 8 months | −8.3% |
| Nifty 500 TRI | −14.7% | 13-12-2024 | 28-02-2025 | 09-06-2025 | 3 months | −8.4% |
From daily values since 05-12-2024, 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.
Tata India Innovation Fund (Direct)
Tata Multicap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Tata India Innovation Fund (Direct) | 85% | 85% | 6.57% |
| Tata Multicap Fund (Direct) | 107% | 97% | 4.56% |
From month-end values since 05-12-2024. 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.
Tata India Innovation vs Tata Multicap: Portfolio Overlap
From each fund's latest monthly portfolio: Tata India Innovation Fund, September 2026; Tata Multicap Fund, September 2026
Holdings in common
- Overlap
- 47.6%
- Held by both
- 34
- Only in Tata India Innovation
- 26
- Only in Tata Multicap
- 44
| Security | % of Tata India Innovation | % of Tata Multicap |
|---|---|---|
| HDFC BANK LTD | 4.13% | 7.22% |
| ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD | 3.74% | 3.69% |
| RELIANCE INDUSTRIES LTD | 3.50% | 2.44% |
| AXIS BANK LTD | 3.41% | 2.16% |
| ICICI BANK LTD | 5.07% | 2.00% |
| DR. LAL PATH LABS LTD | 2.73% | 1.98% |
| BHARTI AIRTEL LTD | 3.17% | 1.80% |
| DIXON TECHNOLOGIES (INDIA) LTD | 2.18% | 1.76% |
| MARUTI SUZUKI INDIA LTD | 2.07% | 1.76% |
| VISHAL MEGA MART LTD | 2.24% | 1.75% |
| MAHINDRA & MAHINDRA LTD | 2.49% | 1.69% |
| METROPOLIS HEALTHCARE LTD | 1.67% | 1.74% |
| KOTAK MAHINDRA BANK LTD | 1.51% | 1.83% |
| FIRSTSOURCE SOLUTIONS LTD | 1.51% | 1.29% |
| HEALTHCARE GLOBAL ENTERPRISES LTD | 1.27% | 1.33% |
| INFOSYS LTD | 1.40% | 1.18% |
| ASTER DM QUALITY CARE LTD | 1.10% | 1.33% |
| TBO TEK LTD | 1.89% | 1.09% |
| SAMVARDHANA MOTHERSON INTERNATIONAL LTD | 1.20% | 1.05% |
| ADANI ENERGY SOLUTIONS LTD | 1.32% | 1.01% |
| DR REDDYS LABORATORIES LTD | 0.99% | 0.99% |
| ADITYA BIRLA SUN LIFE AMC LTD | 1.11% | 0.96% |
| ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LTD | 1.74% | 0.95% |
| ATHER ENERGY LTD | 1.90% | 0.93% |
| CRAFTSMAN AUTOMATION LTD | 0.97% | 0.92% |
| CUMMINS INDIA LTD | 0.96% | 0.91% |
| VIJAYA DIAGNOSTIC CENTRE LTD | 1.12% | 0.87% |
| ADANI ENTERPRISES LTD | 0.81% | 0.89% |
| SPR AUTO TECHNOLOGIES LTD | 0.79% | 1.67% |
| VOLTAS LTD | 0.86% | 0.78% |
| STATE BANK OF INDIA | 0.77% | 0.96% |
| SWIGGY LTD | 1.54% | 0.73% |
| RAINBOW CHILDRENS MEDICARE LTD | 0.53% | 0.45% |
| HAVELLS INDIA LTD | 0.41% | 1.08% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 47.6% means 47.6% 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 Tata India Innovation Fund
| Security | % of fund |
|---|---|
| ETERNAL LTD | 2.96% |
| TECH MAHINDRA LTD | 2.72% |
| EMMVEE PHOTOVOLTAIC POWER LTD | 1.75% |
| KARUR VYSYA BANK LTD | 1.70% |
| PCBL CHEMICAL LTD | 1.55% |
Largest holdings only in Tata Multicap Fund
| Security | % of fund |
|---|---|
| NTPC LTD | 2.20% |
| PEARL GLOBAL INDUSTRIES LTD | 2.18% |
| UNITED SPIRITS LTD | 1.59% |
| BANDHAN BANK LTD | 1.57% |
| INDIAN HOTELS CO. LTD | 1.51% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Tata India Innovation | Tata Multicap |
|---|---|---|
| Equity | 91.6% | 94.1% |
| Debt | 0.0% | 0.0% |
| Cash and others | 8.4% | 5.9% |
Market cap of stocks
| Market cap | Tata India Innovation | Tata Multicap |
|---|---|---|
| Large Cap | 42.6% | 39.5% |
| Mid Cap | 13.4% | 26.6% |
| Small Cap | 33.3% | 27.1% |
| Not on AMFI's list | 2.3% | 0.8% |
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 India Innovation | Tata Multicap |
|---|---|---|
| Banks | 17.9% | 19.6% |
| Healthcare Services | 10.5% | 8.6% |
| Pharmaceuticals & Biotechnology | 7.8% | 2.3% |
| Retailing | 7.0% | 2.5% |
| Auto Components | 6.6% | 6.6% |
| Automobiles | 6.5% | 4.4% |
| Industrial Products | 2.1% | 5.1% |
| Finance | 0.0% | 5.0% |
The six largest sectors of each fund's stocks, % of the fund.
Tata India Innovation vs Tata Multicap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Tata India Innovation Fund | Tata Multicap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.97% | 0.82% |
| Base expense ratio (Direct) | 0.66% | 0.48% |
| Total expense ratio (Regular) | 2.37% | 2.18% |
| Base expense ratio (Regular) | 1.86% | 1.65% |
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 India Innovation with
Tata India Innovation Fund vs Tata Multicap Fund: Frequently Asked Questions
What is the difference between Tata India Innovation Fund and Tata Multicap Fund?
Tata India Innovation Fund is a Thematic fund, Tata Multicap Fund is a Multi Cap fund, run by Tata Mutual Fund. Their portfolios overlap 47.6%. Tata India Innovation Fund charges 0.97% a year and Tata Multicap Fund 0.82%.
Which has given higher returns, Tata India Innovation Fund or Tata Multicap Fund?
Over 1 year: Tata India Innovation Fund −1.91%, Tata Multicap Fund −0.78%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Tata India Innovation Fund or Tata Multicap Fund?
Tata Multicap Fund charges less: 0.82% a year against 0.97%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Tata India Innovation Fund and Tata Multicap Fund overlap?
47.6%. They hold 34 of the same securities, the largest shared ones being HDFCBANK, ADANIPORTS, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Tata India Innovation Fund or Tata Multicap Fund?
On SEBI's riskometer, Tata India Innovation Fund is rated Very High and Tata Multicap Fund Very High. Over 1 years, the standard deviation of daily returns was 14.35% and 14.71% a year.
Can I invest in both Tata India Innovation Fund and Tata Multicap Fund?
Yes. 47.6% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Tata India Innovation Fund and Tata Multicap Fund?
Tata India Innovation Fund: Meeta Shetty, Hasmukh Vishariya. Tata Multicap Fund: Meeta Shetty, Murthy Nagarajan, Hasmukh Vishariya.
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.