Tata Multicap Fund vs UTI ELSS Tax Saver Fund
Direct Plan, Growth option · Data as on 30-10-2026
Tata Multicap Fund is a Multi Cap fund and UTI ELSS Tax Saver Fund is an ELSS fund. In the 3 years to 30-10-2026, Tata Multicap Fund (Direct) returned 9.4% a year and UTI ELSS Tax Saver Fund (Direct) returned 7.9% a year. Tata Multicap Fund charges 0.82% a year and UTI ELSS Tax Saver Fund 1.19% (Direct plans). Their portfolios overlap 36.1%: they hold 25 of the same securities.
Which is better, Tata Multicap or UTI ELSS Tax Saver? 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 3 years: 9.4% a year against 7.9%.
- Tata Multicap returned more over 1 year: −0.8% against −9.1%.
- Tata Multicap costs less: 0.82% a year against 1.19% (Direct plans).
- UTI ELSS Tax Saver swung less over 3 years: a standard deviation of 12.9% a year against 15.2%.
- UTI ELSS Tax Saver fell less in its worst fall since 09-02-2023: −18.6% against −22.4%.
- UTI ELSS Tax Saver holds more in large companies: 67.9% of the fund in large caps against 39.5%.
- Tata Multicap is the larger fund: ₹3,409 Cr against ₹3,253 Cr.
- Their portfolios overlap 36.1%: 25 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 Multicap Fund | UTI ELSS Tax Saver Fund |
|---|---|---|
| Fund house | Tata Mutual Fund | UTI Mutual Fund |
| Category | Multi Cap | ELSS |
| AUM | ₹3,409 Cr (30-09-2026) | ₹3,253 Cr (30-09-2026) |
| NAV | ₹15.25 (Direct) | ₹214.73 (Direct) |
| Expense ratio (Direct) | 0.82% | 1.19% |
| Expense ratio (Regular) | 2.18% | 1.96% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 Multicap 50:25:25 Total Return Index | Nifty 500 TRI |
| Launch date | 02-02-2023 | 15-12-1999 |
| Minimum investment | ₹5,000 | Regular Plan-Growth- Rs.500, Regular Plan-Payout of IDCW- Rs.500, Direct Plan-Growth- Rs.500, Direct Plan-Payout of IDCW- Rs.500, |
| Lock in | None | 3 years |
| Fund managers | Meeta Shetty, Murthy Nagarajan, Hasmukh Vishariya | Amit Premchandani FM 1, Not Applicable FM 2, Not Applicable FM 3, Not Applicable FM 4 |
| Exit load | Exit load of 0.50%, if redeemed within 30 days. | Nil |
Tata Multicap vs UTI ELSS Tax Saver: 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 Multicap Fund (Direct) | −1.68% | −6.58% | −0.16% | −0.78% | +9.40% | -- | -- |
| UTI ELSS Tax Saver Fund (Direct) | −0.44% | −6.30% | −2.70% | −9.13% | +7.90% | +6.27% | +11.37% |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
Category average: the average of the 33 Multi Cap funds and the 50 ELSS funds, same plan type.
Tata Multicap vs UTI ELSS Tax Saver: Year-wise Returns
| Year | Tata MulticapTata Multicap | UTI ELSS Tax SaverUTI ELSS Tax Saver |
|---|---|---|
| 2026to date | −1.66% | −9.30% |
| 2025 | +4.65% | +5.57% |
| 2024 | +14.27% | +15.08% |
| 2023 | -- | +25.54% |
| 2022 | -- | −2.51% |
| 2021 | -- | +34.37% |
Tata Multicap vs UTI ELSS Tax Saver: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of Tata Multicap Fund
Rolling returns
Every 3-year holding period, 178 of them, one for each trading day from 09-02-2026 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.
Tata Multicap Fund (Direct)
UTI ELSS Tax Saver Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
to
Mar 2026Apr 2023
to
Apr 2026May 2023
to
May 2026Jul 2023
to
Jul 2026Aug 2023
to
Aug 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tata Multicap | 0.0 | 0.0 | 14.0 | 71.9 | 14.0 | 0.0 | 0.0 | 12.9% | 13.2% | 8.4% | 16.0% | 0% |
| UTI ELSS Tax Saver | 0.0 | 0.0 | 23.0 | 69.1 | 7.9 | 0.0 | 0.0 | 11.3% | 11.1% | 6.5% | 15.9% | 0% |
| Nifty500 Multicap 50:25:25 TRI | 0.0 | 0.0 | 0.0 | 41.0 | 57.3 | 1.7 | 0.0 | 15.5% | 15.6% | 10.1% | 20.1% | -- |
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 Nifty500 Multicap 50:25:25 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 09-02-2023. Past returns do not promise future returns.
Tata Multicap vs UTI ELSS Tax Saver: 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 09-02-2023 to 30-10-2026: 45 instalments, ₹4,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Tata MulticapTata Multicap Fund (Direct) | ₹4,50,000 | ₹5,07,883 | ₹57,883 | 6.4% |
| UTI ELSS Tax SaverUTI ELSS Tax Saver Fund (Direct) | ₹4,50,000 | ₹4,76,157 | ₹26,157 | 3.0% |
Tata MulticapTata Multicap Fund (Direct)
UTI ELSS Tax SaverUTI ELSS Tax Saver 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 Multicap vs UTI ELSS Tax Saver: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Tata Multicap Fund (Direct) | UTI ELSS Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.78% | −9.13% |
| Standard deviation | 14.71% | 13.48% |
| Sharpe ratio | -0.41 | -1.07 |
| Sortino ratio | -0.56 | -1.42 |
| Maximum drawdown | −13.1% (31-03-2026) | −15.2% (31-03-2026) |
| Beta | 0.96 | 0.92 |
| Alpha | +4.84% | −2.82% |
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 Multicap Fund (Direct) | UTI ELSS Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.40% | +7.90% |
| Standard deviation | 15.18% | 12.92% |
| Sharpe ratio | 0.22 | 0.15 |
| Sortino ratio | 0.30 | 0.20 |
| Maximum drawdown | −22.4% (28-02-2025) | −18.6% (28-02-2025) |
| Beta | 0.98 | 0.88 |
| Alpha | −1.78% | −1.80% |
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 Multicap Fund (Direct) | UTI ELSS Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.46% | +12.44% |
| Standard deviation | 14.14% | 14.96% |
| Sharpe ratio | 0.37 | 0.43 |
| Sortino ratio | 0.50 | 0.57 |
| Maximum drawdown | −22.4% (28-02-2025) | −35.1% (23-03-2020) |
| Beta | 0.97 | 0.92 |
| Alpha | −2.32% | +0.16% |
From daily NAVs, 09-02-2023 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.
Tata Multicap Fund (Direct)
UTI ELSS Tax Saver Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Tata Multicap Fund (Direct) | −22.4% | 27-09-2024 | 28-02-2025 | 17-06-2026 | 16 months | −8.3% |
| UTI ELSS Tax Saver Fund (Direct) | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −12.9% |
| Nifty500 Multicap 50:25:25 TRI | −19.8% | 26-09-2024 | 03-03-2025 | 03-08-2026 | 17 months | −8.0% |
From daily values since 09-02-2023, 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.
Tata Multicap Fund (Direct)
UTI ELSS Tax Saver Fund (Direct)
Nifty500 Multicap 50:25:25 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 Multicap Fund (Direct)
UTI ELSS Tax Saver Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
Against Nifty500 Multicap 50:25:25 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Tata Multicap Fund (Direct) | 89% | 95% | 3.58% |
| UTI ELSS Tax Saver Fund (Direct) | 81% | 92% | 4.18% |
From month-end values since 09-02-2023. 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.
Tata Multicap vs UTI ELSS Tax Saver: Portfolio Overlap
From each fund's latest monthly portfolio: Tata Multicap Fund, September 2026; UTI ELSS Tax Saver Fund, September 2026
Holdings in common
- Overlap
- 36.1%
- Held by both
- 25
- Only in Tata Multicap
- 53
- Only in UTI ELSS Tax Saver
- 35
| Security | % of Tata Multicap | % of UTI ELSS Tax Saver |
|---|---|---|
| HDFC BANK LTD | 7.22% | 8.11% |
| RELIANCE INDUSTRIES LTD | 2.44% | 2.74% |
| AXIS BANK LTD | 2.16% | 3.70% |
| ICICI BANK LTD | 2.00% | 7.11% |
| KOTAK MAHINDRA BANK LTD | 1.83% | 4.49% |
| BHARTI AIRTEL LTD | 1.80% | 4.32% |
| MARUTI SUZUKI INDIA LTD | 1.76% | 1.84% |
| MAHINDRA & MAHINDRA LTD | 1.69% | 2.49% |
| ASTER DM QUALITY CARE LTD | 1.33% | 1.66% |
| INFOSYS LTD | 1.18% | 2.44% |
| NTPC LTD | 2.20% | 1.17% |
| ICICI LOMBARD GENERAL INSURANCE CO. LTD | 1.06% | 1.12% |
| SAMVARDHANA MOTHERSON INTERNATIONAL LTD | 1.05% | 1.28% |
| STATE BANK OF INDIA | 0.96% | 2.36% |
| METROPOLIS HEALTHCARE LTD | 1.74% | 0.94% |
| HAVELLS INDIA LTD | 1.08% | 0.94% |
| VISHAL MEGA MART LTD | 1.75% | 0.93% |
| ADANI ENTERPRISES LTD | 0.89% | 1.05% |
| VARUN BEVERAGES LTD | 0.78% | 1.59% |
| SWIGGY LTD | 0.73% | 0.77% |
| AIA ENGINEERING LTD | 0.70% | 0.97% |
| FEDERAL BANK LTD | 1.21% | 0.68% |
| MPHASIS LTD | 0.63% | 1.49% |
| DR REDDYS LABORATORIES LTD | 0.99% | 0.60% |
| PI INDUSTRIES LTD | 0.88% | 0.60% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 36.1% means 36.1% 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 Multicap Fund
| Security | % of fund |
|---|---|
| ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD | 3.69% |
| PEARL GLOBAL INDUSTRIES LTD | 2.18% |
| DR. LAL PATH LABS LTD | 1.98% |
| DIXON TECHNOLOGIES (INDIA) LTD | 1.76% |
| SPR AUTO TECHNOLOGIES LTD | 1.67% |
Largest holdings only in UTI ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| EQ - BAJAJ FINANCE LTD. | 2.95% |
| EQ - TATA STEEL LTD. | 2.21% |
| EQ - TECH MAHINDRA LTD. | 2.08% |
| EQ - AJANTA PHARMA LTD. | 2.07% |
| EQ - PHOENIX MILLS LTD | 1.99% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Tata Multicap | UTI ELSS Tax Saver |
|---|---|---|
| Equity | 94.1% | 99.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 5.9% | 1.0% |
Market cap of stocks
| Market cap | Tata Multicap | UTI ELSS Tax Saver |
|---|---|---|
| Large Cap | 39.5% | 67.9% |
| Mid Cap | 26.6% | 19.0% |
| Small Cap | 27.1% | 12.1% |
| Not on AMFI's list | 0.8% | 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 | Tata Multicap | UTI ELSS Tax Saver |
|---|---|---|
| Banks | 19.6% | 26.4% |
| Healthcare Services | 8.6% | 2.6% |
| IT - Software | 4.0% | 7.3% |
| Auto Components | 6.6% | 3.7% |
| Retailing | 2.5% | 6.5% |
| Automobiles | 4.4% | 5.7% |
| Industrial Products | 5.1% | 2.2% |
| Finance | 5.0% | 4.3% |
| Telecom - Services | 3.2% | 4.3% |
The six largest sectors of each fund's stocks, % of the fund.
Tata Multicap vs UTI ELSS Tax Saver: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Tata Multicap Fund | UTI ELSS Tax Saver Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.82% | 1.19% |
| Base expense ratio (Direct) | 0.48% | 0.95% |
| Total expense ratio (Regular) | 2.18% | 1.96% |
| Base expense ratio (Regular) | 1.65% | 1.66% |
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 Multicap with
Tata Multicap Fund vs UTI ELSS Tax Saver Fund: Frequently Asked Questions
What is the difference between Tata Multicap Fund and UTI ELSS Tax Saver Fund?
Tata Multicap Fund is a Multi Cap fund, UTI ELSS Tax Saver Fund is an ELSS fund, run by Tata Mutual Fund and UTI Mutual Fund. Their portfolios overlap 36.1%. Tata Multicap Fund charges 0.82% a year and UTI ELSS Tax Saver Fund 1.19%.
Which has given higher returns, Tata Multicap Fund or UTI ELSS Tax Saver Fund?
Over 1 year: Tata Multicap Fund −0.78%, UTI ELSS Tax Saver Fund −9.13%. Over 3 years: Tata Multicap Fund +9.40% a year, UTI ELSS Tax Saver Fund +7.90% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Tata Multicap Fund or UTI ELSS Tax Saver Fund?
Tata Multicap Fund charges less: 0.82% a year against 1.19%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Tata Multicap Fund and UTI ELSS Tax Saver Fund overlap?
36.1%. They hold 25 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, Tata Multicap Fund or UTI ELSS Tax Saver Fund?
On SEBI's riskometer, Tata Multicap Fund is rated Very High and UTI ELSS Tax Saver Fund Very High. Over 3 years, the standard deviation of daily returns was 15.18% and 12.92% a year.
Which is better for SIP, Tata Multicap Fund or UTI ELSS Tax Saver Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,92,964 in Tata Multicap Fund (XIRR 3.9% a year) and ₹3,67,836 in UTI ELSS Tax Saver Fund (XIRR -0.4% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Tata Multicap Fund and UTI ELSS Tax Saver Fund?
Yes. 36.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Tata Multicap Fund and UTI ELSS Tax Saver Fund?
Tata Multicap Fund: Meeta Shetty, Murthy Nagarajan, Hasmukh Vishariya. UTI ELSS Tax Saver Fund: Amit Premchandani FM 1, Not Applicable FM 2, Not Applicable FM 3, Not Applicable FM 4.
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.