Why these four
Of the 36 ELSS funds with a published average AUM for the July–September 2026 quarter, these four are the largest: Axis ELSS- Tax Saver, SBI ELSS Tax Saver, Mirae Asset ELSS Tax Saver, and DSP ELSS Tax Saver. Together they hold ₹1,06,502 crore, 45% of the category. ELSS funds are equity funds with a three-year lock-in, and the investment qualifies for a deduction under Section 80C of the old tax regime. The lock-in means the manager never faces redemptions in the first three years, which can show in how they invest. Every figure is for the Direct plan, Growth option, from NAVs to 22 October 2026.
| Fund | Average AUM, July–September 2026 (₹ crore) | Share of category | Direct plan expense ratio |
|---|---|---|---|
| Axis ELSS- Tax Saver | 32,144 | 13.5% | 1.05% |
| SBI ELSS Tax Saver | 31,724 | 13.4% | 1.23% |
| Mirae Asset ELSS Tax Saver | 26,128 | 11.0% | 1.02% |
| DSP ELSS Tax Saver | 16,505 | 6.9% | 0.91% |
Returns
| Fund | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| Axis ELSS- Tax Saver | −6.60% | 8.99% | 4.47% | 11.55% |
| SBI ELSS Tax Saver | −8.87% | 12.11% | 12.71% | 13.37% |
| Mirae Asset ELSS Tax Saver | −6.64% | 10.59% | 9.03% | 15.50% |
| DSP ELSS Tax Saver | −6.68% | 11.98% | 10.47% | 13.95% |
| Category median | −6.93% | 9.37% | 9.17% | 12.51% |
Returns of a year or more are compounded annual rates. Over three years SBI ELSS Tax Saver led at 12.11% and Axis ELSS- Tax Saver was lowest at 8.99%, a gap of 3.12 points a year against a category median of 9.37%. All four were negative over one year.
Calendar years
| Year | Axis ELSS- Tax Saver | SBI ELSS Tax Saver | Mirae Asset ELSS Tax Saver | DSP ELSS Tax Saver | Category median |
|---|---|---|---|---|---|
| 2022 | −11.23% | 7.58% | 1.34% | 5.51% | 4.26% |
| 2023 | 22.89% | 41.00% | 28.35% | 31.19% | 28.87% |
| 2024 | 18.30% | 28.61% | 18.39% | 25.04% | 20.81% |
| 2025 | 5.15% | 7.28% | 10.72% | 8.50% | 5.29% |
| 2026 to 22 Oct | −5.22% | −10.77% | −7.91% | −9.31% | −5.98% |
A single calendar year can flatter or punish a fund by several points, which is why a table by year says more than one trailing figure. A dash means the fund did not hold a full record for that year.
Risk
| Fund | Volatility (3 yr) | Worst fall (3 yr) | Sharpe ratio | Now vs peak |
|---|---|---|---|---|
| Axis ELSS- Tax Saver | 13.4% | −16.5% | 0.19 | −8.1% |
| SBI ELSS Tax Saver | 13.2% | −15.8% | 0.43 | −11.4% |
| Mirae Asset ELSS Tax Saver | 14.1% | −17.1% | 0.29 | −8.9% |
| DSP ELSS Tax Saver | 14.2% | −16.2% | 0.39 | −10.3% |
| Category median | 14.2% | −18.2% | 0.21 | −9.9% |
SBI ELSS Tax Saver was the steadiest of the four on three-year volatility (13.2%) and DSP ELSS Tax Saver the bumpiest (14.2%). Volatility is the annualised standard deviation of daily returns; the worst fall is the deepest peak-to-trough drop in the last three years. The Sharpe ratio uses a 6.5% risk-free rate.
What a monthly SIP earned
| Fund | 3-year SIP return (a year) | 5-year SIP return (a year) |
|---|---|---|
| Axis ELSS- Tax Saver | 1.12% | 6.67% |
| SBI ELSS Tax Saver | −0.73% | 10.77% |
| Mirae Asset ELSS Tax Saver | 1.91% | 8.83% |
| DSP ELSS Tax Saver | 1.02% | 9.71% |
| Category median | 0.83% | 8.22% |
SIP returns are annualised (XIRR) for ₹10,000 a month. They differ from lump-sum returns because each instalment buys at a different price.
What they own
| Fund | Stocks held | Top-10 share of portfolio | Largest five holdings |
|---|---|---|---|
| Axis ELSS- Tax Saver | 71 | 37.2% | ICICI Bank Ltd 6.9%, HDFC Bank Ltd 6.1%, Bharti Airtel Ltd 4.5%, Eternal Ltd 3.4%, Bajaj Finance Ltd 3.4% |
| SBI ELSS Tax Saver | 88 | 38.6% | Kotak Mahindra Bank Ltd 6.8%, ICICI Bank Ltd 6.5%, HDFC Bank Ltd 5.9%, Reliance Industries Ltd 4.7%, Adani Enterprises Ltd 2.9% |
| Mirae Asset ELSS Tax Saver | 69 | 41.4% | HDFC Bank Ltd 8.8%, ICICI Bank Ltd 5.2%, Laurus Labs Ltd 4.5%, Reliance Industries Ltd 4.3%, State Bank of India 4.1% |
| DSP ELSS Tax Saver | 58 | 49.1% | ICICI Bank Ltd 9.7%, HDFC Bank Ltd 9.0%, Axis Bank Ltd 8.0%, State Bank of India 5.6%, Kotak Mahindra Bank Ltd 3.9% |
Portfolios are the latest filed monthly disclosures. A concentrated fund puts more of its result on a few names; DSP ELSS Tax Saver is the most concentrated of the four with 49.1% in its ten largest holdings, and Axis ELSS- Tax Saver the least at 37.2%.
How much they overlap
| Pair | Stocks in common | Overlap by weight |
|---|---|---|
| Axis ELSS- Tax Saver / SBI ELSS Tax Saver | 27 | 39.3% |
| Axis ELSS- Tax Saver / Mirae Asset ELSS Tax Saver | 22 | 37.1% |
| Axis ELSS- Tax Saver / DSP ELSS Tax Saver | 20 | 41.3% |
| SBI ELSS Tax Saver / Mirae Asset ELSS Tax Saver | 25 | 34.4% |
| SBI ELSS Tax Saver / DSP ELSS Tax Saver | 23 | 37.9% |
| Mirae Asset ELSS Tax Saver / DSP ELSS Tax Saver | 21 | 42.7% |
"Overlap by weight" adds up, stock by stock, the smaller of the two weights. The closest pair is Mirae Asset ELSS Tax Saver and DSP ELSS Tax Saver at 42.7%; the most different is SBI ELSS Tax Saver and Mirae Asset ELSS Tax Saver at 34.4%. Holding two funds with a high overlap buys little diversification.
Cost
Among the four, DSP ELSS Tax Saver charged the lowest Direct expense ratio at 0.91% and SBI ELSS Tax Saver the highest at 1.23%. On a ₹10 lakh holding that is a difference of ₹3,200 a year. Expense ratios are deducted from the NAV every day, so they are already inside the returns shown above.
Reading the comparison
- Size is not a verdict. These are the largest funds in the category, not the best; a fund's rank by AUM says nothing about its rank by return.
- Three years is a short window for an equity fund. A fund that led in the last rally may lag in the next fall.
- Returns are historical, computed from NAVs, and not a forecast. The closest pair by holdings was Mirae Asset ELSS Tax Saver and DSP ELSS Tax Saver (42.7% overlap by weight).
- This is not a recommendation to buy or sell any fund.
Source: AMFI NAVs to 22 October 2026; AMFI average AUM for July–September 2026; fund houses' TER disclosures; monthly portfolio disclosures.
Frequently asked questions
Which is the biggest ELSS fund in India?
By average AUM for July–September 2026, Axis ELSS- Tax Saver at about ₹32,144 crore, ahead of SBI ELSS Tax Saver (₹31,724 crore), Mirae Asset ELSS Tax Saver (₹26,128 crore) and DSP ELSS Tax Saver (₹16,505 crore).
Which of the four biggest ELSS funds has the best 3-year return?
SBI ELSS Tax Saver, at 12.11% a year to 22 October 2026, against 8.99% for Axis ELSS- Tax Saver and a category median of 9.37%. Direct plan, Growth option.
Which has the lowest expense ratio?
DSP ELSS Tax Saver, at 0.91% for the Direct plan; SBI ELSS Tax Saver charges 1.23%.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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