JM ELSS Tax Saver Fund
Direct · GrowthAI Summary
JM ELSS Tax Saver Fund has delivered strong SIP XIRR across horizons, with 18.95% over 3Y and 18.63% over 5Y, consistently beating the category averages of 14.57% and 16.78% respectively. Even over the long term, its 10Y XIRR of 17.93% outpaces the category's 15.79% by over 2 percentage points. The 1Y XIRR of 14.11% also leads the category's 9.6%, indicating recent outperformance despite a muted 2025-26.
The fund shows a maximum drawdown of just -0.37% over 33 days with a 232-day recovery, which is unusually shallow, though it has experienced 9 drawdown events exceeding 10%. Calmar ratios remain stable between 0.45 and 0.54 across horizons, suggesting consistent risk-adjusted returns. Calendar year returns are volatile, swinging from 56.28% in 2014 to -3.12% in 2018 and near-zero in 2022 and 2026, reflecting typical mid-cap-tilted equity risk.
The portfolio is well diversified across 53 stocks, with the top holding HDFC Bank at only 3.03% of NAV, indicating no single-stock concentration risk. Banks (12.2%) and Finance (10.7%) together form the largest sector exposure at nearly 23%, giving a meaningful financials tilt. Holdings like One 97 Communications and CarTrade Tech suggest a growth-oriented, somewhat contrarian style beyond large-cap staples.
The fund outperforms the ELSS category on SIP XIRR at every measured horizon from 1Y through 12Y, with the widest gap at 1Y (14.11% vs 9.6%). Long-term consistency is evident, with 12Y XIRR of 17.35% versus the category's 15.36%. However, recent calendar years (2025: 2.9%, 2026: 0.13% YTD) show the fund in a soft patch after strong 2023-24 gains.
This fund suits investors seeking Section 80C tax savings who can commit to the mandatory 3-year lock-in and ideally stay invested for 5-7 years or longer to capture its demonstrated long-term outperformance. It is appropriate for investors with moderate-to-high risk tolerance, given the year-to-year return volatility and financials-heavy, growth-tilted portfolio. SIP investors benefit most, as the fund's XIRR advantage over the category is consistent across horizons.
- SIP XIRR beats category averages at every horizon, including 18.95% vs 14.57% over 3Y and 17.93% vs 15.79% over 10Y
- Highly diversified portfolio of 53 stocks with the largest position at just 3.03% of NAV
- Consistent risk-adjusted performance with stable Calmar ratios (0.45-0.54) across all time horizons
- Recent performance has been weak, with calendar year returns of only 2.9% in 2025 and 0.13% in 2026 YTD
- Significant sector concentration in financials, with Banks (12.2%) and Finance (10.7%) comprising nearly 23% of the portfolio
Generated on 25-10-2026, 2:28 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.88 L | 21.3% | -55.1% | 100.2% |
| 3 Years | ₹36.00 L | ₹46.57 L | 17.5% | -18.7% | 39.2% |
| 5 Years | ₹60.00 L | ₹92.25 L | 17.4% | -5.1% | 32.5% |
| 7 Years | ₹84.00 L | ₹1.54 Cr | 17.4% | 2.2% | 26.6% |
| 10 Years | ₹1.20 Cr | ₹3.00 Cr | 17.9% | 14.3% | 22.4% |
| 12 Years | ₹1.44 Cr | ₹4.43 Cr | 17.4% | 14.4% | 20.5% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | Category avg |
|---|---|---|
| 1 Year | 21.3% | 9.6% |
| 3 Years | 17.5% | 14.6% |
| 5 Years | 17.4% | 16.8% |
| 7 Years | 17.4% | 15.8% |
| 10 Years | 17.9% | 15.8% |
| 12 Years | 17.4% | 15.3% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 20.0% | 15.3% | -27.3% | 95.1% | 0.61 | 2.34 | 82% | — | — |
| 3 Years | 17.9% | 17.9% | -3.5% | 33.2% | 1.84 | 9.30 | 99% | — | — |
| 5 Years | 17.3% | 17.7% | 1.9% | 31.1% | 2.10 | 34.70 | 100% | — | — |
| 10 Years | 17.6% | 17.3% | 14.4% | 20.7% | 8.01 | — | 100% | — | — |
Calmar Ratio by Duration
| # | Stock | % of NAV |
|---|---|---|
| 1 | HDFC Bank Limited | 3.03% |
| 2 | SYRMA SGS TECHNOLOGY LIMITED | 2.95% |
| 3 | Reliance Industries Limited | 2.88% |
| 4 | ICICI Bank Limited | 2.87% |
| 5 | Karur Vysya Bank Limited | 2.81% |
| 6 | Bharti Airtel Limited | 2.68% |
| 7 | One 97 Communications Limited | 2.63% |
| 8 | CarTrade Tech Limited | 2.32% |
| 9 | United Spirits Limited | 2.32% |
| 10 | Lupin Limited | 2.29% |