NJ ELSS Tax Saver Scheme
Direct · GrowthAI Summary
The NJ ELSS Tax Saver Scheme has significantly underperformed its category on SIP returns, with a 1Y XIRR of 8.49% and 3Y XIRR of 3.64% versus category averages of 15.01% and 13.49% respectively. Lump-sum rolling returns look better, with a 3Y rolling mean of 12.68%, but recent calendar year returns have weakened sharply, from 30.24% in 2023 to -3.42% in 2025 and just 3.0% in 2026. The overall trend points to meaningful underperformance versus peers across both SIP and lump-sum measures.
The fund shows very low realized volatility in the current window, with a maximum drawdown of just -0.23% and an average drawdown of -0.08%, though one drawdown event exceeding 10% has occurred historically. The maximum drawdown lasted 159 days with recovery still pending, indicating the fund has not yet regained its prior peak. Risk-adjusted returns are modest, with Calmar ratios of 0.435 (1Y) and 0.556 (3Y), suggesting returns have not compensated strongly relative to drawdown risk.
The portfolio is concentrated with only 25 total holdings, and the top 10 positions account for roughly 49.2% of NAV, led by Pidilite Industries (5.56%), Bosch (5.42%), and Marico (5.33%). Sector exposure is led by Pharmaceuticals & Biotechnology at 14.7% and Finance at 13.0%, with healthcare-related sectors combined representing over 22%. The holdings skew toward quality consumer, auto, and industrial names, but the concentrated book increases single-stock and sector risk.
Against category average SIP XIRR of 13.49% (3Y) and 15.01% (1Y), this fund trails by roughly 10 percentage points on both horizons, placing it clearly in the bottom tier of ELSS peers. The sharp deceleration from 30.24% in 2023 to negative returns in 2025 indicates inconsistent performance across market cycles. With no 5Y+ XIRR data available for the fund, long-term consistency versus peers cannot be fully verified, but recent evidence is unfavorable.
As an ELSS fund, it suits investors seeking Section 80C tax deduction with a mandatory 3-year lock-in, but its recent underperformance means it should not be a core holding for return-focused investors at present. It is appropriate only for investors with a 5-7 year horizon and moderate-to-high risk tolerance who can tolerate concentrated portfolio swings. Investors prioritizing consistent category-level performance may want to consider better-performing ELSS alternatives.
- Low expense ratio of 0.66% for a Direct ELSS plan, keeping cost drag minimal
- Rolling 3Y lump-sum return of 12.68% shows the fund has delivered reasonable returns over longer windows
- Quality-oriented portfolio of established names like Pidilite, Bosch, and Marico with low realized drawdowns in the current period
- Severe SIP underperformance versus category: 3Y XIRR of 3.64% versus 13.49% category average, a gap of nearly 10 percentage points
- Concentrated portfolio of only 25 stocks with top 10 holdings at ~49.2% of NAV, amplifying single-stock and sector risk
- Weak recent momentum with calendar returns falling from 30.24% (2023) to -3.42% (2025) and only 3.0% in 2026, plus an unrecovered 159-day drawdown
Generated on 10-09-2026, 3:06 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 | ₹12.20 L | 8.5% | -25.9% | 57.1% |
| 3 Years | ₹36.00 L | ₹37.92 L | 3.6% | 1.0% | 5.7% |
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 | 8.5% | 15.0% |
| 3 Years | 3.6% | 13.5% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 9.9% | 1.9% | -11.7% | 53.4% | 0.18 | 0.48 | 60% | — | — |
| 3 Years | 12.7% | 12.5% | 11.9% | 13.9% | 12.25 | — | 100% | — | — |
Calmar Ratio by Duration
| # | Stock | % of NAV |
|---|---|---|
| 1 | Bosch Limited | 6.58% |
| 2 | Pidilite Industries Limited | 5.81% |
| 3 | JSW Dulux Limited | 5.08% |
| 4 | Hero MotoCorp Limited | 5.06% |
| 5 | Mphasis Limited | 5.05% |
| 6 | Marico Limited | 5.01% |
| 7 | ABB India Limited | 5.00% |
| 8 | AU Small Finance Bank Limited | 4.94% |
| 9 | Page Industries Limited | 4.61% |
| 10 | Britannia Industries Limited | 4.35% |