Shriram ELSS Tax Saver Fund
Direct · GrowthAI Summary
Shriram ELSS Tax Saver Fund has modestly outperformed the NIFTY 50 across most periods, with positive alpha at every horizon (e.g., 2.53% over 1Y, 0.90% over 7Y). However, its SIP XIRR lags category averages in all windows — 13.04% vs 15.49% over 3Y and 13.91% vs 16.8% over 5Y. Recent calendar years have been weak, with returns of -4.38% in 2025 and -7.96% in 2026.
The fund exhibits strong downside resilience, with downside capture below 100% in all periods (e.g., 86.17% over 15Y) and a low maximum drawdown of -0.30% recovered in 156 days. Beta below 1 across all horizons confirms lower volatility than the NIFTY 50, supporting its positive alphas. Calmar ratios of 0.40-0.50 across periods indicate reasonable risk-adjusted returns for the risk taken.
The 69-stock portfolio is anchored by a heavy banking allocation of 21.8%, with HDFC Bank (7.47%) and ICICI Bank (5.02%) as top holdings. Banks are followed by IT-Software (6.5%), Automobiles (5.5%), Healthcare Services (4.4%), and Petroleum Products (4.3%). Beyond the top names, positions stay small, providing reasonable diversification despite the sector tilt.
The fund trails the ELSS category on SIP XIRR at every horizon — by roughly 2.5 percentage points over 3Y (13.04% vs 15.49%) and 2.9 points over 5Y (13.91% vs 16.8%). Its edge over the benchmark is consistent but modest, with alpha between 0.23% and 2.53% across horizons. The defensive capture profile suggests it is positioned as a lower-volatility option that underperforms peers in strong markets.
This fund suits tax-conscious investors in the 80C bracket who prioritize capital protection and hold for the full 3-year lock-in or longer, ideally 5-7 years. It fits moderate risk-tolerance investors given its below-market downside capture and low beta. Those seeking top-quartile ELSS returns may find better-performing peers, but conservative investors benefit from its risk profile.
- Consistently positive alpha over the NIFTY 50 at all horizons, from 0.23% (15Y) to 2.53% (1Y)
- Defensive downside capture below 87% over long horizons (86.17% over 15Y), cushioning bear markets
- Low exposure ratio of 0.74% and a well-diversified 69-stock portfolio
- SIP XIRR lags the category average at every horizon, including 15.35% category vs 10.17% fund over 7Y
- Heavy banking concentration of 21.8% creates sector-specific risk
- Two consecutive negative calendar years (-4.38% in 2025, -7.96% in 2026) signal weak recent momentum
Generated on 01-11-2026, 3:03 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 | ₹12.62 L | 14.2% | -43.3% | 62.4% |
| 3 Years | ₹36.00 L | ₹42.92 L | 13.4% | -4.1% | 29.9% |
| 5 Years | ₹60.00 L | ₹80.82 L | 14.0% | 3.8% | 25.0% |
| 7 Years | ₹84.00 L | ₹1.21 Cr | 10.3% | 7.5% | 13.3% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 14.2% | 14.3% | 9.7% | -0.1% |
| 3 Years | 13.4% | 11.0% | 15.5% | +2.4% |
| 5 Years | 14.0% | 10.4% | 16.8% | +3.6% |
| 7 Years | 10.3% | 10.6% | 15.3% | -0.3% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 13.7% | 10.2% | -20.3% | 67.4% | 0.41 | 1.09 | 73% | — | — |
| 3 Years | 14.8% | 15.0% | 5.6% | 24.3% | 2.34 | 122.41 | 100% | — | — |
| 5 Years | 14.9% | 15.8% | 5.4% | 21.7% | 2.07 | 60.85 | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +2.53 | 0.95 | 95.1% | 91.1% | -7.5% | -10.9% |
| 3 Years | +0.54 | 1.01 | 96.4% | 95.6% | 6.9% | 6.4% |
| 5 Years | +0.63 | 0.97 | 93.8% | 92.6% | 5.8% | 5.2% |
| 7 Years | +0.90 | 0.86 | 88.6% | 87.1% | 10.4% | 10.0% |
| 10 Years | +0.83 | 0.86 | 88.2% | 86.2% | 8.4% | 7.8% |
| 12 Years | +0.53 | 0.86 | 88.2% | 86.2% | 7.0% | 6.4% |
| 15 Years | +0.23 | 0.86 | 88.2% | 86.2% | 5.5% | 5.1% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | HDFC Bank Ltd. | 7.47% |
| 2 | ICICI Bank Ltd. | 5.02% |
| 3 | Axis Bank Ltd. | 4.06% |
| 4 | State Bank of India | 4.02% |
| 5 | Reliance Industries Ltd. | 3.90% |
| 6 | Bharti Airtel Ltd. | 3.79% |
| 7 | Mahindra & Mahindra Ltd. | 2.03% |
| 8 | KFIN Technologies Ltd. | 2.00% |
| 9 | Kirloskar Oil Engines Ltd. | 1.92% |
| 10 | NTPC Ltd. | 1.91% |