Two funds walk into a table. Only the numbers talk.
ICICI Prudential Multi Cap Fund vs Axis Multicap Fund
Pick two or three funds. We’ll tell you in plain words which grew faster, which was calmer, which costs less and what your money would have become. Figures are for the Direct plan, Growth option, where a fund has one.
- AICICI Prudential Multi Cap Fund
ICICI Prudential Mutual Fund- Multi Cap Fund
- Direct plan
- Very High Risk
NAV ₹942.78 on 13 Nov 2026
- BAxis Multicap Fund
Axis Mutual Fund- Multi Cap Fund
- Direct plan
- Very High Risk
NAV ₹21.69 on 13 Nov 2026
The short version
Who comes out ahead on each measure, over the 3 years all of them have been around.
Grew faster
BAxis Multicap Fund
Axis Multicap Fund returned 20.1% a year over 3 years, against 15% for ICICI Prudential Multi Cap Fund. ₹1 lakh invested 3 years ago would be about ₹1.73 Lakh today, against ₹1.52 Lakh.
Smoother ride
AICICI Prudential Multi Cap Fund
ICICI Prudential Multi Cap Fund swung the least: about 14.3% a year either way, against 15% for Axis Multicap Fund. Lower means fewer scary days.
Fell less in a crash
No fair winner yet
At its worst, Axis Multicap Fund fell 18.1% from its peak, against 38.9% for ICICI Prudential Multi Cap Fund. On ₹1 lakh, that's a dip to ₹61,122 at the bottom for ICICI Prudential Multi Cap Fund. Could you have held on?
Not a fair fight: we only have data for Axis Multicap Fund (from Dec 2021), so it has not been through the 2020 crash the others fell in.
More consistent
No fair winner yet
Pick any day in the past and hold for a year: Axis Multicap Fund ended up in profit 93% of the time, against 87% for ICICI Prudential Multi Cap Fund.
Not a fair fight: we only have data for Axis Multicap Fund (from Dec 2021), so it has not been through the 2020 crash the others fell in.
What your money would have become
The same amount, put into each fund on the same day.
The dashed line is the ₹10,000 you put in. Above it is profit, below it is loss.
- AICICI Prudential Multi Cap Fund₹14,975 from ₹10,000(14.5% a year)
- BAxis Multicap Fund₹16,945 from ₹10,000(19.3% a year)
A one-time ₹10,000 put in 3 years ago, valued at the latest NAV. This is what happened, not what will.
Strengths and watch-outs
Each fund judged against its own category, and against a 5-year SBI FD at 6.05%.
AICICI Prudential Multi Cap Fund
- Strength: Beat a 5-year SBI FD: 13.2% a year over 5 years, against 6.05%
- Watch out: Fell harder than its category in the worst crash
BAxis Multicap Fund
- Strength: Ahead of its category: 20.1% a year over 3 years, against a category average of 15.3%
- Strength: In the top quarter of its category over 3 years (#1 of 23)
- Strength: Beat a 5-year SBI FD: 20.1% a year over 3 years, against 6.05%
All the numbers
The stronger figure in each row is marked Best. Under each return is the fund’s rank in its category and the category average.
| Measure | AICICI Prudential Multi Cap Fund | BAxis Multicap Fund |
|---|---|---|
| ReturnsHow much the fund grew. Beyond a year, this is per year (annualised). | ||
| 1 yearLast 12 months, the most noisy figure | 4.1%#20 of 31 · avg 6.6% | 12.7%Best#5 of 31 · avg 6.6% |
| 3 yearsPer year, over a full market mood swing | 15%#13 of 23 · avg 15.3% | 20.1%Best#1 of 23 · avg 15.3% |
| 5 yearsPer year, the fairest single test | 13.2%#5 of 9 · avg 13.4% | – |
| 10 yearsPer year, across bull and bear markets | 15%#5 of 5 · avg 16% | – |
| RiskHow bumpy the ride was. This is what decides whether you stay invested. | ||
| Ups and downsVolatility: how far it swings in a typical year. Lower is calmer | 14.3%Bestcategory avg 14.9% | 15%category avg 14.9% |
| Worst fallThe biggest drop from a peak in 10 years. Lower is better | −38.9%category avg −22.3% | −18.1%data from 23 Dec 2021 only |
| Best 12 monthsIts strongest year | 94.4% | 60%data from 23 Dec 2021 only |
| Worst 12 monthsIts weakest year | -34.6% | -4.2%data from 23 Dec 2021 only |
| Odds of a gainShare of all 1-year holding periods that ended in profit | 87% | 93%data from 23 Dec 2021 only |
| Cost and sizeThe fee comes out of your returns every year, whether the fund does well or not. | ||
| Expense ratioYearly fee. Lower keeps more for you | 1.02%Best | 1.03% |
| Fund sizeMoney managed (AUM). Neither better nor worse | ₹18,717 Cr | ₹11,972 Cr |
| Minimum SIPSmallest monthly amount | ₹100 | ₹100 |
| Lock-inTime before you can withdraw | None | None |
| What it holdsWhere the money sits. Equity is shares, debt is bonds, cash is waiting to be invested. | ||
| In sharesEquity | 98.1% | – |
| In cashNot yet invested | 1.9% | – |
| HoldingsNumber of investments | 163 | – |
“Best” is not a recommendation: a fund that returned more usually took more risk to do it.
Top 10 holdings
Marked Both where another fund here holds it too.
AICICI Prudential Multi Cap Fund
- Vedanta Aluminium Metal Ltd3.1%
- BSE Ltd3%
- Ultratech Cement Ltd2.7%
- Jindal Steel Ltd2.3%
- Apar Industries Ltd2.3%
- Interglobe Aviation Ltd2.3%
- ABB India Ltd2.1%
- K.P.R. Mill Ltd2%
- Samvardhana Motherson International Ltd2%
- PB Fintech Ltd2%
As on 31 Jul 2026
BAxis Multicap Fund
Holdings are not available for this fund yet.
Which one fits you?
There is no best fund, only a better fit for what you need the money to do.
AICICI Prudential Multi Cap Fund
Might suit you if…
- a smoother ride matters more to you than the top return
BAxis Multicap Fund
Might suit you if…
- you want the stronger long-run growth and can sit through sharper falls