Last updated 31 July 2026 · vs June 2026 · How the score is calculated
ELSS (Equity Linked Savings Scheme) is the only equity mutual fund category that qualifies for deduction under Section 80C of the Income Tax Act. The combined 80C cap across all eligible investments (ELSS, PPF, EPF, life insurance, home-loan principal, NSC, ULIP, tuition fees) is ₹1.5 lakh per financial year. ELSS is the right choice for the equity slice of that 80C bucket if you have a 3+ year horizon and can tolerate drawdowns. The structural trade-off is the 3-year lock-in. Each SIP instalment is locked for 3 years from its own date, not from the start of the SIP. That means a 5-year SIP started today is fully free to redeem only at the end of year 5. Most ELSS investors in the 80C window hold the units for the full lock-in, let the LTCG exemption do its work, and then either redeem or continue as a regular equity holding. Look for funds with a 5-year track record that is consistently in the top quartile of the equity-diversified category as a whole, not just the ELSS subcategory. The ELSS universe is small (around 35 active funds), and the category is structurally similar to a multi-cap or flexi-cap fund, so the manager-skill question is the same as in those categories. A 1-year return above the category median is noise; a 5-year return above the Nifty 50 by 2+ points is signal. Expense ratio matters the same way it does in every other equity category.
Each ELSS fund in the table is scored on a blend of five factors: 1-year, 3-year, and 5-year returns, the 3-year Sharpe ratio, and the 3-year maximum drawdown. The 5-year return carries the heaviest weight; the 1-year return carries the lightest, because a single year is mostly noise. Funds with less than three years of history are kept out of the 3Y / 5Y windows but are still listed if they have a 1-year track record.
The underlying NAV data is sourced nightly from the AMFI daily NAV file and the AMC factsheets. The score is re-run every month after the latest upload. Two funds with a score within 5 points of each other are essentially interchangeable for retail purposes; pick from the top 3-5 names in the list, not just the top 1. The full formula, weights, and edge cases are in the rankings methodology post.
| Rank | Scheme | Score |
|---|---|---|
1— | Motilal Oswal ELSS Tax Saver Fund - Regular Plan - Growth Option Motilal Oswal Mutual Fund · Regular | 80.2 |
2↑1 | JM ELSS Tax Saver Fund (Regular) - Growth option JM Financial Mutual Fund · Regular | 78.9 |
3↓1 | ITI ELSS Tax Saver Fund - Regular Plan - Growth Option ITI Mutual Fund · Regular | 70.0 |
4 | Edelweiss ELSS Tax Saver Fund - Regular Plan - Growth Option Edelweiss Mutual Fund · Regular | 59.6 |
5↓1 | SBI ELSS Tax Saver FUND - REGULAR PLAN- GROWTH SBI Mutual Fund · Regular | 59.2 |
Rankings based on data up to 31 July 2026. Direct plans and regular plans are scored separately; this table shows the regular plan of each fund. For educational purposes only, not investment advice. Mutual fund investments are subject to market risks. Read the full disclaimer.
Most ELSS funds are flexi-cap or multi-cap in disguise. A handful (Mirae Asset, quant) tilt more toward mid-caps, which raises both return and volatility. Dividend option matters here: stick with growth option, the dividend option gives back the 80C benefit via lower NAV compounding.
FinvestR Research Desk
Research team, FinvestR
The FinvestR research desk produces the monthly fund rankings and the underlying scoring engine. The team includes AMFI-registered distributors (ARN-142502) and NISM-Series-V-A certified research analysts. Plain English, no product pitches, full methodology on every page.
AMFI-registered Mutual Fund Distributor · ARN-142502 · NISM-Series-V-A: Mutual Fund Distributors
Last updated 31 July 2026. The full ranking methodology and the data sources are published in the July 2026 rankings post. Past performance does not indicate future results.
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. FinvestR Capital is registered with AMFI as a Mutual Fund Distributor (ARN-142502). The rankings on this page are research output and not personalised investment advice. Consult a SEBI- registered investment advisor for advice tailored to your situation.