A Comparative Analysis of Risk-Adjusted Returns in ELSS Tax-Saving Funds

Abstract: This study analyses the performance of the ICICI Prudential ELSS Tax Saver Fund by comparing its Net Asset Value (NAV) with the NIFTY 100 market index over a five-year period from April 2020 to March 2025. This study aims to examine how the chosen mutual fund has performed by looking at its returns and the level of risk involved, and then comparing these results with the overall stock market. The data used for the analysis is secondary in nature and has been taken from historical NAV and index price records. The study evaluates year-wise changes in fund value and market movement to identify growth trends and volatility. The findings of the study help investors understand whether the ELSS fund has delivered consistent performance and whether it is suitable for long-term tax-saving and wealth creation purposes. Overall, the study provides a clear picture of the fund’s stability, growth potential, and performance in comparison with the market index.

Keywords: ICICI Prudential ELSS Fund, NIFTY 100 Index, Mutual Fund Performance, Net Asset Value (NAV), Risk and Return, Tax-Saving Investment, Long-Term Investment, Market Comparison, Portfolio Growth, Volatility Analysis.