Bandhan Business Cycle Fund vs SBI BSE 100 ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Bandhan Business Cycle Fund is a Thematic fund and SBI BSE 100 ETF is a mutual fund. In the year to 30-10-2026, Bandhan Business Cycle Fund (Direct) returned −8.9% and SBI BSE 100 ETF (Regular) returned −9.1%. Bandhan Business Cycle Fund charges 1.02% a year and SBI BSE 100 ETF 0.16%. Their portfolios overlap 47.2%: they hold 33 of the same securities.
Bandhan Business Cycle Fund
Thematic
- 1 year return
- −8.9%
- Expense ratio
- 1.02%
- NAV
- ₹9.54
Which is better, Bandhan Business Cycle or SBI BSE 100 ETF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Bandhan Business Cycle returned more over 1 year: −8.9% against −9.1%.
- SBI BSE 100 ETF costs less: 0.16% a year against 1.02%.
- SBI BSE 100 ETF fell less in its worst fall since 01-10-2024: −15.7% against −17.6%.
- SBI BSE 100 ETF holds more in large companies: 90.2% of the fund in large caps against 55.7%.
- Bandhan Business Cycle is the larger fund: ₹1,100 Cr against ₹9 Cr.
- Their portfolios overlap 47.2%: 33 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | Bandhan Business Cycle Fund | SBI BSE 100 ETF |
|---|---|---|
| Fund house | Bandhan Mutual Fund | SBI Mutual Fund |
| Category | Thematic | Not available |
| AUM | ₹1,100 Cr (31-08-2026) | ₹9 Cr (30-09-2026) |
| NAV | ₹9.54 (Direct) | ₹272.01 (Regular) |
| Expense ratio (Direct) | 1.02% | Not available |
| Expense ratio (Regular) | 2.47% | 0.16% |
| Riskometer | Very High | Not available |
| Benchmark | Nifty 500 TRI | Not available |
| Launch date | 30-09-2024 | Not available |
| Minimum investment | ₹1,000 | Not available |
| Lock in | None | Not available |
| Fund managers | Vishal Biraia, Ritika Behera, Harshal Joshi, Brijesh Shah, Gaurav Satra | Not available |
| Exit load | Exit load of 0.50%, if redeemed within 30 days. | Not available |
Bandhan Business Cycle vs SBI BSE 100 ETF: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Bandhan Business Cycle Fund (Direct) | −1.32% | −5.24% | −1.79% | −8.94% | -- | -- | -- |
| SBI BSE 100 ETF (Regular) | +0.93% | −5.53% | −2.97% | −9.05% | +8.78% | +7.62% | +11.52% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
Bandhan Business Cycle vs SBI BSE 100 ETF: Year-wise Returns
| Year | Bandhan Business CycleBandhan Business Cycle | SBI BSE 100 ETFSBI BSE 100 ETF |
|---|---|---|
| 2026to date | −8.28% | −9.80% |
| 2025 | +6.22% | +10.33% |
| 2024 | -- | +13.11% |
| 2023 | -- | +23.07% |
| 2022 | -- | +5.85% |
| 2021 | -- | +26.33% |
Bandhan Business Cycle vs SBI BSE 100 ETF: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Bandhan Business Cycle Fund
Rolling returns
Every 1-year holding period, 268 of them, one for each trading day from 01-10-2025 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Bandhan Business Cycle Fund (Direct)
SBI BSE 100 ETF (Regular)
Nifty 500 TRI
to
Nov 2025Jan 2025
to
Jan 2026Mar 2025
to
Mar 2026May 2025
to
May 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bandhan Business Cycle | 34.7 | 29.9 | 27.2 | 7.5 | 0.7 | 0.0 | 0.0 | 2.6% | 2.5% | −10.1% | 16.0% | 13% |
| SBI BSE 100 ETF | 39.4 | 21.9 | 21.9 | 16.0 | 0.7 | 0.0 | 0.0 | 2.8% | 1.9% | −10.5% | 16.3% | 34% |
| Nifty 500 TRI | 25.4 | 31.7 | 31.7 | 8.6 | 2.6 | 0.0 | 0.0 | 3.7% | 3.3% | −9.0% | 17.6% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is Nifty 500 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 01-10-2024. Past returns do not promise future returns.
Bandhan Business Cycle vs SBI BSE 100 ETF: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 01-10-2024 to 30-10-2026: 25 instalments, ₹2,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bandhan Business CycleBandhan Business Cycle Fund (Direct) | ₹2,50,000 | ₹2,43,726 | −₹6,274 | −2.3% |
| SBI BSE 100 ETFSBI BSE 100 ETF (Regular) | ₹2,50,000 | ₹2,41,730 | −₹8,270 | −3.1% |
Bandhan Business CycleBandhan Business Cycle Fund (Direct)
SBI BSE 100 ETFSBI BSE 100 ETF (Regular)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Bandhan Business Cycle vs SBI BSE 100 ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bandhan Business Cycle Fund (Direct) | SBI BSE 100 ETF (Regular) |
|---|---|---|
| Return (CAGR) | −8.94% | −9.05% |
| Standard deviation | 15.54% | 13.91% |
| Sharpe ratio | -0.91 | -1.03 |
| Sortino ratio | -1.23 | -1.36 |
| Maximum drawdown | −17.6% (30-03-2026) | −15.0% (31-03-2026) |
| Beta | 1.06 | 1.00 |
| Alpha | −0.88% | −0.16% |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Bandhan Business Cycle Fund (Direct) | SBI BSE 100 ETF (Regular) |
|---|---|---|
| Return (CAGR) | −2.32% | +10.40% |
| Standard deviation | 15.22% | 15.99% |
| Sharpe ratio | -0.53 | 0.30 |
| Sortino ratio | -0.71 | 0.40 |
| Maximum drawdown | −17.6% (30-03-2026) | −38.2% (23-03-2020) |
| Beta | 1.04 | 1.00 |
| Alpha | +1.99% | −0.44% |
From daily NAVs, 01-10-2024 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
Bandhan Business Cycle Fund (Direct)
SBI BSE 100 ETF (Regular)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bandhan Business Cycle Fund (Direct) | −17.6% | 02-01-2026 | 30-03-2026 | Not yet | -- | −9.4% |
| SBI BSE 100 ETF (Regular) | −15.7% | 01-10-2024 | 28-02-2025 | 20-10-2025 | 8 months | −10.6% |
| Nifty 500 TRI | −17.8% | 01-10-2024 | 28-02-2025 | 02-01-2026 | 10 months | −8.4% |
From daily values since 01-10-2024, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Bandhan Business Cycle Fund (Direct)
SBI BSE 100 ETF (Regular)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Bandhan Business Cycle Fund (Direct) | 103% | 104% | 3.03% |
| SBI BSE 100 ETF (Regular) | 89% | 91% | 3.03% |
From month-end values since 01-10-2024. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
Bandhan Business Cycle vs SBI BSE 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Bandhan Business Cycle Fund, August 2026; SBI BSE 100 ETF, September 2026
Holdings in common
- Overlap
- 47.2%
- Held by both
- 33
- Only in Bandhan Business Cycle
- 51
- Only in SBI BSE 100 ETF
- 67
| Security | % of Bandhan Business Cycle | % of SBI BSE 100 ETF |
|---|---|---|
| HDFC Bank Limited | 4.56% | 8.26% |
| Reliance Industries Limited | 4.42% | 6.01% |
| ICICI Bank Limited | 4.28% | 7.24% |
| Bharti Airtel Limited | 3.45% | 4.18% |
| Larsen & Toubro Limited | 3.22% | 3.35% |
| Axis Bank Limited | 5.26% | 2.68% |
| Infosys Limited | 2.80% | 2.68% |
| State Bank of India | 2.56% | 3.04% |
| Kotak Mahindra Bank Limited | 2.61% | 2.34% |
| Bajaj Finance Limited | 3.65% | 1.96% |
| Tata Consultancy Services Limited | 1.44% | 1.58% |
| NTPC Limited | 3.08% | 1.17% |
| Adani Ports and Special Economic Zone Limited | 1.44% | 1.07% |
| Maruti Suzuki India Limited | 1.05% | 1.18% |
| Bharat Electronics Limited | 1.04% | 1.07% |
| Shriram Finance Limited | 1.01% | 1.04% |
| UltraTech Cement Limited | 2.00% | 0.98% |
| InterGlobe Aviation Limited | 1.50% | 0.85% |
| Cipla Limited | 0.70% | 0.58% |
| SBI Life Insurance Company Limited | 0.70% | 0.58% |
| One 97 Communications Limited | 3.74% | 0.55% |
| Hero MotoCorp Limited | 0.94% | 0.51% |
| Tata Power Company Limited | 1.13% | 0.46% |
| Varun Beverages Limited | 0.78% | 0.45% |
| IndusInd Bank Limited | 0.65% | 0.45% |
| Divi's Laboratories Limited | 0.45% | 0.90% |
| CG Power and Industrial Solutions Limited | 0.44% | 0.44% |
| HDFC Life Insurance Company Limited | 0.78% | 0.42% |
| IDFC First Bank Limited | 1.98% | 0.41% |
| Wipro Limited | 0.33% | 0.32% |
| United Spirits Limited | 0.65% | 0.30% |
| ICICI Lombard General Insurance Company Limited | 0.35% | 0.30% |
| Bajaj Finserv Limited | 0.19% | 0.74% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 47.2% means 47.2% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in Bandhan Business Cycle Fund
| Security | % of fund |
|---|---|
| City Union Bank Limited | 1.82% |
| Acme Solar Holdings Ltd | 1.73% |
| Fortis Healthcare Limited | 1.69% |
| Sundaram Clayton Limited | 1.57% |
| Mphasis Limited | 1.41% |
Largest holdings only in SBI BSE 100 ETF
| Security | % of fund |
|---|---|
| Mahindra & Mahindra Ltd. | 2.01% |
| ITC Ltd. | 1.94% |
| Eternal Ltd. | 1.76% |
| Sun Pharmaceutical Industries Ltd. | 1.50% |
| Titan Company Ltd. | 1.43% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bandhan Business Cycle | SBI BSE 100 ETF |
|---|---|---|
| Equity | 99.9% | 100.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.1% | 0.0% |
Market cap of stocks
| Market cap | Bandhan Business Cycle | SBI BSE 100 ETF |
|---|---|---|
| Large Cap | 55.7% | 90.2% |
| Mid Cap | 22.8% | 9.7% |
| Small Cap | 20.9% | 0.0% |
| Not on AMFI's list | 0.5% | 0.0% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | Bandhan Business Cycle | SBI BSE 100 ETF |
|---|---|---|
| Banks | 25.6% | 26.7% |
| Finance | 9.2% | 5.8% |
| Power | 7.9% | 3.2% |
| IT - Software | 6.0% | 7.5% |
| Petroleum Products | 4.4% | 6.8% |
| Automobiles | 2.0% | 6.5% |
| Construction | 5.7% | 3.4% |
| Telecom - Services | 3.5% | 4.5% |
The six largest sectors of each fund's stocks, % of the fund.
Bandhan Business Cycle vs SBI BSE 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bandhan Business Cycle Fund | SBI BSE 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.02% | Not available |
| Base expense ratio (Direct) | 0.67% | 0.00% |
| Total expense ratio (Regular) | 2.47% | 0.16% |
| Base expense ratio (Regular) | 1.93% | 0.12% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Bandhan Business Cycle Fund vs SBI BSE 100 ETF: Frequently Asked Questions
What is the difference between Bandhan Business Cycle Fund and SBI BSE 100 ETF?
Bandhan Business Cycle Fund is a Thematic fund, SBI BSE 100 ETF is a mutual fund, run by Bandhan Mutual Fund and SBI Mutual Fund. Their portfolios overlap 47.2%. Bandhan Business Cycle Fund charges 1.02% a year and SBI BSE 100 ETF 0.16%.
Which has given higher returns, Bandhan Business Cycle Fund or SBI BSE 100 ETF?
Over 1 year: Bandhan Business Cycle Fund −8.94%, SBI BSE 100 ETF −9.05%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Bandhan Business Cycle Fund or SBI BSE 100 ETF?
SBI BSE 100 ETF charges less: 0.16% a year against 1.02%. These are the total expense ratios reported to AMFI.
How much do Bandhan Business Cycle Fund and SBI BSE 100 ETF overlap?
47.2%. They hold 33 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, ICICIBANK. From each fund's latest monthly portfolio.
Can I invest in both Bandhan Business Cycle Fund and SBI BSE 100 ETF?
Yes. 47.2% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.