HDFC Flexi Cap Fund vs SBI NIFTY Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Flexi Cap Fund is a Flexi Cap fund and SBI NIFTY Index Fund is an Index fund. In the 3 years to 30-10-2026, HDFC Flexi Cap Fund (Direct) returned 15.8% a year and SBI NIFTY Index Fund (Direct) returned 7.3% a year. HDFC Flexi Cap Fund charges 0.75% a year and SBI NIFTY Index Fund 0.24% (Direct plans). Their portfolios overlap 49.0%: they hold 27 of the same securities.
Which is better, HDFC Flexi Cap or SBI NIFTY Index? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Flexi Cap returned more over 5 years: 15.5% a year against 6.4%.
- HDFC Flexi Cap returned more over 3 years: 15.8% a year against 7.3%.
- SBI NIFTY Index costs less: 0.24% a year against 0.75% (Direct plans).
- HDFC Flexi Cap swung less over 3 years: a standard deviation of 12.0% a year against 13.2%.
- SBI NIFTY Index fell less in its worst fall since 02-01-2013: −38.4% against −41.8%.
- SBI NIFTY Index holds more in large companies: 98.8% of the fund in large caps against 69.9%.
- HDFC Flexi Cap is the larger fund: ₹1,08,547 Cr against ₹13,190 Cr.
- Their portfolios overlap 49.0%: 27 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 | HDFC Flexi Cap Fund | SBI NIFTY Index Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | SBI Mutual Fund |
| Category | Flexi Cap | Index |
| AUM | ₹1,08,547 Cr (30-09-2026) | ₹13,190 Cr (30-09-2026) |
| NAV | ₹2,187.57 (Direct) | ₹215.76 (Direct) |
| Expense ratio (Direct) | 0.75% | 0.24% |
| Expense ratio (Regular) | 1.36% | 0.44% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 50 TRI |
| Launch date | 01-01-1995 | 17-01-2002 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Amit Ganatra, Gopal Agrawal, Bhagyesh Kagalkar | Raviprakash Sharma |
| Exit load | In respect of each purchase/switch-in of units, an Exit Load of 1.00% is payable if Units are edeemed/switched-out within 1 year from the date of allotment. No Exit Load is payable if Units are redeemed/ switched-out after 1 year from the date of allotment. | Exit load of 0.25% if redeemed within 30 days |
HDFC Flexi Cap vs SBI NIFTY Index: 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 |
|---|---|---|---|---|---|---|---|
| HDFC Flexi Cap Fund (Direct) | +0.85% | −3.44% | +2.37% | −4.02% | +15.76% | +15.53% | +15.31% |
| SBI NIFTY Index Fund (Direct) | +1.94% | −5.06% | −3.24% | −10.22% | +7.34% | +6.43% | +11.22% |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | +13.13% |
Category average: the average of the 46 Flexi Cap funds, same plan type.
HDFC Flexi Cap vs SBI NIFTY Index: Year-wise Returns
| Year | HDFC Flexi CapHDFC Flexi Cap | SBI NIFTY IndexSBI NIFTY Index |
|---|---|---|
| 2026to date | −3.74% | −11.09% |
| 2025 | +12.16% | +11.58% |
| 2024 | +24.33% | +9.80% |
| 2023 | +31.45% | +21.04% |
| 2022 | +19.09% | +5.43% |
| 2021 | +37.00% | +25.10% |
HDFC Flexi Cap vs SBI NIFTY Index: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of HDFC Flexi Cap Fund
Rolling returns
Every 3-year holding period, 2,666 of them, one for each trading day from 04-01-2016 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.
HDFC Flexi Cap Fund (Direct)
SBI NIFTY Index Fund (Direct)
Nifty 500 TRI
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Flexi Cap | 5.1 | 3.2 | 7.5 | 24.3 | 21.1 | 19.7 | 19.1 | 17.3% | 17.6% | −7.7% | 40.2% | 63% |
| SBI NIFTY Index | 0.9 | 3.3 | 22.7 | 45.2 | 21.8 | 4.4 | 1.6 | 12.7% | 12.9% | −4.9% | 31.8% | 20% |
| Nifty 500 TRI | 1.9 | 4.3 | 7.8 | 37.0 | 34.8 | 11.3 | 2.9 | 14.7% | 14.9% | −6.3% | 33.5% | -- |
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 02-01-2013. Past returns do not promise future returns.
HDFC Flexi Cap vs SBI NIFTY Index: 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 01-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Flexi CapHDFC Flexi Cap Fund (Direct) | ₹16,60,000 | ₹55,22,098 | ₹38,62,098 | 16.0% |
| SBI NIFTY IndexSBI NIFTY Index Fund (Direct) | ₹16,60,000 | ₹36,28,395 | ₹19,68,395 | 10.6% |
HDFC Flexi CapHDFC Flexi Cap Fund (Direct)
SBI NIFTY IndexSBI NIFTY Index Fund (Direct)
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.
HDFC Flexi Cap vs SBI NIFTY Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Flexi Cap Fund (Direct) | SBI NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −4.02% | −10.22% |
| Standard deviation | 13.04% | 13.62% |
| Sharpe ratio | -0.71 | -1.14 |
| Sortino ratio | -0.95 | -1.52 |
| Maximum drawdown | −13.3% (31-03-2026) | −15.1% (31-03-2026) |
| Beta | 0.87 | 1.00 |
| Alpha | +1.73% | −0.23% |
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 | HDFC Flexi Cap Fund (Direct) | SBI NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.76% | +7.34% |
| Standard deviation | 11.98% | 13.21% |
| Sharpe ratio | 0.81 | 0.10 |
| Sortino ratio | 1.14 | 0.14 |
| Maximum drawdown | −13.3% (31-03-2026) | −15.5% (04-03-2025) |
| Beta | 0.80 | 1.00 |
| Alpha | +6.37% | −0.29% |
From daily NAVs, 30-10-2023 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 | HDFC Flexi Cap Fund (Direct) | SBI NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.53% | +6.43% |
| Standard deviation | 12.67% | 13.69% |
| Sharpe ratio | 0.77 | 0.05 |
| Sortino ratio | 1.07 | 0.06 |
| Maximum drawdown | −13.3% (31-03-2026) | −15.9% (17-06-2022) |
| Beta | 0.84 | 1.00 |
| Alpha | +7.19% | −0.27% |
From daily NAVs, 29-10-2021 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 | HDFC Flexi Cap Fund (Direct) | SBI NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.54% | +10.95% |
| Standard deviation | 16.85% | 15.84% |
| Sharpe ratio | 0.56 | 0.31 |
| Sortino ratio | 0.77 | 0.42 |
| Maximum drawdown | −41.8% (23-03-2020) | −38.4% (23-03-2020) |
| Beta | 1.00 | 1.00 |
| Alpha | +2.65% | −0.62% |
From daily NAVs, 01-01-2013 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.
HDFC Flexi Cap Fund (Direct)
SBI NIFTY Index Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Flexi Cap Fund (Direct) | −41.8% | 04-07-2019 | 23-03-2020 | 09-12-2020 | 9 months | −5.1% |
| SBI NIFTY Index Fund (Direct) | −38.4% | 14-01-2020 | 23-03-2020 | 09-11-2020 | 8 months | −11.8% |
| Nifty 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −8.8% |
From daily values since 02-01-2013, 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.
HDFC Flexi Cap Fund (Direct)
SBI NIFTY Index Fund (Direct)
Nifty 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
HDFC Flexi Cap Fund (Direct)
SBI NIFTY Index Fund (Direct)
Nifty 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
HDFC Flexi Cap Fund (Direct)
SBI NIFTY Index Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Flexi Cap Fund (Direct) | 108% | 98% | 5.92% |
| SBI NIFTY Index Fund (Direct) | 91% | 95% | 3.36% |
From month-end values since 02-01-2013. 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.
HDFC Flexi Cap vs SBI NIFTY Index: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Flexi Cap Fund, September 2026; SBI NIFTY Index Fund, September 2026
Holdings in common
- Overlap
- 49.0%
- Held by both
- 27
- Only in HDFC Flexi Cap
- 57
- Only in SBI NIFTY Index
- 23
| Security | % of HDFC Flexi Cap | % of SBI NIFTY Index |
|---|---|---|
| ICICI Bank Ltd. | 8.80% | 9.07% |
| HDFC Bank Ltd. | 6.03% | 10.40% |
| State Bank of India | 3.94% | 3.80% |
| Axis Bank Ltd. | 6.11% | 3.37% |
| Larsen and Toubro Ltd. | 3.08% | 4.21% |
| Kotak Mahindra Bank Limited | 3.40% | 2.94% |
| Bharti Airtel Ltd. | 2.62% | 5.12% |
| Eternal Limited | 3.46% | 2.22% |
| Maruti Suzuki India Limited | 2.57% | 1.49% |
| Reliance Industries Ltd. | 1.40% | 7.60% |
| HCL Technologies Ltd. | 2.44% | 1.24% |
| JSW Steel Ltd. | 1.45% | 1.16% |
| Power Grid Corporation of India Ltd. | 2.11% | 1.13% |
| InterGlobe Aviation Ltd. | 2.99% | 1.08% |
| Eicher Motors Ltd. | 2.30% | 0.94% |
| Tata Steel Ltd. | 0.88% | 1.46% |
| UltraTech Cement Limited | 0.87% | 1.24% |
| Apollo Hospitals Enterprise Ltd. | 0.79% | 0.80% |
| SBI Life Insurance Company Ltd. | 3.25% | 0.73% |
| Cipla Ltd. | 2.47% | 0.73% |
| Max Healthcare Institute Limited | 1.46% | 0.66% |
| Bombay Stock Exchange Limited (BSE) | 0.65% | 1.21% |
| Bharat Electronics Ltd. | 0.62% | 1.33% |
| ADANI ENTERPRISES LIMTIED | 0.54% | 0.94% |
| Bajaj Auto Limited | 0.48% | 1.14% |
| Infosys Limited | 0.46% | 3.36% |
| Oil & Natural Gas Corporation Ltd. | 0.27% | 0.84% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 49.0% means 49.0% 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 HDFC Flexi Cap Fund
| Security | % of fund |
|---|---|
| Nexus Select Trust REIT | 1.70% |
| Hyundai Motor India Limited | 1.68% |
| Divis Laboratories Ltd. | 1.62% |
| Piramal Pharma Limited | 1.37% |
| Persistent Systems Limited | 1.32% |
Largest holdings only in SBI NIFTY Index Fund
| Security | % of fund |
|---|---|
| Mahindra & Mahindra Ltd. | 2.52% |
| Bajaj Finance Ltd. | 2.51% |
| ITC Ltd. | 2.43% |
| Tata Consultancy Services Ltd. | 2.00% |
| Sun Pharmaceutical Industries Ltd. | 1.84% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Flexi Cap | SBI NIFTY Index |
|---|---|---|
| Equity | 95.0% | 100.2% |
| Debt | 0.5% | 0.0% |
| Cash and others | 4.6% | -0.2% |
Market cap of stocks
| Market cap | HDFC Flexi Cap | SBI NIFTY Index |
|---|---|---|
| Large Cap | 69.9% | 98.8% |
| Mid Cap | 14.5% | 1.4% |
| Small Cap | 9.8% | 0.0% |
| Not on AMFI's list | 0.7% | 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 | HDFC Flexi Cap | SBI NIFTY Index |
|---|---|---|
| Banks | 28.3% | 29.6% |
| Pharmaceuticals & Biotechnology | 8.4% | 3.3% |
| Automobiles | 8.2% | 6.7% |
| Petroleum Products | 1.6% | 7.6% |
| IT - Software | 4.9% | 7.5% |
| Retailing | 5.8% | 3.1% |
| Finance | 0.0% | 5.5% |
| Telecom - Services | 2.6% | 5.1% |
| Healthcare Services | 4.1% | 1.5% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Flexi Cap vs SBI NIFTY Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Flexi Cap Fund | SBI NIFTY Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.75% | 0.24% |
| Base expense ratio (Direct) | 0.57% | 0.16% |
| Total expense ratio (Regular) | 1.36% | 0.44% |
| Base expense ratio (Regular) | 1.08% | 0.33% |
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
HDFC Flexi Cap Fund vs SBI NIFTY Index Fund: Frequently Asked Questions
What is the difference between HDFC Flexi Cap Fund and SBI NIFTY Index Fund?
HDFC Flexi Cap Fund is a Flexi Cap fund, SBI NIFTY Index Fund is an Index fund, run by HDFC Mutual Fund and SBI Mutual Fund. Their portfolios overlap 49.0%. HDFC Flexi Cap Fund charges 0.75% a year and SBI NIFTY Index Fund 0.24%.
Which has given higher returns, HDFC Flexi Cap Fund or SBI NIFTY Index Fund?
Over 1 year: HDFC Flexi Cap Fund −4.02%, SBI NIFTY Index Fund −10.22%. Over 3 years: HDFC Flexi Cap Fund +15.76% a year, SBI NIFTY Index Fund +7.34% a year. Over 5 years: HDFC Flexi Cap Fund +15.53% a year, SBI NIFTY Index Fund +6.43% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Flexi Cap Fund or SBI NIFTY Index Fund?
SBI NIFTY Index Fund charges less: 0.24% a year against 0.75%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Flexi Cap Fund and SBI NIFTY Index Fund overlap?
49.0%. They hold 27 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, SBIN. From each fund's latest monthly portfolio.
Which is riskier, HDFC Flexi Cap Fund or SBI NIFTY Index Fund?
On SEBI's riskometer, HDFC Flexi Cap Fund is rated Very High and SBI NIFTY Index Fund Very High. Over 3 years, the standard deviation of daily returns was 11.98% and 13.21% a year.
Which is better for SIP, HDFC Flexi Cap Fund or SBI NIFTY Index Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,59,985 in HDFC Flexi Cap Fund (XIRR 13.5% a year) and ₹6,92,459 in SBI NIFTY Index Fund (XIRR 4.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Flexi Cap Fund and SBI NIFTY Index Fund?
Yes. 49.0% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HDFC Flexi Cap Fund and SBI NIFTY Index Fund?
HDFC Flexi Cap Fund: Amit Ganatra, Gopal Agrawal, Bhagyesh Kagalkar. SBI NIFTY Index Fund: Raviprakash Sharma.
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.