HDFC Large & Mid Cap Fund vs SBI Multi Asset Allocation Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Large & Mid Cap Fund is a Large & Mid Cap fund and SBI Multi Asset Allocation Fund is a Multi Asset fund. In the 3 years to 30-10-2026, HDFC Large & Mid Cap Fund (Direct) returned 12.1% a year and SBI Multi Asset Allocation Fund (Direct) returned 13.9% a year. HDFC Large & Mid Cap Fund charges 0.92% a year and SBI Multi Asset Allocation Fund 0.66% (Direct plans). Their portfolios overlap 17.2%: they hold 40 of the same securities.
HDFC Large & Mid Cap Fund
Large & Mid Cap
- 3 year return
- 12.1%
- Expense ratio
- 0.92%
- NAV
- ₹344.94
SBI Multi Asset Allocation Fund
Multi Asset
- 3 year return
- 13.9%
- Expense ratio
- 0.66%
- NAV
- ₹71.85
Which is better, HDFC Large & Mid Cap or SBI Multi Asset Allocation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- SBI Multi Asset Allocation returned more over 5 years: 12.5% a year against 12.3%.
- SBI Multi Asset Allocation returned more over 3 years: 13.9% a year against 12.1%.
- SBI Multi Asset Allocation costs less: 0.66% a year against 0.92% (Direct plans).
- SBI Multi Asset Allocation swung less over 3 years: a standard deviation of 7.9% a year against 14.9%.
- SBI Multi Asset Allocation fell less in its worst fall since 30-06-2014: −17.6% against −39.5%.
- HDFC Large & Mid Cap holds more in large companies: 43.5% of the fund in large caps against 19.4%.
- HDFC Large & Mid Cap is the larger fund: ₹28,543 Cr against ₹21,044 Cr.
- Their portfolios overlap 17.2%: 40 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 Large & Mid Cap Fund | SBI Multi Asset Allocation Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | SBI Mutual Fund |
| Category | Large & Mid Cap | Multi Asset |
| AUM | ₹28,543 Cr (30-09-2026) | ₹21,044 Cr (30-09-2026) |
| NAV | ₹344.94 (Direct) | ₹71.85 (Direct) |
| Expense ratio (Direct) | 0.92% | 0.66% |
| Expense ratio (Regular) | 1.61% | 1.39% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty LargeMidcap 250 TRI | 45% BSE 500 TRI + 40% Crisil Composite Bond Fund Index + 10% Domestic Prices of Gold + 5% Domestic Prices of Silver. |
| Launch date | 18-02-1994 | 21-12-2005 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Gopal Agarwal, Gopal Agrawal, Bhagyesh Kagalkar | Mansi Sajeja, Dinesh Balachandran, Vandna Soni |
| Exit load | In respect of each purchase/ switch-in of units, an Exit Load of 1.00% is payable if Units are redeemed/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. | For units in excess of 10% of the investment, 1% will be charged for redemption within 12 months |
HDFC Large & Mid Cap vs SBI Multi Asset Allocation: 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 Large & Mid Cap Fund (Direct) | −1.74% | −6.65% | −1.59% | −6.99% | +12.06% | +12.31% | +14.05% |
| SBI Multi Asset Allocation Fund (Direct) | −2.02% | −3.49% | −2.44% | +2.50% | +13.91% | +12.53% | +11.56% |
| Large & Mid Cap average | −1.78% | −5.20% | −0.43% | −3.99% | +13.28% | +11.36% | +13.62% |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | +14.20% | +12.56% | +12.92% |
Category average: the average of the 36 Large & Mid Cap funds and the 37 Multi Asset funds, same plan type.
HDFC Large & Mid Cap vs SBI Multi Asset Allocation: Year-wise Returns
| Year | HDFC Large & Mid CapHDFC Large & Mid Cap | SBI Multi Asset AllocationSBI Multi Asset Allocation |
|---|---|---|
| 2026to date | −6.39% | −1.49% |
| 2025 | +6.89% | +19.58% |
| 2024 | +20.42% | +13.87% |
| 2023 | +38.87% | +25.48% |
| 2022 | +9.05% | +6.96% |
| 2021 | +43.96% | +13.96% |
HDFC Large & Mid Cap vs SBI Multi Asset Allocation: Rolling Returns
Every holding period of both funds, against NIFTY LargeMidcap 250 TRI, the benchmark of HDFC Large & Mid Cap Fund
Rolling returns
Every 3-year holding period, 2,299 of them, one for each trading day from 30-06-2017 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 Large & Mid Cap Fund (Direct)
SBI Multi Asset Allocation Fund (Direct)
NIFTY LargeMidcap 250 TRI
to
Mar 2018Oct 2016
to
Oct 2019May 2018
to
May 2021Jan 2020
to
Jan 2023Aug 2021
to
Aug 2024Jan 2023
to
Jan 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Large & Mid Cap | 4.9 | 5.7 | 22.1 | 13.3 | 15.4 | 20.8 | 17.8 | 15.8% | 16.4% | −8.9% | 39.1% | 72% |
| SBI Multi Asset Allocation | 0.0 | 0.7 | 32.9 | 39.4 | 25.6 | 1.5 | 0.0 | 12.4% | 12.3% | 1.3% | 21.6% | 18% |
| NIFTY LargeMidcap 250 TRI | 0.0 | 0.0 | 3.0 | 12.6 | 38.3 | 35.1 | 11.1 | 19.5% | 19.5% | 5.5% | 36.1% | -- |
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 LargeMidcap 250 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 30-06-2014. Past returns do not promise future returns.
HDFC Large & Mid Cap vs SBI Multi Asset Allocation: 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 30-06-2014 to 30-10-2026: 149 instalments, ₹14,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Large & Mid CapHDFC Large & Mid Cap Fund (Direct) | ₹14,90,000 | ₹37,74,309 | ₹22,84,309 | 14.0% |
| SBI Multi Asset AllocationSBI Multi Asset Allocation Fund (Direct) | ₹14,90,000 | ₹33,11,517 | ₹18,21,517 | 12.1% |
HDFC Large & Mid CapHDFC Large & Mid Cap Fund (Direct)
SBI Multi Asset AllocationSBI Multi Asset Allocation 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 Large & Mid Cap vs SBI Multi Asset Allocation: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Large & Mid Cap Fund (Direct) | SBI Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | −6.99% | +2.50% |
| Standard deviation | 15.08% | 9.13% |
| Sharpe ratio | -0.81 | -0.30 |
| Sortino ratio | -1.08 | -0.40 |
| Maximum drawdown | −15.1% (31-03-2026) | −8.6% (23-03-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.47% | -- |
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 Large & Mid Cap Fund (Direct) | SBI Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.06% | +13.91% |
| Standard deviation | 14.86% | 7.94% |
| Sharpe ratio | 0.41 | 0.99 |
| Sortino ratio | 0.55 | 1.37 |
| Maximum drawdown | −18.7% (28-02-2025) | −8.6% (23-03-2026) |
| Beta | 0.99 | -- |
| Alpha | +0.58% | -- |
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 Large & Mid Cap Fund (Direct) | SBI Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.31% | +12.53% |
| Standard deviation | 14.84% | 7.38% |
| Sharpe ratio | 0.44 | 0.91 |
| Sortino ratio | 0.59 | 1.26 |
| Maximum drawdown | −18.7% (28-02-2025) | −8.6% (23-03-2026) |
| Beta | 0.99 | -- |
| Alpha | +1.75% | -- |
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 Large & Mid Cap Fund (Direct) | SBI Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.34% | +11.91% |
| Standard deviation | 16.43% | 6.46% |
| Sharpe ratio | 0.40 | 0.91 |
| Sortino ratio | 0.54 | 1.25 |
| Maximum drawdown | −39.5% (23-03-2020) | −17.6% (23-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-06-2014 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 Large & Mid Cap Fund (Direct)
SBI Multi Asset Allocation Fund (Direct)
NIFTY LargeMidcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Large & Mid Cap Fund (Direct) | −39.5% | 17-01-2020 | 23-03-2020 | 23-11-2020 | 8 months | −8.4% |
| SBI Multi Asset Allocation Fund (Direct) | −17.6% | 20-02-2020 | 23-03-2020 | 23-06-2020 | 3 months | −5.2% |
| NIFTY LargeMidcap 250 TRI | −37.8% | 24-01-2020 | 23-03-2020 | 05-11-2020 | 7 months | −8.6% |
From daily values since 30-06-2014, 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 Large & Mid Cap Fund (Direct)
SBI Multi Asset Allocation Fund (Direct)
NIFTY LargeMidcap 250 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 Large & Mid Cap Fund (Direct)
SBI Multi Asset Allocation Fund (Direct)
NIFTY LargeMidcap 250 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 Large & Mid Cap Fund (Direct)
SBI Multi Asset Allocation Fund (Direct)
NIFTY LargeMidcap 250 TRI
Against NIFTY LargeMidcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Large & Mid Cap Fund (Direct) | 100% | 95% | 4.29% |
| SBI Multi Asset Allocation Fund (Direct) | 49% | 21% | 12.29% |
From month-end values since 30-06-2014. 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 Large & Mid Cap vs SBI Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Large & Mid Cap Fund, September 2026; SBI Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 17.2%
- Held by both
- 40
- Only in HDFC Large & Mid Cap
- 200
- Only in SBI Multi Asset Allocation
- 88
| Security | % of HDFC Large & Mid Cap | % of SBI Multi Asset Allocation |
|---|---|---|
| HDFC Bank Ltd. | 3.64% | 1.77% |
| ICICI Bank Ltd. | 3.66% | 1.46% |
| Kotak Mahindra Bank Limited | 1.23% | 1.33% |
| Mahindra & Mahindra Financial Services Ltd. | 1.12% | 1.43% |
| Axis Bank Ltd. | 1.95% | 1.05% |
| Reliance Industries Ltd. | 1.42% | 0.97% |
| Aurobindo Pharma Ltd. | 1.27% | 0.77% |
| Fsn Ecommerce Ventures Limited (Nykaa) | 0.60% | 0.97% |
| Bandhan Bank Ltd. | 0.58% | 1.74% |
| Sona Blw Precision Forgings | 0.48% | 0.60% |
| HCL Technologies Ltd. | 0.84% | 0.46% |
| Hindustan Aeronautics Limited | 0.65% | 0.44% |
| State Bank of India | 1.42% | 0.43% |
| Bank of Baroda | 0.40% | 0.43% |
| Biocon Ltd. | 0.39% | 1.39% |
| Coromandel International Limited | 0.36% | 0.50% |
| Embassy Office Parks REIT | 0.35% | 1.97% |
| ITC LIMITED | 0.35% | 0.47% |
| Delhivery Limited | 0.33% | 1.68% |
| Dabur India Ltd. | 0.30% | 0.43% |
| GAIL (India) Ltd. | 0.28% | 1.89% |
| Oil & Natural Gas Corporation Ltd. | 0.28% | 1.23% |
| Oil India Limited | 0.27% | 0.53% |
| UPL Ltd. | 0.26% | 0.84% |
| NHPC Ltd. | 0.26% | 0.79% |
| Vishal Mega Mart Limited | 0.34% | 0.24% |
| Cohance Lifesciences Limited | 0.20% | 1.10% |
| Samvardhana Motherson International Ltd. | 0.19% | 1.26% |
| Emami Ltd. | 0.21% | 0.18% |
| ICICI Prudential Life Insurance Company Ltd. | 0.18% | 0.21% |
| Tata Steel Ltd. | 0.56% | 0.17% |
| Infosys Limited | 1.04% | 0.16% |
| Jubilant Foodworks Limited | 0.20% | 0.14% |
| Bharti Airtel Ltd. | 1.79% | 0.13% |
| Steel Authority Of India Ltd. | 0.55% | 0.09% |
| Deepak Nitrite Limited | 0.09% | 0.73% |
| Life Insurance Corporation of India | 0.07% | 0.19% |
| Syngene International Limited | 0.07% | 1.22% |
| Arvind Limited | 0.06% | 0.26% |
| PVR LIMITED | 0.11% | 0.04% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 17.2% means 17.2% 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 HDFC Large & Mid Cap Fund
| Security | % of fund |
|---|---|
| Gland Pharma Ltd. | 1.42% |
| Prestige Estates Projects Ltd. | 1.30% |
| Fortis Healthcare Limited | 1.28% |
| Max Financial Services Ltd. | 1.25% |
| Maruti Suzuki India Limited | 1.23% |
Largest holdings only in SBI Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| SBI Gold ETF | 6.42% |
| SBI Silver ETF | 3.57% |
| Brookfield India Real Estate Trust | 2.42% |
| Cholamandalam Investment & Finance Co. Ltd.Perpetual | 2.21% |
| Indus Towers Ltd. | 1.45% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Large & Mid Cap | SBI Multi Asset Allocation |
|---|---|---|
| Equity | 99.0% | 44.9% |
| Debt | 0.0% | 32.2% |
| Cash and others | 1.0% | 22.9% |
Market cap of stocks
| Market cap | HDFC Large & Mid Cap | SBI Multi Asset Allocation |
|---|---|---|
| Large Cap | 43.5% | 19.4% |
| Mid Cap | 38.7% | 9.0% |
| Small Cap | 16.8% | 15.4% |
| Not on AMFI's list | 0.0% | 1.1% |
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 Large & Mid Cap | SBI Multi Asset Allocation |
|---|---|---|
| Banks | 17.0% | 9.4% |
| Pharmaceuticals & Biotechnology | 11.9% | 3.3% |
| Finance | 7.9% | 2.4% |
| IT - Software | 6.3% | 0.8% |
| Auto Components | 4.5% | 2.7% |
| Automobiles | 3.7% | 0.0% |
| Power | 2.4% | 2.0% |
| Transport Services | 1.4% | 2.4% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Large & Mid Cap vs SBI Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Large & Mid Cap Fund | SBI Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.92% | 0.66% |
| Base expense ratio (Direct) | 0.77% | 0.48% |
| Total expense ratio (Regular) | 1.61% | 1.39% |
| Base expense ratio (Regular) | 1.36% | 1.10% |
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
Compare HDFC Large & Mid Cap with
Compare SBI Multi Asset Allocation with
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HDFC Large & Mid Cap Fund vs SBI Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between HDFC Large & Mid Cap Fund and SBI Multi Asset Allocation Fund?
HDFC Large & Mid Cap Fund is a Large & Mid Cap fund, SBI Multi Asset Allocation Fund is a Multi Asset fund, run by HDFC Mutual Fund and SBI Mutual Fund. Their portfolios overlap 17.2%. HDFC Large & Mid Cap Fund charges 0.92% a year and SBI Multi Asset Allocation Fund 0.66%.
Which has given higher returns, HDFC Large & Mid Cap Fund or SBI Multi Asset Allocation Fund?
Over 1 year: HDFC Large & Mid Cap Fund −6.99%, SBI Multi Asset Allocation Fund +2.50%. Over 3 years: HDFC Large & Mid Cap Fund +12.06% a year, SBI Multi Asset Allocation Fund +13.91% a year. Over 5 years: HDFC Large & Mid Cap Fund +12.31% a year, SBI Multi Asset Allocation Fund +12.53% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Large & Mid Cap Fund or SBI Multi Asset Allocation Fund?
SBI Multi Asset Allocation Fund charges less: 0.66% a year against 0.92%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Large & Mid Cap Fund and SBI Multi Asset Allocation Fund overlap?
17.2%. They hold 40 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, KOTAKBANK. From each fund's latest monthly portfolio.
Which is riskier, HDFC Large & Mid Cap Fund or SBI Multi Asset Allocation Fund?
On SEBI's riskometer, HDFC Large & Mid Cap Fund is rated Very High and SBI Multi Asset Allocation Fund Very High. Over 3 years, the standard deviation of daily returns was 14.86% and 7.94% a year.
Which is better for SIP, HDFC Large & Mid Cap Fund or SBI Multi Asset Allocation Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,96,813 in HDFC Large & Mid Cap Fund (XIRR 10.5% a year) and ₹8,34,399 in SBI Multi Asset Allocation Fund (XIRR 12.3% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Large & Mid Cap Fund and SBI Multi Asset Allocation Fund?
Yes. 17.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Large & Mid Cap Fund and SBI Multi Asset Allocation Fund?
HDFC Large & Mid Cap Fund: Gopal Agarwal, Gopal Agrawal, Bhagyesh Kagalkar. SBI Multi Asset Allocation Fund: Mansi Sajeja, Dinesh Balachandran, Vandna Soni.
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.