HDFC Multi Asset Allocation Fund vs SBI BSE 100 ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
HDFC Multi Asset Allocation Fund is a Multi Asset fund and SBI BSE 100 ETF is a mutual fund. In the 3 years to 30-10-2026, HDFC Multi Asset Allocation Fund (Direct) returned 11.1% a year and SBI BSE 100 ETF (Regular) returned 8.8% a year. HDFC Multi Asset Allocation Fund charges 1.01% a year and SBI BSE 100 ETF 0.16%. Their portfolios overlap 50.2%: they hold 43 of the same securities.
HDFC Multi Asset Allocation Fund
Multi Asset
- 3 year return
- 11.1%
- Expense ratio
- 1.01%
- NAV
- ₹81.63
Which is better, HDFC Multi Asset Allocation 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.
- HDFC Multi Asset Allocation returned more over 5 years: 10.2% a year against 7.6%.
- HDFC Multi Asset Allocation returned more over 3 years: 11.1% a year against 8.8%.
- SBI BSE 100 ETF costs less: 0.16% a year against 1.01%.
- HDFC Multi Asset Allocation swung less over 3 years: a standard deviation of 7.6% a year against 13.5%.
- HDFC Multi Asset Allocation fell less in its worst fall since 25-03-2015: −27.1% against −38.2%.
- SBI BSE 100 ETF holds more in large companies: 90.2% of the fund in large caps against 56.0%.
- HDFC Multi Asset Allocation is the larger fund: ₹5,782 Cr against ₹9 Cr.
- Their portfolios overlap 50.2%: 43 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 Multi Asset Allocation Fund | SBI BSE 100 ETF |
|---|---|---|
| Fund house | HDFC Mutual Fund | SBI Mutual Fund |
| Category | Multi Asset | Not available |
| AUM | ₹5,782 Cr (30-09-2026) | ₹9 Cr (30-09-2026) |
| NAV | ₹81.63 (Direct) | ₹272.01 (Regular) |
| Expense ratio (Direct) | 1.01% | Not available |
| Expense ratio (Regular) | 2.02% | 0.16% |
| Riskometer | Very High | Not available |
| Benchmark | 65% Nifty 50 TRI + 22.5% Nifty Composite Debt Index + 10% Domestic Price of Gold + 2.5% Domestic Price of Silver | Not available |
| Launch date | 17-08-2005 | Not available |
| Minimum investment | ₹100 | Not available |
| Lock in | None | Not available |
| Fund managers | Ihab Dalwai, Anil Bamboli, Bhagyesh Kagalkar, Nandita Menezes, – Mr. Arun Agarwal, Gopal Agrawal | Not available |
| Exit load | Exit Load for units in excess of 15% of the investment,1% will be charged for redemption within 12 months. | Not available |
HDFC Multi Asset Allocation 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 |
|---|---|---|---|---|---|---|---|
| HDFC Multi Asset Allocation Fund (Direct) | −0.73% | −3.58% | −1.86% | −2.29% | +11.12% | +10.21% | +10.99% |
| SBI BSE 100 ETF (Regular) | +0.93% | −5.53% | −2.97% | −9.05% | +8.78% | +7.62% | +11.52% |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | +14.20% | +12.56% | +12.92% |
Category average: the average of the 37 Multi Asset funds, same plan type.
HDFC Multi Asset Allocation vs SBI BSE 100 ETF: Year-wise Returns
| Year | HDFC Multi Asset AllocationHDFC Multi Asset Allocation | SBI BSE 100 ETFSBI BSE 100 ETF |
|---|---|---|
| 2026to date | −3.74% | −9.80% |
| 2025 | +14.45% | +10.33% |
| 2024 | +14.82% | +13.11% |
| 2023 | +19.43% | +23.07% |
| 2022 | +5.77% | +5.85% |
| 2021 | +19.65% | +26.33% |
HDFC Multi Asset Allocation vs SBI BSE 100 ETF: Rolling Returns
Every holding period of both funds, against BSE 100 TRI, the benchmark of SBI BSE 100 ETF
Rolling returns
Every 3-year holding period, 2,115 of them, one for each trading day from 26-03-2018 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 Multi Asset Allocation Fund (Direct)
SBI BSE 100 ETF (Regular)
BSE 100 TRI
to
Dec 2018May 2017
to
May 2020Nov 2018
to
Nov 2021Apr 2020
to
Apr 2023Oct 2021
to
Oct 2024Feb 2023
to
Feb 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 Multi Asset Allocation | 0.8 | 4.7 | 27.1 | 29.1 | 35.5 | 2.6 | 0.2 | 12.4% | 13.9% | −3.6% | 26.7% | 31% |
| SBI BSE 100 ETF | 2.2 | 5.6 | 11.5 | 39.8 | 32.3 | 6.3 | 2.4 | 13.7% | 14.1% | −6.3% | 32.6% | 0% |
| BSE 100 TRI | 1.3 | 4.7 | 9.8 | 38.8 | 35.8 | 7.0 | 2.6 | 14.3% | 14.6% | −5.2% | 32.8% | -- |
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 BSE 100 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 25-03-2015. Past returns do not promise future returns.
HDFC Multi Asset Allocation 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 02-03-2015 to 30-10-2026: 140 instalments, ₹14,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Multi Asset AllocationHDFC Multi Asset Allocation Fund (Direct) | ₹14,00,000 | ₹28,26,011 | ₹14,26,011 | 11.5% |
| SBI BSE 100 ETFSBI BSE 100 ETF (Regular) | ₹14,00,000 | ₹27,53,623 | ₹13,53,623 | 11.0% |
HDFC Multi Asset AllocationHDFC Multi Asset Allocation 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.
HDFC Multi Asset Allocation 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 | HDFC Multi Asset Allocation Fund (Direct) | SBI BSE 100 ETF (Regular) |
|---|---|---|
| Return (CAGR) | −2.29% | −9.05% |
| Standard deviation | 9.51% | 13.91% |
| Sharpe ratio | -0.79 | -1.03 |
| Sortino ratio | -1.05 | -1.36 |
| Maximum drawdown | −8.9% (23-03-2026) | −15.0% (31-03-2026) |
| Beta | -- | 1.00 |
| Alpha | -- | −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 | HDFC Multi Asset Allocation Fund (Direct) | SBI BSE 100 ETF (Regular) |
|---|---|---|
| Return (CAGR) | +11.12% | +8.78% |
| Standard deviation | 7.64% | 13.55% |
| Sharpe ratio | 0.67 | 0.20 |
| Sortino ratio | 0.91 | 0.28 |
| Maximum drawdown | −8.9% (23-03-2026) | −16.7% (28-02-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.18% |
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 Multi Asset Allocation Fund (Direct) | SBI BSE 100 ETF (Regular) |
|---|---|---|
| Return (CAGR) | +10.21% | +7.62% |
| Standard deviation | 7.46% | 13.90% |
| Sharpe ratio | 0.59 | 0.13 |
| Sortino ratio | 0.82 | 0.18 |
| Maximum drawdown | −8.9% (23-03-2026) | −16.7% (28-02-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.17% |
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 Multi Asset Allocation Fund (Direct) | SBI BSE 100 ETF (Regular) |
|---|---|---|
| Return (CAGR) | +11.06% | +10.40% |
| Standard deviation | 7.94% | 15.99% |
| Sharpe ratio | 0.63 | 0.30 |
| Sortino ratio | 0.85 | 0.40 |
| Maximum drawdown | −27.1% (23-03-2020) | −38.2% (23-03-2020) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.44% |
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 Multi Asset Allocation Fund (Direct)
SBI BSE 100 ETF (Regular)
BSE 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Multi Asset Allocation Fund (Direct) | −27.1% | 20-02-2020 | 23-03-2020 | 23-07-2020 | 4 months | −6.2% |
| SBI BSE 100 ETF (Regular) | −38.2% | 17-01-2020 | 23-03-2020 | 09-11-2020 | 8 months | −10.6% |
| BSE 100 TRI | −38.0% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −10.4% |
From daily values since 25-03-2015, 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 Multi Asset Allocation Fund (Direct)
SBI BSE 100 ETF (Regular)
BSE 100 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 Multi Asset Allocation Fund (Direct)
SBI BSE 100 ETF (Regular)
BSE 100 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 Multi Asset Allocation Fund (Direct)
SBI BSE 100 ETF (Regular)
BSE 100 TRI
Against BSE 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Multi Asset Allocation Fund (Direct) | 59% | 34% | 8.60% |
| SBI BSE 100 ETF (Regular) | 99% | 102% | 0.79% |
From month-end values since 25-03-2015. 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 Multi Asset Allocation vs SBI BSE 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Multi Asset Allocation Fund, September 2026; SBI BSE 100 ETF, September 2026
Holdings in common
- Overlap
- 50.2%
- Held by both
- 43
- Only in HDFC Multi Asset Allocation
- 70
- Only in SBI BSE 100 ETF
- 57
| Security | % of HDFC Multi Asset Allocation | % of SBI BSE 100 ETF |
|---|---|---|
| HDFC Bank Ltd. | 6.86% | 8.26% |
| Reliance Industries Ltd. | 4.86% | 6.01% |
| ICICI Bank Ltd. | 4.74% | 7.24% |
| Bharti Airtel Ltd. | 2.89% | 4.18% |
| Axis Bank Ltd. | 2.54% | 2.68% |
| Kotak Mahindra Bank Limited | 2.60% | 2.34% |
| Sun Pharmaceutical Industries Ltd. | 1.72% | 1.50% |
| Infosys Limited | 1.29% | 2.68% |
| State Bank of India | 1.24% | 3.04% |
| Tata Consultancy Services Ltd. | 1.24% | 1.58% |
| Maruti Suzuki India Limited | 1.94% | 1.18% |
| NTPC Limited | 1.87% | 1.17% |
| Larsen and Toubro Ltd. | 1.17% | 3.35% |
| Tata Steel Ltd. | 1.21% | 1.16% |
| Hindustan Unilever Ltd. | 0.93% | 1.28% |
| Power Grid Corporation of India Ltd. | 1.02% | 0.91% |
| Divis Laboratories Ltd. | 1.61% | 0.90% |
| Eternal Limited | 0.89% | 1.76% |
| InterGlobe Aviation Ltd. | 1.29% | 0.85% |
| HCL Technologies Ltd. | 0.85% | 0.99% |
| Bajaj Finserv Ltd. | 1.07% | 0.74% |
| ITC LIMITED | 0.68% | 1.94% |
| Oil & Natural Gas Corporation Ltd. | 0.98% | 0.67% |
| Bajaj Auto Limited | 0.66% | 0.88% |
| Eicher Motors Ltd. | 0.65% | 0.75% |
| Apollo Hospitals Enterprise Ltd. | 0.66% | 0.63% |
| SBI Life Insurance Company Ltd. | 0.88% | 0.58% |
| Cipla Ltd. | 0.54% | 0.58% |
| Tech Mahindra Ltd. | 0.53% | 0.75% |
| Hero MotoCorp Ltd. | 0.91% | 0.51% |
| Tata Motors Limited | 0.51% | 0.68% |
| Bharat Petroleum Corporation Ltd. | 0.52% | 0.45% |
| Bajaj Finance Ltd. | 0.43% | 1.96% |
| HDFC Life Insurance Company Limited | 1.01% | 0.42% |
| Lupin Ltd. | 0.61% | 0.38% |
| Indus Towers Limited | 0.65% | 0.37% |
| Hindalco Industries Ltd. | 0.33% | 1.03% |
| ICICI Lombard General Insurance Co | 1.15% | 0.30% |
| United Spirits Limited | 0.54% | 0.30% |
| Titan Company Ltd. | 0.27% | 1.43% |
| Godrej Consumer Products Ltd. | 0.95% | 0.26% |
| Mahindra & Mahindra Ltd. | 0.25% | 2.01% |
| Havells India Ltd. | 1.05% | 0.19% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 50.2% means 50.2% 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 Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| HDFC Gold Exchange Traded Fund | 11.71% |
| HDFC Silver ETF | 1.81% |
| Muthoot Finance Ltd. | 1.29% |
| 7.18% GOI MAT 140833 | 1.20% |
| Dr. Lal Path Labs Ltd | 0.96% |
Largest holdings only in SBI BSE 100 ETF
| Security | % of fund |
|---|---|
| Bharat Electronics Ltd. | 1.07% |
| Adani Ports and Special Economic Zone Ltd. | 1.07% |
| Shriram Finance Ltd. | 1.04% |
| Ultratech Cement Ltd. | 0.98% |
| JSW Steel Ltd. | 0.91% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Multi Asset Allocation | SBI BSE 100 ETF |
|---|---|---|
| Equity | 69.1% | 100.0% |
| Debt | 11.2% | 0.0% |
| Cash and others | 19.7% | 0.0% |
Market cap of stocks
| Market cap | HDFC Multi Asset Allocation | SBI BSE 100 ETF |
|---|---|---|
| Large Cap | 56.0% | 90.2% |
| Mid Cap | 5.3% | 9.7% |
| Small Cap | 7.8% | 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 Multi Asset Allocation | SBI BSE 100 ETF |
|---|---|---|
| Banks | 18.0% | 26.7% |
| IT - Software | 4.1% | 7.5% |
| Petroleum Products | 5.4% | 6.8% |
| Automobiles | 5.3% | 6.5% |
| Finance | 2.3% | 5.8% |
| Pharmaceuticals & Biotechnology | 4.6% | 3.9% |
| Telecom - Services | 3.5% | 4.5% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Multi Asset Allocation vs SBI BSE 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Multi Asset Allocation Fund | SBI BSE 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.01% | Not available |
| Base expense ratio (Direct) | 0.73% | 0.00% |
| Total expense ratio (Regular) | 2.02% | 0.16% |
| Base expense ratio (Regular) | 1.58% | 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
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HDFC Multi Asset Allocation Fund vs SBI BSE 100 ETF: Frequently Asked Questions
What is the difference between HDFC Multi Asset Allocation Fund and SBI BSE 100 ETF?
HDFC Multi Asset Allocation Fund is a Multi Asset fund, SBI BSE 100 ETF is a mutual fund, run by HDFC Mutual Fund and SBI Mutual Fund. Their portfolios overlap 50.2%. HDFC Multi Asset Allocation Fund charges 1.01% a year and SBI BSE 100 ETF 0.16%.
Which has given higher returns, HDFC Multi Asset Allocation Fund or SBI BSE 100 ETF?
Over 1 year: HDFC Multi Asset Allocation Fund −2.29%, SBI BSE 100 ETF −9.05%. Over 3 years: HDFC Multi Asset Allocation Fund +11.12% a year, SBI BSE 100 ETF +8.78% a year. Over 5 years: HDFC Multi Asset Allocation Fund +10.21% a year, SBI BSE 100 ETF +7.62% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Multi Asset Allocation Fund or SBI BSE 100 ETF?
SBI BSE 100 ETF charges less: 0.16% a year against 1.01%. These are the total expense ratios reported to AMFI.
How much do HDFC Multi Asset Allocation Fund and SBI BSE 100 ETF overlap?
50.2%. They hold 43 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, ICICIBANK. From each fund's latest monthly portfolio.
Which is better for SIP, HDFC Multi Asset Allocation Fund or SBI BSE 100 ETF?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,72,363 in HDFC Multi Asset Allocation Fund (XIRR 9.2% a year) and ₹7,13,638 in SBI BSE 100 ETF (XIRR 6.1% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Multi Asset Allocation Fund and SBI BSE 100 ETF?
Yes. 50.2% 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.