HDFC Multi Asset Allocation Fund vs SBI Multi Asset Allocation Fund

Direct Plan, Growth option · Data as on 30-10-2026

HDFC Multi Asset Allocation Fund and SBI Multi Asset Allocation Fund are both Multi Asset funds. In the 3 years to 30-10-2026, HDFC Multi Asset Allocation Fund (Direct) returned 11.1% a year and SBI Multi Asset Allocation Fund (Direct) returned 13.9% a year. HDFC Multi Asset Allocation Fund charges 1.01% a year and SBI Multi Asset Allocation Fund 0.66% (Direct plans). Their portfolios overlap 14.3%: they hold 22 of the same securities.

HDFC Multi Asset Allocation Fund

Multi Asset

3 year return: 11.1%
Expense ratio: 1.01%
NAV: ₹81.63

See HDFC Multi Asset Allocation Fund

SBI Multi Asset Allocation Fund

Multi Asset

3 year return: 13.9%
Expense ratio: 0.66%
NAV: ₹71.85

See SBI Multi Asset Allocation Fund

Which is better, HDFC Multi Asset Allocation 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 10.2%.
SBI Multi Asset Allocation returned more over 3 years: 13.9% a year against 11.1%.
SBI Multi Asset Allocation costs less: 0.66% a year against 1.01% (Direct plans).
HDFC Multi Asset Allocation swung less over 3 years: a standard deviation of 7.6% a year against 7.9%.
SBI Multi Asset Allocation fell less in its worst fall since 19-03-2013: −17.6% against −27.1%.
HDFC Multi Asset Allocation holds more in large companies: 56.0% of the fund in large caps against 19.4%.
SBI Multi Asset Allocation is the larger fund: ₹21,044 Cr against ₹5,782 Cr.
Their portfolios overlap 14.3%: 22 of the same holdings.

Past returns do not promise future returns. This page is information, not investment advice.

NAV comparison

How each fund's NAV moved over the same days, as % change since the first day of the range

HDFC Multi Asset Allocation Fund (Direct)
+331.4%
SBI Multi Asset Allocation Fund (Direct)
+362.8%

Change in NAV from 19-03-2013 to 29-10-2026

0%+100%+200%+300%+400%

Key facts

From each fund's scheme summary document and AMFI

Fact	HDFC Multi Asset Allocation Fund	SBI Multi Asset Allocation Fund
Fund house	HDFC Mutual Fund	SBI Mutual Fund
Category	Multi Asset	Multi Asset
AUM	₹5,782 Cr (30-09-2026)	₹21,044 Cr (30-09-2026)
NAV	₹81.63 (Direct)	₹71.85 (Direct)
Expense ratio (Direct)	1.01%	0.66%
Expense ratio (Regular)	2.02%	1.39%
Riskometer	Very High	Very High
Benchmark	65% Nifty 50 TRI + 22.5% Nifty Composite Debt Index + 10% Domestic Price of Gold + 2.5% Domestic Price of Silver	45% BSE 500 TRI + 40% Crisil Composite Bond Fund Index + 10% Domestic Prices of Gold + 5% Domestic Prices of Silver.
Launch date	17-08-2005	21-12-2005
Minimum investment	₹100	₹5,000
Lock in	None	None
Fund managers	Ihab Dalwai, Anil Bamboli, Bhagyesh Kagalkar, Nandita Menezes, – Mr. Arun Agarwal, Gopal Agrawal	Mansi Sajeja, Dinesh Balachandran, Vandna Soni
Exit load	Exit Load for units in excess of 15% of the investment,1% will be charged for redemption within 12 months.	For units in excess of 10% of the investment, 1% will be charged for redemption within 12 months

HDFC Multi Asset Allocation 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 Multi Asset Allocation Fund (Direct)	−0.73%	−3.58%	−1.86%	−2.29%	+11.12%	+10.21%	+10.99%
SBI Multi Asset Allocation Fund (Direct)	−2.02%	−3.49%	−2.44%	+2.50%	+13.91%	+12.53%	+11.56%
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 Multi Asset Allocation: Year-wise Returns

Year	HDFCHDFC Multi Asset Allocation	SBISBI Multi Asset Allocation
2026to date	−3.74%	−1.49%
2025	+14.45%	+19.58%
2024	+14.82%	+13.87%
2023	+19.43%	+25.48%
2022	+5.77%	+6.96%
2021	+19.65%	+13.96%

HDFC Multi Asset Allocation vs SBI Multi Asset Allocation: Rolling Returns

Every holding period of both funds

Rolling returns

Every 3-year holding period, 2,601 of them, one for each trading day from 21-03-2016 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.

−5%0%5%10%15%20%25%30%

Jan 2014
to
Jan 2017Nov 2015
to
Nov 2018Sept 2017
to
Sept 2020Jun 2019
to
Jun 2022Apr 2021
to
Apr 2024Dec 2022
to
Dec 2025

HDFC Multi Asset Allocation Fund (Direct)SBI Multi Asset Allocation Fund (Direct)

How the periods spread

Fund	Below 0%	0-5%	5-10%	10-15%	15-20%	20-25%	Above 25%	Mean	Median	Lowest	Highest
HDFC Multi Asset Allocation	0.6	3.8	29.8	34.7	28.9	2.1	0.2	12.2%	13.0%	−3.6%	26.7%
SBI Multi Asset Allocation	0.0	0.6	29.0	46.6	22.5	1.3	0.0	12.5%	12.8%	1.3%	21.6%

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. Every fund is measured over the days all of them have, from 19-03-2013. Past returns do not promise future returns.

HDFC Multi Asset Allocation 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

Every month₹

Step up each year

PeriodFor

₹10,000 on the first trading day of every month, from 01-03-2013 to 30-10-2026: 164 instalments, ₹16,40,000 in all.

Investment	Invested	Value now	Gain	Return a year
HDFC Multi Asset AllocationHDFC Multi Asset Allocation Fund (Direct)	₹16,40,000	₹37,50,584	₹21,10,584	11.4%
SBI Multi Asset AllocationSBI Multi Asset Allocation Fund (Direct)	₹16,40,000	₹39,73,335	₹23,33,335	12.1%

₹0₹10.0 L₹20.0 L₹30.0 L₹40.0 L₹50.0 L

2014201620182020202220242026

HDFC Multi Asset AllocationHDFC Multi Asset Allocation 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 Multi Asset Allocation 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 Multi Asset Allocation Fund (Direct)	SBI Multi Asset Allocation Fund (Direct)
Return (CAGR)	−2.29%	+2.50%
Standard deviation	9.51%	9.13%
Sharpe ratio	-0.79	-0.30
Sortino ratio	-1.05	-0.40
Maximum drawdown	−8.9% (23-03-2026)	−8.6% (23-03-2026)
Beta	--	--
Alpha	--	--

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 Multi Asset Allocation Fund (Direct)
Return (CAGR)	+11.12%	+13.91%
Standard deviation	7.64%	7.94%
Sharpe ratio	0.67	0.99
Sortino ratio	0.91	1.37
Maximum drawdown	−8.9% (23-03-2026)	−8.6% (23-03-2026)
Beta	--	--
Alpha	--	--

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 Multi Asset Allocation Fund (Direct)
Return (CAGR)	+10.21%	+12.53%
Standard deviation	7.46%	7.38%
Sharpe ratio	0.59	0.91
Sortino ratio	0.82	1.26
Maximum drawdown	−8.9% (23-03-2026)	−8.6% (23-03-2026)
Beta	--	--
Alpha	--	--

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 Multi Asset Allocation Fund (Direct)
Return (CAGR)	+11.06%	+11.91%
Standard deviation	7.94%	6.46%
Sharpe ratio	0.63	0.91
Sortino ratio	0.85	1.25
Maximum drawdown	−27.1% (23-03-2020)	−17.6% (23-03-2020)
Beta	--	--
Alpha	--	--

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.

−30%−25%−20%−15%−10%−5%0%

2014201620182020202220242026

HDFC Multi Asset Allocation Fund (Direct)SBI Multi Asset Allocation Fund (Direct)

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 Multi Asset Allocation Fund (Direct)	−17.6%	20-02-2020	23-03-2020	23-06-2020	3 months	−5.2%

From daily values since 19-03-2013, 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 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.

0%5%10%15%

20172019202120232025

HDFC Multi Asset Allocation Fund (Direct)SBI Multi Asset Allocation Fund (Direct)

HDFC Multi Asset Allocation vs SBI Multi Asset Allocation: Portfolio Overlap

From each fund's latest monthly portfolio: HDFC Multi Asset Allocation Fund, September 2026; SBI Multi Asset Allocation Fund, September 2026

Holdings in common

Overlap: 14.3%
Held by both: 22
Only in HDFC Multi Asset Allocation: 91
Only in SBI Multi Asset Allocation: 106

Security	% of HDFC Multi Asset Allocation	% of SBI Multi Asset Allocation
HDFC Bank Ltd.	6.86%	1.77%
ICICI Bank Ltd.	4.74%	1.46%
Kotak Mahindra Bank Limited	2.60%	1.33%
Axis Bank Ltd.	2.54%	1.05%
Oil & Natural Gas Corporation Ltd.	0.98%	1.23%
Reliance Industries Ltd.	4.86%	0.97%
Bajaj Finserv Ltd.	1.07%	0.92%
Muthoot Finance Ltd.	0.86%	1.19%
Embassy Office Parks REIT	0.68%	1.97%
Indus Towers Limited	0.65%	1.45%
BROOKFIELD INDIA REAL ESTATE TRUST	0.58%	2.42%
Mahindra & Mahindra Financial Services Ltd.	0.86%	0.48%
ITC LIMITED	0.68%	0.47%
HCL Technologies Ltd.	0.85%	0.46%
State Bank of India	1.24%	0.43%
Delhivery Limited	0.35%	1.68%
Tata Steel Ltd.	1.21%	0.17%
Infosys Limited	1.29%	0.16%
Jubilant Foodworks Limited	0.63%	0.14%
Biocon Ltd.	0.14%	1.39%
Bharti Airtel Ltd.	2.89%	0.13%
6.94% GOI MAT 110536	0.17%	0.12%

Overlap: for each holding both funds own, the smaller of its two weights, added up. 14.3% means 14.3% 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%
Maruti Suzuki India Limited	1.94%
NTPC Limited	1.87%
HDFC Silver ETF	1.81%
Sun Pharmaceutical Industries Ltd.	1.72%

Largest holdings only in SBI Multi Asset Allocation Fund

Security	% of fund
SBI Gold ETF	6.42%
SBI Silver ETF	3.57%
Cholamandalam Investment & Finance Co. Ltd.Perpetual	2.21%
GAIL (India) Ltd.	1.89%
Bandhan Bank Ltd.	1.74%

Asset and sector split

Share of each fund, from its latest monthly portfolio

Asset allocation

Asset	HDFC Multi Asset Allocation	SBI Multi Asset Allocation
Equity	69.1%	44.9%
Debt	11.2%	32.2%
Cash and others	19.7%	22.9%

Market cap of stocks

Market cap	HDFC Multi Asset Allocation	SBI Multi Asset Allocation
Large Cap	56.0%	19.4%
Mid Cap	5.3%	9.0%
Small Cap	7.8%	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 Multi Asset Allocation	SBI Multi Asset Allocation
Banks	18.0%	9.4%
Petroleum Products	5.4%	1.6%
Automobiles	5.3%	0.0%
Pharmaceuticals & Biotechnology	4.6%	3.3%
IT - Software	4.1%	0.8%
Telecom - Services	3.5%	1.6%
Power	2.9%	2.0%
Auto Components	1.8%	2.7%
Transport Services	2.6%	2.4%
Finance	2.3%	2.4%

The six largest sectors of each fund's stocks, % of the fund.

HDFC Multi Asset Allocation vs SBI Multi Asset Allocation: Expense Ratio

What each plan charges a year, from AMFI's expense ratio file

Charge	HDFC Multi Asset Allocation Fund	SBI Multi Asset Allocation Fund
Total expense ratio (Direct)	1.01%	0.66%
Base expense ratio (Direct)	0.73%	0.48%
Total expense ratio (Regular)	2.02%	1.39%
Base expense ratio (Regular)	1.58%	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 Multi Asset Allocation with

Compare SBI Multi Asset Allocation with

HDFC Multi Asset Allocation Fund vs SBI Multi Asset Allocation Fund: Frequently Asked Questions

What is the difference between HDFC Multi Asset Allocation Fund and SBI Multi Asset Allocation Fund?

Both are Multi Asset funds, run by HDFC Mutual Fund and SBI Mutual Fund. Their portfolios overlap 14.3%. HDFC Multi Asset Allocation Fund charges 1.01% a year and SBI Multi Asset Allocation Fund 0.66%.

Which has given higher returns, HDFC Multi Asset Allocation Fund or SBI Multi Asset Allocation Fund?

Over 1 year: HDFC Multi Asset Allocation Fund −2.29%, SBI Multi Asset Allocation Fund +2.50%. Over 3 years: HDFC Multi Asset Allocation Fund +11.12% a year, SBI Multi Asset Allocation Fund +13.91% a year. Over 5 years: HDFC Multi Asset Allocation Fund +10.21% 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 Multi Asset Allocation Fund or SBI Multi Asset Allocation Fund?

SBI Multi Asset Allocation Fund charges less: 0.66% a year against 1.01%. These are the Direct plans' total expense ratios reported to AMFI.

How much do HDFC Multi Asset Allocation Fund and SBI Multi Asset Allocation Fund overlap?

14.3%. They hold 22 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, KOTAKBANK. From each fund's latest monthly portfolio.

Which is riskier, HDFC Multi Asset Allocation Fund or SBI Multi Asset Allocation Fund?

On SEBI's riskometer, HDFC Multi Asset Allocation Fund is rated Very High and SBI Multi Asset Allocation Fund Very High. Over 3 years, the standard deviation of daily returns was 7.64% and 7.94% a year.

Which is better for SIP, HDFC Multi Asset Allocation 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 ₹7,72,363 in HDFC Multi Asset Allocation Fund (XIRR 9.2% 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 Multi Asset Allocation Fund and SBI Multi Asset Allocation Fund?

Yes. 14.3% of each fund's money sits in the same holdings, so some of the two investments would move together.

Who manages HDFC Multi Asset Allocation Fund and SBI Multi Asset Allocation Fund?

HDFC Multi Asset Allocation Fund: Ihab Dalwai, Anil Bamboli, Bhagyesh Kagalkar, Nandita Menezes, – Mr. Arun Agarwal, Gopal Agrawal. 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.