HDFC Multi Cap Fund vs SBI MultiCap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Multi Cap Fund and SBI MultiCap Fund are both Multi Cap funds. In the 3 years to 30-10-2026, HDFC Multi Cap Fund (Direct) returned 10.3% a year and SBI MultiCap Fund (Direct) returned 11.7% a year. HDFC Multi Cap Fund charges 0.96% a year and SBI MultiCap Fund 1.06% (Direct plans). Their portfolios overlap 22.2%: they hold 23 of the same securities.
Which is better, HDFC Multi Cap or SBI MultiCap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- SBI MultiCap returned more over 3 years: 11.7% a year against 10.3%.
- SBI MultiCap returned more over 1 year: −6.8% against −9.6%.
- HDFC Multi Cap costs less: 0.96% a year against 1.06% (Direct plans).
- SBI MultiCap swung less over 3 years: a standard deviation of 13.1% a year against 14.7%.
- SBI MultiCap fell less in its worst fall since 15-03-2022: −15.1% against −20.2%.
- SBI MultiCap is the larger fund: ₹23,456 Cr against ₹19,490 Cr.
- Their portfolios overlap 22.2%: 23 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 Cap Fund | SBI MultiCap Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | SBI Mutual Fund |
| Category | Multi Cap | Multi Cap |
| AUM | ₹19,490 Cr (30-09-2026) | ₹23,456 Cr (30-09-2026) |
| NAV | ₹18.50 (Direct) | ₹16.86 (Direct) |
| Expense ratio (Direct) | 0.96% | 1.06% |
| Expense ratio (Regular) | 1.79% | 1.84% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 Multicap 50:25:25 Total Return Index | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 10-12-2021 | 08-03-2022 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Amar Kalkundrikar, Gopal Agrawal, Bhagyesh Kagalkar | R Srinivasan, Saurabh Pant |
| Exit load | In respect of each purchase/switch in of units, an Exit load of 1% 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.No Entry / Exit Load shall be levied on bonus units and Units allotted on Reinvestment of Income Distribution cum Capital Withdrawal. | Exit load of 0.25% if redeemed within 30 days and 0.10% if redeemed after 30 days but on or before 90 days. |
HDFC Multi Cap vs SBI MultiCap: 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 Cap Fund (Direct) | −2.40% | −6.98% | −3.36% | −9.57% | +10.26% | -- | -- |
| SBI MultiCap Fund (Direct) | −3.15% | −5.73% | −1.62% | −6.77% | +11.73% | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
Category average: the average of the 33 Multi Cap funds, same plan type.
HDFC Multi Cap vs SBI MultiCap: Year-wise Returns
| Year | HDFC Multi CapHDFC Multi Cap | SBI MultiCapSBI MultiCap | Nifty500 Multicap 50:25:25 TRI |
|---|---|---|---|
| 2026to date | −8.15% | −4.05% | −5.56% |
| 2025 | +3.34% | +3.83% | +5.29% |
| 2024 | +22.21% | +27.02% | +19.34% |
| 2023 | +41.93% | +23.63% | +33.74% |
| 2022 | +11.30% | -- | +2.84% |
HDFC Multi Cap vs SBI MultiCap: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 400 of them, one for each trading day from 17-03-2025 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.
HDFC Multi Cap Fund (Direct)
SBI MultiCap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
to
May 2025Aug 2022
to
Aug 2025Nov 2022
to
Nov 2025Mar 2023
to
Mar 2026Jun 2023
to
Jun 2026Sept 2023
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Multi Cap | 0.0 | 0.0 | 1.5 | 18.0 | 23.0 | 43.8 | 13.8 | 20.0% | 20.7% | 9.4% | 30.0% | 78% |
| SBI MultiCap | 0.0 | 0.0 | 0.0 | 18.0 | 70.0 | 12.1 | 0.0 | 17.1% | 17.2% | 10.1% | 23.7% | 26% |
| Nifty500 Multicap 50:25:25 TRI | 0.0 | 0.0 | 0.0 | 20.3 | 63.5 | 15.0 | 1.3 | 17.6% | 17.8% | 10.1% | 25.5% | -- |
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 Nifty500 Multicap 50:25:25 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 15-03-2022. Past returns do not promise future returns.
HDFC Multi Cap vs SBI MultiCap: 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 02-03-2022 to 30-10-2026: 56 instalments, ₹5,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Multi CapHDFC Multi Cap Fund (Direct) | ₹5,60,000 | ₹6,92,398 | ₹1,32,398 | 9.1% |
| SBI MultiCapSBI MultiCap Fund (Direct) | ₹5,60,000 | ₹6,89,053 | ₹1,29,053 | 8.9% |
HDFC Multi CapHDFC Multi Cap Fund (Direct)
SBI MultiCapSBI MultiCap 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 Cap vs SBI MultiCap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Multi Cap Fund (Direct) | SBI MultiCap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.57% | −6.77% |
| Standard deviation | 14.37% | 14.08% |
| Sharpe ratio | -1.03 | -0.85 |
| Sortino ratio | -1.37 | -1.13 |
| Maximum drawdown | −15.0% (30-03-2026) | −14.6% (31-03-2026) |
| Beta | 0.95 | 0.90 |
| Alpha | −4.13% | −1.84% |
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 Cap Fund (Direct) | SBI MultiCap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.26% | +11.73% |
| Standard deviation | 14.74% | 13.09% |
| Sharpe ratio | 0.29 | 0.44 |
| Sortino ratio | 0.39 | 0.59 |
| Maximum drawdown | −20.2% (03-03-2025) | −15.1% (31-03-2026) |
| Beta | 0.97 | 0.81 |
| Alpha | −0.84% | +1.43% |
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 Cap Fund (Direct) | SBI MultiCap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.36% | +11.52% |
| Standard deviation | 14.40% | 12.18% |
| Sharpe ratio | 0.52 | 0.45 |
| Sortino ratio | 0.70 | 0.61 |
| Maximum drawdown | −20.2% (03-03-2025) | −15.1% (31-03-2026) |
| Beta | 0.95 | 0.79 |
| Alpha | +3.23% | +0.26% |
From daily NAVs, 10-12-2021 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.
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 Cap Fund (Direct)
SBI MultiCap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Multi Cap Fund (Direct) | −20.2% | 27-09-2024 | 03-03-2025 | Not yet | -- | −11.4% |
| SBI MultiCap Fund (Direct) | −15.1% | 23-07-2025 | 31-03-2026 | 20-08-2026 | 5 months | −8.0% |
| Nifty500 Multicap 50:25:25 TRI | −19.8% | 26-09-2024 | 03-03-2025 | 03-08-2026 | 17 months | −8.0% |
From daily values since 15-03-2022, 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 Cap Fund (Direct)
SBI MultiCap Fund (Direct)
Nifty500 Multicap 50:25:25 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 Cap Fund (Direct)
SBI MultiCap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
Against Nifty500 Multicap 50:25:25 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Multi Cap Fund (Direct) | 101% | 86% | 2.74% |
| SBI MultiCap Fund (Direct) | 85% | 77% | 4.93% |
From month-end values since 15-03-2022. 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 Cap vs SBI MultiCap: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Multi Cap Fund, September 2026; SBI MultiCap Fund, September 2026
Holdings in common
- Overlap
- 22.2%
- Held by both
- 23
- Only in HDFC Multi Cap
- 98
- Only in SBI MultiCap
- 48
| Security | % of HDFC Multi Cap | % of SBI MultiCap |
|---|---|---|
| ICICI Bank Ltd. | 3.66% | 3.94% |
| HDFC Bank Ltd. | 3.93% | 3.02% |
| Kotak Mahindra Bank Limited | 1.92% | 2.67% |
| Axis Bank Ltd. | 2.44% | 1.36% |
| Eternal Limited | 2.13% | 1.26% |
| Sona Blw Precision Forgings | 1.26% | 1.77% |
| Maruti Suzuki India Limited | 1.12% | 1.33% |
| Coforge Limited | 1.08% | 1.58% |
| Tata Steel Ltd. | 1.09% | 1.02% |
| Jubilant Foodworks Limited | 1.00% | 1.97% |
| Divis Laboratories Ltd. | 0.90% | 3.37% |
| Blue Star Ltd. | 0.74% | 1.62% |
| Jupiter Life Line Hospitals Limited | 0.55% | 2.09% |
| Swiggy Limited | 0.45% | 0.96% |
| EIH Ltd. | 0.45% | 1.41% |
| Vishal Mega Mart Limited | 0.41% | 1.16% |
| Carborundum Universal Ltd. | 0.41% | 1.87% |
| Persistent Systems Limited | 0.68% | 0.38% |
| Rubicon Research Limited | 0.37% | 1.14% |
| Bombay Stock Exchange Limited (BSE) | 0.32% | 1.05% |
| TVS Motor Company Ltd. | 0.25% | 1.05% |
| LENSKART SOLUTIONS LIMITED | 0.18% | 2.19% |
| Archean Chemical Industries Limited | 0.45% | 0.08% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 22.2% means 22.2% 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 Cap Fund
| Security | % of fund |
|---|---|
| Reliance Industries Ltd. | 2.41% |
| Bharti Airtel Ltd. | 2.13% |
| Britannia Industries Ltd. | 2.05% |
| State Bank of India | 1.77% |
| NTPC Limited | 1.72% |
Largest holdings only in SBI MultiCap Fund
| Security | % of fund |
|---|---|
| Adani Power Ltd. | 3.48% |
| Adani Enterprises Ltd. | 3.47% |
| K.P.R. Mill Ltd. | 3.06% |
| Aether Industries Ltd. | 2.61% |
| Paradeep Phosphates Ltd. | 2.30% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Multi Cap | SBI MultiCap |
|---|---|---|
| Equity | 97.9% | 99.1% |
| Debt | 0.3% | 0.1% |
| Cash and others | 1.8% | 0.8% |
Market cap of stocks
| Market cap | HDFC Multi Cap | SBI MultiCap |
|---|---|---|
| Large Cap | 43.2% | 35.1% |
| Mid Cap | 26.3% | 26.3% |
| Small Cap | 27.0% | 33.5% |
| Not on AMFI's list | 1.4% | 4.2% |
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 Cap | SBI MultiCap |
|---|---|---|
| Banks | 15.5% | 12.3% |
| Consumer Durables | 4.5% | 8.8% |
| Retailing | 3.2% | 8.6% |
| Auto Components | 6.1% | 7.5% |
| Finance | 6.9% | 2.7% |
| Pharmaceuticals & Biotechnology | 6.2% | 6.3% |
| Power | 2.5% | 6.3% |
| IT - Software | 5.3% | 2.0% |
| Leisure Services | 4.6% | 3.5% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Multi Cap vs SBI MultiCap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Multi Cap Fund | SBI MultiCap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.96% | 1.06% |
| Base expense ratio (Direct) | 0.71% | 0.73% |
| Total expense ratio (Regular) | 1.79% | 1.84% |
| Base expense ratio (Regular) | 1.42% | 1.40% |
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 Cap with
HDFC Multi Cap Fund vs SBI MultiCap Fund: Frequently Asked Questions
What is the difference between HDFC Multi Cap Fund and SBI MultiCap Fund?
Both are Multi Cap funds, run by HDFC Mutual Fund and SBI Mutual Fund. Their portfolios overlap 22.2%. HDFC Multi Cap Fund charges 0.96% a year and SBI MultiCap Fund 1.06%.
Which has given higher returns, HDFC Multi Cap Fund or SBI MultiCap Fund?
Over 1 year: HDFC Multi Cap Fund −9.57%, SBI MultiCap Fund −6.77%. Over 3 years: HDFC Multi Cap Fund +10.26% a year, SBI MultiCap Fund +11.73% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Multi Cap Fund or SBI MultiCap Fund?
HDFC Multi Cap Fund charges less: 0.96% a year against 1.06%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Multi Cap Fund and SBI MultiCap Fund overlap?
22.2%. They hold 23 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, KOTAKBANK. From each fund's latest monthly portfolio.
Which is riskier, HDFC Multi Cap Fund or SBI MultiCap Fund?
On SEBI's riskometer, HDFC Multi Cap Fund is rated Very High and SBI MultiCap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.74% and 13.09% a year.
Which is better for SIP, HDFC Multi Cap Fund or SBI MultiCap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,72,503 in HDFC Multi Cap Fund (XIRR 0.4% a year) and ₹3,89,595 in SBI MultiCap Fund (XIRR 3.3% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Multi Cap Fund and SBI MultiCap Fund?
Yes. 22.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Multi Cap Fund and SBI MultiCap Fund?
HDFC Multi Cap Fund: Amar Kalkundrikar, Gopal Agrawal, Bhagyesh Kagalkar. SBI MultiCap Fund: R Srinivasan, Saurabh Pant.
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.