ICICI Prudential Equity Minimum Variance Fund vs SBI NIFTY Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
ICICI Prudential Equity Minimum Variance Fund is a Thematic fund and SBI NIFTY Index Fund is an Index fund. In the year to 30-10-2026, ICICI Prudential Equity Minimum Variance Fund (Direct) returned −6.4% and SBI NIFTY Index Fund (Direct) returned −10.2%. ICICI Prudential Equity Minimum Variance Fund charges 1.86% a year and SBI NIFTY Index Fund 0.24% (Direct plans). Their portfolios overlap 50.3%: they hold 26 of the same securities.
ICICI Prudential Equity Minimum Variance Fund
Thematic
- 1 year return
- −6.4%
- Expense ratio
- 1.86%
- NAV
- ₹10.28
Which is better, ICICI Prudential Equity Minimum Variance 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.
- ICICI Prudential Equity Minimum Variance returned more over 1 year: −6.4% against −10.2%.
- SBI NIFTY Index costs less: 0.24% a year against 1.86% (Direct plans).
- ICICI Prudential Equity Minimum Variance fell less in its worst fall since 09-12-2024: −14.0% against −15.1%.
- SBI NIFTY Index is the larger fund: ₹13,190 Cr against ₹2,451 Cr.
- Their portfolios overlap 50.3%: 26 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 | ICICI Prudential Equity Minimum Variance Fund | SBI NIFTY Index Fund |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | SBI Mutual Fund |
| Category | Thematic | Index |
| AUM | ₹2,451 Cr (30-09-2026) | ₹13,190 Cr (30-09-2026) |
| NAV | ₹10.28 (Direct) | ₹215.76 (Direct) |
| Expense ratio (Direct) | 1.86% | 0.24% |
| Expense ratio (Regular) | 2.89% | 0.44% |
| Riskometer | Not available | Very High |
| Benchmark | Nifty 50 TRI | Nifty 50 TRI |
| Launch date | 06-12-2024 | 17-01-2002 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Aatur Shah, Nitya Mishra | Raviprakash Sharma |
| Exit load | Exit load of 1% if redeemed within 1 month. | Exit load of 0.25% if redeemed within 30 days |
ICICI Prudential Equity Minimum Variance 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 |
|---|---|---|---|---|---|---|---|
| ICICI Prudential Equity Minimum Variance Fund (Direct) | +0.49% | −4.73% | −2.93% | −6.38% | -- | -- | -- |
| SBI NIFTY Index Fund (Direct) | +1.94% | −5.06% | −3.24% | −10.22% | +7.34% | +6.43% | +11.22% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
ICICI Prudential Equity Minimum Variance vs SBI NIFTY Index: Year-wise Returns
| Year | ICICI Prudential Equity Minimum VarianceICICI Prudential Equity Minimum Variance | SBI NIFTY IndexSBI NIFTY Index | Nifty 50 TRI |
|---|---|---|---|
| 2026to date | −8.46% | −11.09% | −10.91% |
| 2025 | +14.36% | +11.58% | +11.88% |
| 2024 | -- | +9.80% | +10.09% |
| 2023 | -- | +21.04% | +21.30% |
| 2022 | -- | +5.43% | +5.69% |
| 2021 | -- | +25.10% | +25.59% |
ICICI Prudential Equity Minimum Variance vs SBI NIFTY Index: Rolling Returns
Every holding period of both funds, against Nifty 50 TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 219 of them, one for each trading day from 09-12-2025 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.
ICICI Prudential Equity Minimum Variance Fund (Direct)
SBI NIFTY Index Fund (Direct)
Nifty 50 TRI
to
Jan 2026Feb 2025
to
Feb 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Aug 2025
to
Aug 2026Oct 2025
to
Oct 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ICICI Prudential Equity Minimum Variance | 21.9 | 41.1 | 8.7 | 21.5 | 6.8 | 0.0 | 0.0 | 4.5% | 2.3% | −8.2% | 17.4% | 100% |
| SBI NIFTY Index | 55.4 | 11.3 | 14.4 | 18.9 | 0.0 | 0.0 | 0.0 | 1.0% | −1.1% | −12.0% | 14.8% | 0% |
| Nifty 50 TRI | 54.3 | 12.3 | 12.8 | 20.5 | 0.0 | 0.0 | 0.0 | 1.2% | −1.0% | −11.8% | 14.3% | -- |
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 50 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 09-12-2024. Past returns do not promise future returns.
ICICI Prudential Equity Minimum Variance 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 09-12-2024 to 30-10-2026: 23 instalments, ₹2,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ICICI Prudential Equity Minimum VarianceICICI Prudential Equity Minimum Variance Fund (Direct) | ₹2,30,000 | ₹2,26,740 | −₹3,260 | −1.4% |
| SBI NIFTY IndexSBI NIFTY Index Fund (Direct) | ₹2,30,000 | ₹2,20,711 | −₹9,289 | −4.1% |
ICICI Prudential Equity Minimum VarianceICICI Prudential Equity Minimum Variance 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.
ICICI Prudential Equity Minimum Variance vs SBI NIFTY Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ICICI Prudential Equity Minimum Variance Fund (Direct) | SBI NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −6.38% | −10.22% |
| Standard deviation | 12.60% | 13.62% |
| Sharpe ratio | -0.92 | -1.14 |
| Sortino ratio | -1.23 | -1.52 |
| Maximum drawdown | −14.0% (30-03-2026) | −15.1% (31-03-2026) |
| Beta | 0.90 | 1.00 |
| Alpha | +2.11% | −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 | ICICI Prudential Equity Minimum Variance Fund (Direct) | SBI NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +1.42% | +10.95% |
| Standard deviation | 11.45% | 15.84% |
| Sharpe ratio | -0.36 | 0.31 |
| Sortino ratio | -0.51 | 0.42 |
| Maximum drawdown | −14.0% (30-03-2026) | −38.4% (23-03-2020) |
| Beta | 0.85 | 1.00 |
| Alpha | +2.53% | −0.62% |
From daily NAVs, 09-12-2024 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.
ICICI Prudential Equity Minimum Variance Fund (Direct)
SBI NIFTY Index Fund (Direct)
Nifty 50 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ICICI Prudential Equity Minimum Variance Fund (Direct) | −14.0% | 06-01-2026 | 30-03-2026 | Not yet | -- | −9.4% |
| SBI NIFTY Index Fund (Direct) | −15.1% | 02-01-2026 | 31-03-2026 | Not yet | -- | −11.8% |
| Nifty 50 TRI | −15.1% | 02-01-2026 | 30-03-2026 | Not yet | -- | −11.6% |
From daily values since 09-12-2024, 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.
ICICI Prudential Equity Minimum Variance Fund (Direct)
SBI NIFTY Index Fund (Direct)
Nifty 50 TRI
Against Nifty 50 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ICICI Prudential Equity Minimum Variance Fund (Direct) | 91% | 76% | 3.10% |
| SBI NIFTY Index Fund (Direct) | 99% | 101% | 0.01% |
From month-end values since 09-12-2024. 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.
ICICI Prudential Equity Minimum Variance vs SBI NIFTY Index: Portfolio Overlap
From each fund's latest monthly portfolio: ICICI Prudential Equity Minimum Variance Fund, September 2026; SBI NIFTY Index Fund, September 2026
Holdings in common
- Overlap
- 50.3%
- Held by both
- 26
- Only in ICICI Prudential Equity Minimum Variance
- 9
- Only in SBI NIFTY Index
- 24
| Security | % of ICICI Prudential Equity Minimum Variance | % of SBI NIFTY Index |
|---|---|---|
| Reliance Industries Ltd. | 9.69% | 7.60% |
| HDFC Bank Ltd. | 7.23% | 10.40% |
| State Bank Of India | 4.31% | 3.80% |
| Axis Bank Ltd. | 7.00% | 3.37% |
| ICICI Bank Ltd. | 3.24% | 9.07% |
| Kotak Mahindra Bank Ltd. | 9.70% | 2.94% |
| ITC Ltd. | 4.82% | 2.43% |
| Larsen & Toubro Ltd. | 2.30% | 4.21% |
| Hindustan Unilever Ltd. | 4.60% | 1.60% |
| NTPC Ltd. | 4.87% | 1.47% |
| Tata Consultancy Services Ltd. | 1.46% | 2.00% |
| Bajaj Auto Ltd. | 1.77% | 1.14% |
| Power Grid Corporation Of India Ltd. | 1.16% | 1.13% |
| Ultratech Cement Ltd. | 1.12% | 1.24% |
| Grasim Industries Ltd. | 1.16% | 1.11% |
| Asian Paints Ltd. | 4.12% | 1.04% |
| Coal India Ltd. | 1.26% | 0.97% |
| Bajaj Finserv Ltd. | 2.47% | 0.96% |
| Nestle India Ltd. | 1.07% | 0.90% |
| Trent Ltd. | 1.07% | 0.84% |
| Infosys Ltd. | 0.81% | 3.36% |
| Apollo Hospitals Enterprise Ltd. | 2.50% | 0.80% |
| Bharti Airtel Ltd. | 0.72% | 5.12% |
| Tata Consumer Products Ltd. | 2.31% | 0.59% |
| HDFC Life Insurance Company Ltd. | 2.55% | 0.54% |
| Maruti Suzuki India Ltd. | 0.24% | 1.49% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 50.3% means 50.3% 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 ICICI Prudential Equity Minimum Variance Fund
| Security | % of fund |
|---|---|
| 91 Days Treasury Bills | 2.86% |
| Godrej Consumer Products Ltd. | 1.91% |
| 91 Days Treasury Bills | 1.90% |
| Life Insurance Corporation of India | 1.61% |
| Bajaj Holdings & Investment Ltd. | 1.10% |
Largest holdings only in SBI NIFTY Index Fund
| Security | % of fund |
|---|---|
| Mahindra & Mahindra Ltd. | 2.52% |
| Bajaj Finance Ltd. | 2.51% |
| Eternal Ltd. | 2.22% |
| Sun Pharmaceutical Industries Ltd. | 1.84% |
| Titan Company Ltd. | 1.81% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ICICI Prudential Equity Minimum Variance | SBI NIFTY Index |
|---|---|---|
| Equity | 89.0% | 100.2% |
| Debt | 6.5% | 0.0% |
| Cash and others | 4.5% | -0.2% |
Market cap of stocks
| Market cap | ICICI Prudential Equity Minimum Variance | SBI NIFTY Index |
|---|---|---|
| Large Cap | 89.0% | 98.8% |
| Mid Cap | 0.0% | 1.4% |
| Small Cap | 0.0% | 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 | ICICI Prudential Equity Minimum Variance | SBI NIFTY Index |
|---|---|---|
| Banks | 31.5% | 29.6% |
| Petroleum Products | 9.7% | 7.6% |
| Diversified Fmcg | 9.4% | 0.0% |
| IT - Software | 0.0% | 7.5% |
| Automobiles | 2.0% | 6.7% |
| Power | 6.0% | 2.6% |
| Finance | 3.6% | 5.5% |
| Telecom - Services | 0.7% | 5.1% |
| Insurance | 4.2% | 1.3% |
| Consumer Durables | 4.1% | 2.9% |
The six largest sectors of each fund's stocks, % of the fund.
ICICI Prudential Equity Minimum Variance vs SBI NIFTY Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ICICI Prudential Equity Minimum Variance Fund | SBI NIFTY Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.86% | 0.24% |
| Base expense ratio (Direct) | 0.82% | 0.16% |
| Total expense ratio (Regular) | 2.89% | 0.44% |
| Base expense ratio (Regular) | 1.72% | 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
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ICICI Prudential Equity Minimum Variance Fund vs SBI NIFTY Index Fund: Frequently Asked Questions
What is the difference between ICICI Prudential Equity Minimum Variance Fund and SBI NIFTY Index Fund?
ICICI Prudential Equity Minimum Variance Fund is a Thematic fund, SBI NIFTY Index Fund is an Index fund, run by ICICI Prudential Mutual Fund and SBI Mutual Fund. Their portfolios overlap 50.3%. ICICI Prudential Equity Minimum Variance Fund charges 1.86% a year and SBI NIFTY Index Fund 0.24%.
Which has given higher returns, ICICI Prudential Equity Minimum Variance Fund or SBI NIFTY Index Fund?
Over 1 year: ICICI Prudential Equity Minimum Variance Fund −6.38%, SBI NIFTY Index Fund −10.22%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ICICI Prudential Equity Minimum Variance Fund or SBI NIFTY Index Fund?
SBI NIFTY Index Fund charges less: 0.24% a year against 1.86%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ICICI Prudential Equity Minimum Variance Fund and SBI NIFTY Index Fund overlap?
50.3%. They hold 26 of the same securities, the largest shared ones being RELIANCE, HDFCBANK, SBIN. From each fund's latest monthly portfolio.
Can I invest in both ICICI Prudential Equity Minimum Variance Fund and SBI NIFTY Index Fund?
Yes. 50.3% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages ICICI Prudential Equity Minimum Variance Fund and SBI NIFTY Index Fund?
ICICI Prudential Equity Minimum Variance Fund: Aatur Shah, Nitya Mishra. 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.