JM Focused Fund vs SBI Focused Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM Focused Fund and SBI Focused Fund are both Focused funds. In the 3 years to 30-10-2026, JM Focused Fund (Direct) returned 11.0% a year and SBI Focused Fund (Direct) returned 15.3% a year. JM Focused Fund charges 1.25% a year and SBI Focused Fund 0.82% (Direct plans). Their portfolios overlap 6.6%: they hold 2 of the same securities.
Which is better, JM Focused or SBI Focused? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- JM Focused returned more over 5 years: 10.7% a year against 10.3%.
- SBI Focused returned more over 3 years: 15.3% a year against 11.0%.
- SBI Focused costs less: 0.82% a year against 1.25% (Direct plans).
- SBI Focused swung less over 3 years: a standard deviation of 12.1% a year against 16.5%.
- SBI Focused fell less in its worst fall since 02-01-2013: −32.7% against −37.4%.
- SBI Focused holds 10.5% of the fund in foreign stocks; JM Focused 0.0%.
- SBI Focused holds more in large companies: 63.0% of the fund in large caps against 44.0%.
- SBI Focused is the larger fund: ₹50,180 Cr against ₹274 Cr.
- Their portfolios overlap 6.6%: 2 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 | JM Focused Fund | SBI Focused Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | SBI Mutual Fund |
| Category | Focused | Focused |
| AUM | ₹274 Cr (30-09-2026) | ₹50,180 Cr (30-09-2026) |
| NAV | ₹22.36 (Direct) | ₹437.31 (Direct) |
| Expense ratio (Direct) | 1.25% | 0.82% |
| Expense ratio (Regular) | 2.85% | 1.58% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | BSE 500 TRI |
| Launch date | 05-03-2008 | 17-09-2004 |
| Minimum investment | ₹1,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar | R Srinivasan |
| Exit load | Exit load of 1%, if redeemed within 30 days. | Exit load of 0.25% if redeemed within 30 days and 0.10% if redeemed after 30 days but on or before 90 days. |
JM Focused vs SBI Focused: 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 |
|---|---|---|---|---|---|---|---|
| JM Focused Fund (Direct) | −3.31% | −6.29% | −0.66% | −7.99% | +11.02% | +10.67% | +11.82% |
| SBI Focused Fund (Direct) | +0.49% | −1.98% | +1.27% | +3.97% | +15.26% | +10.32% | +14.80% |
| Focused average | −1.00% | −4.12% | +1.39% | −3.09% | +12.30% | +10.21% | +13.15% |
Category average: the average of the 28 Focused funds, same plan type.
JM Focused vs SBI Focused: Year-wise Returns
| Year | JMJM Focused | SBISBI Focused | BSE 500 TRI |
|---|---|---|---|
| 2026to date | −5.27% | +1.85% | −7.81% |
| 2025 | −0.33% | +16.62% | +7.63% |
| 2024 | +26.10% | +18.15% | +15.81% |
| 2023 | +34.05% | +23.34% | +26.55% |
| 2022 | +7.94% | −7.56% | +4.77% |
| 2021 | +17.62% | +44.53% | +31.63% |
JM Focused vs SBI Focused: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 2,667 of them, one for each trading day from 04-01-2016 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.
JM Focused Fund (Direct)
SBI Focused Fund (Direct)
BSE 500 TRI
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JM Focused | 4.7 | 2.5 | 14.9 | 17.2 | 30.6 | 23.8 | 6.2 | 15.8% | 16.7% | −4.6% | 36.3% | 65% |
| SBI Focused | 0.0 | 0.4 | 8.2 | 24.9 | 43.2 | 17.2 | 6.1 | 16.9% | 16.6% | 3.0% | 31.2% | 72% |
| BSE 500 TRI | 1.8 | 4.2 | 7.9 | 36.8 | 34.2 | 11.7 | 3.3 | 14.8% | 14.9% | −6.2% | 33.9% | -- |
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 500 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 02-01-2013. Past returns do not promise future returns.
JM Focused vs SBI Focused: 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 02-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| JM FocusedJM Focused Fund (Direct) | ₹16,60,000 | ₹43,79,781 | ₹27,19,781 | 13.1% |
| SBI FocusedSBI Focused Fund (Direct) | ₹16,60,000 | ₹53,83,410 | ₹37,23,410 | 15.7% |
JM FocusedJM Focused Fund (Direct)
SBI FocusedSBI Focused 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.
JM Focused vs SBI Focused: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | JM Focused Fund (Direct) | SBI Focused Fund (Direct) |
|---|---|---|
| Return (CAGR) | −7.99% | +3.97% |
| Standard deviation | 17.51% | 13.42% |
| Sharpe ratio | -0.76 | -0.09 |
| Sortino ratio | -1.03 | -0.13 |
| Maximum drawdown | −17.7% (23-03-2026) | −12.9% (30-03-2026) |
| Beta | 1.17 | 0.85 |
| Alpha | +1.80% | +9.79% |
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 | JM Focused Fund (Direct) | SBI Focused Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.02% | +15.26% |
| Standard deviation | 16.54% | 12.09% |
| Sharpe ratio | 0.30 | 0.76 |
| Sortino ratio | 0.41 | 1.05 |
| Maximum drawdown | −19.5% (23-03-2026) | −12.9% (30-03-2026) |
| Beta | 1.09 | 0.76 |
| Alpha | +0.78% | +6.11% |
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 | JM Focused Fund (Direct) | SBI Focused Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.67% | +10.32% |
| Standard deviation | 16.08% | 12.10% |
| Sharpe ratio | 0.30 | 0.37 |
| Sortino ratio | 0.41 | 0.51 |
| Maximum drawdown | −19.5% (23-03-2026) | −22.5% (20-06-2022) |
| Beta | 1.06 | 0.76 |
| Alpha | +1.85% | +2.31% |
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 | JM Focused Fund (Direct) | SBI Focused Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.38% | +15.19% |
| Standard deviation | 18.98% | 13.43% |
| Sharpe ratio | 0.39 | 0.68 |
| Sortino ratio | 0.53 | 0.92 |
| Maximum drawdown | −37.4% (23-03-2020) | −32.7% (23-03-2020) |
| Beta | 1.11 | 0.75 |
| Alpha | −0.15% | +4.04% |
From daily NAVs, 02-01-2013 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.
JM Focused Fund (Direct)
SBI Focused Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| JM Focused Fund (Direct) | −37.4% | 19-02-2020 | 23-03-2020 | 14-12-2020 | 9 months | −10.0% |
| SBI Focused Fund (Direct) | −32.7% | 20-02-2020 | 23-03-2020 | 17-11-2020 | 8 months | −5.7% |
| BSE 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −9.4% |
From daily values since 02-01-2013, 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 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
JM Focused Fund (Direct)
SBI Focused Fund (Direct)
BSE 500 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.
JM Focused Fund (Direct)
SBI Focused Fund (Direct)
BSE 500 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.
JM Focused Fund (Direct)
SBI Focused Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| JM Focused Fund (Direct) | 110% | 110% | 8.46% |
| SBI Focused Fund (Direct) | 97% | 81% | 7.57% |
From month-end values since 02-01-2013. 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.
JM Focused vs SBI Focused: Portfolio Overlap
From each fund's latest monthly portfolio: JM Focused Fund, September 2026; SBI Focused Fund, September 2026
Holdings in common
- Overlap
- 6.6%
- Held by both
- 2
- Only in JM Focused
- 25
- Only in SBI Focused
- 24
| Security | % of JM Focused | % of SBI Focused |
|---|---|---|
| Bajaj Finance Limited | 4.61% | 8.99% |
| Eicher Motors Limited | 3.79% | 1.99% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 6.6% means 6.6% 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 JM Focused Fund
| Security | % of fund |
|---|---|
| Ujjivan Small Finance Bank Limited | 5.05% |
| One 97 Communications Limited | 4.60% |
| Honasa Consumer Limited | 4.53% |
| Larsen & Toubro Limited | 4.53% |
| Samvardhana Motherson International Ltd | 4.17% |
Largest holdings only in SBI Focused Fund
| Security | % of fund |
|---|---|
| ICICI Bank Ltd. | 7.11% |
| Kotak Mahindra Bank Ltd. | 5.82% |
| State Bank of India | 5.16% |
| Muthoot Finance Ltd. | 4.97% |
| Bharti Airtel Ltd. | 4.90% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM Focused | SBI Focused |
|---|---|---|
| Equity | 94.2% | 91.7% |
| Debt | 0.0% | 1.0% |
| Cash and others | 5.8% | 7.4% |
Market cap of stocks
| Market cap | JM Focused | SBI Focused |
|---|---|---|
| Large Cap | 44.0% | 63.0% |
| Mid Cap | 23.3% | 13.9% |
| Small Cap | 25.8% | 4.3% |
| Foreign stocks | 0.0% | 10.5% |
| Not on AMFI's list | 1.1% | 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 | JM Focused | SBI Focused |
|---|---|---|
| Banks | 11.6% | 18.1% |
| Finance | 8.1% | 14.2% |
| Power | 2.0% | 10.1% |
| Auto Components | 10.1% | 3.1% |
| Consumer Durables | 7.5% | 0.0% |
| IT - Software | 0.0% | 7.2% |
| Capital Markets | 6.6% | 0.0% |
| Retailing | 4.1% | 6.5% |
| Telecom - Services | 0.0% | 4.9% |
| Financial Technology (Fintech) | 4.6% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
JM Focused vs SBI Focused: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM Focused Fund | SBI Focused Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.25% | 0.82% |
| Base expense ratio (Direct) | 0.72% | 0.59% |
| Total expense ratio (Regular) | 2.85% | 1.58% |
| Base expense ratio (Regular) | 2.10% | 1.24% |
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
JM Focused Fund vs SBI Focused Fund: Frequently Asked Questions
What is the difference between JM Focused Fund and SBI Focused Fund?
Both are Focused funds, run by JM Financial Mutual Fund and SBI Mutual Fund. Their portfolios overlap 6.6%. JM Focused Fund charges 1.25% a year and SBI Focused Fund 0.82%.
Which has given higher returns, JM Focused Fund or SBI Focused Fund?
Over 1 year: JM Focused Fund −7.99%, SBI Focused Fund +3.97%. Over 3 years: JM Focused Fund +11.02% a year, SBI Focused Fund +15.26% a year. Over 5 years: JM Focused Fund +10.67% a year, SBI Focused Fund +10.32% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, JM Focused Fund or SBI Focused Fund?
SBI Focused Fund charges less: 0.82% a year against 1.25%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM Focused Fund and SBI Focused Fund overlap?
6.6%. They hold 2 of the same securities, the largest shared ones being BAJFINANCE, EICHERMOT. From each fund's latest monthly portfolio.
Which is riskier, JM Focused Fund or SBI Focused Fund?
On SEBI's riskometer, JM Focused Fund is rated Very High and SBI Focused Fund Very High. Over 3 years, the standard deviation of daily returns was 16.54% and 12.09% a year.
Which is better for SIP, JM Focused Fund or SBI Focused Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,74,889 in JM Focused Fund (XIRR 9.4% a year) and ₹8,44,251 in SBI Focused Fund (XIRR 12.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both JM Focused Fund and SBI Focused Fund?
Yes. 6.6% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages JM Focused Fund and SBI Focused Fund?
JM Focused Fund: Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar. SBI Focused Fund: R Srinivasan.
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.