Kotak Flexi Cap Fund vs SBI Flexicap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Kotak Flexi Cap Fund and SBI Flexicap Fund are both Flexi Cap funds. In the 3 years to 30-10-2026, Kotak Flexi Cap Fund (Direct) returned 11.3% a year and SBI Flexicap Fund (Direct) returned 8.0% a year. Kotak Flexi Cap Fund charges 0.67% a year and SBI Flexicap Fund 1.24% (Direct plans). Their portfolios overlap 32.7%: they hold 19 of the same securities.
Which is better, Kotak Flexi Cap or SBI Flexicap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Kotak Flexi Cap returned more over 5 years: 9.6% a year against 6.9%.
- Kotak Flexi Cap returned more over 3 years: 11.3% a year against 8.0%.
- Kotak Flexi Cap costs less: 0.67% a year against 1.24% (Direct plans).
- SBI Flexicap swung less over 3 years: a standard deviation of 12.5% a year against 14.4%.
- SBI Flexicap fell less in its worst fall since 07-01-2013: −35.8% against −37.3%.
- SBI Flexicap holds 3.4% of the fund in foreign stocks; Kotak Flexi Cap 0.0%.
- Kotak Flexi Cap is the larger fund: ₹53,087 Cr against ₹22,109 Cr.
- Their portfolios overlap 32.7%: 19 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 | Kotak Flexi Cap Fund | SBI Flexicap Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | SBI Mutual Fund |
| Category | Flexi Cap | Flexi Cap |
| AUM | ₹53,087 Cr (30-09-2026) | ₹22,109 Cr (30-09-2026) |
| NAV | ₹91.73 (Direct) | ₹116.25 (Direct) |
| Expense ratio (Direct) | 0.67% | 1.24% |
| Expense ratio (Regular) | 1.49% | 2.03% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | BSE 500 TRI |
| Launch date | 11-09-2009 | 29-09-2005 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Harsha Upadhyaya | Dinesh Balachandran, Anup Upadhyay |
| Exit load | Exit load for units in excess of 10% of the investment,1% will be charged for redemption within 365 days. | Exit load of 0.10% if redeemed within 30 days. |
Kotak Flexi Cap vs SBI Flexicap: 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 |
|---|---|---|---|---|---|---|---|
| Kotak Flexi Cap Fund (Direct) | −0.85% | −5.55% | −2.99% | −6.88% | +11.29% | +9.58% | +12.69% |
| SBI Flexicap Fund (Direct) | −1.81% | −4.13% | −1.73% | −7.80% | +8.02% | +6.91% | +11.39% |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | +13.13% |
Category average: the average of the 46 Flexi Cap funds, same plan type.
Kotak Flexi Cap vs SBI Flexicap: Year-wise Returns
| Year | Kotak Flexi CapKotak Flexi Cap | SBI FlexicapSBI Flexicap |
|---|---|---|
| 2026to date | −6.91% | −8.28% |
| 2025 | +10.42% | +6.35% |
| 2024 | +17.52% | +15.19% |
| 2023 | +25.31% | +23.88% |
| 2022 | +5.98% | +1.60% |
| 2021 | +26.59% | +32.05% |
Kotak Flexi Cap vs SBI Flexicap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Kotak Flexi Cap Fund
Rolling returns
Every 3-year holding period, 2,663 of them, one for each trading day from 07-01-2016 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.
Kotak Flexi Cap Fund (Direct)
SBI Flexicap Fund (Direct)
Nifty 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Kotak Flexi Cap | 1.3 | 4.2 | 4.0 | 27.8 | 40.6 | 14.9 | 7.3 | 16.4% | 16.6% | −4.2% | 31.5% | 70% |
| SBI Flexicap | 1.5 | 4.8 | 7.4 | 34.4 | 30.3 | 12.3 | 9.3 | 15.7% | 15.2% | −4.3% | 33.5% | 47% |
| Nifty 500 TRI | 1.9 | 4.3 | 7.8 | 37.0 | 34.8 | 11.3 | 2.9 | 14.7% | 14.9% | −6.3% | 33.5% | -- |
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 Nifty 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 07-01-2013. Past returns do not promise future returns.
Kotak Flexi Cap vs SBI Flexicap: 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 04-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak Flexi CapKotak Flexi Cap Fund (Direct) | ₹16,60,000 | ₹46,04,697 | ₹29,44,697 | 13.7% |
| SBI FlexicapSBI Flexicap Fund (Direct) | ₹16,60,000 | ₹42,01,156 | ₹25,41,156 | 12.5% |
Kotak Flexi CapKotak Flexi Cap Fund (Direct)
SBI FlexicapSBI Flexicap 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.
Kotak Flexi Cap vs SBI Flexicap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Kotak Flexi Cap Fund (Direct) | SBI Flexicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −6.88% | −7.80% |
| Standard deviation | 14.78% | 13.58% |
| Sharpe ratio | -0.82 | -0.96 |
| Sortino ratio | -1.10 | -1.26 |
| Maximum drawdown | −14.2% (31-03-2026) | −14.7% (30-03-2026) |
| Beta | 1.01 | 0.93 |
| Alpha | +0.58% | −1.09% |
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 | Kotak Flexi Cap Fund (Direct) | SBI Flexicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.29% | +8.02% |
| Standard deviation | 14.41% | 12.52% |
| Sharpe ratio | 0.37 | 0.16 |
| Sortino ratio | 0.49 | 0.22 |
| Maximum drawdown | −16.3% (28-02-2025) | −16.0% (04-03-2025) |
| Beta | 0.99 | 0.86 |
| Alpha | +1.11% | −1.31% |
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 | Kotak Flexi Cap Fund (Direct) | SBI Flexicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.58% | +6.91% |
| Standard deviation | 14.44% | 12.66% |
| Sharpe ratio | 0.26 | 0.09 |
| Sortino ratio | 0.35 | 0.12 |
| Maximum drawdown | −17.8% (20-06-2022) | −16.4% (20-06-2022) |
| Beta | 0.99 | 0.86 |
| Alpha | +0.81% | −1.34% |
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 | Kotak Flexi Cap Fund (Direct) | SBI Flexicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.88% | +14.02% |
| Standard deviation | 15.56% | 14.79% |
| Sharpe ratio | 0.57 | 0.54 |
| Sortino ratio | 0.77 | 0.72 |
| Maximum drawdown | −37.3% (23-03-2020) | −35.8% (23-03-2020) |
| Beta | 0.96 | 0.91 |
| Alpha | +2.38% | +1.82% |
From daily NAVs, 04-01-2013 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.
Kotak Flexi Cap Fund (Direct)
SBI Flexicap Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Kotak Flexi Cap Fund (Direct) | −37.3% | 24-01-2020 | 23-03-2020 | 11-11-2020 | 8 months | −9.3% |
| SBI Flexicap Fund (Direct) | −35.8% | 24-01-2020 | 23-03-2020 | 17-11-2020 | 8 months | −9.2% |
| Nifty 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −8.8% |
From daily values since 07-01-2013, 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.
Kotak Flexi Cap Fund (Direct)
SBI Flexicap Fund (Direct)
Nifty 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.
Kotak Flexi Cap Fund (Direct)
SBI Flexicap Fund (Direct)
Nifty 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.
Kotak Flexi Cap Fund (Direct)
SBI Flexicap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Kotak Flexi Cap Fund (Direct) | 100% | 88% | 3.44% |
| SBI Flexicap Fund (Direct) | 96% | 87% | 3.89% |
From month-end values since 07-01-2013. 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.
Kotak Flexi Cap vs SBI Flexicap: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Flexi Cap Fund, September 2026; SBI Flexicap Fund, September 2026
Holdings in common
- Overlap
- 32.7%
- Held by both
- 19
- Only in Kotak Flexi Cap
- 37
- Only in SBI Flexicap
- 45
| Security | % of Kotak Flexi Cap | % of SBI Flexicap |
|---|---|---|
| ICICI BANK LTD. | 5.48% | 6.90% |
| HDFC BANK LTD. | 5.27% | 6.24% |
| Larsen and Toubro Ltd. | 3.54% | 3.32% |
| STATE BANK OF INDIA. | 4.30% | 2.17% |
| SUN PHARMACEUTICAL INDUSTRIES LTD. | 2.14% | 2.10% |
| BAJAJ FINANCE LTD. | 1.99% | 2.50% |
| BHARTI AIRTEL LTD. | 2.88% | 1.94% |
| AXIS BANK LTD. | 3.35% | 1.84% |
| KOTAK MAHINDRA BANK LTD. | 1.45% | 1.63% |
| Solar Industries India Limited | 3.71% | 1.21% |
| SHRIRAM FINANCE LIMITED | 1.11% | 2.00% |
| BHARAT PETROLEUM CORPORATION LTD. | 1.03% | 1.03% |
| RELIANCE INDUSTRIES LTD. | 2.24% | 0.99% |
| AIA Engineering Limited | 0.78% | 0.95% |
| Ajanta Pharma Ltd. | 1.10% | 0.70% |
| ETERNAL LIMITED | 4.22% | 0.59% |
| AU SMALL FINANCE BANK LTD. | 1.69% | 0.53% |
| SWIGGY LTD | 0.18% | 1.00% |
| TORRENT POWER LTD | 0.26% | 0.05% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 32.7% means 32.7% 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 Kotak Flexi Cap Fund
| Security | % of fund |
|---|---|
| Bharat Electronics Ltd. | 5.34% |
| Jindal Steel & Power Ltd | 4.06% |
| SRF LTD. | 2.89% |
| Ultratech Cement Ltd. | 2.84% |
| Inter Globe Aviation Ltd | 2.53% |
Largest holdings only in SBI Flexicap Fund
| Security | % of fund |
|---|---|
| Aurobindo Pharma Ltd. | 3.03% |
| JSW Infrastructure Ltd. | 2.81% |
| Bajaj Auto Ltd. | 2.65% |
| Eicher Motors Ltd. | 2.46% |
| Titan Company Ltd. | 2.41% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak Flexi Cap | SBI Flexicap |
|---|---|---|
| Equity | 98.5% | 97.0% |
| Debt | 0.0% | 0.4% |
| Cash and others | 1.5% | 2.6% |
Market cap of stocks
| Market cap | Kotak Flexi Cap | SBI Flexicap |
|---|---|---|
| Large Cap | 69.6% | 60.1% |
| Mid Cap | 25.1% | 19.4% |
| Small Cap | 3.4% | 14.1% |
| Foreign stocks | 0.0% | 3.4% |
| Not on AMFI's list | 0.5% | 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 | Kotak Flexi Cap | SBI Flexicap |
|---|---|---|
| Banks | 22.8% | 23.7% |
| Pharmaceuticals & Biotechnology | 0.0% | 9.1% |
| Chemicals and Petrochemicals | 7.0% | 0.0% |
| Retailing | 6.5% | 5.7% |
| Pharmaceuticals and Biotechnology | 6.4% | 0.0% |
| Aerospace and Defense | 5.3% | 0.0% |
| Automobiles | 3.8% | 5.1% |
| Cement and Cement Products | 4.9% | 0.0% |
| Finance | 3.8% | 4.8% |
| Industrial Products | 0.8% | 4.4% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak Flexi Cap vs SBI Flexicap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Flexi Cap Fund | SBI Flexicap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.67% | 1.24% |
| Base expense ratio (Direct) | 0.53% | 0.72% |
| Total expense ratio (Regular) | 1.49% | 2.03% |
| Base expense ratio (Regular) | 1.22% | 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 Kotak Flexi Cap with
Kotak Flexi Cap Fund vs SBI Flexicap Fund: Frequently Asked Questions
What is the difference between Kotak Flexi Cap Fund and SBI Flexicap Fund?
Both are Flexi Cap funds, run by Kotak Mahindra Mutual Fund and SBI Mutual Fund. Their portfolios overlap 32.7%. Kotak Flexi Cap Fund charges 0.67% a year and SBI Flexicap Fund 1.24%.
Which has given higher returns, Kotak Flexi Cap Fund or SBI Flexicap Fund?
Over 1 year: Kotak Flexi Cap Fund −6.88%, SBI Flexicap Fund −7.80%. Over 3 years: Kotak Flexi Cap Fund +11.29% a year, SBI Flexicap Fund +8.02% a year. Over 5 years: Kotak Flexi Cap Fund +9.58% a year, SBI Flexicap Fund +6.91% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak Flexi Cap Fund or SBI Flexicap Fund?
Kotak Flexi Cap Fund charges less: 0.67% a year against 1.24%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak Flexi Cap Fund and SBI Flexicap Fund overlap?
32.7%. They hold 19 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, LT. From each fund's latest monthly portfolio.
Which is riskier, Kotak Flexi Cap Fund or SBI Flexicap Fund?
On SEBI's riskometer, Kotak Flexi Cap Fund is rated Very High and SBI Flexicap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.41% and 12.52% a year.
Which is better for SIP, Kotak Flexi Cap Fund or SBI Flexicap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,58,747 in Kotak Flexi Cap Fund (XIRR 8.5% a year) and ₹7,08,334 in SBI Flexicap Fund (XIRR 5.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Kotak Flexi Cap Fund and SBI Flexicap Fund?
Yes. 32.7% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Kotak Flexi Cap Fund and SBI Flexicap Fund?
Kotak Flexi Cap Fund: Harsha Upadhyaya. SBI Flexicap Fund: Dinesh Balachandran, Anup Upadhyay.
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.