Kotak Flexi Cap Fund vs SBI NIFTY Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
Kotak Flexi Cap Fund is a Flexi Cap fund and SBI NIFTY Index Fund is an Index fund. In the 3 years to 30-10-2026, Kotak Flexi Cap Fund (Direct) returned 11.3% a year and SBI NIFTY Index Fund (Direct) returned 7.3% a year. Kotak Flexi Cap Fund charges 0.67% a year and SBI NIFTY Index Fund 0.24% (Direct plans). Their portfolios overlap 47.0%: they hold 22 of the same securities.
Which is better, Kotak Flexi Cap 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.
- Kotak Flexi Cap returned more over 5 years: 9.6% a year against 6.4%.
- Kotak Flexi Cap returned more over 3 years: 11.3% a year against 7.3%.
- SBI NIFTY Index costs less: 0.24% a year against 0.67% (Direct plans).
- SBI NIFTY Index swung less over 3 years: a standard deviation of 13.2% a year against 14.4%.
- Kotak Flexi Cap fell less in its worst fall since 04-01-2013: −37.3% against −38.4%.
- SBI NIFTY Index holds more in large companies: 98.8% of the fund in large caps against 69.6%.
- Kotak Flexi Cap is the larger fund: ₹53,087 Cr against ₹13,190 Cr.
- Their portfolios overlap 47.0%: 22 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 NIFTY Index Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | SBI Mutual Fund |
| Category | Flexi Cap | Index |
| AUM | ₹53,087 Cr (30-09-2026) | ₹13,190 Cr (30-09-2026) |
| NAV | ₹91.73 (Direct) | ₹215.76 (Direct) |
| Expense ratio (Direct) | 0.67% | 0.24% |
| Expense ratio (Regular) | 1.49% | 0.44% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 50 TRI |
| Launch date | 11-09-2009 | 17-01-2002 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Harsha Upadhyaya | Raviprakash Sharma |
| 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 0.25% if redeemed within 30 days |
Kotak Flexi Cap 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 |
|---|---|---|---|---|---|---|---|
| Kotak Flexi Cap Fund (Direct) | −0.85% | −5.55% | −2.99% | −6.88% | +11.29% | +9.58% | +12.69% |
| SBI NIFTY Index Fund (Direct) | +1.94% | −5.06% | −3.24% | −10.22% | +7.34% | +6.43% | +11.22% |
| 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 NIFTY Index: Year-wise Returns
| Year | Kotak Flexi CapKotak Flexi Cap | SBI NIFTY IndexSBI NIFTY Index |
|---|---|---|
| 2026to date | −6.91% | −11.09% |
| 2025 | +10.42% | +11.58% |
| 2024 | +17.52% | +9.80% |
| 2023 | +25.31% | +21.04% |
| 2022 | +5.98% | +5.43% |
| 2021 | +26.59% | +25.10% |
Kotak Flexi Cap vs SBI NIFTY Index: 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, 2,666 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.
Kotak Flexi Cap Fund (Direct)
SBI NIFTY Index 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 | 27.7 | 40.6 | 14.9 | 7.3 | 16.4% | 16.6% | −4.2% | 31.5% | 70% |
| SBI NIFTY Index | 0.9 | 3.3 | 22.7 | 45.2 | 21.8 | 4.4 | 1.6 | 12.7% | 12.9% | −4.9% | 31.8% | 20% |
| 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 04-01-2013. Past returns do not promise future returns.
Kotak Flexi Cap 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 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 NIFTY IndexSBI NIFTY Index Fund (Direct) | ₹16,60,000 | ₹36,28,395 | ₹19,68,395 | 10.6% |
Kotak Flexi CapKotak Flexi Cap 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.
Kotak Flexi Cap vs SBI NIFTY Index: 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 NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −6.88% | −10.22% |
| Standard deviation | 14.78% | 13.62% |
| Sharpe ratio | -0.82 | -1.14 |
| Sortino ratio | -1.10 | -1.52 |
| Maximum drawdown | −14.2% (31-03-2026) | −15.1% (31-03-2026) |
| Beta | 1.01 | 1.00 |
| Alpha | +0.58% | −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 | Kotak Flexi Cap Fund (Direct) | SBI NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.29% | +7.34% |
| Standard deviation | 14.41% | 13.21% |
| Sharpe ratio | 0.37 | 0.10 |
| Sortino ratio | 0.49 | 0.14 |
| Maximum drawdown | −16.3% (28-02-2025) | −15.5% (04-03-2025) |
| Beta | 0.99 | 1.00 |
| Alpha | +1.11% | −0.29% |
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 NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.58% | +6.43% |
| Standard deviation | 14.44% | 13.69% |
| Sharpe ratio | 0.26 | 0.05 |
| Sortino ratio | 0.35 | 0.06 |
| Maximum drawdown | −17.8% (20-06-2022) | −15.9% (17-06-2022) |
| Beta | 0.99 | 1.00 |
| Alpha | +0.81% | −0.27% |
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 NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.88% | +10.95% |
| Standard deviation | 15.56% | 15.84% |
| Sharpe ratio | 0.57 | 0.31 |
| Sortino ratio | 0.77 | 0.42 |
| Maximum drawdown | −37.3% (23-03-2020) | −38.4% (23-03-2020) |
| Beta | 0.96 | 1.00 |
| Alpha | +2.38% | −0.62% |
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 NIFTY Index 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 NIFTY Index Fund (Direct) | −38.4% | 14-01-2020 | 23-03-2020 | 09-11-2020 | 8 months | −11.8% |
| Nifty 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −8.8% |
From daily values since 04-01-2013, 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 NIFTY Index 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 NIFTY Index 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 NIFTY Index 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 NIFTY Index Fund (Direct) | 91% | 95% | 3.36% |
From month-end values since 04-01-2013. 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 NIFTY Index: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Flexi Cap Fund, September 2026; SBI NIFTY Index Fund, September 2026
Holdings in common
- Overlap
- 47.0%
- Held by both
- 22
- Only in Kotak Flexi Cap
- 34
- Only in SBI NIFTY Index
- 28
| Security | % of Kotak Flexi Cap | % of SBI NIFTY Index |
|---|---|---|
| ICICI BANK LTD. | 5.48% | 9.07% |
| HDFC BANK LTD. | 5.27% | 10.40% |
| STATE BANK OF INDIA. | 4.30% | 3.80% |
| Larsen and Toubro Ltd. | 3.54% | 4.21% |
| AXIS BANK LTD. | 3.35% | 3.37% |
| BHARTI AIRTEL LTD. | 2.88% | 5.12% |
| RELIANCE INDUSTRIES LTD. | 2.24% | 7.60% |
| ETERNAL LIMITED | 4.22% | 2.22% |
| BAJAJ FINANCE LTD. | 1.99% | 2.51% |
| SUN PHARMACEUTICAL INDUSTRIES LTD. | 2.14% | 1.84% |
| Infosys Ltd. | 1.60% | 3.36% |
| Maruti Suzuki India Limited | 1.80% | 1.49% |
| KOTAK MAHINDRA BANK LTD. | 1.45% | 2.94% |
| Bharat Electronics Ltd. | 5.34% | 1.33% |
| NTPC LTD | 1.28% | 1.47% |
| Ultratech Cement Ltd. | 2.84% | 1.24% |
| BSE LTD | 1.81% | 1.21% |
| SHRIRAM FINANCE LIMITED | 1.11% | 1.32% |
| Inter Globe Aviation Ltd | 2.53% | 1.08% |
| Power Grid Corporation of India Ltd. | 0.98% | 1.13% |
| Tech Mahindra Ltd. | 1.35% | 0.93% |
| Cipla Ltd. | 0.89% | 0.73% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 47.0% means 47.0% 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 |
|---|---|
| Jindal Steel & Power Ltd | 4.06% |
| Solar Industries India Limited | 3.71% |
| SRF LTD. | 2.89% |
| BHARAT FORGE LTD. | 2.39% |
| Zydus Lifesciences Ltd. | 2.28% |
Largest holdings only in SBI NIFTY Index Fund
| Security | % of fund |
|---|---|
| Mahindra & Mahindra Ltd. | 2.52% |
| ITC Ltd. | 2.43% |
| Tata Consultancy Services Ltd. | 2.00% |
| Titan Company Ltd. | 1.81% |
| Hindustan Unilever Ltd. | 1.60% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak Flexi Cap | SBI NIFTY Index |
|---|---|---|
| Equity | 98.5% | 100.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.5% | -0.2% |
Market cap of stocks
| Market cap | Kotak Flexi Cap | SBI NIFTY Index |
|---|---|---|
| Large Cap | 69.6% | 98.8% |
| Mid Cap | 25.1% | 1.4% |
| Small Cap | 3.4% | 0.0% |
| 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 NIFTY Index |
|---|---|---|
| Banks | 22.8% | 29.6% |
| Petroleum Products | 3.3% | 7.6% |
| IT - Software | 3.0% | 7.5% |
| Chemicals and Petrochemicals | 7.0% | 0.0% |
| Automobiles | 3.8% | 6.7% |
| Retailing | 6.5% | 3.1% |
| Pharmaceuticals and Biotechnology | 6.4% | 0.0% |
| Finance | 3.8% | 5.5% |
| Aerospace and Defense | 5.3% | 0.0% |
| Telecom - Services | 3.8% | 5.1% |
| Cement and Cement Products | 4.9% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak Flexi Cap vs SBI NIFTY Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Flexi Cap Fund | SBI NIFTY Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.67% | 0.24% |
| Base expense ratio (Direct) | 0.53% | 0.16% |
| Total expense ratio (Regular) | 1.49% | 0.44% |
| Base expense ratio (Regular) | 1.22% | 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
Kotak Flexi Cap Fund vs SBI NIFTY Index Fund: Frequently Asked Questions
What is the difference between Kotak Flexi Cap Fund and SBI NIFTY Index Fund?
Kotak Flexi Cap Fund is a Flexi Cap fund, SBI NIFTY Index Fund is an Index fund, run by Kotak Mahindra Mutual Fund and SBI Mutual Fund. Their portfolios overlap 47.0%. Kotak Flexi Cap Fund charges 0.67% a year and SBI NIFTY Index Fund 0.24%.
Which has given higher returns, Kotak Flexi Cap Fund or SBI NIFTY Index Fund?
Over 1 year: Kotak Flexi Cap Fund −6.88%, SBI NIFTY Index Fund −10.22%. Over 3 years: Kotak Flexi Cap Fund +11.29% a year, SBI NIFTY Index Fund +7.34% a year. Over 5 years: Kotak Flexi Cap Fund +9.58% a year, SBI NIFTY Index Fund +6.43% 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 NIFTY Index Fund?
SBI NIFTY Index Fund charges less: 0.24% a year against 0.67%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak Flexi Cap Fund and SBI NIFTY Index Fund overlap?
47.0%. They hold 22 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, SBIN. From each fund's latest monthly portfolio.
Which is riskier, Kotak Flexi Cap Fund or SBI NIFTY Index Fund?
On SEBI's riskometer, Kotak Flexi Cap Fund is rated Very High and SBI NIFTY Index Fund Very High. Over 3 years, the standard deviation of daily returns was 14.41% and 13.21% a year.
Which is better for SIP, Kotak Flexi Cap Fund or SBI NIFTY Index 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 ₹6,92,459 in SBI NIFTY Index Fund (XIRR 4.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Kotak Flexi Cap Fund and SBI NIFTY Index Fund?
Yes. 47.0% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Kotak Flexi Cap Fund and SBI NIFTY Index Fund?
Kotak Flexi Cap Fund: Harsha Upadhyaya. 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.