Kotak MSCI India ETF vs SBI Contra Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Kotak MSCI India ETF is an ETF fund and SBI Contra Fund is a Value and Contra fund. In the year to 30-10-2026, Kotak MSCI India ETF returned −8.0% and SBI Contra Fund (Direct) returned −9.3%. Kotak MSCI India ETF charges 0.24% a year and SBI Contra Fund 0.87%. Their portfolios overlap 36.1%: they hold 45 of the same securities.
Which is better, Kotak MSCI India ETF or SBI Contra? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Kotak MSCI India ETF returned more over 1 year: −8.0% against −9.3%.
- Kotak MSCI India ETF costs less: 0.24% a year against 0.87%.
- SBI Contra fell less in its worst fall since 25-02-2025: −13.4% against −14.6%.
- SBI Contra holds 2.4% of the fund in foreign stocks; Kotak MSCI India ETF 0.0%.
- Kotak MSCI India ETF holds more in large companies: 80.6% of the fund in large caps against 50.2%.
- SBI Contra is the larger fund: ₹45,068 Cr against ₹1,749 Cr.
- Their portfolios overlap 36.1%: 45 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 MSCI India ETF | SBI Contra Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | SBI Mutual Fund |
| Category | ETF | Value and Contra |
| AUM | ₹1,749 Cr (30-09-2026) | ₹45,068 Cr (30-09-2026) |
| NAV | ₹28.23 | ₹393.34 (Direct) |
| Expense ratio (Direct) | Not available | 0.87% |
| Expense ratio (Regular) | Not available | 1.62% |
| Riskometer | Very High | Very High |
| Benchmark | MSCI India TRI | BSE 500 TRI |
| Launch date | 19-02-2025 | 05-07-1999 |
| Minimum investment | Ongoing purchases directly from the Mutual Fund would be restricted to Market Makers and Large Investors (subject to transactions greater than INR 25 crores or such other amount as may be specified by SEBI from time to time) provided the value of units to | ₹5,000 |
| Lock in | None | None |
| Fund managers | Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar | Dinesh Balachandran |
| Exit load | NIL | Exit load of 0.25% if redeemed within 30 days and 0.10% if redeemed after 30 days but on or before 90 days. |
Kotak MSCI India ETF vs SBI Contra: 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 MSCI India ETF | +0.29% | −5.98% | −3.50% | −8.03% | -- | -- | -- |
| SBI Contra Fund (Direct) | −1.16% | −5.77% | −4.40% | −9.28% | +10.39% | +13.53% | +14.70% |
| Value and Contra average | −2.09% | −5.76% | −3.23% | −5.72% | +11.83% | +11.08% | +12.63% |
Category average: the average of the 30 Value and Contra funds, same plan type.
Kotak MSCI India ETF vs SBI Contra: Year-wise Returns
| Year | Kotak MSCI India ETFKotak MSCI India ETF | SBI ContraSBI Contra |
|---|---|---|
| 2026to date | −8.95% | −10.04% |
| 2025 | -- | +7.02% |
| 2024 | -- | +19.94% |
| 2023 | -- | +39.53% |
| 2022 | -- | +13.63% |
| 2021 | -- | +50.98% |
Kotak MSCI India ETF vs SBI Contra: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of SBI Contra Fund
Rolling returns
Every 1-year holding period, 166 of them, one for each trading day from 25-02-2026 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 MSCI India ETF
SBI Contra Fund (Direct)
BSE 500 TRI
to
Mar 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Kotak MSCI India ETF | 46.4 | 36.7 | 11.4 | 3.6 | 1.8 | 0.0 | 0.0 | 0.9% | 0.2% | −9.8% | 15.8% | 19% |
| SBI Contra | 58.6 | 28.4 | 8.9 | 3.6 | 0.6 | 0.0 | 0.0 | 0.1% | −0.8% | −9.7% | 15.4% | 5% |
| BSE 500 TRI | 40.4 | 38.6 | 15.7 | 3.6 | 1.8 | 0.0 | 0.0 | 1.5% | 0.8% | −9.2% | 15.7% | -- |
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 25-02-2025. Past returns do not promise future returns.
Kotak MSCI India ETF vs SBI Contra: 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 25-02-2025 to 30-10-2026: 21 instalments, ₹2,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak MSCI India ETFKotak MSCI India ETF | ₹2,10,000 | ₹2,04,302 | −₹5,698 | −3.0% |
| SBI ContraSBI Contra Fund (Direct) | ₹2,10,000 | ₹2,01,598 | −₹8,402 | −4.4% |
Kotak MSCI India ETFKotak MSCI India ETF
SBI ContraSBI Contra 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 MSCI India ETF vs SBI Contra: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Kotak MSCI India ETF | SBI Contra Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.03% | −9.28% |
| Standard deviation | 14.22% | 12.23% |
| Sharpe ratio | -0.93 | -1.19 |
| Sortino ratio | -1.24 | -1.53 |
| Maximum drawdown | −14.6% (31-03-2026) | −13.4% (31-03-2026) |
| Beta | -- | 0.84 |
| Alpha | -- | −3.54% |
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 MSCI India ETF | SBI Contra Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.02% | +14.64% |
| Standard deviation | 13.78% | 14.70% |
| Sharpe ratio | -0.10 | 0.58 |
| Sortino ratio | -0.14 | 0.78 |
| Maximum drawdown | −14.6% (31-03-2026) | −44.7% (23-03-2020) |
| Beta | -- | 0.88 |
| Alpha | -- | +2.58% |
From daily NAVs, 25-02-2025 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.
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 MSCI India ETF
SBI Contra Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Kotak MSCI India ETF | −14.6% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.1% |
| SBI Contra Fund (Direct) | −13.4% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.7% |
| BSE 500 TRI | −14.8% | 02-01-2026 | 30-03-2026 | Not yet | -- | −8.7% |
From daily values since 25-02-2025, 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 MSCI India ETF
SBI Contra Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Kotak MSCI India ETF | 95% | 99% | 1.99% |
| SBI Contra Fund (Direct) | 78% | 90% | 3.52% |
From month-end values since 25-02-2025. 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 MSCI India ETF vs SBI Contra: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak MSCI India ETF, September 2026; SBI Contra Fund, September 2026
Holdings in common
- Overlap
- 36.1%
- Held by both
- 45
- Only in Kotak MSCI India ETF
- 120
- Only in SBI Contra
- 46
| Security | % of Kotak MSCI India ETF | % of SBI Contra |
|---|---|---|
| HDFC BANK LTD. | 6.44% | 4.79% |
| RELIANCE INDUSTRIES LTD. | 5.44% | 4.67% |
| ICICI BANK LTD. | 5.60% | 4.36% |
| KOTAK MAHINDRA BANK LTD. | 1.82% | 3.15% |
| STATE BANK OF INDIA. | 1.41% | 1.60% |
| AXIS BANK LTD. | 2.25% | 1.33% |
| BHARTI AIRTEL LTD. | 3.93% | 1.23% |
| Tata Steel Ltd. | 1.10% | 2.13% |
| Maruti Suzuki India Limited | 1.13% | 1.04% |
| Hindalco Industries Ltd. | 0.97% | 1.18% |
| Larsen and Toubro Ltd. | 2.02% | 0.84% |
| Grasim Industries Ltd. | 0.66% | 0.76% |
| Tech Mahindra Ltd. | 0.66% | 1.79% |
| ITC Ltd. | 0.63% | 1.81% |
| TML COMMERCIAL VEHICLES LIMITED | 0.62% | 1.16% |
| Infosys Ltd. | 2.41% | 0.61% |
| JSW Steel Ltd. | 0.61% | 0.81% |
| Bajaj Auto Ltd. | 0.58% | 1.35% |
| SAMVARDHANA MOTHERSON INTERNATIONAL LTD | 0.55% | 1.21% |
| Cipla Ltd. | 0.54% | 1.15% |
| One 97 Communications Ltd | 0.51% | 1.02% |
| Hero MotoCorp Ltd. | 0.50% | 0.52% |
| Oil And Natural Gas Corporation Ltd. | 0.46% | 1.20% |
| TATA CONSULTANCY SERVICES LTD. | 1.33% | 0.42% |
| TATA MOTORS PASSENGER VEHICLES LTD | 0.42% | 1.03% |
| Indus Towers Ltd. | 0.37% | 2.66% |
| Lupin Ltd. | 0.37% | 0.45% |
| HDFC ASSET MANAGEMENT COMPANY LTD. | 0.35% | 0.33% |
| GAIL (India) Ltd. | 0.31% | 2.33% |
| FSN E-Commerce Ventures Ltd. | 0.31% | 1.58% |
| United Spirits Ltd | 0.31% | 0.88% |
| INDIAN OIL CORPORATION LTD. | 0.30% | 1.08% |
| Wipro Ltd. | 0.29% | 0.53% |
| UPL Ltd | 0.22% | 1.05% |
| HCL Technologies Ltd. | 0.87% | 0.21% |
| PUNJAB NATIONAL BANK | 0.21% | 2.91% |
| MANKIND PHARMA LTD | 0.21% | 0.74% |
| NMDC Ltd. | 0.19% | 0.48% |
| NHPC Ltd. | 0.19% | 1.08% |
| Aurobindo Pharma Ltd. | 0.35% | 0.18% |
| JSW ENERGY LTD. | 0.18% | 0.83% |
| TORRENT POWER LTD | 0.18% | 2.48% |
| Petronet LNG Ltd. | 0.17% | 0.60% |
| Dabur India Ltd. | 0.13% | 1.59% |
| ICICI Prudential Life Insurance Co. Ltd. | 0.13% | 1.08% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 36.1% means 36.1% 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 MSCI India ETF
| Security | % of fund |
|---|---|
| Mahindra & Mahindra Ltd. | 2.05% |
| BAJAJ FINANCE LTD. | 1.91% |
| SUN PHARMACEUTICAL INDUSTRIES LTD. | 1.30% |
| TITAN COMPANY LTD. | 1.30% |
| ETERNAL LIMITED | 1.22% |
Largest holdings only in SBI Contra Fund
| Security | % of fund |
|---|---|
| Biocon Ltd. | 3.29% |
| Mahindra & Mahindra Financial Services Ltd. | 1.95% |
| JSW Infrastructure Ltd. | 1.58% |
| Bandhan Bank Ltd. | 1.46% |
| Aster DM Quality Care Ltd. | 1.42% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak MSCI India ETF | SBI Contra |
|---|---|---|
| Equity | 100.0% | 90.9% |
| Debt | 0.0% | 2.2% |
| Cash and others | 0.0% | 6.8% |
Market cap of stocks
| Market cap | Kotak MSCI India ETF | SBI Contra |
|---|---|---|
| Large Cap | 80.6% | 50.2% |
| Mid Cap | 19.4% | 24.5% |
| Small Cap | 0.0% | 13.8% |
| Foreign stocks | 0.0% | 2.4% |
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 MSCI India ETF | SBI Contra |
|---|---|---|
| Banks | 20.3% | 20.2% |
| Pharmaceuticals & Biotechnology | 0.0% | 6.7% |
| IT - Software | 6.6% | 3.6% |
| Petroleum Products | 6.4% | 5.8% |
| Finance | 6.3% | 1.9% |
| Automobiles | 6.2% | 3.9% |
| Pharmaceuticals and Biotechnology | 5.6% | 0.0% |
| Power | 3.7% | 5.0% |
| Telecom - Services | 4.7% | 3.9% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak MSCI India ETF vs SBI Contra: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak MSCI India ETF | SBI Contra Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.87% |
| Base expense ratio (Direct) | 0.00% | 0.63% |
| Total expense ratio (Regular) | Not available | 1.62% |
| Base expense ratio (Regular) | 0.17% | 1.27% |
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 MSCI India ETF vs SBI Contra Fund: Frequently Asked Questions
What is the difference between Kotak MSCI India ETF and SBI Contra Fund?
Kotak MSCI India ETF is an ETF fund, SBI Contra Fund is a Value and Contra fund, run by Kotak Mahindra Mutual Fund and SBI Mutual Fund. Their portfolios overlap 36.1%. Kotak MSCI India ETF charges 0.24% a year and SBI Contra Fund 0.87%.
Which has given higher returns, Kotak MSCI India ETF or SBI Contra Fund?
Over 1 year: Kotak MSCI India ETF −8.03%, SBI Contra Fund −9.28%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak MSCI India ETF or SBI Contra Fund?
Kotak MSCI India ETF charges less: 0.24% a year against 0.87%. These are the total expense ratios reported to AMFI.
How much do Kotak MSCI India ETF and SBI Contra Fund overlap?
36.1%. They hold 45 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, Kotak MSCI India ETF or SBI Contra Fund?
On SEBI's riskometer, Kotak MSCI India ETF is rated Very High and SBI Contra Fund Very High. Over 1 years, the standard deviation of daily returns was 14.22% and 12.23% a year.
Can I invest in both Kotak MSCI India ETF and SBI Contra Fund?
Yes. 36.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Kotak MSCI India ETF and SBI Contra Fund?
Kotak MSCI India ETF: Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar. SBI Contra Fund: Dinesh Balachandran.
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.