Kotak Small Cap Fund vs SBI Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Kotak Small Cap Fund and SBI Small Cap Fund are both Small Cap funds. In the 3 years to 30-10-2026, Kotak Small Cap Fund (Direct) returned 10.8% a year and SBI Small Cap Fund (Direct) returned 10.4% a year. Kotak Small Cap Fund charges 0.64% a year and SBI Small Cap Fund 0.81% (Direct plans). Their portfolios overlap 18.3%: they hold 15 of the same securities.
Which is better, Kotak Small Cap or SBI Small Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- SBI Small Cap returned more over 5 years: 11.7% a year against 10.7%.
- Kotak Small Cap returned more over 3 years: 10.8% a year against 10.4%.
- Kotak Small Cap costs less: 0.64% a year against 0.81% (Direct plans).
- SBI Small Cap swung less over 3 years: a standard deviation of 14.2% a year against 15.4%.
- SBI Small Cap fell less in its worst fall since 18-11-2013: −40.3% against −40.6%.
- SBI Small Cap is the larger fund: ₹41,059 Cr against ₹19,141 Cr.
- Their portfolios overlap 18.3%: 15 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 Small Cap Fund | SBI Small Cap Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | SBI Mutual Fund |
| Category | Small Cap | Small Cap |
| AUM | ₹19,141 Cr (30-09-2026) | ₹41,059 Cr (30-09-2026) |
| NAV | ₹300.84 (Direct) | ₹197.88 (Direct) |
| Expense ratio (Direct) | 0.64% | 0.81% |
| Expense ratio (Regular) | 1.71% | 1.60% |
| Riskometer | Very High | Not available |
| Benchmark | Nifty Smallcap 250 TRI | Not available |
| Launch date | 24-02-2005 | Not available |
| Minimum investment | ₹100 | Not available |
| Lock in | None | Not available |
| Fund managers | Harish Bihani | Not available |
| Exit load | For redemption / switch out of upto 10%of the initial investment amount (limit) purchased or switched in within 1 year from the date of allotment: Nil. If units redeemed or switched out are in excess of the limit within 1 year from the date of allotment: 1% If units are redeemed or switched out on or after 1 year from the date of allotment: NIL Units issued on reinvestment of IDCW shall not be subject to entry and exit load. | Not available |
Kotak Small Cap vs SBI Small Cap: 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 Small Cap Fund (Direct) | −6.63% | −5.49% | +2.07% | −2.90% | +10.85% | +10.69% | +16.06% |
| SBI Small Cap Fund (Direct) | −5.10% | −3.38% | +2.31% | −1.32% | +10.37% | +11.72% | +17.03% |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | +14.51% | +16.19% |
Category average: the average of the 36 Small Cap funds, same plan type.
Kotak Small Cap vs SBI Small Cap: Year-wise Returns
| Year | KotakKotak Small Cap | SBISBI Small Cap |
|---|---|---|
| 2026to date | +2.14% | +2.12% |
| 2025 | −8.05% | −4.08% |
| 2024 | +26.96% | +25.30% |
| 2023 | +36.51% | +26.62% |
| 2022 | −1.72% | +9.29% |
| 2021 | +73.47% | +49.11% |
Kotak Small Cap vs SBI Small Cap: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of Kotak Small Cap Fund
Rolling returns
Every 3-year holding period, 2,452 of them, one for each trading day from 18-11-2016 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 Small Cap Fund (Direct)
SBI Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
to
Sept 2017May 2016
to
May 2019Jan 2018
to
Jan 2021Oct 2019
to
Oct 2022Jun 2021
to
Jun 2024Jan 2023
to
Jan 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 Small Cap | 4.0 | 5.5 | 8.1 | 15.7 | 18.1 | 13.1 | 35.5 | 20.7% | 19.5% | −8.9% | 48.9% | 60% |
| SBI Small Cap | 0.1 | 4.1 | 5.2 | 16.3 | 18.7 | 13.6 | 42.0 | 22.2% | 22.1% | −0.8% | 44.6% | 52% |
| Nifty Smallcap 250 TRI | 16.1 | 8.1 | 3.7 | 4.3 | 14.0 | 21.5 | 32.3 | 17.3% | 21.0% | −17.5% | 44.7% | -- |
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 Nifty Smallcap 250 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 18-11-2013. Past returns do not promise future returns.
Kotak Small Cap vs SBI Small Cap: 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 01-11-2013 to 30-10-2026: 156 instalments, ₹15,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak Small CapKotak Small Cap Fund (Direct) | ₹15,60,000 | ₹53,79,515 | ₹38,19,515 | 17.6% |
| SBI Small CapSBI Small Cap Fund (Direct) | ₹15,60,000 | ₹57,94,738 | ₹42,34,738 | 18.6% |
Kotak Small CapKotak Small Cap Fund (Direct)
SBI Small CapSBI Small Cap 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 Small Cap vs SBI Small Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Kotak Small Cap Fund (Direct) | SBI Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −2.90% | −1.32% |
| Standard deviation | 16.04% | 14.81% |
| Sharpe ratio | -0.51 | -0.44 |
| Sortino ratio | -0.70 | -0.61 |
| Maximum drawdown | −16.9% (23-03-2026) | −15.8% (23-03-2026) |
| Beta | 0.85 | 0.78 |
| Alpha | −1.02% | +1.57% |
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 Small Cap Fund (Direct) | SBI Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.85% | +10.37% |
| Standard deviation | 15.35% | 14.22% |
| Sharpe ratio | 0.31 | 0.31 |
| Sortino ratio | 0.42 | 0.42 |
| Maximum drawdown | −24.7% (03-03-2025) | −22.4% (03-03-2025) |
| Beta | 0.77 | 0.73 |
| Alpha | −0.03% | +0.81% |
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 Small Cap Fund (Direct) | SBI Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.69% | +11.72% |
| Standard deviation | 14.36% | 13.72% |
| Sharpe ratio | 0.34 | 0.43 |
| Sortino ratio | 0.45 | 0.58 |
| Maximum drawdown | −24.7% (03-03-2025) | −22.4% (03-03-2025) |
| Beta | 0.73 | 0.71 |
| Alpha | −0.47% | +1.36% |
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 Small Cap Fund (Direct) | SBI Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.00% | +23.34% |
| Standard deviation | 15.21% | 14.98% |
| Sharpe ratio | 0.79 | 1.16 |
| Sortino ratio | 1.05 | 1.59 |
| Maximum drawdown | −40.6% (24-03-2020) | −40.3% (24-03-2020) |
| Beta | -- | 0.72 |
| Alpha | -- | +9.99% |
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.
Kotak Small Cap Fund (Direct)
SBI Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Kotak Small Cap Fund (Direct) | −40.6% | 08-01-2018 | 24-03-2020 | 05-11-2020 | 7 months | −10.9% |
| SBI Small Cap Fund (Direct) | −40.3% | 08-01-2018 | 24-03-2020 | 17-11-2020 | 8 months | −9.1% |
| Nifty Smallcap 250 TRI | −59.8% | 15-01-2018 | 24-03-2020 | 03-05-2021 | 13 months | −9.4% |
From daily values since 18-11-2013, 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 Small Cap Fund (Direct)
SBI Small Cap Fund (Direct)
Nifty Smallcap 250 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 Small Cap Fund (Direct)
SBI Small Cap Fund (Direct)
Nifty Smallcap 250 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 Small Cap Fund (Direct)
SBI Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
Against Nifty Smallcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Kotak Small Cap Fund (Direct) | 89% | 74% | 7.01% |
| SBI Small Cap Fund (Direct) | 86% | 68% | 8.30% |
From month-end values since 18-11-2013. 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 Small Cap vs SBI Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Small Cap Fund, September 2026; SBI Small Cap Fund, September 2026
Holdings in common
- Overlap
- 18.3%
- Held by both
- 15
- Only in Kotak Small Cap
- 64
- Only in SBI Small Cap
- 50
| Security | % of Kotak Small Cap | % of SBI Small Cap |
|---|---|---|
| KALPATARU PROJECTS INTERNATIONAL LIMITED | 2.58% | 2.66% |
| KRISHNA INSTITUTE OF MEDICAL | 3.30% | 2.00% |
| Sansera Engineering Ltd | 4.82% | 1.96% |
| HAPPY FORGINGS LTD | 1.72% | 1.86% |
| Carborundum Universal Ltd. | 1.55% | 1.51% |
| Balrampur Chini Mills Ltd. | 1.51% | 1.78% |
| Ratnamani Metals & Tubes Ltd. | 1.34% | 1.42% |
| V-Guard Industries Ltd. | 1.24% | 1.23% |
| APTUS VALUE HOUSING FINANCE | 1.38% | 1.11% |
| BRIGADE ENTERPRISES LIMITED | 1.65% | 0.83% |
| CMS INFO SYSTEMS LIMITED | 0.74% | 0.79% |
| HAWKINS COOKER LTD | 0.74% | 0.72% |
| Sheela Foam Ltd | 0.55% | 0.48% |
| PVR LTD. | 0.61% | 0.42% |
| PHYSICSWALLAH LIMITED | 0.11% | 0.15% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 18.3% means 18.3% 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 Kotak Small Cap Fund
| Security | % of fund |
|---|---|
| VIJAYA DIAGNOSTIC CENTRE PVT | 4.10% |
| ASTER DM HEALTHCARE LTD | 4.07% |
| MINDA CORPORATION LIMITED | 2.39% |
| Five Star Business Finance Ltd | 2.10% |
| Century Plyboards (India) Ltd. | 2.08% |
Largest holdings only in SBI Small Cap Fund
| Security | % of fund |
|---|---|
| Ather Energy Ltd. | 3.51% |
| Navin Fluorine International Ltd. | 3.28% |
| City Union Bank Ltd. | 2.89% |
| Sundram Fasteners Ltd. | 2.77% |
| Pine Labs Ltd. | 2.62% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak Small Cap | SBI Small Cap |
|---|---|---|
| Equity | 98.9% | 85.4% |
| Debt | 0.0% | 0.7% |
| Cash and others | 1.1% | 13.9% |
Market cap of stocks
| Market cap | Kotak Small Cap | SBI Small Cap |
|---|---|---|
| Large Cap | 6.8% | 0.9% |
| Mid Cap | 15.3% | 1.9% |
| Small Cap | 75.2% | 82.4% |
| Not on AMFI's list | 1.6% | 0.2% |
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 Small Cap | SBI Small Cap |
|---|---|---|
| Healthcare Services | 14.0% | 2.0% |
| Auto Components | 9.9% | 11.7% |
| Industrial Products | 7.0% | 10.3% |
| Consumer Durables | 8.7% | 7.8% |
| Chemicals & Petrochemicals | 0.0% | 7.8% |
| Retailing | 6.6% | 3.8% |
| Finance | 6.2% | 5.2% |
| Construction | 5.1% | 4.2% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak Small Cap vs SBI Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Small Cap Fund | SBI Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.64% | 0.81% |
| Base expense ratio (Direct) | 0.51% | 0.62% |
| Total expense ratio (Regular) | 1.71% | 1.60% |
| Base expense ratio (Regular) | 1.42% | 1.30% |
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 Small Cap with
Kotak Small Cap Fund vs SBI Small Cap Fund: Frequently Asked Questions
What is the difference between Kotak Small Cap Fund and SBI Small Cap Fund?
Both are Small Cap funds, run by Kotak Mahindra Mutual Fund and SBI Mutual Fund. Their portfolios overlap 18.3%. Kotak Small Cap Fund charges 0.64% a year and SBI Small Cap Fund 0.81%.
Which has given higher returns, Kotak Small Cap Fund or SBI Small Cap Fund?
Over 1 year: Kotak Small Cap Fund −2.90%, SBI Small Cap Fund −1.32%. Over 3 years: Kotak Small Cap Fund +10.85% a year, SBI Small Cap Fund +10.37% a year. Over 5 years: Kotak Small Cap Fund +10.69% a year, SBI Small Cap Fund +11.72% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak Small Cap Fund or SBI Small Cap Fund?
Kotak Small Cap Fund charges less: 0.64% a year against 0.81%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak Small Cap Fund and SBI Small Cap Fund overlap?
18.3%. They hold 15 of the same securities, the largest shared ones being KPIL, KIMS, SANSERA. From each fund's latest monthly portfolio.
Which is better for SIP, Kotak Small Cap Fund or SBI Small Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,71,852 in Kotak Small Cap Fund (XIRR 9.2% a year) and ₹7,80,149 in SBI Small Cap Fund (XIRR 9.6% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Kotak Small Cap Fund and SBI Small Cap Fund?
Yes. 18.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
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.