Nippon India Multi Asset Allocation Fund vs SBI Multi Asset Allocation Fund
Direct Plan, Growth option · Data as on 29-10-2026
Nippon India Multi Asset Allocation Fund and SBI Multi Asset Allocation Fund are both Multi Asset funds. In the 3 years to 29-10-2026, Nippon India Multi Asset Allocation Fund (Direct) returned 18.0% a year and SBI Multi Asset Allocation Fund (Direct) returned 13.9% a year. Nippon India Multi Asset Allocation Fund charges 0.48% a year and SBI Multi Asset Allocation Fund 0.66% (Direct plans). Their portfolios overlap 15.6%: they hold 28 of the same securities.
Nippon India Multi Asset Allocation Fund
Multi Asset
- 3 year return
- 18.0%
- Expense ratio
- 0.48%
- NAV
- ₹25.81
SBI Multi Asset Allocation Fund
Multi Asset
- 3 year return
- 13.9%
- Expense ratio
- 0.66%
- NAV
- ₹71.85
Which is better, Nippon India Multi Asset Allocation or SBI Multi Asset Allocation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Nippon India Multi Asset Allocation returned more over 5 years: 13.8% a year against 12.5%.
- Nippon India Multi Asset Allocation returned more over 3 years: 18.0% a year against 13.9%.
- Nippon India Multi Asset Allocation costs less: 0.48% a year against 0.66% (Direct plans).
- SBI Multi Asset Allocation swung less over 3 years: a standard deviation of 7.9% a year against 10.0%.
- SBI Multi Asset Allocation fell less in its worst fall since 31-08-2020: −8.6% against −10.8%.
- Nippon India Multi Asset Allocation holds 4.5% of the fund in foreign stocks; SBI Multi Asset Allocation 0.0%.
- Nippon India Multi Asset Allocation holds more in large companies: 40.1% of the fund in large caps against 19.4%.
- SBI Multi Asset Allocation is the larger fund: ₹21,044 Cr against ₹18,044 Cr.
- Their portfolios overlap 15.6%: 28 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 | Nippon India Multi Asset Allocation Fund | SBI Multi Asset Allocation Fund |
|---|---|---|
| Fund house | Nippon India Mutual Fund | SBI Mutual Fund |
| Category | Multi Asset | Multi Asset |
| AUM | ₹18,044 Cr (30-09-2026) | ₹21,044 Cr (30-09-2026) |
| NAV | ₹25.81 (Direct) | ₹71.85 (Direct) |
| Expense ratio (Direct) | 0.48% | 0.66% |
| Expense ratio (Regular) | 1.44% | 1.39% |
| Riskometer | Not available | Very High |
| Benchmark | Not available | 45% BSE 500 TRI + 40% Crisil Composite Bond Fund Index + 10% Domestic Prices of Gold + 5% Domestic Prices of Silver. |
| Launch date | Not available | 21-12-2005 |
| Minimum investment | Not available | ₹5,000 |
| Lock in | Not available | None |
| Fund managers | Not available | Mansi Sajeja, Dinesh Balachandran, Vandna Soni |
| Exit load | Not available | For units in excess of 10% of the investment, 1% will be charged for redemption within 12 months |
Nippon India Multi Asset Allocation vs SBI Multi Asset Allocation: Returns Comparison
Returns as on 29-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Nippon India Multi Asset Allocation Fund (Direct) | −2.06% | −3.53% | −1.74% | +3.05% | +17.96% | +13.83% | -- |
| SBI Multi Asset Allocation Fund (Direct) | −2.02% | −3.49% | −2.44% | +2.50% | +13.91% | +12.53% | +11.56% |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | +14.20% | +12.56% | +12.92% |
Category average: the average of the 37 Multi Asset funds, same plan type.
Nippon India Multi Asset Allocation vs SBI Multi Asset Allocation: Year-wise Returns
| Year | Nippon IndiaNippon India Multi Asset Allocation | SBISBI Multi Asset Allocation |
|---|---|---|
| 2026to date | +0.43% | −1.49% |
| 2025 | +20.96% | +19.58% |
| 2024 | +20.14% | +13.87% |
| 2023 | +25.92% | +25.48% |
| 2022 | +4.63% | +6.96% |
| 2021 | +21.10% | +13.96% |
Nippon India Multi Asset Allocation vs SBI Multi Asset Allocation: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 778 of them, one for each trading day from 31-08-2023 to 29-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Nippon India Multi Asset Allocation Fund (Direct)
SBI Multi Asset Allocation Fund (Direct)
to
Dec 2023Jun 2021
to
Jun 2024Dec 2021
to
Dec 2024Jul 2022
to
Jul 2025Jan 2023
to
Jan 2026Jul 2023
to
Jul 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nippon India Multi Asset Allocation | 0.0 | 0.0 | 0.0 | 0.9 | 63.9 | 35.2 | 0.0 | 19.0% | 18.6% | 14.0% | 24.5% |
| SBI Multi Asset Allocation | 0.0 | 0.0 | 0.0 | 22.6 | 73.1 | 4.3 | 0.0 | 16.6% | 16.3% | 13.4% | 21.6% |
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. Every fund is measured over the days all of them have, from 31-08-2020. Past returns do not promise future returns.
Nippon India Multi Asset Allocation vs SBI Multi Asset Allocation: 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 31-08-2020 to 29-10-2026: 75 instalments, ₹7,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Nippon India Multi Asset AllocationNippon India Multi Asset Allocation Fund (Direct) | ₹7,50,000 | ₹12,08,978 | ₹4,58,978 | 15.2% |
| SBI Multi Asset AllocationSBI Multi Asset Allocation Fund (Direct) | ₹7,50,000 | ₹11,21,217 | ₹3,71,217 | 12.7% |
Nippon India Multi Asset AllocationNippon India Multi Asset Allocation Fund (Direct)
SBI Multi Asset AllocationSBI Multi Asset Allocation 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.
Nippon India Multi Asset Allocation vs SBI Multi Asset Allocation: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Nippon India Multi Asset Allocation Fund (Direct) | SBI Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +3.05% | +2.50% |
| Standard deviation | 11.30% | 9.13% |
| Sharpe ratio | -0.19 | -0.30 |
| Sortino ratio | -0.26 | -0.40 |
| Maximum drawdown | −10.8% (23-03-2026) | −8.6% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 29-10-2025 to 29-10-2026. 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 | Nippon India Multi Asset Allocation Fund (Direct) | SBI Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +17.96% | +13.91% |
| Standard deviation | 10.00% | 7.94% |
| Sharpe ratio | 1.19 | 0.99 |
| Sortino ratio | 1.63 | 1.37 |
| Maximum drawdown | −10.8% (23-03-2026) | −8.6% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 27-10-2023 to 29-10-2026. 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 | Nippon India Multi Asset Allocation Fund (Direct) | SBI Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.83% | +12.53% |
| Standard deviation | 9.50% | 7.38% |
| Sharpe ratio | 0.85 | 0.91 |
| Sortino ratio | 1.16 | 1.26 |
| Maximum drawdown | −10.8% (23-03-2026) | −8.6% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 29-10-2021 to 29-10-2026. 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 | Nippon India Multi Asset Allocation Fund (Direct) | SBI Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.79% | +11.91% |
| Standard deviation | 9.40% | 6.46% |
| Sharpe ratio | 1.22 | 0.91 |
| Sortino ratio | 1.70 | 1.25 |
| Maximum drawdown | −10.8% (23-03-2026) | −17.6% (23-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 31-08-2020 to 29-10-2026. 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.
Nippon India Multi Asset Allocation Fund (Direct)
SBI Multi Asset Allocation Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Nippon India Multi Asset Allocation Fund (Direct) | −10.8% | 29-01-2026 | 23-03-2026 | 06-08-2026 | 4 months | −7.0% |
| SBI Multi Asset Allocation Fund (Direct) | −8.6% | 29-01-2026 | 23-03-2026 | Not yet | -- | −5.2% |
From daily values since 31-08-2020, 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.
Nippon India Multi Asset Allocation Fund (Direct)
SBI Multi Asset Allocation Fund (Direct)
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.
Nippon India Multi Asset Allocation Fund (Direct)
SBI Multi Asset Allocation Fund (Direct)
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.
Nippon India Multi Asset Allocation Fund (Direct)
SBI Multi Asset Allocation Fund (Direct)
Nippon India Multi Asset Allocation vs SBI Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: Nippon India Multi Asset Allocation Fund, September 2026; SBI Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 15.6%
- Held by both
- 28
- Only in Nippon India Multi Asset Allocation
- 135
- Only in SBI Multi Asset Allocation
- 100
| Security | % of Nippon India Multi Asset Allocation | % of SBI Multi Asset Allocation |
|---|---|---|
| HDFC Bank Limited | 3.25% | 1.77% |
| ICICI Bank Limited | 3.44% | 1.46% |
| Kotak Mahindra Bank Limited | 1.16% | 1.33% |
| Axis Bank Limited | 2.42% | 1.05% |
| Reliance Industries Limited | 1.49% | 0.97% |
| Muthoot Finance Limited | 0.89% | 1.19% |
| Oil & Natural Gas Corporation Limited | 0.81% | 1.23% |
| Varun Beverages Limited | 1.05% | 0.78% |
| Knowledge Realty Trust | 0.72% | 0.99% |
| Bajaj Finserv Limited | 0.60% | 0.92% |
| Muthoot Finance Limited | 0.55% | 0.48% |
| ITC Limited | 0.49% | 0.47% |
| Hindustan Aeronautics Limited | 1.35% | 0.44% |
| State Bank of India | 1.69% | 0.43% |
| Vedanta Aluminium Metal Limited | 0.53% | 0.39% |
| ZF Commercial Vehicle Control Systems India Limited | 0.39% | 0.42% |
| Samvardhana Motherson International Limited | 0.35% | 1.26% |
| FSN E-Commerce Ventures Limited | 0.32% | 0.97% |
| JSW Kalinga Steel Limited | 0.29% | 1.24% |
| 7.48% National Bank For Agriculture and Rural Development | 0.28% | 0.47% |
| 7.16% National Bank For Agriculture and Rural Development | 0.27% | 1.40% |
| 8% Adani Power Limited | 0.25% | 1.30% |
| Delhivery Limited | 0.23% | 1.68% |
| Life Insurance Corporation Of India | 0.98% | 0.19% |
| Infosys Limited | 1.35% | 0.16% |
| Jubilant Foodworks Limited | 0.76% | 0.14% |
| Mahindra & Mahindra Financial Services Limited | 0.14% | 0.48% |
| Bharti Airtel Limited | 0.61% | 0.13% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 15.6% means 15.6% 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 Nippon India Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| Nippon India ETF Gold Bees | 7.94% |
| Nippon India Silver ETF | 2.70% |
| Eternal Limited | 1.65% |
| Mahindra & Mahindra Limited | 1.44% |
| Info Edge (India) Limited | 1.42% |
Largest holdings only in SBI Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| SBI Gold ETF | 6.42% |
| SBI Silver ETF | 3.57% |
| Brookfield India Real Estate Trust | 2.42% |
| Cholamandalam Investment & Finance Co. Ltd.Perpetual | 2.21% |
| Embassy Office Parks Reit | 1.97% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Nippon India Multi Asset Allocation | SBI Multi Asset Allocation |
|---|---|---|
| Equity | 62.0% | 44.9% |
| Debt | 18.6% | 32.2% |
| Cash and others | 19.3% | 22.9% |
Market cap of stocks
| Market cap | Nippon India Multi Asset Allocation | SBI Multi Asset Allocation |
|---|---|---|
| Large Cap | 40.1% | 19.4% |
| Mid Cap | 10.3% | 9.0% |
| Small Cap | 7.0% | 15.4% |
| Foreign stocks | 4.5% | 0.0% |
| Not on AMFI's list | 0.2% | 1.1% |
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 | Nippon India Multi Asset Allocation | SBI Multi Asset Allocation |
|---|---|---|
| Banks | 12.3% | 9.4% |
| Retailing | 6.6% | 1.3% |
| Other | 4.5% | 0.0% |
| Pharmaceuticals & Biotechnology | 1.7% | 3.3% |
| Finance | 3.1% | 2.4% |
| Consumer Durables | 3.0% | 0.5% |
| Automobiles | 3.0% | 0.0% |
| Auto Components | 1.8% | 2.7% |
| Transport Services | 0.7% | 2.4% |
| Power | 2.1% | 2.0% |
The six largest sectors of each fund's stocks, % of the fund.
Nippon India Multi Asset Allocation vs SBI Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Nippon India Multi Asset Allocation Fund | SBI Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.48% | 0.66% |
| Base expense ratio (Direct) | 0.30% | 0.48% |
| Total expense ratio (Regular) | 1.44% | 1.39% |
| Base expense ratio (Regular) | 1.14% | 1.10% |
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 Nippon India Multi Asset Allocation with
Nippon India Multi Asset Allocation Fund vs SBI Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between Nippon India Multi Asset Allocation Fund and SBI Multi Asset Allocation Fund?
Both are Multi Asset funds, run by Nippon India Mutual Fund and SBI Mutual Fund. Their portfolios overlap 15.6%. Nippon India Multi Asset Allocation Fund charges 0.48% a year and SBI Multi Asset Allocation Fund 0.66%.
Which has given higher returns, Nippon India Multi Asset Allocation Fund or SBI Multi Asset Allocation Fund?
Over 1 year: Nippon India Multi Asset Allocation Fund +3.05%, SBI Multi Asset Allocation Fund +2.50%. Over 3 years: Nippon India Multi Asset Allocation Fund +17.96% a year, SBI Multi Asset Allocation Fund +13.91% a year. Over 5 years: Nippon India Multi Asset Allocation Fund +13.83% a year, SBI Multi Asset Allocation Fund +12.53% a year. As on 29-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Nippon India Multi Asset Allocation Fund or SBI Multi Asset Allocation Fund?
Nippon India Multi Asset Allocation Fund charges less: 0.48% a year against 0.66%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Nippon India Multi Asset Allocation Fund and SBI Multi Asset Allocation Fund overlap?
15.6%. They hold 28 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, KOTAKBANK. From each fund's latest monthly portfolio.
Which is better for SIP, Nippon India Multi Asset Allocation Fund or SBI Multi Asset Allocation Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 29-10-2026 grew to ₹8,84,142 in Nippon India Multi Asset Allocation Fund (XIRR 14.6% a year) and ₹8,34,399 in SBI Multi Asset Allocation Fund (XIRR 12.3% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Nippon India Multi Asset Allocation Fund and SBI Multi Asset Allocation Fund?
Yes. 15.6% 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.