Nippon India Small Cap Fund vs SBI Nifty Smallcap 250 Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
Nippon India Small Cap Fund is a Small Cap fund and SBI Nifty Smallcap 250 Index Fund is a mutual fund. In the 3 years to 30-10-2026, Nippon India Small Cap Fund (Direct) returned 13.0% a year and SBI Nifty Smallcap 250 Index Fund (Direct) returned 11.6% a year. Nippon India Small Cap Fund charges 0.69% a year and SBI Nifty Smallcap 250 Index Fund 0.51% (Direct plans). Their portfolios overlap 28.1%: they hold 85 of the same securities.
Nippon India Small Cap Fund
Small Cap
- 3 year return
- 13.0%
- Expense ratio
- 0.69%
- NAV
- ₹192.76
SBI Nifty Smallcap 250 Index Fund
- 3 year return
- 11.6%
- Expense ratio
- 0.51%
- NAV
- ₹18.26
Which is better, Nippon India Small Cap or SBI Nifty Smallcap 250 Index? 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 Small Cap returned more over 3 years: 13.0% a year against 11.6%.
- Nippon India Small Cap returned more over 1 year: −0.2% against −3.8%.
- SBI Nifty Smallcap 250 Index costs less: 0.51% a year against 0.69% (Direct plans).
- Nippon India Small Cap swung less over 3 years: a standard deviation of 16.5% a year against 19.0%.
- Nippon India Small Cap fell less in its worst fall since 11-10-2022: −24.2% against −26.2%.
- Nippon India Small Cap holds more in large companies: 14.3% of the fund in large caps against 0.0%.
- Nippon India Small Cap is the larger fund: ₹80,906 Cr against ₹1,755 Cr.
- Their portfolios overlap 28.1%: 85 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 Small Cap Fund | SBI Nifty Smallcap 250 Index Fund |
|---|---|---|
| Fund house | Nippon India Mutual Fund | SBI Mutual Fund |
| Category | Small Cap | Not available |
| AUM | ₹80,906 Cr (30-09-2026) | ₹1,755 Cr (30-09-2026) |
| NAV | ₹192.76 (Direct) | ₹18.26 (Direct) |
| Expense ratio (Direct) | 0.69% | 0.51% |
| Expense ratio (Regular) | 1.41% | 0.93% |
| Riskometer | Very High | Not available |
| Benchmark | Nifty Smallcap 250 TRI | Not available |
| Launch date | 16-09-2010 | Not available |
| Minimum investment | Not available | Not available |
| Lock in | None | Not available |
| Fund managers | Samir Rachh | Not available |
| Exit load | Exit load of 1% if redeemed within 1 year. | Not available |
Nippon India Small Cap vs SBI Nifty Smallcap 250 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 |
|---|---|---|---|---|---|---|---|
| Nippon India Small Cap Fund (Direct) | −5.79% | −4.50% | +0.35% | −0.23% | +12.97% | +17.08% | +19.26% |
| SBI Nifty Smallcap 250 Index Fund (Direct) | −5.86% | −6.14% | +0.22% | −3.79% | +11.62% | -- | -- |
| 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.
Nippon India Small Cap vs SBI Nifty Smallcap 250 Index: Year-wise Returns
| Year | Nippon India Small CapNippon India Small Cap | SBI Nifty Smallcap 250 IndexSBI Nifty Smallcap 250 Index | Nifty Smallcap 250 TRI |
|---|---|---|---|
| 2026to date | +3.07% | +0.40% | +1.00% |
| 2025 | −4.02% | −5.97% | −5.48% |
| 2024 | +27.06% | +26.28% | +27.21% |
| 2023 | +50.17% | +48.19% | +49.09% |
| 2022 | +7.53% | -- | −2.64% |
| 2021 | +75.87% | -- | +63.34% |
Nippon India Small Cap vs SBI Nifty Smallcap 250 Index: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 257 of them, one for each trading day from 13-10-2025 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.
Nippon India Small Cap Fund (Direct)
SBI Nifty Smallcap 250 Index Fund (Direct)
Nifty Smallcap 250 TRI
to
Nov 2025Jan 2023
to
Jan 2026Mar 2023
to
Mar 2026May 2023
to
May 2026Jul 2023
to
Jul 2026Sept 2023
to
Sept 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nippon India Small Cap | 0.0 | 0.0 | 0.0 | 10.5 | 35.8 | 53.7 | 0.0 | 19.8% | 20.3% | 12.3% | 24.4% | 63% |
| SBI Nifty Smallcap 250 Index | 0.0 | 0.0 | 0.0 | 13.4 | 50.2 | 36.4 | 0.0 | 18.8% | 19.1% | 10.7% | 23.1% | 0% |
| Nifty Smallcap 250 TRI | 0.0 | 0.0 | 0.0 | 10.9 | 40.9 | 48.2 | 0.0 | 19.5% | 19.8% | 11.4% | 23.9% | -- |
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 11-10-2022. Past returns do not promise future returns.
Nippon India Small Cap vs SBI Nifty Smallcap 250 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 03-10-2022 to 30-10-2026: 49 instalments, ₹4,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Nippon India Small CapNippon India Small Cap Fund (Direct) | ₹4,90,000 | ₹6,13,013 | ₹1,23,013 | 11.0% |
| SBI Nifty Smallcap 250 IndexSBI Nifty Smallcap 250 Index Fund (Direct) | ₹4,90,000 | ₹5,91,450 | ₹1,01,450 | 9.2% |
Nippon India Small CapNippon India Small Cap Fund (Direct)
SBI Nifty Smallcap 250 IndexSBI Nifty Smallcap 250 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.
Nippon India Small Cap vs SBI Nifty Smallcap 250 Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Nippon India Small Cap Fund (Direct) | SBI Nifty Smallcap 250 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.23% | −3.79% |
| Standard deviation | 16.03% | 18.05% |
| Sharpe ratio | -0.34 | -0.50 |
| Sortino ratio | -0.46 | -0.68 |
| Maximum drawdown | −14.7% (31-03-2026) | −18.4% (23-03-2026) |
| Beta | 0.87 | 1.00 |
| Alpha | +1.81% | −0.64% |
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 | Nippon India Small Cap Fund (Direct) | SBI Nifty Smallcap 250 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.97% | +11.62% |
| Standard deviation | 16.46% | 19.01% |
| Sharpe ratio | 0.42 | 0.29 |
| Sortino ratio | 0.56 | 0.39 |
| Maximum drawdown | −24.2% (03-03-2025) | −26.2% (03-03-2025) |
| Beta | 0.85 | 1.00 |
| Alpha | +1.59% | −0.74% |
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 | Nippon India Small Cap Fund (Direct) | SBI Nifty Smallcap 250 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +23.01% | +15.86% |
| Standard deviation | 17.11% | 17.65% |
| Sharpe ratio | 0.99 | 0.55 |
| Sortino ratio | 1.32 | 0.72 |
| Maximum drawdown | −48.6% (24-03-2020) | −26.2% (03-03-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.74% |
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.
Nippon India Small Cap Fund (Direct)
SBI Nifty Smallcap 250 Index 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 |
|---|---|---|---|---|---|---|
| Nippon India Small Cap Fund (Direct) | −24.2% | 24-09-2024 | 03-03-2025 | 22-06-2026 | 16 months | −8.7% |
| SBI Nifty Smallcap 250 Index Fund (Direct) | −26.2% | 23-09-2024 | 03-03-2025 | Not yet | -- | −10.1% |
| Nifty Smallcap 250 TRI | −26.0% | 23-09-2024 | 03-03-2025 | 26-08-2026 | 18 months | −9.4% |
From daily values since 11-10-2022, 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 Small Cap Fund (Direct)
SBI Nifty Smallcap 250 Index 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.
Nippon India Small Cap Fund (Direct)
SBI Nifty Smallcap 250 Index Fund (Direct)
Nifty Smallcap 250 TRI
Against Nifty Smallcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Nippon India Small Cap Fund (Direct) | 89% | 76% | 4.73% |
| SBI Nifty Smallcap 250 Index Fund (Direct) | 99% | 101% | 0.13% |
From month-end values since 11-10-2022. 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.
Nippon India Small Cap vs SBI Nifty Smallcap 250 Index: Portfolio Overlap
From each fund's latest monthly portfolio: Nippon India Small Cap Fund, September 2026; SBI Nifty Smallcap 250 Index Fund, September 2026
Holdings in common
- Overlap
- 28.1%
- Held by both
- 85
- Only in Nippon India Small Cap
- 171
- Only in SBI Nifty Smallcap 250 Index
- 166
| Security | % of Nippon India Small Cap | % of SBI Nifty Smallcap 250 Index |
|---|---|---|
| Karur Vysya Bank Limited | 1.28% | 1.37% |
| Sai Life Sciences Limited | 1.24% | 0.94% |
| Kirloskar Oil Engines Limited | 0.97% | 0.86% |
| TD Power Systems Limited | 1.88% | 0.80% |
| Craftsman Automation Limited | 0.77% | 0.70% |
| Gland Pharma Limited | 0.66% | 1.03% |
| PNB Housing Finance Limited | 0.66% | 0.94% |
| Carborundum Universal Limited | 0.63% | 0.65% |
| Kalpataru Projects International Limited | 0.62% | 0.70% |
| Navin Fluorine International Limited | 0.58% | 1.36% |
| Krishna Institute Of Medical Sciences Limited | 0.56% | 0.89% |
| Delhivery Limited | 0.53% | 1.10% |
| Asahi India Glass Limited | 0.60% | 0.52% |
| Timken India Limited | 0.54% | 0.50% |
| Finolex Cables Limited | 0.54% | 0.49% |
| Sona BLW Precision Forgings Limited | 0.49% | 1.67% |
| The Ramco Cements Limited | 0.53% | 0.48% |
| Sansera Engineering Limited | 0.47% | 0.90% |
| RBL Bank Limited | 0.45% | 1.12% |
| AWL Agri Business Limited | 0.58% | 0.44% |
| Poonawalla Fincorp Limited | 0.44% | 0.71% |
| Affle 3i Limited | 0.48% | 0.43% |
| KFin Technologies Limited | 0.41% | 0.50% |
| Acme Solar Holdings Ltd | 1.33% | 0.40% |
| PVR INOX Limited | 0.50% | 0.40% |
| Central Depository Services (India) Limited | 0.40% | 1.01% |
| Crompton Greaves Consumer Electricals Limited | 0.39% | 0.60% |
| Cyient Limited | 0.38% | 0.39% |
| City Union Bank Limited | 0.38% | 0.97% |
| Deepak Nitrite Limited | 0.35% | 0.47% |
| Balrampur Chini Mills Limited | 0.91% | 0.34% |
| Pine Labs Limited | 0.34% | 0.43% |
| Emami Limited | 0.79% | 0.33% |
| eClerx Services Limited | 0.78% | 0.33% |
| Aditya Birla Sun Life AMC Limited | 0.52% | 0.33% |
| PhysicsWallah Limited | 0.50% | 0.33% |
| Aarti Industries Limited | 0.33% | 0.44% |
| Dr. Lal Path Labs Limited | 0.32% | 0.69% |
| Syngene International Limited | 0.60% | 0.31% |
| Whirlpool of India Limited | 0.88% | 0.30% |
| Paradeep Phosphates Limited | 0.75% | 0.30% |
| Kajaria Ceramics Limited | 0.29% | 0.45% |
| Belrise Industries Ltd. | 0.29% | 0.41% |
| Data Patterns (India) Limited | 0.28% | 0.58% |
| TBO Tek Limited | 0.71% | 0.26% |
| Jindal Saw Limited | 0.26% | 0.29% |
| Castrol India Limited | 0.25% | 0.43% |
| Vardhman Textiles Limited | 0.56% | 0.24% |
| Aditya Birla Real Estate Limited | 0.24% | 0.27% |
| Lemon Tree Hotels Limited | 0.25% | 0.23% |
| Zydus Wellness Limited | 1.09% | 0.22% |
| CIE Automotive India Limited | 0.24% | 0.22% |
| Chambal Fertilizers & Chemicals Limited | 0.21% | 0.27% |
| PG Electroplast Limited | 0.21% | 0.36% |
| Kaynes Technology India Limited | 0.21% | 0.49% |
| Kirloskar Brothers Limited | 0.99% | 0.20% |
| Aavas Financiers Limited | 0.19% | 0.22% |
| Sumitomo Chemical India Limited | 0.19% | 0.24% |
| ZF Commercial Vehicle Control Systems India Limited | 0.19% | 0.48% |
| CESC Limited | 0.19% | 0.38% |
| MTAR Technologies Limited | 0.92% | 0.18% |
| Tejas Networks Limited | 0.30% | 0.18% |
| Allied Blenders And Distillers Limited | 0.37% | 0.17% |
| Clean Science and Technology Limited | 0.30% | 0.17% |
| Afcons Infrastructure Limited | 0.21% | 0.17% |
| KPIT Technologies Limited | 0.17% | 0.37% |
| Elgi Equipments Limited | 0.17% | 0.59% |
| Doms Industries Limited | 0.17% | 0.21% |
| Brigade Enterprises Limited | 0.17% | 0.48% |
| JSW Cement Limited | 0.28% | 0.16% |
| UTI Asset Management Company Limited | 0.16% | 0.17% |
| Computer Age Management Services Limited | 0.16% | 0.72% |
| CreditAccess Grameen Limited | 0.16% | 0.31% |
| Can Fin Homes Limited | 0.15% | 0.27% |
| RITES Limited | 0.24% | 0.13% |
| Piramal Pharma Limited | 0.13% | 0.57% |
| Zensar Technologies Limited | 0.13% | 0.22% |
| Rainbow Childrens Medicare Limited | 0.13% | 0.29% |
| Triveni Turbine Limited | 0.12% | 0.28% |
| RHI Magnesita India Limited | 0.21% | 0.11% |
| Inox Wind Limited | 0.11% | 0.30% |
| Central Mine Planning & Design Institute Limited | 0.65% | 0.10% |
| Birlasoft Limited | 0.10% | 0.20% |
| Urban Company Ltd. | 0.09% | 0.24% |
| KEC International Limited | 0.07% | 0.22% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 28.1% means 28.1% 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 Nippon India Small Cap Fund
| Security | % of fund |
|---|---|
| Bharat Heavy Electricals Limited | 1.77% |
| HDFC Bank Limited | 1.75% |
| Apar Industries Limited | 1.74% |
| Sundram Fasteners Limited | 1.20% |
| State Bank of India | 1.19% |
Largest holdings only in SBI Nifty Smallcap 250 Index Fund
| Security | % of fund |
|---|---|
| Welspun Corp Ltd. | 1.59% |
| Ather Energy Ltd. | 1.21% |
| Redington Ltd. | 1.08% |
| HFCL Ltd. | 1.03% |
| Brookfield India Real Estate Trust | 1.01% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Nippon India Small Cap | SBI Nifty Smallcap 250 Index |
|---|---|---|
| Equity | 97.4% | 97.4% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.6% | 2.6% |
Market cap of stocks
| Market cap | Nippon India Small Cap | SBI Nifty Smallcap 250 Index |
|---|---|---|
| Large Cap | 14.3% | 0.0% |
| Mid Cap | 13.1% | 2.7% |
| Small Cap | 66.6% | 93.7% |
| Not on AMFI's list | 3.5% | 1.0% |
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 | Nippon India Small Cap | SBI Nifty Smallcap 250 Index |
|---|---|---|
| Electrical Equipment | 9.5% | 2.8% |
| Industrial Products | 6.8% | 8.6% |
| Auto Components | 7.7% | 8.4% |
| Pharmaceuticals & Biotechnology | 5.4% | 7.7% |
| Banks | 7.6% | 5.1% |
| Finance | 4.0% | 7.6% |
| Chemicals & Petrochemicals | 5.0% | 5.7% |
| Consumer Durables | 5.4% | 2.8% |
| Capital Markets | 4.0% | 5.4% |
The six largest sectors of each fund's stocks, % of the fund.
Nippon India Small Cap vs SBI Nifty Smallcap 250 Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Nippon India Small Cap Fund | SBI Nifty Smallcap 250 Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.69% | 0.51% |
| Base expense ratio (Direct) | 0.53% | 0.34% |
| Total expense ratio (Regular) | 1.41% | 0.93% |
| Base expense ratio (Regular) | 1.14% | 0.70% |
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
Nippon India Small Cap Fund vs SBI Nifty Smallcap 250 Index Fund: Frequently Asked Questions
What is the difference between Nippon India Small Cap Fund and SBI Nifty Smallcap 250 Index Fund?
Nippon India Small Cap Fund is a Small Cap fund, SBI Nifty Smallcap 250 Index Fund is a mutual fund, run by Nippon India Mutual Fund and SBI Mutual Fund. Their portfolios overlap 28.1%. Nippon India Small Cap Fund charges 0.69% a year and SBI Nifty Smallcap 250 Index Fund 0.51%.
Which has given higher returns, Nippon India Small Cap Fund or SBI Nifty Smallcap 250 Index Fund?
Over 1 year: Nippon India Small Cap Fund −0.23%, SBI Nifty Smallcap 250 Index Fund −3.79%. Over 3 years: Nippon India Small Cap Fund +12.97% a year, SBI Nifty Smallcap 250 Index Fund +11.62% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Nippon India Small Cap Fund or SBI Nifty Smallcap 250 Index Fund?
SBI Nifty Smallcap 250 Index Fund charges less: 0.51% a year against 0.69%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Nippon India Small Cap Fund and SBI Nifty Smallcap 250 Index Fund overlap?
28.1%. They hold 85 of the same securities, the largest shared ones being KARURVYSYA, SAILIFE, KIRLOSENG. From each fund's latest monthly portfolio.
Which is better for SIP, Nippon India Small Cap Fund or SBI Nifty Smallcap 250 Index Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,99,117 in Nippon India Small Cap Fund (XIRR 4.9% a year) and ₹3,86,013 in SBI Nifty Smallcap 250 Index Fund (XIRR 2.7% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Nippon India Small Cap Fund and SBI Nifty Smallcap 250 Index Fund?
Yes. 28.1% 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.