SBI BSE 100 ETF vs Zerodha Nifty 100 ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
SBI BSE 100 ETF is a mutual fund and Zerodha Nifty 100 ETF is an ETF fund. In the year to 30-10-2026, SBI BSE 100 ETF (Regular) returned −9.1% and Zerodha Nifty 100 ETF (Direct) returned −8.7%. SBI BSE 100 ETF charges 0.16% a year and Zerodha Nifty 100 ETF 0.28%. Their portfolios overlap 90.9%: they hold 76 of the same securities.
Which is better, SBI BSE 100 ETF or Zerodha Nifty 100 ETF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Zerodha Nifty 100 ETF returned more over 1 year: −8.7% against −9.1%.
- SBI BSE 100 ETF costs less: 0.16% a year against 0.28%.
- SBI BSE 100 ETF fell less in its worst fall since 18-06-2024: −16.7% against −17.2%.
- Zerodha Nifty 100 ETF is the larger fund: ₹165 Cr against ₹9 Cr.
- Their portfolios overlap 90.9%: 76 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 | SBI BSE 100 ETF | Zerodha Nifty 100 ETF |
|---|---|---|
| Fund house | SBI Mutual Fund | Zerodha Mutual Fund |
| Category | Not available | ETF |
| AUM | ₹9 Cr (30-09-2026) | ₹165 Cr (30-09-2026) |
| NAV | ₹272.01 (Regular) | ₹10.09 (Direct) |
| Expense ratio (Direct) | Not available | 0.28% |
| Expense ratio (Regular) | 0.16% | Not available |
| Riskometer | Not available | Very High |
| Benchmark | Not available | Nifty 100 TRI |
| Launch date | Not available | 12-06-2024 |
| Minimum investment | Not available | In creation unit size of 765,000 units and in multiples thereafter |
| Lock in | Not available | None |
| Fund managers | Not available | Kedarnath Mirajkar |
| Exit load | Not available | Not available |
SBI BSE 100 ETF vs Zerodha Nifty 100 ETF: 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 |
|---|---|---|---|---|---|---|---|
| SBI BSE 100 ETF (Regular) | +0.93% | −5.53% | −2.97% | −9.05% | +8.78% | +7.62% | +11.52% |
| Zerodha Nifty 100 ETF (Direct) | +1.04% | −5.28% | −2.92% | −8.69% | -- | -- | -- |
SBI BSE 100 ETF vs Zerodha Nifty 100 ETF: Year-wise Returns
| Year | SBI BSESBI BSE 100 ETF | Zerodha NiftyZerodha Nifty 100 ETF |
|---|---|---|
| 2026to date | −9.80% | −9.32% |
| 2025 | +10.33% | +10.15% |
| 2024 | +13.11% | -- |
| 2023 | +23.07% | -- |
| 2022 | +5.85% | -- |
| 2021 | +26.33% | -- |
SBI BSE 100 ETF vs Zerodha Nifty 100 ETF: Rolling Returns
Every holding period of both funds, against BSE 100 TRI, the benchmark of SBI BSE 100 ETF
Rolling returns
Every 1-year holding period, 343 of them, one for each trading day from 18-06-2025 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.
SBI BSE 100 ETF (Regular)
Zerodha Nifty 100 ETF (Direct)
BSE 100 TRI
to
Jul 2025Oct 2024
to
Oct 2025Jan 2025
to
Jan 2026Apr 2025
to
Apr 2026Jul 2025
to
Jul 2026Sept 2025
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBI BSE 100 ETF | 38.5 | 28.6 | 19.8 | 12.5 | 0.6 | 0.0 | 0.0 | 2.5% | 1.6% | −10.5% | 16.3% | 0% |
| Zerodha Nifty 100 ETF | 40.8 | 27.5 | 19.2 | 11.8 | 0.6 | 0.0 | 0.0 | 2.2% | 1.3% | −10.5% | 15.2% | 25% |
| BSE 100 TRI | 37.0 | 28.9 | 20.1 | 13.1 | 0.9 | 0.0 | 0.0 | 2.6% | 1.8% | −10.3% | 16.4% | -- |
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 100 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 18-06-2024. Past returns do not promise future returns.
SBI BSE 100 ETF vs Zerodha Nifty 100 ETF: 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 03-06-2024 to 30-10-2026: 29 instalments, ₹2,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| SBI BSE 100 ETFSBI BSE 100 ETF (Regular) | ₹2,90,000 | ₹2,80,541 | −₹9,459 | −2.6% |
| Zerodha Nifty 100 ETFZerodha Nifty 100 ETF (Direct) | ₹2,90,000 | ₹2,80,663 | −₹9,337 | −2.6% |
SBI BSE 100 ETFSBI BSE 100 ETF (Regular)
Zerodha Nifty 100 ETFZerodha Nifty 100 ETF (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.
SBI BSE 100 ETF vs Zerodha Nifty 100 ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | SBI BSE 100 ETF (Regular) | Zerodha Nifty 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | −9.05% | −8.69% |
| Standard deviation | 13.91% | 14.04% |
| Sharpe ratio | -1.03 | -0.99 |
| Sortino ratio | -1.36 | -1.32 |
| Maximum drawdown | −15.0% (31-03-2026) | −14.9% (30-03-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.16% | −0.01% |
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 | SBI BSE 100 ETF (Regular) | Zerodha Nifty 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | +10.40% | −0.19% |
| Standard deviation | 15.99% | 13.27% |
| Sharpe ratio | 0.30 | -0.45 |
| Sortino ratio | 0.40 | -0.62 |
| Maximum drawdown | −38.2% (23-03-2020) | −17.2% (28-02-2025) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.44% | −0.06% |
From daily NAVs, 25-03-2015 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.
SBI BSE 100 ETF (Regular)
Zerodha Nifty 100 ETF (Direct)
BSE 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| SBI BSE 100 ETF (Regular) | −16.7% | 26-09-2024 | 28-02-2025 | 20-11-2025 | 9 months | −10.6% |
| Zerodha Nifty 100 ETF (Direct) | −17.2% | 26-09-2024 | 28-02-2025 | Not yet | -- | −10.1% |
| BSE 100 TRI | −16.7% | 26-09-2024 | 28-02-2025 | 20-11-2025 | 9 months | −10.4% |
From daily values since 18-06-2024, 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.
SBI BSE 100 ETF (Regular)
Zerodha Nifty 100 ETF (Direct)
BSE 100 TRI
Against BSE 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| SBI BSE 100 ETF (Regular) | 99% | 100% | 0.02% |
| Zerodha Nifty 100 ETF (Direct) | 98% | 100% | 0.60% |
From month-end values since 18-06-2024. 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.
SBI BSE 100 ETF vs Zerodha Nifty 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: SBI BSE 100 ETF, September 2026; Zerodha Nifty 100 ETF, September 2026
Holdings in common
- Overlap
- 90.9%
- Held by both
- 76
- Only in SBI BSE 100 ETF
- 24
- Only in Zerodha Nifty 100 ETF
- 24
| Security | % of SBI BSE 100 ETF | % of Zerodha Nifty 100 ETF |
|---|---|---|
| HDFC Bank Ltd. | 8.26% | 8.41% |
| ICICI Bank Ltd. | 7.24% | 7.34% |
| Reliance Industries Ltd. | 6.01% | 6.15% |
| Bharti Airtel Ltd. | 4.18% | 4.14% |
| Larsen & Toubro Ltd. | 3.35% | 3.41% |
| State Bank of India | 3.04% | 3.07% |
| Infosys Ltd. | 2.68% | 2.72% |
| Axis Bank Ltd. | 2.68% | 2.73% |
| Kotak Mahindra Bank Ltd. | 2.34% | 2.38% |
| Mahindra & Mahindra Ltd. | 2.01% | 2.04% |
| Bajaj Finance Ltd. | 1.96% | 2.03% |
| ITC Ltd. | 1.94% | 1.96% |
| Eternal Ltd. | 1.76% | 1.80% |
| Tata Consultancy Services Ltd. | 1.58% | 1.62% |
| Sun Pharmaceutical Industries Ltd. | 1.50% | 1.49% |
| Titan Company Ltd. | 1.43% | 1.47% |
| Hindustan Unilever Ltd. | 1.28% | 1.29% |
| Maruti Suzuki India Ltd. | 1.18% | 1.21% |
| NTPC Ltd. | 1.17% | 1.19% |
| Tata Steel Ltd. | 1.16% | 1.18% |
| Bharat Electronics Ltd. | 1.07% | 1.08% |
| Adani Ports and Special Economic Zone Ltd. | 1.07% | 1.09% |
| Shriram Finance Ltd. | 1.04% | 1.07% |
| Hindalco Industries Ltd. | 1.03% | 1.06% |
| HCL Technologies Ltd. | 0.99% | 1.00% |
| Ultratech Cement Ltd. | 0.98% | 1.00% |
| Power Grid Corporation of India Ltd. | 0.91% | 0.91% |
| JSW Steel Ltd. | 0.91% | 0.93% |
| Divi's Laboratories Ltd. | 0.90% | 0.91% |
| Bajaj Auto Ltd. | 0.88% | 0.92% |
| Grasim Industries Ltd. | 0.87% | 0.89% |
| Interglobe Aviation Ltd. | 0.85% | 0.87% |
| Asian Paints Ltd. | 0.83% | 0.84% |
| Coal India Ltd. | 0.78% | 0.79% |
| Adani Enterprises Ltd. | 0.75% | 0.76% |
| Tech Mahindra Ltd. | 0.75% | 0.75% |
| Eicher Motors Ltd. | 0.75% | 0.76% |
| Bajaj Finserv Ltd. | 0.74% | 0.78% |
| TVS Motor Company Ltd. | 0.73% | 0.75% |
| Nestle India Ltd. | 0.71% | 0.73% |
| Tata Motors Ltd. | 0.68% | 0.68% |
| Oil & Natural Gas Corporation Ltd. | 0.67% | 0.68% |
| Trent Ltd. | 0.66% | 0.68% |
| Hindustan Aeronautics Ltd. | 0.66% | 0.69% |
| Adani Power Ltd. | 0.66% | 0.66% |
| Apollo Hospitals Enterprise Ltd. | 0.63% | 0.65% |
| SBI Life Insurance Co. Ltd. | 0.58% | 0.59% |
| Cipla Ltd. | 0.58% | 0.59% |
| Dr. Reddy's Laboratories Ltd. | 0.57% | 0.58% |
| Samvardhana Motherson International Ltd. | 0.55% | 0.56% |
| Jio Financial Services Ltd. | 0.55% | 0.55% |
| Cholamandalam Investment & Finance Co. Ltd. | 0.54% | 0.54% |
| Max Healthcare Institute Ltd. | 0.52% | 0.53% |
| Cummins India Ltd. | 0.49% | 0.50% |
| Avenue Supermarts Ltd. | 0.48% | 0.47% |
| Tata Consumer Products Ltd. | 0.47% | 0.46% |
| Tata Motors Passenger Vehicles Ltd. | 0.46% | 0.46% |
| Tata Power Company Ltd. | 0.46% | 0.47% |
| Varun Beverages Ltd. | 0.45% | 0.46% |
| Bharat Petroleum Corporation Ltd. | 0.45% | 0.47% |
| CG Power and Industrial Solutions Ltd. | 0.44% | 0.45% |
| Britannia Industries Ltd. | 0.43% | 0.44% |
| HDFC Life Insurance Company Ltd. | 0.42% | 0.43% |
| Indian Oil Corporation Ltd. | 0.38% | 0.39% |
| Power Finance Corporation Ltd. | 0.36% | 0.37% |
| HDFC Asset Management Co. Ltd. | 0.35% | 0.35% |
| GAIL (India) Ltd. | 0.35% | 0.36% |
| Bajaj Holdings & Investment Ltd. | 0.35% | 0.36% |
| Pidilite Industries Ltd. | 0.34% | 0.35% |
| Bank of Baroda | 0.33% | 0.33% |
| DLF Ltd. | 0.33% | 0.33% |
| Wipro Ltd. | 0.32% | 0.33% |
| Canara Bank | 0.31% | 0.31% |
| Punjab National Bank | 0.30% | 0.30% |
| LTM Ltd. | 0.28% | 0.29% |
| Godrej Consumer Products Ltd. | 0.26% | 0.26% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 90.9% means 90.9% 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 SBI BSE 100 ETF
| Security | % of fund |
|---|---|
| The Federal Bank Ltd. | 0.60% |
| One 97 Communications Ltd. | 0.55% |
| Hero MotoCorp Ltd. | 0.51% |
| The Indian Hotels Company Ltd. | 0.49% |
| Coforge Ltd. | 0.46% |
Largest holdings only in Zerodha Nifty 100 ETF
| Security | % of fund |
|---|---|
| BSE Ltd | 0.98% |
| Vedanta Aluminium Metal Limited | 0.55% |
| Torrent Pharmaceuticals Limited | 0.55% |
| Solar Industries India Limited | 0.37% |
| Vedanta Limited | 0.35% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | SBI BSE 100 ETF | Zerodha Nifty 100 ETF |
|---|---|---|
| Equity | 100.0% | 99.9% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.0% | 0.1% |
Market cap of stocks
| Market cap | SBI BSE 100 ETF | Zerodha Nifty 100 ETF |
|---|---|---|
| Large Cap | 90.2% | 97.9% |
| Mid Cap | 9.7% | 2.0% |
| Small Cap | 0.0% | 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 | SBI BSE 100 ETF | Zerodha Nifty 100 ETF |
|---|---|---|
| Banks | 26.7% | 25.1% |
| IT - Software | 7.5% | 6.7% |
| Petroleum Products | 6.8% | 7.0% |
| Automobiles | 6.5% | 6.4% |
| Finance | 5.8% | 6.2% |
| Telecom - Services | 4.5% | 4.4% |
The six largest sectors of each fund's stocks, % of the fund.
SBI BSE 100 ETF vs Zerodha Nifty 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | SBI BSE 100 ETF | Zerodha Nifty 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.28% |
| Base expense ratio (Direct) | 0.00% | 0.22% |
| Total expense ratio (Regular) | 0.16% | Not available |
| Base expense ratio (Regular) | 0.12% | 0.00% |
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.
SBI BSE 100 ETF vs Zerodha Nifty 100 ETF: Frequently Asked Questions
What is the difference between SBI BSE 100 ETF and Zerodha Nifty 100 ETF?
SBI BSE 100 ETF is a mutual fund, Zerodha Nifty 100 ETF is an ETF fund, run by SBI Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 90.9%. SBI BSE 100 ETF charges 0.16% a year and Zerodha Nifty 100 ETF 0.28%.
Which has given higher returns, SBI BSE 100 ETF or Zerodha Nifty 100 ETF?
Over 1 year: SBI BSE 100 ETF −9.05%, Zerodha Nifty 100 ETF −8.69%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, SBI BSE 100 ETF or Zerodha Nifty 100 ETF?
SBI BSE 100 ETF charges less: 0.16% a year against 0.28%. These are the total expense ratios reported to AMFI.
How much do SBI BSE 100 ETF and Zerodha Nifty 100 ETF overlap?
90.9%. They hold 76 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Can I invest in both SBI BSE 100 ETF and Zerodha Nifty 100 ETF?
Yes. 90.9% of each fund's money sits in the same holdings, so a large part 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.