SBI Conservative Hybrid Fund vs SBI Multi Asset Allocation Fund
Direct Plan, Growth option · Data as on 30-10-2026
SBI Conservative Hybrid Fund is a Conservative Hybrid fund and SBI Multi Asset Allocation Fund is a Multi Asset fund. In the 3 years to 30-10-2026, SBI Conservative Hybrid Fund (Direct) returned 8.0% a year and SBI Multi Asset Allocation Fund (Direct) returned 13.9% a year. SBI Conservative Hybrid Fund charges 0.98% a year and SBI Multi Asset Allocation Fund 0.66% (Direct plans). Their portfolios overlap 25.9%: they hold 37 of the same securities.
SBI Conservative Hybrid Fund
Conservative Hybrid
- 3 year return
- 8.0%
- Expense ratio
- 0.98%
- NAV
- ₹82.84
SBI Multi Asset Allocation Fund
Multi Asset
- 3 year return
- 13.9%
- Expense ratio
- 0.66%
- NAV
- ₹71.85
Which is better, SBI Conservative Hybrid 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.
- SBI Multi Asset Allocation returned more over 5 years: 12.5% a year against 7.9%.
- SBI Multi Asset Allocation returned more over 3 years: 13.9% a year against 8.0%.
- SBI Multi Asset Allocation costs less: 0.66% a year against 0.98% (Direct plans).
- SBI Conservative Hybrid swung less over 3 years: a standard deviation of 3.6% a year against 7.9%.
- SBI Conservative Hybrid fell less in its worst fall since 19-03-2013: −11.9% against −17.6%.
- SBI Multi Asset Allocation holds more in large companies: 19.4% of the fund in large caps against 8.5%.
- SBI Multi Asset Allocation is the larger fund: ₹21,044 Cr against ₹10,107 Cr.
- Their portfolios overlap 25.9%: 37 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 Conservative Hybrid Fund | SBI Multi Asset Allocation Fund |
|---|---|---|
| Fund house | SBI Mutual Fund | SBI Mutual Fund |
| Category | Conservative Hybrid | Multi Asset |
| AUM | ₹10,107 Cr (30-09-2026) | ₹21,044 Cr (30-09-2026) |
| NAV | ₹82.84 (Direct) | ₹71.85 (Direct) |
| Expense ratio (Direct) | 0.98% | 0.66% |
| Expense ratio (Regular) | 1.49% | 1.39% |
| Riskometer | High | Very High |
| Benchmark | Nifty 50 Hybrid Composite Debt 15:85 Conservative Index | 45% BSE 500 TRI + 40% Crisil Composite Bond Fund Index + 10% Domestic Prices of Gold + 5% Domestic Prices of Silver. |
| Launch date | 09-04-2001 | 21-12-2005 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Mansi Sajeja, Saurabh Pant, Milind Agrawal | Mansi Sajeja, Dinesh Balachandran, Vandna Soni |
| Exit load | For units in excess of 10% of the investment, 1% will be charged for redemption within 1 year | For units in excess of 10% of the investment, 1% will be charged for redemption within 12 months |
SBI Conservative Hybrid vs SBI Multi Asset Allocation: 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 Conservative Hybrid Fund (Direct) | −0.91% | −1.25% | +1.10% | +2.04% | +8.01% | +7.93% | +8.59% |
| SBI Multi Asset Allocation Fund (Direct) | −2.02% | −3.49% | −2.44% | +2.50% | +13.91% | +12.53% | +11.56% |
| Conservative Hybrid average | −0.46% | −1.48% | +0.87% | +1.02% | +7.61% | +7.13% | +7.52% |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | +14.20% | +12.56% | +12.92% |
Category average: the average of the 18 Conservative Hybrid funds and the 37 Multi Asset funds, same plan type.
SBI Conservative Hybrid vs SBI Multi Asset Allocation: Year-wise Returns
| Year | Conservative HybridSBI Conservative Hybrid | Multi Asset AllocationSBI Multi Asset Allocation |
|---|---|---|
| 2026to date | +1.78% | −1.49% |
| 2025 | +7.21% | +19.58% |
| 2024 | +11.57% | +13.87% |
| 2023 | +12.76% | +25.48% |
| 2022 | +5.09% | +6.96% |
| 2021 | +14.72% | +13.96% |
SBI Conservative Hybrid vs SBI Multi Asset Allocation: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,575 of them, one for each trading day from 21-03-2016 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.
SBI Conservative Hybrid Fund (Direct)
SBI Multi Asset Allocation Fund (Direct)
to
Jan 2017Nov 2015
to
Nov 2018Sept 2017
to
Sept 2020Jun 2019
to
Jun 2022Apr 2021
to
Apr 2024Dec 2022
to
Dec 2025
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBI Conservative Hybrid | 0.0 | 5.0 | 34.8 | 60.0 | 0.2 | 0.0 | 0.0 | 10.2% | 10.6% | 2.0% | 15.5% |
| SBI Multi Asset Allocation | 0.0 | 0.6 | 29.0 | 46.6 | 22.5 | 1.3 | 0.0 | 12.5% | 12.8% | 1.3% | 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 19-03-2013. Past returns do not promise future returns.
SBI Conservative Hybrid 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 01-03-2013 to 30-10-2026: 164 instalments, ₹16,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| SBI Conservative HybridSBI Conservative Hybrid Fund (Direct) | ₹16,40,000 | ₹31,81,053 | ₹15,41,053 | 9.2% |
| SBI Multi Asset AllocationSBI Multi Asset Allocation Fund (Direct) | ₹16,40,000 | ₹39,73,335 | ₹23,33,335 | 12.1% |
SBI Conservative HybridSBI Conservative Hybrid 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.
SBI Conservative Hybrid 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 | SBI Conservative Hybrid Fund (Direct) | SBI Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +2.04% | +2.50% |
| Standard deviation | 4.04% | 9.13% |
| Sharpe ratio | -0.79 | -0.30 |
| Sortino ratio | -1.08 | -0.40 |
| Maximum drawdown | −3.0% (30-03-2026) | −8.6% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 Conservative Hybrid Fund (Direct) | SBI Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.01% | +13.91% |
| Standard deviation | 3.63% | 7.94% |
| Sharpe ratio | 0.55 | 0.99 |
| Sortino ratio | 0.75 | 1.37 |
| Maximum drawdown | −3.0% (30-03-2026) | −8.6% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 | SBI Conservative Hybrid Fund (Direct) | SBI Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.93% | +12.53% |
| Standard deviation | 3.55% | 7.38% |
| Sharpe ratio | 0.60 | 0.91 |
| Sortino ratio | 0.81 | 1.26 |
| Maximum drawdown | −3.6% (07-03-2022) | −8.6% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 | SBI Conservative Hybrid Fund (Direct) | SBI Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.43% | +11.91% |
| Standard deviation | 4.19% | 6.46% |
| Sharpe ratio | 0.81 | 0.91 |
| Sortino ratio | 1.10 | 1.25 |
| Maximum drawdown | −11.9% (23-03-2020) | −17.6% (23-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 08-01-2013 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.
SBI Conservative Hybrid 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 |
|---|---|---|---|---|---|---|
| SBI Conservative Hybrid Fund (Direct) | −11.9% | 20-02-2020 | 23-03-2020 | 20-07-2020 | 4 months | −2.2% |
| SBI Multi Asset Allocation Fund (Direct) | −17.6% | 20-02-2020 | 23-03-2020 | 23-06-2020 | 3 months | −5.2% |
From daily values since 19-03-2013, 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.
SBI Conservative Hybrid 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.
SBI Conservative Hybrid 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.
SBI Conservative Hybrid Fund (Direct)
SBI Multi Asset Allocation Fund (Direct)
SBI Conservative Hybrid vs SBI Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: SBI Conservative Hybrid Fund, September 2026; SBI Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 25.9%
- Held by both
- 37
- Only in SBI Conservative Hybrid
- 71
- Only in SBI Multi Asset Allocation
- 91
| Security | % of SBI Conservative Hybrid | % of SBI Multi Asset Allocation |
|---|---|---|
| National Bank for Agriculture and Rural Development | 3.15% | 1.40% |
| Biocon Ltd. | 1.39% | 1.39% |
| Cholamandalam Investment & Finance Co. Ltd.Perpetual | 1.31% | 2.21% |
| Adani Power Ltd. | 2.96% | 1.30% |
| JTPM Metal Traders Ltd. | 2.94% | 1.28% |
| JSW JFE Kalinga Steel Ltd. | 2.32% | 1.24% |
| ICICI Bank Ltd. | 1.20% | 1.46% |
| Axis Bank Ltd. | 1.23% | 1.05% |
| Reliance Industries Ltd. | 1.08% | 0.97% |
| Aditya Birla Renewables Ltd. | 2.23% | 0.95% |
| Cholamandalam Investment & Finance Co. Ltd. | 1.97% | 0.95% |
| HDB Financial Services Ltd. | 0.97% | 0.93% |
| Bajaj Finserv Ltd. | 1.11% | 0.92% |
| GMR Airports Ltd. | 1.86% | 0.89% |
| Bharti Telecom Ltd. | 1.50% | 0.84% |
| Torrent Power Ltd. | 2.46% | 0.83% |
| HDFC Bank Ltd. | 0.77% | 1.77% |
| Sundaram Finance Ltd. | 1.97% | 0.71% |
| Muthoot Finance Ltd. | 1.47% | 0.71% |
| Motilal Oswal Financial Services Ltd. | 1.24% | 0.71% |
| Bajaj Housing Finance Ltd. | 2.43% | 0.70% |
| Motilal Oswal Finvest Ltd. | 1.69% | 0.57% |
| 91 DAY T-BILL 27.11.26 | 0.49% | 0.71% |
| Mahindra & Mahindra Financial Services Ltd. | 0.49% | 0.48% |
| Tata Power Company Ltd. | 2.42% | 0.47% |
| National Bank for Agriculture and Rural Development | 0.49% | 0.47% |
| Muthoot Finance Ltd. | 0.50% | 0.36% |
| Deepak Nitrite Ltd. | 0.33% | 0.73% |
| Godrej Seeds & Genetics Ltd. | 0.97% | 0.30% |
| Godrej Seeds & Genetics Ltd. | 0.49% | 0.28% |
| Godrej Seeds & Genetics Ltd. | 0.49% | 0.28% |
| Reliance Industries Ltd. | 0.49% | 0.24% |
| Godrej Seeds & Genetics Ltd. | 0.49% | 0.21% |
| Jubilant Foodworks Ltd. | 0.38% | 0.14% |
| 6.94% CGL 2036 | 0.10% | 0.12% |
| Afcons Infrastructure Ltd. | 0.19% | 0.09% |
| Elevate Campuses Ltd. | 0.06% | 1.02% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 25.9% means 25.9% 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 Conservative Hybrid Fund
| Security | % of fund |
|---|---|
| REC Ltd. | 2.66% |
| LIC Housing Finance Ltd. | 2.22% |
| LIC Housing Finance Ltd. | 2.21% |
| Kingfa Science & Technology India Ltd. | 1.86% |
| Bharti Telecom Ltd. | 1.79% |
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% |
| Embassy Office Parks Reit | 1.97% |
| GAIL (India) Ltd. | 1.89% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | SBI Conservative Hybrid | SBI Multi Asset Allocation |
|---|---|---|
| Equity | 23.2% | 44.9% |
| Debt | 71.7% | 32.2% |
| Cash and others | 5.2% | 22.9% |
Market cap of stocks
| Market cap | SBI Conservative Hybrid | SBI Multi Asset Allocation |
|---|---|---|
| Large Cap | 8.5% | 19.4% |
| Mid Cap | 2.6% | 9.0% |
| Small Cap | 12.0% | 15.4% |
| Not on AMFI's list | 0.1% | 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 | SBI Conservative Hybrid | SBI Multi Asset Allocation |
|---|---|---|
| Banks | 3.2% | 9.4% |
| Industrial Products | 3.8% | 0.0% |
| Pharmaceuticals & Biotechnology | 2.9% | 3.3% |
| Auto Components | 0.2% | 2.7% |
| Finance | 1.4% | 2.4% |
| Transport Services | 0.0% | 2.4% |
| Consumer Durables | 2.0% | 0.5% |
| Power | 0.0% | 2.0% |
| Insurance | 1.4% | 0.4% |
The six largest sectors of each fund's stocks, % of the fund.
SBI Conservative Hybrid vs SBI Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | SBI Conservative Hybrid Fund | SBI Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.98% | 0.66% |
| Base expense ratio (Direct) | 0.80% | 0.48% |
| Total expense ratio (Regular) | 1.49% | 1.39% |
| Base expense ratio (Regular) | 1.23% | 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 SBI Conservative Hybrid with
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Compare SBI Multi Asset Allocation with
- SBI Multi Asset Allocation vs Quant Multi Asset Allocation
- SBI Multi Asset Allocation vs Nippon India Multi Asset Allocation
- SBI Multi Asset Allocation vs DSP Multi Asset Allocation
- SBI Multi Asset Allocation vs Kotak Multi Asset Allocation
- SBI Multi Asset Allocation vs WhiteOak Capital Multi Asset Allocation
SBI Conservative Hybrid Fund vs SBI Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between SBI Conservative Hybrid Fund and SBI Multi Asset Allocation Fund?
SBI Conservative Hybrid Fund is a Conservative Hybrid fund, SBI Multi Asset Allocation Fund is a Multi Asset fund, run by SBI Mutual Fund. Their portfolios overlap 25.9%. SBI Conservative Hybrid Fund charges 0.98% a year and SBI Multi Asset Allocation Fund 0.66%.
Which has given higher returns, SBI Conservative Hybrid Fund or SBI Multi Asset Allocation Fund?
Over 1 year: SBI Conservative Hybrid Fund +2.04%, SBI Multi Asset Allocation Fund +2.50%. Over 3 years: SBI Conservative Hybrid Fund +8.01% a year, SBI Multi Asset Allocation Fund +13.91% a year. Over 5 years: SBI Conservative Hybrid Fund +7.93% a year, SBI Multi Asset Allocation Fund +12.53% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, SBI Conservative Hybrid Fund or SBI Multi Asset Allocation Fund?
SBI Multi Asset Allocation Fund charges less: 0.66% a year against 0.98%. These are the Direct plans' total expense ratios reported to AMFI.
How much do SBI Conservative Hybrid Fund and SBI Multi Asset Allocation Fund overlap?
25.9%. They hold 37 of the same securities, the largest shared ones being National Bank for Agriculture and Rural Development, BIOCON, Cholamandalam Investment & Finance Co. Ltd.Perpetual. From each fund's latest monthly portfolio.
Which is riskier, SBI Conservative Hybrid Fund or SBI Multi Asset Allocation Fund?
On SEBI's riskometer, SBI Conservative Hybrid Fund is rated High and SBI Multi Asset Allocation Fund Very High. Over 3 years, the standard deviation of daily returns was 3.63% and 7.94% a year.
Which is better for SIP, SBI Conservative Hybrid Fund or SBI Multi Asset Allocation Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,36,737 in SBI Conservative Hybrid Fund (XIRR 7.4% 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 SBI Conservative Hybrid Fund and SBI Multi Asset Allocation Fund?
Yes. 25.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages SBI Conservative Hybrid Fund and SBI Multi Asset Allocation Fund?
SBI Conservative Hybrid Fund: Mansi Sajeja, Saurabh Pant, Milind Agrawal. SBI Multi Asset Allocation Fund: Mansi Sajeja, Dinesh Balachandran, Vandna Soni.
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.