SBI Contra Fund vs SBI Multi Asset Allocation Fund
Direct Plan, Growth option · Data as on 29-10-2026
SBI Contra Fund is a Value and Contra fund and SBI Multi Asset Allocation Fund is a Multi Asset fund. In the 3 years to 29-10-2026, SBI Contra Fund (Direct) returned 10.4% a year and SBI Multi Asset Allocation Fund (Direct) returned 13.9% a year. SBI Contra Fund charges 0.87% a year and SBI Multi Asset Allocation Fund 0.66% (Direct plans). Their portfolios overlap 27.5%: they hold 36 of the same securities.
SBI Multi Asset Allocation Fund
Multi Asset
- 3 year return
- 13.9%
- Expense ratio
- 0.66%
- NAV
- ₹71.85
Which is better, SBI Contra 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 Contra returned more over 5 years: 13.5% a year against 12.5%.
- SBI Multi Asset Allocation returned more over 3 years: 13.9% a year against 10.4%.
- SBI Multi Asset Allocation costs less: 0.66% a year against 0.87% (Direct plans).
- SBI Multi Asset Allocation swung less over 3 years: a standard deviation of 7.9% a year against 12.5%.
- SBI Multi Asset Allocation fell less in its worst fall since 19-03-2013: −17.6% against −44.7%.
- SBI Contra holds 2.4% of the fund in foreign stocks; SBI Multi Asset Allocation 0.0%.
- SBI Contra holds more in large companies: 50.2% of the fund in large caps against 19.4%.
- SBI Contra is the larger fund: ₹45,068 Cr against ₹21,044 Cr.
- Their portfolios overlap 27.5%: 36 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 Contra Fund | SBI Multi Asset Allocation Fund |
|---|---|---|
| Fund house | SBI Mutual Fund | SBI Mutual Fund |
| Category | Value and Contra | Multi Asset |
| AUM | ₹45,068 Cr (30-09-2026) | ₹21,044 Cr (30-09-2026) |
| NAV | ₹393.34 (Direct) | ₹71.85 (Direct) |
| Expense ratio (Direct) | 0.87% | 0.66% |
| Expense ratio (Regular) | 1.62% | 1.39% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | 45% BSE 500 TRI + 40% Crisil Composite Bond Fund Index + 10% Domestic Prices of Gold + 5% Domestic Prices of Silver. |
| Launch date | 05-07-1999 | 21-12-2005 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Dinesh Balachandran | Mansi Sajeja, Dinesh Balachandran, Vandna Soni |
| Exit load | Exit load of 0.25% if redeemed within 30 days and 0.10% if redeemed after 30 days but on or before 90 days. | For units in excess of 10% of the investment, 1% will be charged for redemption within 12 months |
SBI Contra 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 |
|---|---|---|---|---|---|---|---|
| SBI Contra Fund (Direct) | −1.16% | −5.77% | −4.40% | −9.28% | +10.39% | +13.53% | +14.70% |
| SBI Multi Asset Allocation Fund (Direct) | −2.02% | −3.49% | −2.44% | +2.50% | +13.91% | +12.53% | +11.56% |
| Value and Contra average | −2.09% | −5.76% | −3.23% | −5.72% | +11.83% | +11.08% | +12.63% |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | +14.20% | +12.56% | +12.92% |
Category average: the average of the 30 Value and Contra funds and the 37 Multi Asset funds, same plan type.
SBI Contra vs SBI Multi Asset Allocation: Year-wise Returns
| Year | ContraSBI Contra | Multi Asset AllocationSBI Multi Asset Allocation |
|---|---|---|
| 2026to date | −10.04% | −1.49% |
| 2025 | +7.02% | +19.58% |
| 2024 | +19.94% | +13.87% |
| 2023 | +39.53% | +25.48% |
| 2022 | +13.63% | +6.96% |
| 2021 | +50.98% | +13.96% |
SBI Contra vs SBI Multi Asset Allocation: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of SBI Contra Fund
Rolling returns
Every 3-year holding period, 2,623 of them, one for each trading day from 21-03-2016 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.
SBI Contra Fund (Direct)
SBI Multi Asset Allocation Fund (Direct)
BSE 500 TRI
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 | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBI Contra | 6.1 | 6.2 | 12.8 | 16.5 | 13.6 | 16.5 | 28.2 | 18.1% | 18.2% | −10.2% | 49.2% | 69% |
| 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% | 26% |
| BSE 500 TRI | 1.9 | 4.3 | 7.5 | 36.1 | 35.0 | 11.9 | 3.4 | 14.9% | 15.0% | −6.2% | 33.9% | -- |
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 BSE 500 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 19-03-2013. Past returns do not promise future returns.
SBI Contra 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 29-10-2026: 164 instalments, ₹16,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| SBI ContraSBI Contra Fund (Direct) | ₹16,40,000 | ₹51,96,254 | ₹35,56,254 | 15.6% |
| SBI Multi Asset AllocationSBI Multi Asset Allocation Fund (Direct) | ₹16,40,000 | ₹39,73,335 | ₹23,33,335 | 12.1% |
SBI ContraSBI Contra 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 Contra 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 Contra Fund (Direct) | SBI Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.28% | +2.50% |
| Standard deviation | 12.23% | 9.13% |
| Sharpe ratio | -1.19 | -0.30 |
| Sortino ratio | -1.53 | -0.40 |
| Maximum drawdown | −13.4% (31-03-2026) | −8.6% (23-03-2026) |
| Beta | 0.84 | -- |
| Alpha | −3.54% | -- |
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 | SBI Contra Fund (Direct) | SBI Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.39% | +13.91% |
| Standard deviation | 12.51% | 7.94% |
| Sharpe ratio | 0.35 | 0.99 |
| Sortino ratio | 0.46 | 1.37 |
| Maximum drawdown | −15.8% (03-03-2025) | −8.6% (23-03-2026) |
| Beta | 0.86 | -- |
| Alpha | +0.83% | -- |
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 | SBI Contra Fund (Direct) | SBI Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.53% | +12.53% |
| Standard deviation | 12.57% | 7.38% |
| Sharpe ratio | 0.62 | 0.91 |
| Sortino ratio | 0.82 | 1.26 |
| Maximum drawdown | −15.8% (03-03-2025) | −8.6% (23-03-2026) |
| Beta | 0.85 | -- |
| Alpha | +5.27% | -- |
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 | SBI Contra Fund (Direct) | SBI Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.64% | +11.91% |
| Standard deviation | 14.70% | 6.46% |
| Sharpe ratio | 0.58 | 0.91 |
| Sortino ratio | 0.78 | 1.25 |
| Maximum drawdown | −44.7% (23-03-2020) | −17.6% (23-03-2020) |
| Beta | 0.88 | -- |
| Alpha | +2.58% | -- |
From daily NAVs, 02-01-2013 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.
SBI Contra Fund (Direct)
SBI Multi Asset Allocation Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| SBI Contra Fund (Direct) | −44.7% | 23-01-2018 | 23-03-2020 | 02-12-2020 | 8 months | −10.7% |
| SBI Multi Asset Allocation Fund (Direct) | −17.6% | 20-02-2020 | 23-03-2020 | 23-06-2020 | 3 months | −5.2% |
| BSE 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −9.4% |
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 Contra Fund (Direct)
SBI Multi Asset Allocation Fund (Direct)
BSE 500 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.
SBI Contra Fund (Direct)
SBI Multi Asset Allocation Fund (Direct)
BSE 500 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.
SBI Contra Fund (Direct)
SBI Multi Asset Allocation Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| SBI Contra Fund (Direct) | 100% | 91% | 5.37% |
| SBI Multi Asset Allocation Fund (Direct) | 45% | 12% | 11.74% |
From month-end values since 19-03-2013. 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.
SBI Contra vs SBI Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: SBI Contra Fund, September 2026; SBI Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 27.5%
- Held by both
- 36
- Only in SBI Contra
- 55
- Only in SBI Multi Asset Allocation
- 92
| Security | % of SBI Contra | % of SBI Multi Asset Allocation |
|---|---|---|
| GAIL (India) Ltd. | 2.33% | 1.89% |
| HDFC Bank Ltd. | 4.79% | 1.77% |
| ICICI Bank Ltd. | 4.36% | 1.46% |
| Bandhan Bank Ltd. | 1.46% | 1.74% |
| Indus Towers Ltd. | 2.66% | 1.45% |
| Mahindra & Mahindra Financial Services Ltd. | 1.95% | 1.43% |
| Biocon Ltd. | 3.29% | 1.39% |
| Kotak Mahindra Bank Ltd. | 3.15% | 1.33% |
| Delhivery Ltd. | 1.26% | 1.68% |
| Samvardhana Motherson International Ltd. | 1.21% | 1.26% |
| Oil & Natural Gas Corporation Ltd. | 1.20% | 1.23% |
| Punjab National Bank | 2.91% | 1.13% |
| Axis Bank Ltd. | 1.33% | 1.05% |
| Embassy Office Parks Reit | 1.01% | 1.97% |
| Reliance Industries Ltd. | 4.67% | 0.97% |
| FSN E-Commerce Ventures Ltd. | 1.58% | 0.97% |
| UPL Ltd. | 1.05% | 0.84% |
| NHPC Ltd. | 1.08% | 0.79% |
| CESC Ltd. | 0.65% | 1.18% |
| Indian Oil Corporation Ltd. | 1.08% | 0.64% |
| ITC Ltd. | 1.81% | 0.47% |
| State Bank of India | 1.60% | 0.43% |
| Dabur India Ltd. | 1.59% | 0.43% |
| Indian Energy Exchange Ltd. | 0.27% | 0.43% |
| Wipro Ltd. | 0.53% | 0.23% |
| Syngene International Ltd. | 0.23% | 1.22% |
| ICICI Prudential Life Insurance Company Ltd. | 1.08% | 0.21% |
| HCL Technologies Ltd. | 0.21% | 0.46% |
| Life Insurance Corporation of India | 0.54% | 0.19% |
| Aurobindo Pharma Ltd. | 0.18% | 0.77% |
| Tata Steel Ltd. | 2.13% | 0.17% |
| Infosys Ltd. | 0.61% | 0.16% |
| Ashiana Housing Ltd. | 0.62% | 0.15% |
| Bharti Airtel Ltd. | 1.23% | 0.13% |
| Equitas Small Finance Bank Ltd. | 0.51% | 0.07% |
| Rallis India Ltd. | 0.41% | 0.05% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 27.5% means 27.5% 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 Contra Fund
| Security | % of fund |
|---|---|
| Torrent Power Ltd. | 2.48% |
| Tech Mahindra Ltd. | 1.79% |
| JSW Infrastructure Ltd. | 1.58% |
| Aster DM Quality Care Ltd. | 1.42% |
| Bajaj Auto Ltd. | 1.35% |
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% |
| National Bank for Agriculture and Rural Development | 1.40% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | SBI Contra | SBI Multi Asset Allocation |
|---|---|---|
| Equity | 90.9% | 44.9% |
| Debt | 2.2% | 32.2% |
| Cash and others | 6.8% | 22.9% |
Market cap of stocks
| Market cap | SBI Contra | SBI Multi Asset Allocation |
|---|---|---|
| Large Cap | 50.2% | 19.4% |
| Mid Cap | 24.5% | 9.0% |
| Small Cap | 13.8% | 15.4% |
| Foreign stocks | 2.4% | 0.0% |
| Not on AMFI's list | 0.0% | 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 Contra | SBI Multi Asset Allocation |
|---|---|---|
| Banks | 20.2% | 9.4% |
| Pharmaceuticals & Biotechnology | 6.7% | 3.3% |
| Petroleum Products | 5.8% | 1.6% |
| Power | 5.0% | 2.0% |
| Automobiles | 3.9% | 0.0% |
| Telecom - Services | 3.9% | 1.6% |
| Auto Components | 1.4% | 2.7% |
| Transport Services | 1.4% | 2.4% |
| Finance | 1.9% | 2.4% |
The six largest sectors of each fund's stocks, % of the fund.
SBI Contra vs SBI Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | SBI Contra Fund | SBI Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.87% | 0.66% |
| Base expense ratio (Direct) | 0.63% | 0.48% |
| Total expense ratio (Regular) | 1.62% | 1.39% |
| Base expense ratio (Regular) | 1.27% | 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 Contra with
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 Contra Fund vs SBI Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between SBI Contra Fund and SBI Multi Asset Allocation Fund?
SBI Contra Fund is a Value and Contra fund, SBI Multi Asset Allocation Fund is a Multi Asset fund, run by SBI Mutual Fund. Their portfolios overlap 27.5%. SBI Contra Fund charges 0.87% a year and SBI Multi Asset Allocation Fund 0.66%.
Which has given higher returns, SBI Contra Fund or SBI Multi Asset Allocation Fund?
Over 1 year: SBI Contra Fund −9.28%, SBI Multi Asset Allocation Fund +2.50%. Over 3 years: SBI Contra Fund +10.39% a year, SBI Multi Asset Allocation Fund +13.91% a year. Over 5 years: SBI Contra Fund +13.53% 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, SBI Contra Fund or SBI Multi Asset Allocation Fund?
SBI Multi Asset Allocation Fund charges less: 0.66% a year against 0.87%. These are the Direct plans' total expense ratios reported to AMFI.
How much do SBI Contra Fund and SBI Multi Asset Allocation Fund overlap?
27.5%. They hold 36 of the same securities, the largest shared ones being GAIL, HDFCBANK, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, SBI Contra Fund or SBI Multi Asset Allocation Fund?
On SEBI's riskometer, SBI Contra Fund is rated Very High and SBI Multi Asset Allocation Fund Very High. Over 3 years, the standard deviation of daily returns was 12.51% and 7.94% a year.
Which is better for SIP, SBI Contra 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 ₹7,77,119 in SBI Contra Fund (XIRR 9.5% 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 Contra Fund and SBI Multi Asset Allocation Fund?
Yes. 27.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages SBI Contra Fund and SBI Multi Asset Allocation Fund?
SBI Contra Fund: Dinesh Balachandran. 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.