SBI MultiCap Fund vs SBI Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
SBI MultiCap Fund is a Multi Cap fund and SBI Small Cap Fund is a Small Cap fund. In the 3 years to 30-10-2026, SBI MultiCap Fund (Direct) returned 11.7% a year and SBI Small Cap Fund (Direct) returned 10.4% a year. SBI MultiCap Fund charges 1.06% a year and SBI Small Cap Fund 0.81% (Direct plans). Their portfolios overlap 17.0%: they hold 17 of the same securities.
Which is better, SBI MultiCap or SBI Small Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- SBI MultiCap returned more over 3 years: 11.7% a year against 10.4%.
- SBI Small Cap returned more over 1 year: −1.3% against −6.8%.
- SBI Small Cap costs less: 0.81% a year against 1.06% (Direct plans).
- SBI MultiCap swung less over 3 years: a standard deviation of 13.1% a year against 14.2%.
- SBI MultiCap fell less in its worst fall since 15-03-2022: −15.1% against −22.4%.
- SBI MultiCap holds more in large companies: 35.1% of the fund in large caps against 0.9%.
- SBI Small Cap is the larger fund: ₹41,059 Cr against ₹23,456 Cr.
- Their portfolios overlap 17.0%: 17 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 MultiCap Fund | SBI Small Cap Fund |
|---|---|---|
| Fund house | SBI Mutual Fund | SBI Mutual Fund |
| Category | Multi Cap | Small Cap |
| AUM | ₹23,456 Cr (30-09-2026) | ₹41,059 Cr (30-09-2026) |
| NAV | ₹16.86 (Direct) | ₹197.88 (Direct) |
| Expense ratio (Direct) | 1.06% | 0.81% |
| Expense ratio (Regular) | 1.84% | 1.60% |
| Riskometer | Very High | Not available |
| Benchmark | NIFTY 500 Multicap 50:25:25 Total Return Index | Not available |
| Launch date | 08-03-2022 | Not available |
| Minimum investment | ₹5,000 | Not available |
| Lock in | None | Not available |
| Fund managers | R Srinivasan, Saurabh Pant | Not available |
| 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. | Not available |
SBI MultiCap vs SBI Small Cap: 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 MultiCap Fund (Direct) | −3.15% | −5.73% | −1.62% | −6.77% | +11.73% | -- | -- |
| SBI Small Cap Fund (Direct) | −5.10% | −3.38% | +2.31% | −1.32% | +10.37% | +11.72% | +17.03% |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | +14.51% | +16.19% |
Category average: the average of the 33 Multi Cap funds and the 36 Small Cap funds, same plan type.
SBI MultiCap vs SBI Small Cap: Year-wise Returns
| Year | MultiCapSBI MultiCap | Small CapSBI Small Cap |
|---|---|---|
| 2026to date | −4.05% | +2.12% |
| 2025 | +3.83% | −4.08% |
| 2024 | +27.02% | +25.30% |
| 2023 | +23.63% | +26.62% |
| 2022 | -- | +9.29% |
| 2021 | -- | +49.11% |
SBI MultiCap vs SBI Small Cap: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of SBI MultiCap Fund
Rolling returns
Every 3-year holding period, 406 of them, one for each trading day from 17-03-2025 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 MultiCap Fund (Direct)
SBI Small Cap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
to
May 2025Aug 2022
to
Aug 2025Nov 2022
to
Nov 2025Mar 2023
to
Mar 2026Jun 2023
to
Jun 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBI MultiCap | 0.0 | 0.0 | 0.0 | 18.0 | 70.0 | 12.1 | 0.0 | 17.1% | 17.2% | 10.1% | 23.7% | 26% |
| SBI Small Cap | 0.0 | 0.0 | 0.7 | 53.0 | 33.7 | 12.6 | 0.0 | 15.4% | 14.8% | 8.9% | 23.1% | 9% |
| Nifty500 Multicap 50:25:25 TRI | 0.0 | 0.0 | 0.0 | 20.0 | 63.8 | 15.0 | 1.2 | 17.6% | 17.9% | 10.1% | 25.5% | -- |
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 Nifty500 Multicap 50:25:25 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 15-03-2022. Past returns do not promise future returns.
SBI MultiCap vs SBI Small Cap: 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 15-03-2022 to 30-10-2026: 56 instalments, ₹5,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| SBI MultiCapSBI MultiCap Fund (Direct) | ₹5,60,000 | ₹6,89,053 | ₹1,29,053 | 8.9% |
| SBI Small CapSBI Small Cap Fund (Direct) | ₹5,60,000 | ₹6,93,988 | ₹1,33,988 | 9.2% |
SBI MultiCapSBI MultiCap Fund (Direct)
SBI Small CapSBI Small Cap 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 MultiCap vs SBI Small Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | SBI MultiCap Fund (Direct) | SBI Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −6.77% | −1.32% |
| Standard deviation | 14.08% | 14.81% |
| Sharpe ratio | -0.85 | -0.44 |
| Sortino ratio | -1.13 | -0.61 |
| Maximum drawdown | −14.6% (31-03-2026) | −15.8% (23-03-2026) |
| Beta | 0.90 | 0.78 |
| Alpha | −1.84% | +1.57% |
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 MultiCap Fund (Direct) | SBI Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.73% | +10.37% |
| Standard deviation | 13.09% | 14.22% |
| Sharpe ratio | 0.44 | 0.31 |
| Sortino ratio | 0.59 | 0.42 |
| Maximum drawdown | −15.1% (31-03-2026) | −22.4% (03-03-2025) |
| Beta | 0.81 | 0.73 |
| Alpha | +1.43% | +0.81% |
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 MultiCap Fund (Direct) | SBI Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.52% | +23.34% |
| Standard deviation | 12.18% | 14.98% |
| Sharpe ratio | 0.45 | 1.16 |
| Sortino ratio | 0.61 | 1.59 |
| Maximum drawdown | −15.1% (31-03-2026) | −40.3% (24-03-2020) |
| Beta | 0.79 | 0.72 |
| Alpha | +0.26% | +9.99% |
From daily NAVs, 15-03-2022 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 MultiCap Fund (Direct)
SBI Small Cap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| SBI MultiCap Fund (Direct) | −15.1% | 23-07-2025 | 31-03-2026 | 20-08-2026 | 5 months | −8.0% |
| SBI Small Cap Fund (Direct) | −22.4% | 15-10-2024 | 03-03-2025 | 20-08-2026 | 18 months | −9.1% |
| Nifty500 Multicap 50:25:25 TRI | −19.8% | 26-09-2024 | 03-03-2025 | 03-08-2026 | 17 months | −8.0% |
From daily values since 15-03-2022, 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.
SBI MultiCap Fund (Direct)
SBI Small Cap Fund (Direct)
Nifty500 Multicap 50:25:25 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 MultiCap Fund (Direct)
SBI Small Cap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
Against Nifty500 Multicap 50:25:25 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| SBI MultiCap Fund (Direct) | 85% | 77% | 4.93% |
| SBI Small Cap Fund (Direct) | 97% | 87% | 6.97% |
From month-end values since 15-03-2022. 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.
SBI MultiCap vs SBI Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: SBI MultiCap Fund, September 2026; SBI Small Cap Fund, September 2026
Holdings in common
- Overlap
- 17.0%
- Held by both
- 17
- Only in SBI MultiCap
- 54
- Only in SBI Small Cap
- 48
| Security | % of SBI MultiCap | % of SBI Small Cap |
|---|---|---|
| K.P.R. Mill Ltd. | 3.06% | 2.07% |
| Krishna Institute of Medical Sciences Ltd. | 2.07% | 2.00% |
| Kalpataru Projects International Ltd. | 1.74% | 2.66% |
| Carborundum Universal Ltd. | 1.87% | 1.51% |
| Elgi Equipments Ltd. | 2.08% | 1.48% |
| Deepak Fertilizers and Petrochemicals Corporation Ltd. | 1.27% | 1.73% |
| Aptus Value Housing Finance India Ltd. | 1.06% | 1.11% |
| Navin Fluorine International Ltd. | 1.05% | 3.28% |
| V-Guard Industries Ltd. | 1.00% | 1.23% |
| Muthoot Finance Ltd. | 1.11% | 0.87% |
| TTK Prestige Ltd. | 1.05% | 0.73% |
| Amagi Media Labs Ltd. | 0.74% | 0.69% |
| Electronics Mart India Ltd. | 0.57% | 1.01% |
| Thangamayil Jewellery Ltd. | 0.54% | 1.59% |
| Dhoot Transmission Ltd. | 1.68% | 0.22% |
| 364 DAY T-BILL 19.11.26 | 0.08% | 0.16% |
| Archean Chemical Industries Ltd. | 0.08% | 0.47% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 17.0% means 17.0% 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 MultiCap Fund
| Security | % of fund |
|---|---|
| ICICI Bank Ltd. | 3.94% |
| Adani Power Ltd. | 3.48% |
| Adani Enterprises Ltd. | 3.47% |
| Divi's Laboratories Ltd. | 3.37% |
| HDFC Bank Ltd. | 3.02% |
Largest holdings only in SBI Small Cap Fund
| Security | % of fund |
|---|---|
| Ather Energy Ltd. | 3.51% |
| City Union Bank Ltd. | 2.89% |
| Sundram Fasteners Ltd. | 2.77% |
| Pine Labs Ltd. | 2.62% |
| Belrise Industries Ltd. | 2.55% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | SBI MultiCap | SBI Small Cap |
|---|---|---|
| Equity | 99.1% | 85.4% |
| Debt | 0.1% | 0.7% |
| Cash and others | 0.8% | 13.9% |
Market cap of stocks
| Market cap | SBI MultiCap | SBI Small Cap |
|---|---|---|
| Large Cap | 35.1% | 0.9% |
| Mid Cap | 26.3% | 1.9% |
| Small Cap | 33.5% | 82.4% |
| Not on AMFI's list | 4.2% | 0.2% |
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 MultiCap | SBI Small Cap |
|---|---|---|
| Banks | 12.3% | 3.7% |
| Auto Components | 7.5% | 11.7% |
| Industrial Products | 4.0% | 10.3% |
| Consumer Durables | 8.8% | 7.8% |
| Retailing | 8.6% | 3.8% |
| Chemicals & Petrochemicals | 5.0% | 7.8% |
| Power | 6.3% | 1.9% |
| Pharmaceuticals & Biotechnology | 6.3% | 0.3% |
| Finance | 2.7% | 5.2% |
| Construction | 1.7% | 4.2% |
The six largest sectors of each fund's stocks, % of the fund.
SBI MultiCap vs SBI Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | SBI MultiCap Fund | SBI Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.06% | 0.81% |
| Base expense ratio (Direct) | 0.73% | 0.62% |
| Total expense ratio (Regular) | 1.84% | 1.60% |
| Base expense ratio (Regular) | 1.40% | 1.30% |
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 MultiCap with
SBI MultiCap Fund vs SBI Small Cap Fund: Frequently Asked Questions
What is the difference between SBI MultiCap Fund and SBI Small Cap Fund?
SBI MultiCap Fund is a Multi Cap fund, SBI Small Cap Fund is a Small Cap fund, run by SBI Mutual Fund. Their portfolios overlap 17.0%. SBI MultiCap Fund charges 1.06% a year and SBI Small Cap Fund 0.81%.
Which has given higher returns, SBI MultiCap Fund or SBI Small Cap Fund?
Over 1 year: SBI MultiCap Fund −6.77%, SBI Small Cap Fund −1.32%. Over 3 years: SBI MultiCap Fund +11.73% a year, SBI Small Cap Fund +10.37% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, SBI MultiCap Fund or SBI Small Cap Fund?
SBI Small Cap Fund charges less: 0.81% a year against 1.06%. These are the Direct plans' total expense ratios reported to AMFI.
How much do SBI MultiCap Fund and SBI Small Cap Fund overlap?
17.0%. They hold 17 of the same securities, the largest shared ones being KPRMILL, KIMS, KPIL. From each fund's latest monthly portfolio.
Which is better for SIP, SBI MultiCap Fund or SBI Small Cap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,89,595 in SBI MultiCap Fund (XIRR 3.3% a year) and ₹3,91,775 in SBI Small Cap Fund (XIRR 3.7% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both SBI MultiCap Fund and SBI Small Cap Fund?
Yes. 17.0% 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.