SBI NIFTY Index Fund vs Sundaram Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
SBI NIFTY Index Fund is an Index fund and Sundaram Arbitrage Fund is an Arbitrage fund. In the 3 years to 30-10-2026, SBI NIFTY Index Fund (Direct) returned 7.3% a year and Sundaram Arbitrage Fund (Direct) returned 7.2% a year. SBI NIFTY Index Fund charges 0.24% a year and Sundaram Arbitrage Fund 0.97% (Direct plans). Their portfolios overlap 42.9%: they hold 20 of the same securities.
Sundaram Arbitrage Fund
Arbitrage
- 3 year return
- 7.2%
- Expense ratio
- 0.97%
- NAV
- ₹16.60
Which is better, SBI NIFTY Index or Sundaram Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- SBI NIFTY Index returned more over 3 years: 7.3% a year against 7.2%.
- Sundaram Arbitrage returned more over 1 year: 6.8% against −10.2%.
- SBI NIFTY Index costs less: 0.24% a year against 0.97% (Direct plans).
- Sundaram Arbitrage swung less over 3 years: a standard deviation of 1.2% a year against 13.2%.
- Sundaram Arbitrage fell less in its worst fall since 03-01-2022: −0.5% against −15.9%.
- SBI NIFTY Index holds more in large companies: 98.8% of the fund in large caps against 50.3%.
- SBI NIFTY Index is the larger fund: ₹13,190 Cr against ₹539 Cr.
- Their portfolios overlap 42.9%: 20 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 NIFTY Index Fund | Sundaram Arbitrage Fund |
|---|---|---|
| Fund house | SBI Mutual Fund | Sundaram Mutual Fund |
| Category | Index | Arbitrage |
| AUM | ₹13,190 Cr (30-09-2026) | ₹539 Cr (30-09-2026) |
| NAV | ₹215.76 (Direct) | ₹16.60 (Direct) |
| Expense ratio (Direct) | 0.24% | 0.97% |
| Expense ratio (Regular) | 0.44% | 1.70% |
| Riskometer | Very High | Low |
| Benchmark | Nifty 50 TRI | Nifty 50 Arbitrage Index |
| Launch date | 17-01-2002 | 01-04-2016 |
| Minimum investment | ₹5,000 | "New Investor/Existing – Rs.100/- for both Monthly IDCW and Growth Option and any amount thereafter under each Plan/ option." |
| Lock in | None | None |
| Fund managers | Raviprakash Sharma | Rohit Seksaria, Kumaresh Ramakrishnan |
| Exit load | Exit load of 0.25% if redeemed within 30 days | W.E.F Dec 31, 2021 Upto 25% of Units purchased/ switchin - NIL In excess of the above: 0.25% if redeemed/ SWP/STP within 15 days from the date of allotment. NIL if redeemed /SWP/STP after 15 days from the date of allotment. For redemption or withdrawal by way of SWP after 365 days from the date of allotment - Nil.Generally, the exit load will be calculated on First in First out (FIFO) basis. |
SBI NIFTY Index vs Sundaram Arbitrage: 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 NIFTY Index Fund (Direct) | +1.94% | −5.06% | −3.24% | −10.22% | +7.34% | +6.43% | +11.22% |
| Sundaram Arbitrage Fund (Direct) | +0.59% | +1.56% | +3.29% | +6.83% | +7.22% | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
SBI NIFTY Index vs Sundaram Arbitrage: Year-wise Returns
| Year | SBI NIFTY IndexSBI NIFTY Index | Sundaram ArbitrageSundaram Arbitrage |
|---|---|---|
| 2026to date | −11.09% | +5.57% |
| 2025 | +11.58% | +7.15% |
| 2024 | +9.80% | +7.81% |
| 2023 | +21.04% | +7.38% |
| 2022 | +5.43% | -- |
| 2021 | +25.10% | -- |
SBI NIFTY Index vs Sundaram Arbitrage: Rolling Returns
Every holding period of both funds, against Nifty 50 TRI, the benchmark of SBI NIFTY Index Fund
Rolling returns
Every 3-year holding period, 455 of them, one for each trading day from 03-01-2025 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 NIFTY Index Fund (Direct)
Sundaram Arbitrage Fund (Direct)
Nifty 50 TRI
to
Feb 2025Jun 2022
to
Jun 2025Oct 2022
to
Oct 2025Jan 2023
to
Jan 2026May 2023
to
May 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 NIFTY Index | 0.0 | 0.0 | 27.3 | 59.3 | 13.4 | 0.0 | 0.0 | 12.0% | 12.4% | 5.1% | 18.8% | 0% |
| Sundaram Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.3% | 7.4% | 6.5% | 7.6% | 6% |
| Nifty 50 TRI | 0.0 | 0.0 | 25.3 | 59.8 | 14.9 | 0.0 | 0.0 | 12.3% | 12.7% | 5.4% | 19.1% | -- |
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 50 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 03-01-2022. Past returns do not promise future returns.
SBI NIFTY Index vs Sundaram Arbitrage: 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 03-01-2022 to 30-10-2026: 58 instalments, ₹5,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| SBI NIFTY IndexSBI NIFTY Index Fund (Direct) | ₹5,80,000 | ₹6,51,169 | ₹71,169 | 4.7% |
| Sundaram ArbitrageSundaram Arbitrage Fund (Direct) | ₹5,80,000 | ₹6,88,780 | ₹1,08,780 | 7.1% |
SBI NIFTY IndexSBI NIFTY Index Fund (Direct)
Sundaram ArbitrageSundaram Arbitrage 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 NIFTY Index vs Sundaram Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | SBI NIFTY Index Fund (Direct) | Sundaram Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −10.22% | +6.83% |
| Standard deviation | 13.62% | 1.59% |
| Sharpe ratio | -1.14 | 1.00 |
| Sortino ratio | -1.52 | 1.55 |
| Maximum drawdown | −15.1% (31-03-2026) | −0.5% (06-08-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.23% | -- |
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 NIFTY Index Fund (Direct) | Sundaram Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.34% | +7.22% |
| Standard deviation | 13.21% | 1.19% |
| Sharpe ratio | 0.10 | 1.01 |
| Sortino ratio | 0.14 | 1.55 |
| Maximum drawdown | −15.5% (04-03-2025) | −0.5% (06-08-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.29% | -- |
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 NIFTY Index Fund (Direct) | Sundaram Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.95% | +6.67% |
| Standard deviation | 15.84% | 1.09% |
| Sharpe ratio | 0.31 | 0.72 |
| Sortino ratio | 0.42 | 1.09 |
| Maximum drawdown | −38.4% (23-03-2020) | −0.5% (06-08-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.62% | -- |
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.
SBI NIFTY Index Fund (Direct)
Sundaram Arbitrage Fund (Direct)
Nifty 50 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| SBI NIFTY Index Fund (Direct) | −15.9% | 17-01-2022 | 17-06-2022 | 01-11-2022 | 5 months | −11.8% |
| Sundaram Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | −0.0% |
| Nifty 50 TRI | −15.8% | 17-01-2022 | 17-06-2022 | 01-11-2022 | 5 months | −11.6% |
From daily values since 03-01-2022, 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 NIFTY Index Fund (Direct)
Sundaram Arbitrage Fund (Direct)
Nifty 50 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 NIFTY Index Fund (Direct)
Sundaram Arbitrage Fund (Direct)
Nifty 50 TRI
Against Nifty 50 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| SBI NIFTY Index Fund (Direct) | 99% | 101% | 0.02% |
| Sundaram Arbitrage Fund (Direct) | 17% | -18% | 13.71% |
From month-end values since 03-01-2022. 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 NIFTY Index vs Sundaram Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: SBI NIFTY Index Fund, September 2026; Sundaram Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 42.9%
- Held by both
- 20
- Only in SBI NIFTY Index
- 30
- Only in Sundaram Arbitrage
- 36
| Security | % of SBI NIFTY Index | % of Sundaram Arbitrage |
|---|---|---|
| HDFC Bank Ltd. | 10.40% | 7.96% |
| Reliance Industries Ltd. | 7.60% | 7.56% |
| ICICI Bank Ltd. | 9.07% | 5.27% |
| Bharti Airtel Ltd. | 5.12% | 4.42% |
| Axis Bank Ltd. | 3.37% | 2.87% |
| Bajaj Finance Ltd. | 2.51% | 6.16% |
| Larsen & Toubro Ltd. | 4.21% | 2.46% |
| ITC Ltd. | 2.43% | 1.84% |
| Mahindra & Mahindra Ltd. | 2.52% | 1.40% |
| Eternal Ltd. | 2.22% | 1.38% |
| Hindalco Industries Ltd. | 1.31% | 1.42% |
| Kotak Mahindra Bank Ltd. | 2.94% | 1.21% |
| Tata Steel Ltd. | 1.46% | 0.70% |
| Tech Mahindra Ltd. | 0.93% | 0.56% |
| Jio Financial Services Ltd. | 0.68% | 0.49% |
| Adani Ports and Special Economic Zone Ltd. | 1.35% | 0.40% |
| Maruti Suzuki India Ltd. | 1.49% | 0.23% |
| Coal India Ltd. | 0.97% | 0.19% |
| Cipla Ltd. | 0.73% | 0.06% |
| Bharat Electronics Ltd. | 1.33% | 0.02% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 42.9% means 42.9% 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 NIFTY Index Fund
| Security | % of fund |
|---|---|
| State Bank of India | 3.80% |
| Infosys Ltd. | 3.36% |
| Tata Consultancy Services Ltd. | 2.00% |
| Sun Pharmaceutical Industries Ltd. | 1.84% |
| Titan Company Ltd. | 1.81% |
Largest holdings only in Sundaram Arbitrage Fund
| Security | % of fund |
|---|---|
| Sundaram Money Market Fund-Direct Plan - Growth | 9.58% |
| Ashok Leyland Ltd | 6.28% |
| Sundaram Liquid Fund - Direct Growth | 5.61% |
| 364 Days - T Bill - 25/02/2027 | 5.44% |
| NMDC Ltd | 2.80% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | SBI NIFTY Index | Sundaram Arbitrage |
|---|---|---|
| Equity | 100.2% | 70.0% |
| Debt | 0.0% | 11.8% |
| Cash and others | -0.2% | 18.1% |
Market cap of stocks
| Market cap | SBI NIFTY Index | Sundaram Arbitrage |
|---|---|---|
| Large Cap | 98.8% | 50.3% |
| Mid Cap | 1.4% | 17.7% |
| Small Cap | 0.0% | 2.1% |
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 NIFTY Index | Sundaram Arbitrage |
|---|---|---|
| Banks | 29.6% | 18.5% |
| Petroleum Products | 7.6% | 7.6% |
| IT - Software | 7.5% | 0.0% |
| Finance | 5.5% | 7.3% |
| Automobiles | 6.7% | 3.8% |
| Agricultural, Commercial & Construction Vehicles | 0.0% | 6.3% |
| Telecom - Services | 5.1% | 4.4% |
The six largest sectors of each fund's stocks, % of the fund.
SBI NIFTY Index vs Sundaram Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | SBI NIFTY Index Fund | Sundaram Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.24% | 0.97% |
| Base expense ratio (Direct) | 0.16% | 0.19% |
| Total expense ratio (Regular) | 0.44% | 1.70% |
| Base expense ratio (Regular) | 0.33% | 0.82% |
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
SBI NIFTY Index Fund vs Sundaram Arbitrage Fund: Frequently Asked Questions
What is the difference between SBI NIFTY Index Fund and Sundaram Arbitrage Fund?
SBI NIFTY Index Fund is an Index fund, Sundaram Arbitrage Fund is an Arbitrage fund, run by SBI Mutual Fund and Sundaram Mutual Fund. Their portfolios overlap 42.9%. SBI NIFTY Index Fund charges 0.24% a year and Sundaram Arbitrage Fund 0.97%.
Which has given higher returns, SBI NIFTY Index Fund or Sundaram Arbitrage Fund?
Over 1 year: SBI NIFTY Index Fund −10.22%, Sundaram Arbitrage Fund +6.83%. Over 3 years: SBI NIFTY Index Fund +7.34% a year, Sundaram Arbitrage Fund +7.22% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, SBI NIFTY Index Fund or Sundaram Arbitrage Fund?
SBI NIFTY Index Fund charges less: 0.24% a year against 0.97%. These are the Direct plans' total expense ratios reported to AMFI.
How much do SBI NIFTY Index Fund and Sundaram Arbitrage Fund overlap?
42.9%. They hold 20 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, SBI NIFTY Index Fund or Sundaram Arbitrage Fund?
On SEBI's riskometer, SBI NIFTY Index Fund is rated Very High and Sundaram Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 13.21% and 1.19% a year.
Which is better for SIP, SBI NIFTY Index Fund or Sundaram Arbitrage Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,67,780 in SBI NIFTY Index Fund (XIRR -0.4% a year) and ₹4,12,372 in Sundaram Arbitrage Fund (XIRR 7.0% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both SBI NIFTY Index Fund and Sundaram Arbitrage Fund?
Yes. 42.9% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages SBI NIFTY Index Fund and Sundaram Arbitrage Fund?
SBI NIFTY Index Fund: Raviprakash Sharma. Sundaram Arbitrage Fund: Rohit Seksaria, Kumaresh Ramakrishnan.
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.