SBI NIFTY Index Fund vs UTI - Master Equity Plan Unit Scheme
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
SBI NIFTY Index Fund is an Index fund and UTI - Master Equity Plan Unit Scheme is an ELSS fund. In the 3 years to 30-10-2026, SBI NIFTY Index Fund (Direct) returned 7.3% a year and UTI - Master Equity Plan Unit Scheme (Regular) returned 7.2% a year. SBI NIFTY Index Fund charges 0.24% a year and UTI - Master Equity Plan Unit Scheme 1.36%. Their portfolios overlap 66.7%: they hold 36 of the same securities.
UTI - Master Equity Plan Unit Scheme
ELSS
- 3 year return
- 7.2%
- Expense ratio
- 1.36%
- NAV
- ₹215.44
Which is better, SBI NIFTY Index or UTI - Master Equity Plan Unit Scheme? 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 5 years: 6.4% a year against 6.0%.
- SBI NIFTY Index returned more over 3 years: 7.3% a year against 7.2%.
- SBI NIFTY Index costs less: 0.24% a year against 1.36%.
- UTI - Master Equity Plan Unit Scheme swung less over 3 years: a standard deviation of 12.4% a year against 13.2%.
- UTI - Master Equity Plan Unit Scheme fell less in its worst fall since 02-01-2013: −38.0% against −38.4%.
- SBI NIFTY Index holds more in large companies: 98.8% of the fund in large caps against 81.4%.
- SBI NIFTY Index is the larger fund: ₹13,190 Cr against ₹2,652 Cr.
- Their portfolios overlap 66.7%: 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 NIFTY Index Fund | UTI - Master Equity Plan Unit Scheme |
|---|---|---|
| Fund house | SBI Mutual Fund | UTI Mutual Fund |
| Category | Index | ELSS |
| AUM | ₹13,190 Cr (30-09-2026) | ₹2,652 Cr (30-09-2026) |
| NAV | ₹215.76 (Direct) | ₹215.44 (Regular) |
| Expense ratio (Direct) | 0.24% | Not available |
| Expense ratio (Regular) | 0.44% | 1.36% |
| Riskometer | Very High | Not available |
| Benchmark | Nifty 50 TRI | Not available |
| Launch date | 17-01-2002 | Not available |
| Minimum investment | ₹5,000 | Not available |
| Lock in | None | Not available |
| Fund managers | Raviprakash Sharma | Not available |
| Exit load | Exit load of 0.25% if redeemed within 30 days | Not available |
SBI NIFTY Index vs UTI - Master Equity Plan Unit Scheme: 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% |
| UTI - Master Equity Plan Unit Scheme (Regular) | +1.76% | −4.05% | −0.82% | −8.63% | +7.20% | +5.98% | +9.29% |
| ELSS average | −2.38% | −5.77% | −2.09% | −6.60% | +9.82% | +9.22% | +11.87% |
Category average: the average of the 50 ELSS funds, same plan type.
SBI NIFTY Index vs UTI - Master Equity Plan Unit Scheme: Year-wise Returns
| Year | SBI NIFTY IndexSBI NIFTY Index | UTI - Master Equity Plan Unit SchemeUTI - Master Equity Plan Unit Scheme |
|---|---|---|
| 2026to date | −11.09% | −9.21% |
| 2025 | +11.58% | +8.50% |
| 2024 | +9.80% | +11.31% |
| 2023 | +21.04% | +21.08% |
| 2022 | +5.43% | +1.24% |
| 2021 | +25.10% | +29.14% |
SBI NIFTY Index vs UTI - Master Equity Plan Unit Scheme: 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, 2,675 of them, one for each trading day from 04-01-2016 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 NIFTY Index Fund (Direct)
UTI - Master Equity Plan Unit Scheme (Regular)
Nifty 50 TRI
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 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 NIFTY Index | 0.9 | 3.3 | 22.7 | 45.2 | 21.8 | 4.4 | 1.6 | 12.7% | 12.9% | −4.9% | 31.8% | 0% |
| UTI - Master Equity Plan Unit Scheme | 4.1 | 4.4 | 22.6 | 44.3 | 19.2 | 4.9 | 0.5 | 11.8% | 12.0% | −8.0% | 28.9% | 22% |
| Nifty 50 TRI | 0.7 | 2.8 | 19.6 | 43.3 | 27.0 | 4.8 | 1.8 | 13.3% | 13.4% | −4.5% | 32.4% | -- |
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 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 02-01-2013. Past returns do not promise future returns.
SBI NIFTY Index vs UTI - Master Equity Plan Unit Scheme: 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 02-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| SBI NIFTY IndexSBI NIFTY Index Fund (Direct) | ₹16,60,000 | ₹36,28,395 | ₹19,68,395 | 10.6% |
| UTI - Master Equity Plan Unit SchemeUTI - Master Equity Plan Unit Scheme (Regular) | ₹16,60,000 | ₹33,73,147 | ₹17,13,147 | 9.7% |
SBI NIFTY IndexSBI NIFTY Index Fund (Direct)
UTI - Master Equity Plan Unit SchemeUTI - Master Equity Plan Unit Scheme (Regular)
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 UTI - Master Equity Plan Unit Scheme: 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) | UTI - Master Equity Plan Unit Scheme (Regular) |
|---|---|---|
| Return (CAGR) | −10.22% | −8.63% |
| Standard deviation | 13.62% | 13.24% |
| Sharpe ratio | -1.14 | -1.05 |
| Sortino ratio | -1.52 | -1.39 |
| Maximum drawdown | −15.1% (31-03-2026) | −15.5% (31-03-2026) |
| Beta | 1.00 | 0.95 |
| Alpha | −0.23% | −0.47% |
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) | UTI - Master Equity Plan Unit Scheme (Regular) |
|---|---|---|
| Return (CAGR) | +7.34% | +7.20% |
| Standard deviation | 13.21% | 12.36% |
| Sharpe ratio | 0.10 | 0.10 |
| Sortino ratio | 0.14 | 0.13 |
| Maximum drawdown | −15.5% (04-03-2025) | −17.1% (31-03-2026) |
| Beta | 1.00 | 0.90 |
| Alpha | −0.29% | −1.46% |
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) | UTI - Master Equity Plan Unit Scheme (Regular) |
|---|---|---|
| Return (CAGR) | +6.43% | +5.98% |
| Standard deviation | 13.69% | 12.88% |
| Sharpe ratio | 0.05 | 0.01 |
| Sortino ratio | 0.06 | 0.02 |
| Maximum drawdown | −15.9% (17-06-2022) | −18.1% (17-06-2022) |
| Beta | 1.00 | 0.91 |
| Alpha | −0.27% | −1.63% |
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 NIFTY Index Fund (Direct) | UTI - Master Equity Plan Unit Scheme (Regular) |
|---|---|---|
| Return (CAGR) | +10.95% | +9.28% |
| Standard deviation | 15.84% | 15.40% |
| Sharpe ratio | 0.31 | 0.20 |
| Sortino ratio | 0.42 | 0.27 |
| Maximum drawdown | −38.4% (23-03-2020) | −38.0% (23-03-2020) |
| Beta | 1.00 | 0.94 |
| Alpha | −0.62% | −0.99% |
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)
UTI - Master Equity Plan Unit Scheme (Regular)
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) | −38.4% | 14-01-2020 | 23-03-2020 | 09-11-2020 | 8 months | −11.8% |
| UTI - Master Equity Plan Unit Scheme (Regular) | −38.0% | 28-08-2018 | 23-03-2020 | 17-11-2020 | 8 months | −11.4% |
| Nifty 50 TRI | −38.3% | 14-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −11.6% |
From daily values since 02-01-2013, 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 NIFTY Index Fund (Direct)
UTI - Master Equity Plan Unit Scheme (Regular)
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)
UTI - Master Equity Plan Unit Scheme (Regular)
Nifty 50 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 NIFTY Index Fund (Direct)
UTI - Master Equity Plan Unit Scheme (Regular)
Nifty 50 TRI
Against Nifty 50 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| SBI NIFTY Index Fund (Direct) | 99% | 101% | 0.34% |
| UTI - Master Equity Plan Unit Scheme (Regular) | 96% | 100% | 3.49% |
From month-end values since 02-01-2013. 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 NIFTY Index vs UTI - Master Equity Plan Unit Scheme: Portfolio Overlap
From each fund's latest monthly portfolio: SBI NIFTY Index Fund, September 2026; UTI - Master Equity Plan Unit Scheme, September 2026
Holdings in common
- Overlap
- 66.7%
- Held by both
- 36
- Only in SBI NIFTY Index
- 14
- Only in UTI - Master Equity Plan Unit Scheme
- 31
| Security | % of SBI NIFTY Index | % of UTI - Master Equity Plan Unit Scheme |
|---|---|---|
| HDFC Bank Ltd. | 10.40% | 9.10% |
| ICICI Bank Ltd. | 9.07% | 8.93% |
| Reliance Industries Ltd. | 7.60% | 5.03% |
| Bharti Airtel Ltd. | 5.12% | 4.07% |
| Larsen & Toubro Ltd. | 4.21% | 4.06% |
| Infosys Ltd. | 3.36% | 3.18% |
| Axis Bank Ltd. | 3.37% | 3.14% |
| Kotak Mahindra Bank Ltd. | 2.94% | 5.04% |
| Bajaj Finance Ltd. | 2.51% | 3.21% |
| Eternal Ltd. | 2.22% | 2.82% |
| State Bank of India | 3.80% | 1.62% |
| Maruti Suzuki India Ltd. | 1.49% | 1.48% |
| Mahindra & Mahindra Ltd. | 2.52% | 1.46% |
| Ultratech Cement Ltd. | 1.24% | 1.82% |
| Tata Consultancy Services Ltd. | 2.00% | 1.22% |
| Power Grid Corporation of India Ltd. | 1.13% | 1.40% |
| JSW Steel Ltd. | 1.16% | 1.12% |
| ITC Ltd. | 2.43% | 1.06% |
| Titan Company Ltd. | 1.81% | 1.05% |
| Coal India Ltd. | 0.97% | 1.15% |
| Tech Mahindra Ltd. | 0.93% | 0.93% |
| Trent Ltd. | 0.84% | 1.32% |
| Oil & Natural Gas Corporation Ltd. | 0.84% | 0.98% |
| SBI Life Insurance Co. Ltd. | 0.73% | 1.16% |
| Max Healthcare Institute Ltd. | 0.66% | 1.01% |
| Bharat Electronics Ltd. | 1.33% | 0.60% |
| Dr. Reddy's Laboratories Ltd. | 0.72% | 0.59% |
| Tata Consumer Products Ltd. | 0.59% | 1.41% |
| Tata Motors Passenger Vehicles Ltd. | 0.57% | 0.97% |
| HDFC Life Insurance Company Ltd. | 0.54% | 1.23% |
| Sun Pharmaceutical Industries Ltd. | 1.84% | 0.52% |
| Bajaj Auto Ltd. | 1.14% | 0.52% |
| Adani Enterprises Ltd. | 0.94% | 0.44% |
| Adani Ports and Special Economic Zone Ltd. | 1.35% | 0.42% |
| HCL Technologies Ltd. | 1.24% | 0.31% |
| Interglobe Aviation Ltd. | 1.08% | 0.11% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 66.7% means 66.7% 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 |
|---|---|
| Hindustan Unilever Ltd. | 1.60% |
| NTPC Ltd. | 1.47% |
| Tata Steel Ltd. | 1.46% |
| Shriram Finance Ltd. | 1.32% |
| Hindalco Industries Ltd. | 1.31% |
Largest holdings only in UTI - Master Equity Plan Unit Scheme
| Security | % of fund |
|---|---|
| EQ - LTM Limited | 1.78% |
| EQ - HINDUSTAN AERONAUTICS LTD | 1.40% |
| EQ - HYUNDAI MOTOR INDIA LTD | 1.06% |
| EQ - VARUN BEVERAGES LTD | 0.97% |
| EQ - JUBILANT FOODWORKS LTD. | 0.91% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | SBI NIFTY Index | UTI - Master Equity Plan Unit Scheme |
|---|---|---|
| Equity | 100.2% | 94.1% |
| Debt | 0.0% | 0.4% |
| Cash and others | -0.2% | 5.5% |
Market cap of stocks
| Market cap | SBI NIFTY Index | UTI - Master Equity Plan Unit Scheme |
|---|---|---|
| Large Cap | 98.8% | 81.4% |
| Mid Cap | 1.4% | 10.2% |
| Small Cap | 0.0% | 2.2% |
| Not on AMFI's list | 0.0% | 0.3% |
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 | UTI - Master Equity Plan Unit Scheme |
|---|---|---|
| Banks | 29.6% | 28.4% |
| IT - Software | 7.5% | 8.1% |
| Petroleum Products | 7.6% | 5.4% |
| Automobiles | 6.7% | 5.5% |
| Finance | 5.5% | 3.8% |
| Retailing | 3.1% | 5.4% |
| Telecom - Services | 5.1% | 4.1% |
The six largest sectors of each fund's stocks, % of the fund.
SBI NIFTY Index vs UTI - Master Equity Plan Unit Scheme: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | SBI NIFTY Index Fund | UTI - Master Equity Plan Unit Scheme |
|---|---|---|
| Total expense ratio (Direct) | 0.24% | Not available |
| Base expense ratio (Direct) | 0.16% | 0.00% |
| Total expense ratio (Regular) | 0.44% | 1.36% |
| Base expense ratio (Regular) | 0.33% | 1.00% |
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.
More comparisons
Each fund against the others of its category
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SBI NIFTY Index Fund vs UTI - Master Equity Plan Unit Scheme: Frequently Asked Questions
What is the difference between SBI NIFTY Index Fund and UTI - Master Equity Plan Unit Scheme?
SBI NIFTY Index Fund is an Index fund, UTI - Master Equity Plan Unit Scheme is an ELSS fund, run by SBI Mutual Fund and UTI Mutual Fund. Their portfolios overlap 66.7%. SBI NIFTY Index Fund charges 0.24% a year and UTI - Master Equity Plan Unit Scheme 1.36%.
Which has given higher returns, SBI NIFTY Index Fund or UTI - Master Equity Plan Unit Scheme?
Over 1 year: SBI NIFTY Index Fund −10.22%, UTI - Master Equity Plan Unit Scheme −8.63%. Over 3 years: SBI NIFTY Index Fund +7.34% a year, UTI - Master Equity Plan Unit Scheme +7.20% a year. Over 5 years: SBI NIFTY Index Fund +6.43% a year, UTI - Master Equity Plan Unit Scheme +5.98% 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 UTI - Master Equity Plan Unit Scheme?
SBI NIFTY Index Fund charges less: 0.24% a year against 1.36%. These are the total expense ratios reported to AMFI.
How much do SBI NIFTY Index Fund and UTI - Master Equity Plan Unit Scheme overlap?
66.7%. They hold 36 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is better for SIP, SBI NIFTY Index Fund or UTI - Master Equity Plan Unit Scheme?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹6,92,459 in SBI NIFTY Index Fund (XIRR 4.9% a year) and ₹6,93,417 in UTI - Master Equity Plan Unit Scheme (XIRR 5.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both SBI NIFTY Index Fund and UTI - Master Equity Plan Unit Scheme?
Yes. 66.7% 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.