SBI NIFTY Index Fund vs Zerodha Nifty 50 Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
SBI NIFTY Index Fund is an Index fund and Zerodha Nifty 50 Index Fund is an Index fund. In the year to 30-10-2026, SBI NIFTY Index Fund (Direct) returned −10.2% and Zerodha Nifty 50 Index Fund (Direct) returned −10.3%. SBI NIFTY Index Fund charges 0.24% a year and Zerodha Nifty 50 Index Fund 0.28% (Direct plans). Their portfolios overlap 100.2%: they hold 50 of the same securities.
Zerodha Nifty 50 Index Fund
Index
- 1 year return
- −10.3%
- Expense ratio
- 0.28%
- NAV
- ₹9.24
Which is better, SBI NIFTY Index or Zerodha Nifty 50 Index? 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 1 year: −10.2% against −10.3%.
- SBI NIFTY Index costs less: 0.24% a year against 0.28% (Direct plans).
- SBI NIFTY Index fell less in its worst fall since 17-10-2025: −15.1% against −15.2%.
- SBI NIFTY Index is the larger fund: ₹13,190 Cr against ₹75 Cr.
- Their portfolios overlap 100.2%: 50 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 | Zerodha Nifty 50 Index Fund |
|---|---|---|
| Fund house | SBI Mutual Fund | Zerodha Mutual Fund |
| Category | Index | Index |
| AUM | ₹13,190 Cr (30-09-2026) | ₹75 Cr (30-09-2026) |
| NAV | ₹215.76 (Direct) | ₹9.24 (Direct) |
| Expense ratio (Direct) | 0.24% | 0.28% |
| Expense ratio (Regular) | 0.44% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 50 TRI | Nifty 50 TRI |
| Launch date | 17-01-2002 | 14-10-2025 |
| Minimum investment | ₹5,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Raviprakash Sharma | Kedarnath Mirajkar |
| Exit load | Exit load of 0.25% if redeemed within 30 days | Nil |
SBI NIFTY Index vs Zerodha Nifty 50 Index: 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% |
| Zerodha Nifty 50 Index Fund (Direct) | +1.95% | −5.00% | −3.12% | −10.25% | -- | -- | -- |
SBI NIFTY Index vs Zerodha Nifty 50 Index: Year-wise Returns
| Year | SBI NIFTYSBI NIFTY Index | Zerodha Nifty 50Zerodha Nifty 50 Index | Nifty 50 TRI |
|---|---|---|---|
| 2026to date | −11.09% | −11.01% | −10.91% |
| 2025 | +11.58% | -- | +11.88% |
| 2024 | +9.80% | -- | +10.09% |
| 2023 | +21.04% | -- | +21.30% |
| 2022 | +5.43% | -- | +5.69% |
| 2021 | +25.10% | -- | +25.59% |
SBI NIFTY Index vs Zerodha Nifty 50 Index: Rolling Returns
Every holding period of both funds, against Nifty 50 TRI, the benchmark of both
SBI NIFTY Index vs Zerodha Nifty 50 Index: 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 01-10-2025 to 30-10-2026: 13 instalments, ₹1,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| SBI NIFTY IndexSBI NIFTY Index Fund (Direct) | ₹1,30,000 | ₹1,23,325 | −₹6,675 | −8.8% |
| Zerodha Nifty 50 IndexZerodha Nifty 50 Index Fund (Direct) | ₹1,30,000 | ₹1,23,091 | −₹6,909 | −9.1% |
SBI NIFTY IndexSBI NIFTY Index Fund (Direct)
Zerodha Nifty 50 IndexZerodha Nifty 50 Index 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 Zerodha Nifty 50 Index: 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) | Zerodha Nifty 50 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −10.22% | −10.25% |
| Standard deviation | 13.62% | 13.60% |
| Sharpe ratio | -1.14 | -1.14 |
| Sortino ratio | -1.52 | -1.52 |
| Maximum drawdown | −15.1% (31-03-2026) | −15.2% (30-03-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.23% | −0.28% |
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) | Zerodha Nifty 50 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.95% | −9.31% |
| Standard deviation | 15.84% | 13.43% |
| Sharpe ratio | 0.31 | -1.08 |
| Sortino ratio | 0.42 | -1.45 |
| Maximum drawdown | −38.4% (23-03-2020) | −15.2% (30-03-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.62% | −0.29% |
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)
Zerodha Nifty 50 Index 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) | −15.1% | 02-01-2026 | 31-03-2026 | Not yet | -- | −11.8% |
| Zerodha Nifty 50 Index Fund (Direct) | −15.2% | 02-01-2026 | 30-03-2026 | Not yet | -- | −11.7% |
| Nifty 50 TRI | −15.1% | 02-01-2026 | 30-03-2026 | Not yet | -- | −11.6% |
From daily values since 17-10-2025, 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)
Zerodha Nifty 50 Index 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% |
| Zerodha Nifty 50 Index Fund (Direct) | 99% | 100% | 0.15% |
From month-end values since 17-10-2025. 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 Zerodha Nifty 50 Index: Portfolio Overlap
From each fund's latest monthly portfolio: SBI NIFTY Index Fund, September 2026; Zerodha Nifty 50 Index Fund, September 2026
Holdings in common
- Overlap
- 100.2%
- Held by both
- 50
- Only in SBI NIFTY Index
- 0
- Only in Zerodha Nifty 50 Index
- 0
| Security | % of SBI NIFTY Index | % of Zerodha Nifty 50 Index |
|---|---|---|
| HDFC Bank Ltd. | 10.40% | 10.44% |
| ICICI Bank Ltd. | 9.07% | 9.10% |
| Reliance Industries Ltd. | 7.60% | 7.63% |
| Bharti Airtel Ltd. | 5.12% | 5.13% |
| Larsen & Toubro Ltd. | 4.21% | 4.23% |
| State Bank of India | 3.80% | 3.81% |
| Axis Bank Ltd. | 3.37% | 3.39% |
| Infosys Ltd. | 3.36% | 3.37% |
| Kotak Mahindra Bank Ltd. | 2.94% | 2.95% |
| Mahindra & Mahindra Ltd. | 2.52% | 2.53% |
| Bajaj Finance Ltd. | 2.51% | 2.52% |
| ITC Ltd. | 2.43% | 2.43% |
| Eternal Ltd. | 2.22% | 2.23% |
| Tata Consultancy Services Ltd. | 2.00% | 2.01% |
| Sun Pharmaceutical Industries Ltd. | 1.84% | 1.85% |
| Titan Company Ltd. | 1.81% | 1.82% |
| Hindustan Unilever Ltd. | 1.60% | 1.60% |
| Maruti Suzuki India Ltd. | 1.49% | 1.49% |
| NTPC Ltd. | 1.47% | 1.47% |
| Tata Steel Ltd. | 1.46% | 1.47% |
| Adani Ports and Special Economic Zone Ltd. | 1.35% | 1.35% |
| Bharat Electronics Ltd. | 1.33% | 1.34% |
| Shriram Finance Ltd. | 1.32% | 1.32% |
| Hindalco Industries Ltd. | 1.31% | 1.31% |
| HCL Technologies Ltd. | 1.24% | 1.25% |
| Ultratech Cement Ltd. | 1.24% | 1.25% |
| BSE Ltd. | 1.21% | 1.21% |
| JSW Steel Ltd. | 1.16% | 1.16% |
| Bajaj Auto Ltd. | 1.14% | 1.14% |
| Power Grid Corporation of India Ltd. | 1.13% | 1.13% |
| Grasim Industries Ltd. | 1.11% | 1.11% |
| Interglobe Aviation Ltd. | 1.08% | 1.08% |
| Asian Paints Ltd. | 1.04% | 1.04% |
| Coal India Ltd. | 0.97% | 0.98% |
| Bajaj Finserv Ltd. | 0.96% | 0.97% |
| Eicher Motors Ltd. | 0.94% | 0.95% |
| Adani Enterprises Ltd. | 0.94% | 0.95% |
| Tech Mahindra Ltd. | 0.93% | 0.93% |
| Nestle India Ltd. | 0.90% | 0.90% |
| Trent Ltd. | 0.84% | 0.84% |
| Oil & Natural Gas Corporation Ltd. | 0.84% | 0.84% |
| Apollo Hospitals Enterprise Ltd. | 0.80% | 0.81% |
| Cipla Ltd. | 0.73% | 0.73% |
| SBI Life Insurance Co. Ltd. | 0.73% | 0.73% |
| Dr. Reddy's Laboratories Ltd. | 0.72% | 0.72% |
| Jio Financial Services Ltd. | 0.68% | 0.68% |
| Max Healthcare Institute Ltd. | 0.66% | 0.66% |
| Tata Consumer Products Ltd. | 0.59% | 0.59% |
| Tata Motors Passenger Vehicles Ltd. | 0.57% | 0.57% |
| HDFC Life Insurance Company Ltd. | 0.54% | 0.54% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 100.2% means 100.2% 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
Every holding of this fund is also held by the other.
Largest holdings only in Zerodha Nifty 50 Index Fund
Every holding of this fund is also held by the other.
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | SBI NIFTY Index | Zerodha Nifty 50 Index |
|---|---|---|
| Equity | 100.2% | 100.6% |
| Debt | 0.0% | 0.0% |
| Cash and others | -0.2% | -0.6% |
Market cap of stocks
| Market cap | SBI NIFTY Index | Zerodha Nifty 50 Index |
|---|---|---|
| Large Cap | 98.8% | 99.2% |
| Mid Cap | 1.4% | 1.4% |
| Small Cap | 0.0% | 0.0% |
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 | Zerodha Nifty 50 Index |
|---|---|---|
| Banks | 29.6% | 29.7% |
| Petroleum Products | 7.6% | 7.6% |
| IT - Software | 7.5% | 7.6% |
| Automobiles | 6.7% | 6.7% |
| Finance | 5.5% | 5.5% |
| Telecom - Services | 5.1% | 5.1% |
The six largest sectors of each fund's stocks, % of the fund.
SBI NIFTY Index vs Zerodha Nifty 50 Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | SBI NIFTY Index Fund | Zerodha Nifty 50 Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.24% | 0.28% |
| Base expense ratio (Direct) | 0.16% | 0.10% |
| Total expense ratio (Regular) | 0.44% | Not available |
| Base expense ratio (Regular) | 0.33% | 0.00% |
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.
SBI NIFTY Index Fund vs Zerodha Nifty 50 Index Fund: Frequently Asked Questions
What is the difference between SBI NIFTY Index Fund and Zerodha Nifty 50 Index Fund?
SBI NIFTY Index Fund is an Index fund, Zerodha Nifty 50 Index Fund is an Index fund, run by SBI Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 100.2%. SBI NIFTY Index Fund charges 0.24% a year and Zerodha Nifty 50 Index Fund 0.28%.
Which has given higher returns, SBI NIFTY Index Fund or Zerodha Nifty 50 Index Fund?
Over 1 year: SBI NIFTY Index Fund −10.22%, Zerodha Nifty 50 Index Fund −10.25%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, SBI NIFTY Index Fund or Zerodha Nifty 50 Index Fund?
SBI NIFTY Index Fund charges less: 0.24% a year against 0.28%. These are the Direct plans' total expense ratios reported to AMFI.
How much do SBI NIFTY Index Fund and Zerodha Nifty 50 Index Fund overlap?
100.2%. They hold 50 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, SBI NIFTY Index Fund or Zerodha Nifty 50 Index Fund?
On SEBI's riskometer, SBI NIFTY Index Fund is rated Very High and Zerodha Nifty 50 Index Fund Very High. Over 1 years, the standard deviation of daily returns was 13.62% and 13.60% a year.
Can I invest in both SBI NIFTY Index Fund and Zerodha Nifty 50 Index Fund?
Yes. 100.2% 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 Zerodha Nifty 50 Index Fund?
SBI NIFTY Index Fund: Raviprakash Sharma. Zerodha Nifty 50 Index Fund: Kedarnath Mirajkar.
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.