Nippon India Small Cap Fund vs SBI Small Cap Fund
What ₹10 lakh grew to in each, with returns, costs, risk, holdings, overlap and Foliyo’s research view.
- Nippon India Small Cap Fund
- Strong
- SBI Small Cap Fund
- Laggard
- Portfolio overlap
- 10%
- Returns to
- 30 October 2026
Nippon India Small Cap FundSBI Small Cap Fund
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Nippon India Small Cap Fund (Strong, ₹80,906 Cr) and SBI Small Cap Fund (Laggard, ₹41,059 Cr) are two of the largest small cap funds. On Foliyo’s research Nippon India Small Cap Fund ranks higher (11 of 33, Strong) than SBI Small Cap Fund (27, Laggard). ₹10 lakh put in both on 1 January 2013 grew to ₹1.75 crore and ₹1.55 crore respectively by 30 October 2026.
Compare mutual funds Pick any two funds, in any plan, and see them side by side.
Nippon India Small Cap Fund vs SBI Small Cap Fund: side by side
| Direct Growth plans | Nippon India Small Cap Fund | SBI Small Cap Fund |
|---|---|---|
| Foliyo label | Strong #11 of 33 | Laggard #27 of 33 |
| ₹10 lakh after 1 year | ₹9.98 lakh | ₹9.87 lakh |
| ₹10 lakh after 3 years | ₹14.42 lakh | ₹13.45 lakh |
| ₹10 lakh after 5 years | ₹21.06 lakh | ₹16.87 lakh |
| ₹10 lakh after 10 years | ₹60.73 lakh | ₹49.71 lakh |
| 1-year return | −0.2% | −1.0% |
| 3-year return (a year) | 13.0% | 10.3% |
| 5-year return (a year) | 17.1% | 11.7% |
| 10-year return (a year) | 19.3% | 17.0% |
| Since launch (a year) | 23.0% | 21.9% |
| Fund size (AUM) | ₹80,906 Cr | ₹41,059 Cr |
| Expense ratio (Direct) | 0.69% | 0.80% |
| Number of holdings | 260 | 70 |
| Equity / debt / cash | 97% / — / 3% | 89% / — / 11% |
| Large / mid / small cap | 14% / 13% / 69% | 1% / 2% / 82% |
| Price to earnings | 27.0 | 22.6 |
| Price to book | 3.6 | 4.0 |
| Sharpe ratio (3Y) | 0.49 | 0.34 |
| Sortino ratio (3Y) | 0.79 | 0.54 |
| Standard deviation (3Y) | 19.3% | 17.7% |
| Maximum drawdown (3Y) | −23.2% | −21.8% |
| Alpha (3Y) | 1.40% | 0.03% |
| Beta (3Y) | 0.86 | 0.78 |
| Downside capture (3Y) | 79 | 74 |
| Lead fund manager | Samir Rachh (since January 2017) | R. Srinivasan (since November 2013) |
| Launch date | 1 January 2013 | 1 January 2013 |
| Benchmark | Nifty Smallcap 250 TR INR | BSE 250 SmallCap TR INR |
| Riskometer | Very High Risk | Very High Risk |
Returns to 30 October 2026; risk ratios to 30 September 2026, 3 years; portfolios as of 30 September 2026; labels and ranks from Foliyo’s review of 23 October 2026. A “—” means the figure isn’t available for that fund.
Where each fund invests
Nippon India Small Cap Fund: sectors
- Industrials 23.9%
- Financial Services 15.8%
- Consumer Cyclical 14.9%
- Basic Materials 11.1%
- Consumer Defensive 9.1%
- Healthcare 9.0%
- Technology 7.3%
- Other 8.9%
SBI Small Cap Fund: sectors
- Consumer Cyclical 26.2%
- Industrials 21.5%
- Basic Materials 11.6%
- Financial Services 11.0%
- Technology 6.2%
- Consumer Defensive 3.6%
- Healthcare 2.0%
- Other 17.8%
Nippon India Small Cap Fund: market cap
- Small cap 69.1%
- Large cap 14.3%
- Mid cap 13.1%
- Other 3.5%
SBI Small Cap Fund: market cap
- Small cap 82.4%
- Mid cap 2.0%
- Large cap 0.9%
- Other 14.8%
Portfolio overlap
Nippon India Small Cap Fund and SBI Small Cap Fund hold 29 of the same stocks and bonds; counting each common holding at the smaller of its two weights, 10% of the two portfolios overlap. That is low: the two portfolios are quite different.
Largest common holdings
Nippon India Small Cap FundSBI Small Cap Fund
- Sundaram Fasteners Ltd
- Balrampur Chini Mills Ltd
- Carborundum Universal Ltd
- Kalpataru Projects International Ltd
- Esab India Ltd
- Navin Fluorine International Ltd
- Krishna Institute of Medical Sciences Ltd
- Sansera Engineering Ltd
Foliyo’s research on each
Nippon India Small Cap Fund
Rank 11 of 33, managed by Samir Rachh (lead since Jan 2017)
Strong A strong fund: ranks 11 of 33 in Small-Cap.
Pros
- Ahead of the peer median in 93.0% of rolling 3-year periods (weekly, last 3 years)
- Expense ratio 0.69% vs peer median 0.90%
- 5-year return (a year) 16.5% vs peer median 14.0%
Cons
No red flags this month.
SBI Small Cap Fund
Rank 27 of 33, managed by R. Srinivasan (lead since Nov 2013)
Laggard Below average: over 3 years it returned 9.5% a year against 12.8% for similar funds, though its yearly fee is slightly lower.
Over 3 years the fund returned 9.5% a year, against 12.8% for similar funds. Its yearly fee is 0.8%, against 0.9% for similar funds. The 5-year return of 11.3% a year also trails the 14.0% for similar funds. On the positive side, it has been less jumpy than similar funds, and its lead manager has run it for nearly 13 years. Keep in mind that it has not matched similar funds over any 3-year stretch in the last 3 years, and it holds 10.6% in cash.
Pros
- Lead manager has run it for 12.9 years
- Volatility (3Y) 17.7% vs peer median 19.9%
Cons
- 3-year return (a year) 9.5% vs peer median 12.8%
- Ahead of the peer median in 0.0% of rolling 3-year periods (weekly, last 3 years)
- Holds 10.6% in cash (net equity 89.4%)
See where they stand among all small cap funds: Best Small Cap Funds.
How Foliyo’s research ranks funds
Every month Foliyo’s Research Desk reviews each Indian mutual fund with at least ₹500 Cr under management (1,035 funds in the review of 23 October 2026), through its Direct Growth plan, and ranks it against the other funds in its category. No fund house pays us, and we earn no commission, so the ranking has no reason to favour anyone. For equity funds the ranking weighs:
- Performance (35%): 3, 5 and 1-year returns, and where the fund stands among all funds in its category over 3 and 5 years.
- Consistency (25%): how often the fund was ahead of its peers over rolling 1 and 3-year periods, and in how many calendar years it finished in the top half.
- Risk (25%): return per unit of risk (Sharpe and Sortino ratios), how much of the market’s falls it took (downside capture), its worst fall and its volatility.
- Cost (10%) and stability (5%): the expense ratio, and how long the lead manager has run the fund.
Where a fund stands sets its label: Leader (the strongest in the category), Strong, Steady and Laggard (behind most of its peers). A fund under 3 years old is never judged on a full record: its first year is compared with every peer’s last year (1-year return 25%, steadiness against peers 15%, Sharpe ratio 15%, worst fall 10%, downside capture 10%, cost 15%), and it is labelled Emerging when that start is among the strongest, or Too early otherwise. Red flags are set by rule, never by opinion: a new lead manager, a portfolio that strays from the category’s mandate, high cash, high cost or a concentrated portfolio.
Frequently asked questions
Which is better, Nippon India Small Cap Fund or SBI Small Cap Fund?
On Foliyo’s research (review of 23 October 2026), Nippon India Small Cap Fund is Strong (rank 11 of 33) and SBI Small Cap Fund is Laggard (rank 27 of 33). Which suits you depends on your goals and what else you own; the ranking describes the past, not the future.
Which has given higher returns, Nippon India Small Cap Fund or SBI Small Cap Fund?
Over 3 years Nippon India Small Cap Fund returned 13.0% a year and SBI Small Cap Fund 10.3%; over 5 years 17.1% and 11.7% a year (Direct Growth, to 30 October 2026). ₹10 lakh invested 3 years ago would be ₹14.42 lakh and ₹13.45 lakh.
Which has the lower expense ratio?
Nippon India Small Cap Fund charges 0.69% a year and SBI Small Cap Fund 0.80% (Direct plans). Regular plans of both cost more, because they include the distributor’s commission.
How much do Nippon India Small Cap Fund and SBI Small Cap Fund overlap?
About 10% of the two portfolios overlap: they share 29 holdings, as of 30 September 2026.
Should I invest in both Nippon India Small Cap Fund and SBI Small Cap Fund?
Two funds from the same category often hold many of the same companies (here about 10%), so a second one adds cost and paperwork more than diversification. A fee-only adviser can check how they fit with the rest of your portfolio: talk to a Foliyo adviser.
Why hire a Foliyo Advisor?
- Unbiased
- No commissions, ever
- SEBI-registered RIA
- Best-in-class research