SBI COMMA Fund
Direct · GrowthAI Summary
SBI COMMA Fund has delivered strong SIP XIRR across horizons, with 20.48% over 1Y and 16.62% over 5Y, outperforming the category average of 14.1% and 16.95% respectively at shorter and longer tenures. Against the NIFTY 50, the fund has generated consistent positive alpha, including 15.53% over 1Y and 9.08% over 7Y, while beating benchmark CAGR in every period measured. Lump-sum rolling returns of 16.41% over 5Y versus a 12.11% fund CAGR indicate steady compounding across market cycles.
The fund shows a favorable risk profile with a maximum drawdown of just -0.41% and an average drawdown of -0.09%, though it has experienced 8 drawdown events exceeding 10% and a lengthy 801-day max drawdown duration with 239 days to recovery. Downside capture is consistently below 100% across all periods (73.7% over 1Y, 88.71% over 10Y), meaning it falls less than the NIFTY 50 in weak markets. Calmar ratios of roughly 0.39-0.47 across horizons reflect solid risk-adjusted returns relative to drawdown severity.
The 41-stock portfolio is led by Tata Steel (6.84%) and JSW Steel (5.36%), with Ferrous Metals as the largest sector at 18.3% of NAV. Sector allocation is spread across cyclical themes including Chemicals (10.2%), Power (10.1%), Cement (9.4%), and Textiles (8.7%), giving meaningful but not extreme concentration. The top 10 holdings account for roughly 43.7% of NAV, indicating a reasonably diversified book with a cyclical, value-oriented tilt.
The fund's SIP XIRR beats the category average over 1Y (20.48% vs 14.1%), 7Y (17.14% vs 16.51%), and 12Y (16.50% vs 16.25%), though it trails slightly over 3Y (17.20% vs 16.82% is ahead) and 5Y (16.62% vs 16.95%). Calendar year returns show strong upside years such as 51.87% in 2021 and 31.43% in 2023, but also sharp down years like -17.8% in 2018 and -14.38% in 2013, typical of a thematic cyclical fund. Long-term consistency above benchmark alpha across 15 years suggests durable stock selection.
This fund suits investors with high risk tolerance and a horizon of 7 years or more, given its sectoral/thematic classification and exposure to cyclical sectors like metals, power, and cement. It is appropriate as a satellite allocation rather than a core holding, ideally through SIPs to smooth out volatility evident in years like 2018 (-17.8%). Investors should be comfortable with meaningful drawdowns during commodity and economic downcycles.
- Consistent positive alpha versus NIFTY 50 across all measured periods, including 15.53% over 1Y and 9.08% over 7Y
- Low downside capture (73.7% over 1Y, 88.71% over 10Y), indicating better-than-benchmark resilience in falling markets
- SIP XIRR of 20.48% over 1Y significantly outpaces the category average of 14.1%
- High expense ratio of 1.53% which erodes net returns for investors
- Heavy cyclical tilt with Ferrous Metals at 18.3% of NAV exposes the fund to commodity price cycles, as seen in the -17.8% calendar return in 2018
- 8 drawdown events exceeding 10% and a max drawdown duration of 801 days highlight extended recovery periods during downturns
Generated on 03-09-2026, 3:02 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.79 L | 20.5% | -51.1% | 114.9% |
| 3 Years | ₹36.00 L | ₹45.68 L | 17.2% | -21.2% | 50.5% |
| 5 Years | ₹60.00 L | ₹89.44 L | 16.6% | -6.8% | 29.8% |
| 7 Years | ₹84.00 L | ₹1.57 Cr | 17.1% | -0.5% | 25.0% |
| 10 Years | ₹1.20 Cr | ₹2.88 Cr | 17.0% | 13.5% | 20.7% |
| 12 Years | ₹1.44 Cr | ₹4.11 Cr | 16.5% | 14.9% | 18.2% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 20.5% | 14.4% | 14.1% | +6.0% |
| 3 Years | 17.2% | 11.1% | 16.8% | +6.1% |
| 5 Years | 16.6% | 10.4% | 16.9% | +6.2% |
| 7 Years | 17.1% | 10.6% | 16.5% | +6.6% |
| 10 Years | 17.0% | 11.5% | 16.7% | +5.5% |
| 12 Years | 16.5% | 11.4% | 16.3% | +5.1% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 19.0% | 13.2% | -26.8% | 115.7% | 0.48 | 1.44 | 72% | — | — |
| 3 Years | 16.6% | 17.4% | -8.1% | 35.5% | 1.30 | 5.33 | 98% | — | — |
| 5 Years | 16.4% | 16.4% | 2.0% | 30.8% | 1.84 | 27.59 | 100% | — | — |
| 10 Years | 16.4% | 16.3% | 12.7% | 19.8% | 6.72 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +15.53 | 0.83 | 95.7% | 73.7% | 14.2% | -2.9% |
| 3 Years | +10.46 | 1.06 | 109.9% | 96.7% | 18.3% | 7.8% |
| 5 Years | +4.29 | 1.00 | 98.9% | 93.0% | 12.1% | 7.8% |
| 7 Years | +9.08 | 0.88 | 94.9% | 85.3% | 20.3% | 11.8% |
| 10 Years | +5.42 | 0.90 | 95.4% | 88.7% | 15.8% | 10.8% |
| 12 Years | +4.89 | 0.91 | 95.5% | 89.3% | 14.4% | 9.8% |
| 15 Years | +3.12 | 0.91 | 94.9% | 90.5% | 12.6% | 9.7% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Tata Steel Ltd. | 6.84% |
| 2 | JSW Steel Ltd. | 5.36% |
| 3 | Sudeep Pharma Ltd. | 5.11% |
| 4 | Oil & Natural Gas Corporation Ltd. | 4.64% |
| 5 | CESC Ltd. | 4.43% |
| 6 | Gokaldas Exports Ltd. | 4.01% |
| 7 | Ultratech Cement Ltd. | 3.42% |
| 8 | Steel Authority of India Ltd. | 3.35% |
| 9 | Arvind Ltd. | 3.29% |
| 10 | Balrampur Chini Mills Ltd. | 3.22% |