SBI Equity Minimum Variance Fund
Direct · GrowthAI Summary
SBI Equity Minimum Variance Fund has delivered SIP XIRR of 16.73% over 1Y and 15.63% over 3Y, beating the 1Y category average of 14.1% but trailing the 3Y category average of 16.82%. Against the NIFTY 50, the fund has outperformed on a lump-sum basis across all periods, with a 5Y Fund CAGR of 9.98% versus the benchmark's 7.83% and a 7Y CAGR of 14.5% versus 11.81%. Alpha is positive across every measured horizon, ranging from 1.07% (1Y) to 3.83% (7Y).
The fund exhibits a consistently low beta of roughly 0.77-0.79 versus the NIFTY 50, with downside capture below upside capture in every period (e.g., 5Y: 81.9% upside vs 77.43% downside), confirming its defensive, minimum-variance design. Risk-adjusted returns are solid, with Calmar ratios of 0.50-0.52 over 1Y-5Y and a positive alpha at all horizons. The maximum drawdown of just -0.33% with a 39-day duration and 136-day recovery indicates very shallow recent drawdowns, though 3 drawdown events exceeding 10% have occurred over the longer history.
The 50-stock portfolio is anchored by Sun Pharma (8.3%), Nestle India (8.14%), and Apollo Hospitals (8.03%), with defensive healthcare and FMCG names dominating the top holdings. Sector concentration is moderate, led by Pharmaceuticals & Biotechnology at 16.2%, Diversified FMCG at 11.2%, and Healthcare Services at 9.0%. The tilt toward consumer staples, pharma, and healthcare explains the fund's low beta and downside protection, though it may lag in strong cyclical rallies.
The fund outperforms the category on 1Y SIP XIRR (16.73% vs 14.1%) but lags on 3Y (15.63% vs 16.82%), 5Y (15.79% vs 16.95%), and 7Y (12.45% vs 16.51%) horizons. Its consistency comes from superior benchmark outperformance and lower volatility rather than top-of-category raw returns. Calendar year returns show steady positive delivery in most years, including 28.21% in 2023 and 24.43% in 2020, with only 2026 currently negative at -2.89%.
This fund suits conservative equity investors seeking market participation with lower volatility, such as those building a core allocation alongside more aggressive funds. A time horizon of at least 5-7 years is appropriate to allow the fund's downside-capture advantage and alpha to compound. Investors should accept that in strong bull markets the low beta of ~0.79 will likely result in returns below the broader index.
- Consistently positive alpha versus NIFTY 50 across all measured periods, peaking at 3.83% over 7Y
- Low beta of ~0.78 with downside capture (75.99%-81.26%) below upside capture (81.07%-84.44%) in every period, validating its minimum-variance approach
- Strong 1Y SIP XIRR of 16.73% that beats the category average of 14.1%, with a low expense ratio of 0.42%
- SIP XIRR trails category averages across 3Y, 5Y, and 7Y horizons, including a notable 7Y gap of 12.45% versus 16.51%
- Heavy tilt toward defensive sectors (pharma 16.2%, FMCG 11.2%, healthcare 9.0%) may underperform during broad cyclical or growth-led rallies
Generated on 06-09-2026, 7:48 PM. 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 | ₹12.73 L | 16.7% | -52.5% | 74.6% |
| 3 Years | ₹36.00 L | ₹45.24 L | 15.6% | -0.7% | 29.5% |
| 5 Years | ₹60.00 L | ₹85.74 L | 15.8% | 6.1% | 25.8% |
| 7 Years | ₹84.00 L | ₹1.29 Cr | 12.4% | 10.5% | 14.2% |
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 | 16.7% | 14.4% | 14.1% | +2.4% |
| 3 Years | 15.6% | 11.1% | 16.8% | +4.6% |
| 5 Years | 15.8% | 10.4% | 16.9% | +5.4% |
| 7 Years | 12.4% | 10.6% | 16.5% | +1.9% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 16.5% | 12.1% | -25.7% | 88.5% | 0.56 | 1.88 | 87% | — | — |
| 3 Years | 17.0% | 17.2% | 8.8% | 31.9% | 2.67 | — | 100% | — | — |
| 5 Years | 17.2% | 17.8% | 10.0% | 25.9% | 2.82 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +1.07 | 0.79 | 82.6% | 78.5% | 0.1% | -2.9% |
| 3 Years | +1.44 | 0.78 | 84.4% | 81.3% | 8.9% | 7.8% |
| 5 Years | +2.46 | 0.77 | 81.9% | 77.4% | 10.0% | 7.8% |
| 7 Years | +3.83 | 0.79 | 81.2% | 76.0% | 14.5% | 11.8% |
| 10 Years | +1.95 | 0.79 | 81.1% | 76.5% | 9.3% | 7.6% |
| 12 Years | +1.36 | 0.79 | 81.1% | 76.5% | 7.7% | 6.3% |
| 15 Years | +0.78 | 0.79 | 81.1% | 76.5% | 6.1% | 5.0% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Sun Pharmaceutical Industries Ltd. | 8.30% |
| 2 | Nestle India Ltd. | 8.14% |
| 3 | Apollo Hospitals Enterprise Ltd. | 8.03% |
| 4 | Hindustan Unilever Ltd. | 5.95% |
| 5 | ITC Ltd. | 5.26% |
| 6 | Tata Consumer Products Ltd. | 5.00% |
| 7 | Cipla Ltd. | 4.84% |
| 8 | Tech Mahindra Ltd. | 4.55% |
| 9 | Coal India Ltd. | 4.37% |
| 10 | Dr. Reddy's Laboratories Ltd. | 3.03% |