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Kotak Multi Asset Allocation Fund - Direct Plan - Growth Option vs SBI Multi Asset Allocation Fund - Direct Plan - Growth
Kotak Multi Asset Allocation Fund and SBI Multi Asset Allocation Fund are both in the Multi Asset Allocation category, from Kotak Mahindra Asset Management Company Limited. and SBI Funds Management Limited respectively. Kotak Multi Asset Allocation Fund has posted a higher 3-year rolling CAGR. Kotak Multi Asset Allocation Fund has the lower expense ratio. See the full table and FAQ below for the complete real-data comparison.
Basics
Kotak Multi Asset Allocation Fund has the lower direct-plan expense ratio, by 0.05 percentage points.
| Kotak Multi Asset Allocation Fund - Direct Plan - Growth Option | SBI Multi Asset Allocation Fund - Direct Plan - Growth | |
|---|---|---|
| Category | Multi Asset Allocation | Multi Asset Allocation |
| AMC | Kotak Mahindra Asset Management Company Limited. | SBI Funds Management Limited |
| Benchmark | 65% Nifty 500 TRI + 25% NIFTY Short Duration Debt Index + 5% Domestic prices of gold + 5% Domestic prices of silver | 45% CRISIL 10 Year Gilt Index + 40% Nifty 50 + 15% Price of Gold |
| NAV | ₹15.508 (2026-10-28) | ₹71.5445 (2026-10-28) |
| AUM | ₹15,057.504 Cr | ₹20,813.234 Cr |
| Expense Ratio (Direct) | 0.6417% | 0.69% |
| Inception | 2023-08-31 | 2005-11-09 |
Returns
Kotak Multi Asset Allocation Fund leads on 3-year rolling CAGR (16.9% vs SBI Multi Asset Allocation Fund's 12.7%) - see the FAQ below for percentile context within each fund's own category.
Risk Metrics
Kotak Multi Asset Allocation Fund has been the more volatile of the two by standard deviation.
| Kotak Multi Asset Allocation Fund - Direct Plan - Growth Option | SBI Multi Asset Allocation Fund - Direct Plan - Growth | |
|---|---|---|
| 3Y Sharpe Ratio | 0.73 | 0.78 |
| 3Y Alpha | 2.9589% | 3.1471% |
| 3Y Std Deviation | 10.6722% | 7.4918% |
| 3Y Calmar Ratio | 1.07 | 1.50 |
Portfolio Analytics
SBI Multi Asset Allocation Fund carries the higher portfolio YTM.
| Kotak Multi Asset Allocation Fund - Direct Plan - Growth Option | SBI Multi Asset Allocation Fund - Direct Plan - Growth | |
|---|---|---|
| P/E Ratio | 16.9744 | 18.2447 |
| P/B Ratio | 1.22 | 6.656 |
| Dividend Yield | 1.724% | 1.5531% |
| Active Share | - | - |
| Portfolio Turnover | 6322% | - |
| YTM | 6.52% | 8.6998% |
| Duration (Macaulay) | 2.83 yrs | 2.46 yrs |
Punji Fund Health Score
Kotak Multi Asset Allocation Fund and SBI Multi Asset Allocation Fund carry the same Punji Quality grade.
Frequently asked questions
Which has a higher 3-year return, Kotak Multi Asset Allocation Fund or SBI Multi Asset Allocation Fund?
Kotak Multi Asset Allocation Fund's 3-year rolling CAGR of 16.9% is higher than SBI Multi Asset Allocation Fund's 12.7%. Kotak Multi Asset Allocation Fund sits in the 53rd percentile of its category on this metric, versus the 33rd percentile for SBI Multi Asset Allocation Fund - though note both funds may belong to different categories with different medians, so a raw CAGR comparison doesn't account for how each fund performed relative to its own peers. A higher historical return also doesn't necessarily mean lower risk; check the risk metrics below before concluding either fund is the "better" choice.
Which has a lower expense ratio, Kotak Multi Asset Allocation Fund or SBI Multi Asset Allocation Fund?
Kotak Multi Asset Allocation Fund's direct-plan expense ratio is 0.05 percentage points lower than SBI Multi Asset Allocation Fund's. Over long holding periods, a persistent expense-ratio gap compounds into a materially different final corpus even if the two funds' gross returns are similar - it's one of the few fund attributes you can compare with total certainty upfront, unlike future returns, since the fee is contractually fixed rather than a historical estimate.
Which fund carries more risk, Kotak Multi Asset Allocation Fund or SBI Multi Asset Allocation Fund?
By standard deviation (a measure of how much a fund's returns swing around its own average), Kotak Multi Asset Allocation Fund has been more volatile than SBI Multi Asset Allocation Fund over the trailing window. Standard deviation captures total volatility in both directions - up and down - so a higher figure means bigger swings generally, not necessarily bigger losses specifically. Sharpe ratio (0.73 for Kotak Multi Asset Allocation Fund vs 0.78 for SBI Multi Asset Allocation Fund) is a better single measure of risk-adjusted return, since it weighs the return earned per unit of volatility taken rather than volatility alone.
Which has higher AUM, Kotak Multi Asset Allocation Fund or SBI Multi Asset Allocation Fund?
SBI Multi Asset Allocation Fund has ₹20,813 Cr in assets under management, versus ₹15,058 Cr for Kotak Multi Asset Allocation Fund. A larger AUM generally means deeper liquidity and lower per-unit fixed costs for the AMC to spread across investors, but an AUM that's very large relative to a fund's category and strategy (especially in small/mid cap categories, where the investable universe is smaller) can also make it harder for a manager to enter and exit positions without moving the price - bigger isn't automatically better, especially for less liquid categories.
Which has a higher yield to maturity (YTM), Kotak Multi Asset Allocation Fund or SBI Multi Asset Allocation Fund?
SBI Multi Asset Allocation Fund's portfolio YTM (8.6998%) is higher than Kotak Multi Asset Allocation Fund's. YTM is the weighted-average return a debt fund's current bond holdings would earn if held to maturity, assuming no defaults and coupons reinvested at the same rate - a useful forward-looking yield estimate for debt funds the way rolling CAGR is for equity funds, though it's an estimate based on today's portfolio, not a guaranteed return, and can move as bonds are bought/sold or as interest rates change.
Which has longer duration (more interest-rate sensitivity), Kotak Multi Asset Allocation Fund or SBI Multi Asset Allocation Fund?
Kotak Multi Asset Allocation Fund has the longer Macaulay duration of the two, meaning its NAV is more sensitive to interest-rate changes - a longer-duration debt fund tends to gain more when rates fall and lose more when rates rise, compared to a shorter-duration fund. Duration is expressed in years but isn't literally about how long you hold the fund; it's a measure of price sensitivity to rate moves. If you expect rates to fall, the longer-duration fund benefits more; if you expect rates to rise or want to minimize that swing, the shorter-duration fund is the more conservative pick.
Which fund has a longer track record, Kotak Multi Asset Allocation Fund or SBI Multi Asset Allocation Fund?
SBI Multi Asset Allocation Fund launched on 2005-11-09, making it older than Kotak Multi Asset Allocation Fund (launched 2023-08-31). A longer track record means more real market cycles (bull runs, corrections, rate cycles) the fund has actually navigated, which is useful context for judging consistency - but it isn't a guarantee of future performance, and a newer fund isn't automatically worse, especially if it's run by an experienced manager or team with a track record at a prior fund.
Data as of 2026-10-29. Source: AMFI disclosures via Punji. Not investment advice.