SBI Nifty 500 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

SBI Nifty 500 Index Fund Direct Growth Plan has a NAV of ₹9.5796 as of 10 Sep 2026 and an AUM of ₹779 Cr. Its 1-year, 3-year and 5-year returns are 0.01%, 0% and 0%, and it sits in the High Risk category.

Our view is that this fund may suit investors who want broad equity-market exposure through an index approach and can accept short-term swings. The recent return pattern has been flat to soft, while the portfolio is led by large financials, energy, telecom and infrastructure names rather than a narrow theme.

Quick facts

Particular	Details
NAV	₹9.5796 as of 10 Sep 2026
AUM	₹779 Cr
Expense Ratio	0.31%
Launch Date	30 Sep 2024
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	0.25% on or before 15D, Nil after 15D
Fund Managers	Viral Chhadva

The fund is managed by Viral Chhadva.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.06%	-4.06%
3M	4.17%	1.37%
1Y	0.01%	-7.31%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent three-month picture is stronger than the one-month trend, which tells us the fund has moved through a recovery phase after a weak patch. Over 1 month, the fund was still negative, but it fell less than the benchmark, which suggests some relative resilience even in a soft market.

The 3-month return is the clearer improvement point. At 4.17%, the fund moved ahead of the benchmark’s 1.37%, so the recent stretch was better than the index it is meant to follow. That said, the 1-year return is still close to flat at 0.01%, which means the stronger short-term run has not yet translated into a convincing full-year compounding story.

The time pattern also points to a fund that has had bouts of volatility rather than a smooth climb. The 1-year path includes several drawdowns and partial recoveries, so our view is that investors should read the recent rebound as a short-term improvement, not as evidence of steady outperformance across longer holding periods.

Because the 3-year and 5-year figures are not yet meaningful for this relatively new scheme, the benchmark comparison is best judged on the live shorter windows. On that basis, the fund has recently behaved better than the benchmark over 3 months, but the longer look is still too short to establish a stable pattern.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD SBI Nifty 500 Index?

A fund's past returns alone don't tell you whether you should buy it today or continue holding it.

The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.

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Peer comparison

Fund	1Y return	3Y return	5Y return
SBI Nifty 500 Index Fund Direct Growth Plan	0.01%	Data not available	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	33.08%	30.07%	Data not available
Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan	26.95%	Data not available	Data not available
Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan	26.94%	Data not available	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	24.33%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	23.74%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

On the recent 1-year measure, this fund is far behind the peer set shown here, while its 3-month recovery is much less dramatic than the stronger short-term figures in several peer funds. That contrast suggests the fund has not participated in the same sharp upside that some thematic peers captured.

For longer periods, there is not enough peer history here for a like-for-like 3-year or 5-year comparison across most funds, so the cleaner takeaway is that the current fund’s recent return profile is comparatively subdued. The short-term gap versus peers is large, and the limited longer-horizon evidence does not yet offset that weaker recent showing.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Ltd.	Bank	5.41%
ICICI Bank Ltd.	Bank	5.19%
Reliance Industries Ltd.	Crude Oil	4.30%
Bharti Airtel Ltd.	Telecom	2.75%
Larsen & Toubro Ltd.	Infrastructure	2.36%
State Bank of India	Bank	2.18%
Infosys Ltd.	IT	1.98%
Axis Bank Ltd.	Bank	1.86%
Kotak Mahindra Bank Ltd.	Bank	1.54%
Mahindra & Mahindra Ltd.	Automobile & Ancillaries	1.46%

The top 10 holdings account for approximately 29.03% of the portfolio.

To see all holdings, visit the SBI Nifty 500 Index Fund Direct Growth Plan page

The largest holding, HDFC Bank Ltd., carries a 5.41% weight, so no single stock dominates the visible basket. The drop from the first holding to the tenth is fairly gentle rather than abrupt, which points to a spread of exposure across several large names instead of an extreme concentration in one position.

At the same time, the top 10 together account for about 29.03% of the portfolio, which leaves most of the scheme spread across a longer tail of other holdings. With 39 disclosed holdings in total, the structure may allow many positions to contribute, while the biggest names are still likely to have greater influence on short-term movement.

That mix matters for investor interpretation. The fund is broad in composition, but the leading financial and large-cap names are prominent enough to shape returns in market cycles, especially when bank and market-heavy sectors move together.

Source data date: as of 10 Sep 2026

Who should invest

This fund may suit investors who can handle equity volatility and want a simple market-linked allocation with broad exposure rather than an actively tilted portfolio. The High Risk label fits the fact that the scheme can move with the market, and the recent return profile shows that gains have not been smooth.

The better fit is for a medium- to long-term horizon, where short-term swings are less likely to dominate the outcome. The main trade-off is that the fund offers diversification across many names, but the return path can still be uneven, and the recent numbers do not yet show strong sustained compounding.

Its portfolio is led by large financials and other major listed businesses, so investors should be comfortable with that kind of market exposure while accepting that outcomes may track broad equity conditions closely.

Tax and exit load

Holding period	Tax rate	Description
Units held less than 1 year	20%	Short-term capital gains tax
Units held more than 1 year	12.5%	Long-term capital gains tax

Exit load: 0.25% on or before 15D, Nil after 15D.

Source data date: as of 10 Sep 2026

Frequently asked questions

What is the current NAV of SBI Nifty 500 Index Fund Direct Growth Plan?

The current NAV is ₹9.5796 as of 10 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The 1-year return is 0.01%, while the 3-year and 5-year returns are both 0% in the published figures.

How has the fund performed versus its benchmark?

Over 1 month, the fund fell 3.06% versus the benchmark’s 4.06% fall. Over 3 months, it rose 4.17% compared with 1.37% for the benchmark, and over 1 year it was 0.01% versus -7.31% for the benchmark.

How does it compare with the peer funds shown here?

Its 1-year return is much lower than the peer funds shown here, while some peers have much stronger 1-year and 3-year figures. The comparison is therefore tilted in favour of several peers on the recent return window.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?

The fund is managed by Viral Chhadva. The exit load is 0.25% on or before 15D, and nil after 15D.

Bottom line

This fund’s recent 3-month rebound is better than its 1-month stretch, but the longer picture is still muted with a near-flat 1-year return. Compared with the peer funds shown here, the recent return profile is much softer, while the portfolio itself is built around a broad set of large listed names led by banks. Our view is that it is best read as a high-risk equity index option for investors who are comfortable with market swings and want diversified exposure, not as a strong short-term momentum idea.

Published on 11 September 2026 at 6:22 PM IST

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RIA disclosure

Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.