ICICI Prudential vs SBI Large Cap Fund: Returns, risk, expenses, and portfolio holdings compared

Large cap funds are required to invest at least 80% of their assets in large-cap stocks, making them a popular choice for investors seeking exposure to established market leaders with relatively lower volatility.

The two big names in this category are ICICI Prudential Large Cap Fund and SBI Large Cap Fund. As of May 2026, ICICI Prudential Large Cap Fund manages assets worth ₹76,297 crores, while SBI Large Cap Fund has an AUM of ₹53,527 crores.

Although ICICI Prudential's NAV stands at ₹119.13 and SBI Large Cap Fund's at ₹104.31, NAV alone is not a measure of a fund's quality or return potential. What matters more is the fund's ability to generate consistent returns while managing risk effectively.

So, when it comes to performance, risk-adjusted returns, and portfolio positioning, which of these two large cap funds comes out ahead? Let's find out.

ICICI Prudential vs SBI Large Cap Fund: Past returns

If you had invested a lump sum amount of ₹1,00,000 in ICICI Prudential Large Cap Fund one year ago, the value of your investment would have declined to ₹99,720. On the other hand, the same investment in SBI Large Cap Fund would have grown to ₹1,03,550.

Over a 3-year period, a ₹1,00,000 investment in ICICI Prudential Large Cap Fund would have grown to ₹1,50,270, while the same amount invested in SBI Large Cap Fund would be worth ₹1,39,068.

Over 5 years, the investment in ICICI Prudential Large Cap Fund would have increased to ₹1,93,472, compared with ₹1,77,972 in SBI Large Cap Fund.

Over the 10-year period, ICICI Prudential Large Cap Fund would have created a corpus of ₹3,91,044, compared with ₹3,40,962 for SBI Large Cap Fund.

So, ICICI Prudential Large Cap Fund outperformed SBI Large Cap Fund across the 3-year, 5-year and 10-year periods, while SBI Large Cap Fund delivered better returns over the 1-year period.

ICICI Prudential vs SBI Large Cap Fund: Risk ratios

ICICI Prudential Large Cap Fund has generated a higher alpha of 3.33, compared with 0.61 for SBI Large Cap Fund, indicating a stronger ability to deliver returns above its benchmark.

The fund also has a slightly lower beta of 0.92 versus 0.94 for the SBI Large Cap Fund, suggesting marginally lower sensitivity to broader market movements. Further, its standard deviation of 13.51 is lower than SBI Large Cap Fund's 13.78, reflecting relatively lower volatility.

In terms of risk-adjusted performance, ICICI Prudential Large Cap Fund holds an advantage with a sharpe ratio of 0.64, compared with 0.44 for SBI Large Cap Fund. It also posts a higher sortino ratio of 0.83, against 0.56 for SBI Large Cap Fund, indicating better returns relative to downside risk.

Overall, the data suggest that ICICI Prudential Large Cap Fund has been more efficient in generating excess returns while taking on relatively lower risk. Its higher alpha, lower volatility, and higher sharpe and sortino ratios point to a more favourable risk-return profile compared with the SBI Large Cap Fund.

ICICI Prudential vs SBI Large Cap Fund: Expense ratio and minimum investment

When it comes to costs and investment requirements, SBI Large Cap Fund has a slightly lower expense ratio of 0.67% compared with 0.72% for ICICI Prudential Large Cap Fund, which could help investors retain a larger portion of their returns over time.

However, ICICI Prudential Large Cap Fund is more accessible for retail investors, with a minimum investment amount and SIP requirement of just ₹100. In comparison, SBI Large Cap Fund requires a minimum lump-sum investment of ₹5,000 and a minimum SIP investment of ₹500.

In terms of exit load, ICICI Prudential Large Cap Fund charges 1% if units are redeemed within one month of investment. SBI Large Cap Fund has a more graded exit load structure, charging 0.25% for redemptions within 30 days and 0.1% for redemptions after 30 days but within 90 days.

Overall, SBI Large Cap Fund has a slight edge on costs, while ICICI Prudential Large Cap Fund offers a much lower entry barrier, making it more accessible for first-time investors.

ICICI Prudential vs SBI Large Cap Fund: Portfolio holdings

The portfolio composition of the two funds highlights some key differences in their investment strategies.

Both funds are predominantly invested in equities as per the mandate, with SBI Large Cap Fund allocating 96.93% of its assets to equities compared with 94.77% for ICICI Prudential Large Cap Fund. However, the ICICI fund maintains a slightly higher cash allocation at 4.44% as compared to 2.29% for the SBI Large Cap Fund.

In terms of market-cap exposure, ICICI Prudential Large Cap Fund has a higher large-cap allocation, with 91.62% of its portfolio invested in large-cap stocks. SBI Large Cap Fund has relatively higher exposure to mid-cap and small-cap stocks at 13.25% and 3.18%, respectively, which could enhance growth potential but may also add to volatility.

Both funds have significant exposure to the financial sector, though SBI Large Cap Fund is more concentrated in the segment, with financials accounting for 33.94% of its portfolio compared with 28.98% for ICICI Prudential Large Cap Fund. Beyond financials, ICICI Prudential has notable exposure to consumer discretionary and energy & utilities, while SBI has larger allocations to industrials and materials.

The two funds also share several common top holdings, including HDFC Bank, ICICI Bank, Reliance Industries, and Larsen & Toubro. However, ICICI Prudential Large Cap Fund includes Axis Bank among its top five holdings, whereas SBI Large Cap Fund has Asian Paints in its top holdings.

Overall, ICICI Prudential Large Cap Fund appears to follow a more large-cap focused and relatively defensive approach, while SBI Large Cap Fund takes on slightly higher exposure to mid-cap and small-cap stocks, which may offer better growth opportunities but with potentially higher risk.

Disclaimer: This is purely for educational/ informational purposes and should not be taken as any sort of investment advice. Always consult a SEBI-registered advisor before making any investment decisions.