SBI Gold Fund Direct Growth NAV Edges Lower to ₹46.05 on 23 September; 1-Year Return at 31.29%

Key Takeaways

• SBI Gold Fund Direct Growth recorded an NAV of ₹46.05 on 23 September 2026, a 0.21% decline from the preceding valuation. The marginal one-day fall sits alongside significantly positive historical returns over the longer standard periods. 
• The fund's one-year return stood at 31.29%, its three-year CAGR at 35.34%, and the five-year CAGR at 25.42%. The three-year annualised return was the highest of the three reported periods. 
• SBI Gold ETF represented 100.13% of the disclosed portfolio, accompanied by 0.37% in TREPS and -0.50% in net current assets and other components. The ETF weight above 100% reflects the portfolio accounting structure rather than ownership of more than 100% physical gold. 
• The scheme managed approximately ₹17,647 crore and carried a Direct Growth expense ratio of 0.24%. The minimum SIP was ₹500 and the minimum lump-sum investment ₹5,000. 

SBI Gold Fund Direct Growth NAV edged lower by 0.21% to ₹46.05 on 23 September 2026. The fund's historical return profile remained considerably stronger over broader periods: the latest one-year return was 31.29%, its three-year CAGR stood at 35.34%, and the five-year CAGR was 25.42%. 

Unlike an equity scheme, the portfolio is structured primarily through an underlying gold ETF. SBI Gold ETF represented 100.13% of the disclosed portfolio, with TREPS at 0.37% and net current assets and other components at -0.50%. The ETF weight being slightly above 100% should therefore not be interpreted as the fund owning more than 100% physical gold. It reflects portfolio accounting alongside the negative current-asset adjustment. 

The fund managed around ₹17,647 crore, and the Direct Growth expense ratio was 0.24%. The minimum SIP amount was ₹500 and the minimum lump-sum investment ₹5,000. An exit load of 1% applied for redemption within 15 days, with no exit load after that period. 

Across the historical return windows, the three-year CAGR was 4.05 percentage points above the latest one-year return and 9.92 percentage points above the five-year CAGR. These differences reflect distinct measurement periods and the path of gold-linked returns over those windows. 

Risk statistics on the scheme page included a standard deviation of 5.40 and Sharpe ratio of 1.47. Because the portfolio derives exposure primarily through the underlying gold ETF rather than an equity basket, equity-style sector or stock-concentration analysis is less relevant here. The ETF allocation, cash-related components, cost and return periods provide the more direct numerical picture. 

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.