Comparing SIF Performance Across AMCs (2026): Returns, AUM & What They Mean
Six live SIF schemes, four AMCs, and since-inception returns ranging from under 2% to over 15% — here's what the numbers actually show, and why comparing them isn't as simple as picking the highest CAGR.
📊 Direct Answer
As of August 2026, quant Mutual Fund's qSIF Equity Ex-Top 100 Long-Short Fund shows the strongest since-inception CAGR among tracked SIFs (roughly 15-16% on the Direct plan), while ICICI Prudential's iSIF Hybrid Long-Short Fund and SBI's Magnum Hybrid Long-Short Fund — both newer and more conservative in structure — show low-single-digit returns. Every live SIF has under 14 months of history, so these figures reflect early, strategy-specific performance in a single market window rather than a proven long-term track record.
In this guide:
SIF Performance Comparison Table
Since-inception CAGR, AUM and launch dates for the SIF schemes with the most consistently available return data as of August 2026 (Direct plan figures unless noted):
| Scheme | AMC | Category | Launched | CAGR Since Inception | AUM |
|---|---|---|---|---|---|
| qSIF Equity Ex-Top 100 Long-Short | quant MF | Equity Ex-Top 100 | Nov 2025 | ~15.9% | ₹234 Cr |
| qSIF Equity Long-Short | quant MF | Equity Long-Short | Oct 2025 | ~12.3% | ₹758 Cr |
| Altiva Hybrid Long-Short | Edelweiss MF | Hybrid Long-Short | Oct 2025 | ~10.6% | ₹5,545 Cr |
| iSIF Equity Ex-Top 100 Long-Short | ICICI Prudential MF | Equity Ex-Top 100 | Feb 2026 | ~5.3% | ₹1,913 Cr |
| Magnum Hybrid Long-Short | SBI MF | Hybrid Long-Short | Oct 2025 | ~1-2% (absolute) | Growing |
| iSIF Hybrid Long-Short | ICICI Prudential MF | Hybrid Long-Short | Feb 2026 | ~1.8% | ₹803 Cr |
Figures compiled from AMFI-sourced NAV data via multiple fund-tracking platforms, as of early-to-mid August 2026. CAGR shown is Direct plan unless a fund's Direct-specific figure wasn't available. Magnum's figure is an absolute (not annualised) return reported around its 5-month mark. Returns change daily — treat these as a snapshot, not live data, and verify current figures before making any decision.
How to Actually Read These Numbers
The spread here — from under 2% to nearly 16% — looks dramatic, but three structural factors explain most of the gap before you even get to "which fund manager is better":
- Launch timing. Funds launched in October 2025 (qSIF, Altiva, Magnum) have captured roughly 10 months of market moves, including a rally. Funds launched in February 2026 (iSIF schemes) have a shorter, different window — direct comparison of CAGR across different starting points is inherently apples-to-oranges.
- Strategy design, not just skill. An equity-heavy long-short fund (like qSIF) is built to capture more upside in a rising market than a conservative hybrid fund built for downside protection (like Magnum or iSIF Hybrid) — the return gap partly reflects the strategy doing exactly what it was designed to do, not necessarily better stock-picking.
- Direct vs Regular plan drag. Explained in detail below — the same underlying portfolio can show a meaningfully different CAGR on paper depending on which plan you're looking at.
Why Direct and Regular Plans Differ So Much
Within the same scheme, the Direct and Regular plans hold the identical portfolio — the return gap comes entirely from the expense ratio, which is higher on Regular plans because it includes distributor commission. For a fund that's only a few months old, this gap compounds visibly fast: for example, qSIF Equity Ex-Top 100 Long-Short showed roughly 15.9% CAGR on its Direct plan versus roughly 14.7% on Regular over the same period, and qSIF Equity Long-Short showed a wider gap still between its Direct and Regular plans. Always check which plan a quoted return refers to — a headline number without that context can overstate what you'd actually receive investing through an advisor or distributor.
Performance by Strategy Category
Grouping the data by SEBI category rather than by AMC shows a clearer pattern than fund-by-fund comparison:
Equity Ex-Top 100 Long-Short funds (qSIF, iSIF) have shown the strongest headline returns so far, consistent with a period where mid- and small-cap stocks outside the largest 100 names saw notable moves — though this is also the highest-risk category among live SIFs.
Equity Long-Short (qSIF) sits in between — meaningful equity exposure with some short-side hedging, delivering solid but more moderate returns than the Ex-Top 100 variant.
Hybrid Long-Short funds (Altiva, Magnum, iSIF Hybrid) show the widest internal spread — Altiva's roughly 10.6% versus Magnum's and iSIF Hybrid's low-single-digit figures — despite sharing a category label. This is a useful reminder that "Hybrid Long-Short" describes a structural mandate (minimum equity/debt splits, capped short exposure), not a single strategy; individual AMCs implement it very differently, from Altiva's arbitrage-and-special-situations approach to Magnum's more conservative covered-equity collar strategy.
How They Held Up During the March 2026 Correction
Most live SIFs have now traded through at least one real stress test: the Nifty's correction of roughly 11.3% in March 2026. This period is arguably more informative than since-inception CAGR alone, because it's the one stretch where every fund faced the same adverse market conditions. Early indications suggest the protection delivered varied by strategy — some Ex-Top 100 and equity-heavy long-short funds showed more limited downside protection than their long-short mandate might suggest, underperforming what a purely defensive positioning would have delivered. This is exactly the kind of detail that a headline "since inception" number hides, and it's worth asking any SIF you're evaluating specifically how it performed through that window, not just its cumulative return.
What to Check Beyond Returns
- Expense ratio — SIF TERs vary meaningfully; a high-cost fund needs to outperform by more just to break even with a cheaper one.
- Redemption terms — some SIFs allow only interval-based or twice-weekly redemption rather than daily, which matters if you need liquidity.
- Fund manager track record — SEBI's eligibility bar for SIF managers is high, but experience managing a mutual fund isn't identical to experience running a long-short book.
- Category fit — match the strategy's actual risk profile (equity-heavy vs conservative hybrid) to what you're trying to achieve, not just its recent CAGR.
For the mechanics of how each strategy category works, see our SIF introduction guide, and for the complete current list of AMCs and schemes, see our SIF funds list.
Considering a SIF alongside your mutual funds?
Before adding a SIF allocation, it's worth checking how much your existing mutual funds already overlap with each other. OverlapIQ does this in 30 seconds — free, no signup.
Analyze My Portfolio →Frequently Asked Questions
Which SIF has given the highest returns so far?
As of August 2026, quant Mutual Fund's qSIF Equity Ex-Top 100 Long-Short Fund (Direct plan) has shown the highest since-inception CAGR among widely tracked SIFs, at roughly 15-16%, followed by its sibling qSIF Equity Long-Short Fund at around 12%. However, these funds have under a year of track record each, so this ranking can change quickly and should not be read as a reliable predictor of future performance.
Why do Direct and Regular plans of the same SIF show very different returns?
The gap is mainly the expense ratio. Direct plans skip distributor commissions, so a larger share of the fund's gross return reaches the investor. For a new SIF with a high total expense ratio on the Regular plan, this gap compounds fast even over a few months — several live SIFs show a meaningfully lower CAGR on Regular plans than Direct plans covering the exact same portfolio.
Can I trust since-inception SIF returns to pick a fund?
Not on their own. Most live SIFs have between roughly 6 months and just over a year of history as of mid-2026, a window too short to judge how a long-short or hybrid strategy performs across a full market cycle. Since-inception CAGR for a young fund is also more sensitive to the exact starting date than a mature fund's — a scheme launched right before a rally will show inflated numbers versus one launched right before a correction.
People Also Ask
Do higher returns mean a SIF strategy is working better?
Where can I check live, up-to-date SIF returns?
Will SIF performance data get more reliable over time?
Disclaimer: This article is for educational purposes only and does not constitute investment advice or a recommendation of any specific scheme. Returns and AUM figures are compiled from third-party, AMFI-sourced data as of early-to-mid August 2026 and change daily — verify current figures directly with AMFI or the respective AMC before making any decision. Past performance, especially over such short periods, is not indicative of future results. SIFs are subject to market risks including the risk of loss of capital. Read the Scheme Information Document carefully and consult a SEBI-registered investment advisor before investing.