Axis Credit Risk Fund vs HDFC Medium Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Credit Risk Fund is a Credit Risk fund and HDFC Medium Term Fund is a Medium Duration fund. In the 3 years to 30-10-2026, Axis Credit Risk Fund (Direct) returned 8.6% a year and HDFC Medium Term Fund (Direct) returned 7.7% a year. Axis Credit Risk Fund charges 0.82% a year and HDFC Medium Term Fund 0.70% (Direct plans). Their portfolios overlap 13.4%: they hold 11 of the same securities.
Axis Credit Risk Fund
Credit Risk
- 3 year return
- 8.6%
- Expense ratio
- 0.82%
- NAV
- ₹26.47
HDFC Medium Term Fund
Medium Duration
- 3 year return
- 7.7%
- Expense ratio
- 0.70%
- NAV
- ₹65.92
Which is better, Axis Credit Risk or HDFC Medium Term? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Axis Credit Risk returned more over 5 years: 7.6% a year against 6.7%.
- Axis Credit Risk returned more over 3 years: 8.6% a year against 7.7%.
- HDFC Medium Term costs less: 0.70% a year against 0.82% (Direct plans).
- Axis Credit Risk swung less over 3 years: a standard deviation of 0.9% a year against 1.2%.
- HDFC Medium Term fell less in its worst fall since 21-07-2014: −2.7% against −3.5%.
- HDFC Medium Term is the larger fund: ₹3,499 Cr against ₹378 Cr.
- Their portfolios overlap 13.4%: 11 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | Axis Credit Risk Fund | HDFC Medium Term Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | HDFC Mutual Fund |
| Category | Credit Risk | Medium Duration |
| AUM | ₹378 Cr (30-09-2026) | ₹3,499 Cr (30-09-2026) |
| NAV | ₹26.47 (Direct) | ₹65.92 (Direct) |
| Expense ratio (Direct) | 0.82% | 0.70% |
| Expense ratio (Regular) | 1.57% | 1.30% |
| Riskometer | High | Moderately High |
| Benchmark | CRISIL Credit Risk Debt B-II Index | NIFTY Medium Duration Debt Index A-III |
| Launch date | 15-07-2014 | 06-02-2002 |
| Minimum investment | ₹5,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Devang Shah, Akhil Thakker | Bhavyesh Divecha, Praveen Jain, Anil Bamboli, Gopal Agrawal |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 1 months. | NIL |
Axis Credit Risk vs HDFC Medium Term: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Axis Credit Risk Fund (Direct) | +0.03% | +0.88% | +3.85% | +7.24% | +8.61% | +7.61% | +7.60% |
| HDFC Medium Term Fund (Direct) | −0.13% | +0.40% | +3.01% | +5.43% | +7.71% | +6.68% | +7.36% |
| Credit Risk average | −0.04% | +0.78% | +3.31% | +7.84% | +9.41% | +9.83% | +6.82% |
| Medium Duration average | −0.34% | −0.09% | +2.51% | +4.72% | +7.66% | +6.88% | +6.78% |
Category average: the average of the 13 Credit Risk funds and the 13 Medium Duration funds, same plan type.
Axis Credit Risk vs HDFC Medium Term: Year-wise Returns
| Year | Axis Credit RiskAxis Credit Risk | HDFC Medium TermHDFC Medium Term |
|---|---|---|
| 2026to date | +5.91% | +4.40% |
| 2025 | +9.58% | +8.38% |
| 2024 | +8.84% | +8.79% |
| 2023 | +7.90% | +7.50% |
| 2022 | +4.91% | +3.60% |
| 2021 | +7.02% | +5.85% |
Axis Credit Risk vs HDFC Medium Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,252 of them, one for each trading day from 21-07-2017 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Axis Credit Risk Fund (Direct)
HDFC Medium Term Fund (Direct)
to
Apr 2018Nov 2016
to
Nov 2019Jun 2018
to
Jun 2021Jan 2020
to
Jan 2023Aug 2021
to
Aug 2024Jan 2023
to
Jan 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Axis Credit Risk | 0.0 | 0.0 | 96.4 | 3.6 | 0.0 | 0.0 | 0.0 | 7.8% | 7.4% | 6.3% | 10.8% |
| HDFC Medium Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.8% | 8.0% | 5.5% | 10.0% |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. Every fund is measured over the days all of them have, from 21-07-2014. Past returns do not promise future returns.
Axis Credit Risk vs HDFC Medium Term: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 21-07-2014 to 30-10-2026: 148 instalments, ₹14,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis Credit RiskAxis Credit Risk Fund (Direct) | ₹14,80,000 | ₹24,44,828 | ₹9,64,828 | 7.8% |
| HDFC Medium TermHDFC Medium Term Fund (Direct) | ₹14,80,000 | ₹23,88,112 | ₹9,08,112 | 7.5% |
Axis Credit RiskAxis Credit Risk Fund (Direct)
HDFC Medium TermHDFC Medium Term Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Axis Credit Risk vs HDFC Medium Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Credit Risk Fund (Direct) | HDFC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.24% | +5.43% |
| Standard deviation | 1.19% | 1.39% |
| Sharpe ratio | 1.68 | 0.13 |
| Sortino ratio | 2.38 | 0.19 |
| Maximum drawdown | −0.4% (23-03-2026) | −0.6% (02-04-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Axis Credit Risk Fund (Direct) | HDFC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.61% | +7.71% |
| Standard deviation | 0.91% | 1.16% |
| Sharpe ratio | 2.86 | 1.45 |
| Sortino ratio | 4.38 | 2.14 |
| Maximum drawdown | −0.4% (23-03-2026) | −0.6% (02-04-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Axis Credit Risk Fund (Direct) | HDFC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.61% | +6.68% |
| Standard deviation | 0.87% | 1.27% |
| Sharpe ratio | 2.07 | 0.69 |
| Sortino ratio | 2.94 | 0.92 |
| Maximum drawdown | −0.9% (06-05-2022) | −1.9% (06-05-2022) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 29-10-2021 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Axis Credit Risk Fund (Direct) | HDFC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.21% | +8.02% |
| Standard deviation | 1.54% | 1.71% |
| Sharpe ratio | 1.59 | 1.15 |
| Sortino ratio | 1.99 | 1.62 |
| Maximum drawdown | −3.5% (04-06-2019) | −3.5% (19-08-2013) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 21-07-2014 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
Axis Credit Risk Fund (Direct)
HDFC Medium Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis Credit Risk Fund (Direct) | −3.5% | 31-05-2019 | 04-06-2019 | 23-10-2019 | 5 months | −0.1% |
| HDFC Medium Term Fund (Direct) | −2.7% | 06-03-2020 | 19-03-2020 | 18-06-2020 | 3 months | −0.3% |
From daily values since 21-07-2014, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Axis Credit Risk Fund (Direct)
HDFC Medium Term Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Axis Credit Risk Fund (Direct)
HDFC Medium Term Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Axis Credit Risk Fund (Direct)
HDFC Medium Term Fund (Direct)
Axis Credit Risk vs HDFC Medium Term: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Credit Risk Fund, September 2026; HDFC Medium Term Fund, September 2026
Holdings in common
- Overlap
- 13.4%
- Held by both
- 11
- Only in Axis Credit Risk
- 35
- Only in HDFC Medium Term
- 54
| Security | % of Axis Credit Risk | % of HDFC Medium Term |
|---|---|---|
| 5% GMR Airports Limited (13/02/2027) | 2.81% | 4.55% |
| JTPM Metal Traders Limited (29/09/2028) (ZCB) | 4.28% | 2.31% |
| 6.94% Government of India (11/05/2036) | 3.90% | 2.11% |
| Jubilant Beverages Limited (31/05/2028) (ZCB) | 1.48% | 3.43% |
| Raajmarg Infra Investment Trust | 1.58% | 1.31% |
| Indus Infra Trust | 1.42% | 0.91% |
| Shivshakti Securitisation Trust (28/09/2029) | 0.76% | 2.73% |
| Jubilant Bevco Limited (31/05/2028) (ZCB) | 4.46% | 0.64% |
| Capital Infra Trust | 1.72% | 0.56% |
| SBI - Corporate Debt Market Development Fund (CDMDF) - Class A2 | 0.49% | 0.36% |
| Embassy Office Parks REIT | 0.18% | 1.00% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 13.4% means 13.4% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in Axis Credit Risk Fund
| Security | % of fund |
|---|---|
| 8.8% Aditya Birla Digital Fashion Ventures Limited (26/08/2027) | 3.95% |
| 8.4% Narayana Hrudayalaya Limited (15/02/2030) | 3.95% |
| 7.45% Altius Telecom Infrastructure Trust (20/04/2035) | 3.84% |
| 7.68% Godrej Seeds & Genetics Limited (27/10/2028) | 3.25% |
| 9.40% Vedanta Aluminium Metal Limited (20/02/2027) | 3.18% |
Largest holdings only in HDFC Medium Term Fund
| Security | % of fund |
|---|---|
| Siddhivinayak Securitisation Trust (Originator - Sikka Ports & Terminals Limited) | 4.78% |
| National Bank for Agri & Rural Dev. | 3.55% |
| 182 Days TBILL MAT 180327 | 3.48% |
| Small Industries Development Bank | 2.86% |
| SK FINANCE LIMITED | 2.86% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Credit Risk | HDFC Medium Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 86.2% | 93.1% |
| Cash and others | 13.8% | 6.9% |
Axis Credit Risk vs HDFC Medium Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Credit Risk Fund | HDFC Medium Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.82% | 0.70% |
| Base expense ratio (Direct) | 0.68% | 0.59% |
| Total expense ratio (Regular) | 1.57% | 1.30% |
| Base expense ratio (Regular) | 1.35% | 1.11% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare Axis Credit Risk with
Axis Credit Risk Fund vs HDFC Medium Term Fund: Frequently Asked Questions
What is the difference between Axis Credit Risk Fund and HDFC Medium Term Fund?
Axis Credit Risk Fund is a Credit Risk fund, HDFC Medium Term Fund is a Medium Duration fund, run by Axis Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 13.4%. Axis Credit Risk Fund charges 0.82% a year and HDFC Medium Term Fund 0.70%.
Which has given higher returns, Axis Credit Risk Fund or HDFC Medium Term Fund?
Over 1 year: Axis Credit Risk Fund +7.24%, HDFC Medium Term Fund +5.43%. Over 3 years: Axis Credit Risk Fund +8.61% a year, HDFC Medium Term Fund +7.71% a year. Over 5 years: Axis Credit Risk Fund +7.61% a year, HDFC Medium Term Fund +6.68% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Credit Risk Fund or HDFC Medium Term Fund?
HDFC Medium Term Fund charges less: 0.70% a year against 0.82%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Credit Risk Fund and HDFC Medium Term Fund overlap?
13.4%. They hold 11 of the same securities, the largest shared ones being 5% GMR Airports Limited (13/02/2027), JTPM Metal Traders Limited (29/09/2028) (ZCB), 6.94% Government of India (11/05/2036). From each fund's latest monthly portfolio.
Which is riskier, Axis Credit Risk Fund or HDFC Medium Term Fund?
On SEBI's riskometer, Axis Credit Risk Fund is rated High and HDFC Medium Term Fund Moderately High. Over 3 years, the standard deviation of daily returns was 0.91% and 1.16% a year.
Which is better for SIP, Axis Credit Risk Fund or HDFC Medium Term Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,51,490 in Axis Credit Risk Fund (XIRR 8.2% a year) and ₹7,31,997 in HDFC Medium Term Fund (XIRR 7.1% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Axis Credit Risk Fund and HDFC Medium Term Fund?
Yes. 13.4% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Axis Credit Risk Fund and HDFC Medium Term Fund?
Axis Credit Risk Fund: Devang Shah, Akhil Thakker. HDFC Medium Term Fund: Bhavyesh Divecha, Praveen Jain, Anil Bamboli, Gopal Agrawal.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.