DSP 10 year Constant Maturity Gilt Fund vs JM Medium to Long Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP 10 year Constant Maturity Gilt Fund is a Gilt fund and JM Medium to Long Term Fund is a Medium to Long Duration fund. In the 3 years to 30-10-2026, DSP 10 year Constant Maturity Gilt Fund (Direct) returned 5.9% a year and JM Medium to Long Term Fund (Direct) returned 6.3% a year. DSP 10 year Constant Maturity Gilt Fund charges 0.30% a year and JM Medium to Long Term Fund 0.60% (Direct plans). Their portfolios overlap 34.8%: they hold 1 of the same security.
DSP 10 year Constant Maturity Gilt Fund
Gilt
- 3 year return
- 5.9%
- Expense ratio
- 0.30%
- NAV
- ₹22.57
JM Medium to Long Term Fund
Medium to Long Duration
- 3 year return
- 6.3%
- Expense ratio
- 0.60%
- NAV
- ₹71.35
Which is better, DSP 10 year Constant Maturity Gilt or JM Medium to Long Term? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- JM Medium to Long Term returned more over 5 years: 5.1% a year against 4.7%.
- JM Medium to Long Term returned more over 3 years: 6.3% a year against 5.9%.
- DSP 10 year Constant Maturity Gilt costs less: 0.30% a year against 0.60% (Direct plans).
- JM Medium to Long Term swung less over 3 years: a standard deviation of 2.0% a year against 2.8%.
- DSP 10 year Constant Maturity Gilt fell less in its worst fall since 29-09-2014: −5.5% against −10.6%.
- DSP 10 year Constant Maturity Gilt is the larger fund: ₹37 Cr against ₹29 Cr.
- Their portfolios overlap 34.8%: 1 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 | DSP 10 year Constant Maturity Gilt Fund | JM Medium to Long Term Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | JM Financial Mutual Fund |
| Category | Gilt | Medium to Long Duration |
| AUM | ₹37 Cr (30-09-2026) | ₹29 Cr (30-09-2026) |
| NAV | ₹22.57 (Direct) | ₹71.35 (Direct) |
| Expense ratio (Direct) | 0.30% | 0.60% |
| Expense ratio (Regular) | 0.50% | 1.03% |
| Riskometer | Moderate | Moderate |
| Benchmark | CRISIL 10 Year Gilt Index | CRISIL Medium to Long Duration Debt A-III Index |
| Launch date | 26-09-2014 | 01-04-1995 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Shantanu Godambe | Killol Pandya, Ruchi Fozdar, Jayant Dhoot |
| Exit load | Nil | Nil |
DSP 10 year Constant Maturity Gilt vs JM Medium to Long 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 |
|---|---|---|---|---|---|---|---|
| DSP 10 year Constant Maturity Gilt Fund (Direct) | −1.08% | −2.45% | +0.45% | +0.20% | +5.87% | +4.74% | +5.87% |
| JM Medium to Long Term Fund (Direct) | −0.70% | −1.30% | +0.95% | +1.77% | +6.28% | +5.14% | +4.44% |
| Gilt average | −0.69% | −1.34% | +1.62% | +2.12% | +6.19% | +5.46% | +6.64% |
| Medium to Long Duration average | −0.59% | −0.88% | +1.83% | +2.86% | +6.52% | +5.71% | +6.19% |
Category average: the average of the 28 Gilt funds and the 13 Medium to Long Duration funds, same plan type.
DSP 10 year Constant Maturity Gilt vs JM Medium to Long Term: Year-wise Returns
| Year | DSP 10 year Constant Maturity GiltDSP 10 year Constant Maturity Gilt | JM Medium to Long TermJM Medium to Long Term |
|---|---|---|
| 2026to date | −0.33% | +1.26% |
| 2025 | +6.40% | +7.01% |
| 2024 | +9.20% | +8.52% |
| 2023 | +7.92% | +7.19% |
| 2022 | +0.34% | +1.23% |
| 2021 | +0.89% | +2.59% |
DSP 10 year Constant Maturity Gilt vs JM Medium to Long Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,205 of them, one for each trading day from 29-09-2017 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.
DSP 10 year Constant Maturity Gilt Fund (Direct)
JM Medium to Long Term Fund (Direct)
to
Jun 2018Jan 2017
to
Jan 2020Jul 2018
to
Jul 2021Feb 2020
to
Feb 2023Aug 2021
to
Aug 2024Feb 2023
to
Feb 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DSP 10 year Constant Maturity Gilt | 0.0 | 24.9 | 70.0 | 5.1 | 0.0 | 0.0 | 0.0 | 6.8% | 7.1% | 2.3% | 11.3% |
| JM Medium to Long Term | 0.0 | 54.3 | 45.7 | 0.0 | 0.0 | 0.0 | 0.0 | 4.7% | 4.7% | 0.2% | 8.9% |
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 29-09-2014. Past returns do not promise future returns.
DSP 10 year Constant Maturity Gilt vs JM Medium to Long 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 29-09-2014 to 30-10-2026: 146 instalments, ₹14,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| DSP 10 year Constant Maturity GiltDSP 10 year Constant Maturity Gilt Fund (Direct) | ₹14,60,000 | ₹21,02,135 | ₹6,42,135 | 5.8% |
| JM Medium to Long TermJM Medium to Long Term Fund (Direct) | ₹14,60,000 | ₹19,64,836 | ₹5,04,836 | 4.7% |
DSP 10 year Constant Maturity GiltDSP 10 year Constant Maturity Gilt Fund (Direct)
JM Medium to Long TermJM Medium to Long 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.
DSP 10 year Constant Maturity Gilt vs JM Medium to Long Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP 10 year Constant Maturity Gilt Fund (Direct) | JM Medium to Long Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +0.20% | +1.77% |
| Standard deviation | 3.47% | 2.10% |
| Sharpe ratio | -1.46 | -1.66 |
| Sortino ratio | -1.95 | -2.23 |
| Maximum drawdown | −3.5% (23-10-2026) | −2.0% (23-10-2026) |
| 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 | DSP 10 year Constant Maturity Gilt Fund (Direct) | JM Medium to Long Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.87% | +6.28% |
| Standard deviation | 2.80% | 2.04% |
| Sharpe ratio | -0.05 | 0.13 |
| Sortino ratio | -0.08 | 0.18 |
| Maximum drawdown | −3.5% (23-10-2026) | −2.0% (23-10-2026) |
| 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 | DSP 10 year Constant Maturity Gilt Fund (Direct) | JM Medium to Long Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.74% | +5.14% |
| Standard deviation | 3.32% | 2.28% |
| Sharpe ratio | -0.32 | -0.29 |
| Sortino ratio | -0.44 | -0.40 |
| Maximum drawdown | −5.2% (13-06-2022) | −3.3% (09-05-2022) |
| 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 | DSP 10 year Constant Maturity Gilt Fund (Direct) | JM Medium to Long Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.96% | +5.45% |
| Standard deviation | 3.91% | 3.97% |
| Sharpe ratio | 0.32 | -0.15 |
| Sortino ratio | 0.46 | -0.17 |
| Maximum drawdown | −5.5% (13-06-2022) | −10.6% (13-12-2019) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 29-09-2014 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.
DSP 10 year Constant Maturity Gilt Fund (Direct)
JM Medium to Long Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP 10 year Constant Maturity Gilt Fund (Direct) | −5.5% | 24-06-2021 | 13-06-2022 | 11-01-2023 | 7 months | −3.0% |
| JM Medium to Long Term Fund (Direct) | −10.6% | 03-06-2019 | 13-12-2019 | 05-11-2020 | 11 months | −1.8% |
From daily values since 29-09-2014, 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.
DSP 10 year Constant Maturity Gilt Fund (Direct)
JM Medium to Long 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.
DSP 10 year Constant Maturity Gilt Fund (Direct)
JM Medium to Long 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.
DSP 10 year Constant Maturity Gilt Fund (Direct)
JM Medium to Long Term Fund (Direct)
DSP 10 year Constant Maturity Gilt vs JM Medium to Long Term: Portfolio Overlap
From each fund's latest monthly portfolio: DSP 10 year Constant Maturity Gilt Fund, September 2026; JM Medium to Long Term Fund, September 2026
Holdings in common
- Overlap
- 34.8%
- Held by both
- 1
- Only in DSP 10 year Constant Maturity Gilt
- 1
- Only in JM Medium to Long Term
- 7
| Security | % of DSP 10 year Constant Maturity Gilt | % of JM Medium to Long Term |
|---|---|---|
| 6.94% GOI 11052036 | 95.89% | 34.80% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 34.8% means 34.8% 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 DSP 10 year Constant Maturity Gilt Fund
| Security | % of fund |
|---|---|
| 6.48% GOI 06102035 | 2.68% |
Largest holdings only in JM Medium to Long Term Fund
| Security | % of fund |
|---|---|
| 6.75% GOI 23-Dec-2029 | 13.80% |
| 6.36% GOI 16-Feb-2031 | 13.54% |
| 7.23% Power Finance Corporation Limited 05-JAN-2027 | 8.63% |
| 7.55% REC Limited 11-MAY-2030 | 8.55% |
| 7.08% Bajaj Housing Finance Ltd 12-JUN-2030 | 8.31% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP 10 year Constant Maturity Gilt | JM Medium to Long Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 98.6% | 94.5% |
| Cash and others | 1.4% | 5.5% |
DSP 10 year Constant Maturity Gilt vs JM Medium to Long Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP 10 year Constant Maturity Gilt Fund | JM Medium to Long Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.30% | 0.60% |
| Base expense ratio (Direct) | 0.26% | 0.51% |
| Total expense ratio (Regular) | 0.50% | 1.03% |
| Base expense ratio (Regular) | 0.43% | 0.88% |
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
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Compare JM Medium to Long Term with
DSP 10 year Constant Maturity Gilt Fund vs JM Medium to Long Term Fund: Frequently Asked Questions
What is the difference between DSP 10 year Constant Maturity Gilt Fund and JM Medium to Long Term Fund?
DSP 10 year Constant Maturity Gilt Fund is a Gilt fund, JM Medium to Long Term Fund is a Medium to Long Duration fund, run by DSP Mutual Fund and JM Financial Mutual Fund. Their portfolios overlap 34.8%. DSP 10 year Constant Maturity Gilt Fund charges 0.30% a year and JM Medium to Long Term Fund 0.60%.
Which has given higher returns, DSP 10 year Constant Maturity Gilt Fund or JM Medium to Long Term Fund?
Over 1 year: DSP 10 year Constant Maturity Gilt Fund +0.20%, JM Medium to Long Term Fund +1.77%. Over 3 years: DSP 10 year Constant Maturity Gilt Fund +5.87% a year, JM Medium to Long Term Fund +6.28% a year. Over 5 years: DSP 10 year Constant Maturity Gilt Fund +4.74% a year, JM Medium to Long Term Fund +5.14% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, DSP 10 year Constant Maturity Gilt Fund or JM Medium to Long Term Fund?
DSP 10 year Constant Maturity Gilt Fund charges less: 0.30% a year against 0.60%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP 10 year Constant Maturity Gilt Fund and JM Medium to Long Term Fund overlap?
34.8%. They hold 1 of the same securities, the largest shared ones being 6.94% GOI 11052036. From each fund's latest monthly portfolio.
Which is riskier, DSP 10 year Constant Maturity Gilt Fund or JM Medium to Long Term Fund?
On SEBI's riskometer, DSP 10 year Constant Maturity Gilt Fund is rated Moderate and JM Medium to Long Term Fund Moderate. Over 3 years, the standard deviation of daily returns was 2.80% and 2.04% a year.
Which is better for SIP, DSP 10 year Constant Maturity Gilt Fund or JM Medium to Long Term Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹6,89,776 in DSP 10 year Constant Maturity Gilt Fund (XIRR 4.8% a year) and ₹6,99,058 in JM Medium to Long Term Fund (XIRR 5.3% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both DSP 10 year Constant Maturity Gilt Fund and JM Medium to Long Term Fund?
Yes. 34.8% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages DSP 10 year Constant Maturity Gilt Fund and JM Medium to Long Term Fund?
DSP 10 year Constant Maturity Gilt Fund: Shantanu Godambe. JM Medium to Long Term Fund: Killol Pandya, Ruchi Fozdar, Jayant Dhoot.
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.