DSP Gilt Fund vs HDFC Gilt Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP Gilt Fund and HDFC Gilt Fund are both Gilt funds. In the 3 years to 30-10-2026, DSP Gilt Fund (Direct) returned 6.4% a year and HDFC Gilt Fund (Direct) returned 6.1% a year. DSP Gilt Fund charges 0.59% a year and HDFC Gilt Fund 0.46% (Direct plans). Their portfolios overlap 24.5%: they hold 3 of the same securities.
Which is better, DSP Gilt or HDFC Gilt? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- DSP Gilt returned more over 5 years: 5.7% a year against 5.3%.
- DSP Gilt returned more over 3 years: 6.4% a year against 6.1%.
- HDFC Gilt costs less: 0.46% a year against 0.59% (Direct plans).
- HDFC Gilt swung less over 3 years: a standard deviation of 2.7% a year against 3.7%.
- DSP Gilt fell less in its worst fall since 02-01-2013: −7.6% against −11.9%.
- HDFC Gilt is the larger fund: ₹1,885 Cr against ₹1,083 Cr.
- Their portfolios overlap 24.5%: 3 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 Gilt Fund | HDFC Gilt Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | HDFC Mutual Fund |
| Category | Gilt | Gilt |
| AUM | ₹1,083 Cr (30-09-2026) | ₹1,885 Cr (30-09-2026) |
| NAV | ₹104.25 (Direct) | ₹59.78 (Direct) |
| Expense ratio (Direct) | 0.59% | 0.46% |
| Expense ratio (Regular) | 1.18% | 0.82% |
| Riskometer | Moderate | Moderate |
| Benchmark | CRISIL Dynamic Gilt Index | Nifty All Duration G-Sec Index |
| Launch date | 30-09-1999 | 25-07-2001 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Shantanu Godambe, Sandeep Yadav | Anil Bamboli, Gopal Agrawal |
| Exit load | Nil | NIL |
DSP Gilt vs HDFC Gilt: 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 Gilt Fund (Direct) | −1.14% | −1.54% | +1.82% | +1.93% | +6.41% | +5.67% | +7.10% |
| HDFC Gilt Fund (Direct) | −0.57% | −1.32% | +1.63% | +1.97% | +6.10% | +5.27% | +5.77% |
| Gilt average | −0.69% | −1.34% | +1.62% | +2.12% | +6.19% | +5.46% | +6.64% |
Category average: the average of the 28 Gilt funds, same plan type.
DSP Gilt vs HDFC Gilt: Year-wise Returns
| Year | DSPDSP Gilt | HDFCHDFC Gilt |
|---|---|---|
| 2026to date | +1.13% | +1.42% |
| 2025 | +5.13% | +5.58% |
| 2024 | +10.78% | +9.22% |
| 2023 | +7.68% | +7.57% |
| 2022 | +3.23% | +2.16% |
| 2021 | +3.67% | +2.66% |
DSP Gilt vs HDFC Gilt: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,627 of them, one for each trading day from 04-01-2016 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 Gilt Fund (Direct)
HDFC Gilt Fund (Direct)
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DSP Gilt | 0.0 | 3.5 | 71.4 | 25.1 | 0.0 | 0.0 | 0.0 | 8.4% | 7.9% | 4.3% | 13.6% |
| HDFC Gilt | 0.0 | 10.8 | 76.7 | 11.8 | 0.8 | 0.0 | 0.0 | 7.6% | 7.3% | 3.7% | 16.0% |
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 02-01-2013. Past returns do not promise future returns.
DSP Gilt vs HDFC Gilt: 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 02-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| DSP GiltDSP Gilt Fund (Direct) | ₹16,60,000 | ₹28,07,170 | ₹11,47,170 | 7.3% |
| HDFC GiltHDFC Gilt Fund (Direct) | ₹16,60,000 | ₹26,42,138 | ₹9,82,138 | 6.4% |
DSP GiltDSP Gilt Fund (Direct)
HDFC GiltHDFC Gilt 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 Gilt vs HDFC Gilt: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP Gilt Fund (Direct) | HDFC Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +1.93% | +1.97% |
| Standard deviation | 4.63% | 3.15% |
| Sharpe ratio | -0.72 | -1.04 |
| Sortino ratio | -0.96 | -1.41 |
| Maximum drawdown | −4.2% (02-04-2026) | −2.8% (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 | DSP Gilt Fund (Direct) | HDFC Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.41% | +6.10% |
| Standard deviation | 3.71% | 2.66% |
| Sharpe ratio | 0.10 | 0.03 |
| Sortino ratio | 0.15 | 0.04 |
| Maximum drawdown | −4.2% (02-04-2026) | −3.0% (26-08-2025) |
| 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 Gilt Fund (Direct) | HDFC Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.67% | +5.27% |
| Standard deviation | 3.10% | 2.45% |
| Sharpe ratio | -0.04 | -0.22 |
| Sortino ratio | -0.06 | -0.30 |
| Maximum drawdown | −4.2% (02-04-2026) | −3.0% (26-08-2025) |
| 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 Gilt Fund (Direct) | HDFC Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.65% | +7.16% |
| Standard deviation | 3.82% | 3.71% |
| Sharpe ratio | 0.42 | 0.30 |
| Sortino ratio | 0.60 | 0.42 |
| Maximum drawdown | −7.6% (13-12-2013) | −11.9% (19-08-2013) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 02-01-2013 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 Gilt Fund (Direct)
HDFC Gilt Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP Gilt Fund (Direct) | −7.6% | 27-05-2013 | 13-12-2013 | 08-09-2014 | 9 months | −3.0% |
| HDFC Gilt Fund (Direct) | −11.9% | 27-05-2013 | 19-08-2013 | 05-06-2014 | 10 months | −2.5% |
From daily values since 02-01-2013, 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 Gilt Fund (Direct)
HDFC Gilt 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 Gilt Fund (Direct)
HDFC Gilt 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 Gilt Fund (Direct)
HDFC Gilt Fund (Direct)
DSP Gilt vs HDFC Gilt: Portfolio Overlap
From each fund's latest monthly portfolio: DSP Gilt Fund, September 2026; HDFC Gilt Fund, September 2026
Holdings in common
- Overlap
- 24.5%
- Held by both
- 3
- Only in DSP Gilt
- 6
- Only in HDFC Gilt
- 33
| Security | % of DSP Gilt | % of HDFC Gilt |
|---|---|---|
| 6.90% GOI 15042065 | 20.59% | 16.42% |
| 7.34% GOI 22042064 | 6.81% | 10.61% |
| 7.24% GOI 18082055 | 4.42% | 1.26% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 24.5% means 24.5% 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 Gilt Fund
| Security | % of fund |
|---|---|
| 7.63% GOI 15092056 | 46.16% |
| 7.12% Maharashtra SDL 16072047 | 8.20% |
| 7.48% Uttar Pradesh SDL 22032042 | 5.31% |
| 7.19% GOI 15092060 | 3.91% |
| 7.71% GOI 18052066 | 2.85% |
Largest holdings only in HDFC Gilt Fund
| Security | % of fund |
|---|---|
| 6.94% GOI MAT 110536 | 7.83% |
| 7.18% GOI MAT 140833 | 6.39% |
| 7.3% GOI MAT 190653 | 6.37% |
| 6.97% Karnataka SDL Mat 260228 | 5.77% |
| 7.27% Gujarat SDL ISD 171225 MAT 171234 | 4.12% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP Gilt | HDFC Gilt |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 99.6% | 84.2% |
| Cash and others | 0.4% | 15.8% |
DSP Gilt vs HDFC Gilt: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP Gilt Fund | HDFC Gilt Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.59% | 0.46% |
| Base expense ratio (Direct) | 0.49% | 0.39% |
| Total expense ratio (Regular) | 1.18% | 0.82% |
| Base expense ratio (Regular) | 0.99% | 0.70% |
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 DSP Gilt with
DSP Gilt Fund vs HDFC Gilt Fund: Frequently Asked Questions
What is the difference between DSP Gilt Fund and HDFC Gilt Fund?
Both are Gilt funds, run by DSP Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 24.5%. DSP Gilt Fund charges 0.59% a year and HDFC Gilt Fund 0.46%.
Which has given higher returns, DSP Gilt Fund or HDFC Gilt Fund?
Over 1 year: DSP Gilt Fund +1.93%, HDFC Gilt Fund +1.97%. Over 3 years: DSP Gilt Fund +6.41% a year, HDFC Gilt Fund +6.10% a year. Over 5 years: DSP Gilt Fund +5.67% a year, HDFC Gilt Fund +5.27% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, DSP Gilt Fund or HDFC Gilt Fund?
HDFC Gilt Fund charges less: 0.46% a year against 0.59%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP Gilt Fund and HDFC Gilt Fund overlap?
24.5%. They hold 3 of the same securities, the largest shared ones being 6.90% GOI 15042065, 7.34% GOI 22042064, 7.24% GOI 18082055. From each fund's latest monthly portfolio.
Which is riskier, DSP Gilt Fund or HDFC Gilt Fund?
On SEBI's riskometer, DSP Gilt Fund is rated Moderate and HDFC Gilt Fund Moderate. Over 3 years, the standard deviation of daily returns was 3.71% and 2.66% a year.
Which is better for SIP, DSP Gilt Fund or HDFC Gilt Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,00,282 in DSP Gilt Fund (XIRR 5.4% a year) and ₹6,97,984 in HDFC Gilt Fund (XIRR 5.3% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both DSP Gilt Fund and HDFC Gilt Fund?
Yes. 24.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages DSP Gilt Fund and HDFC Gilt Fund?
DSP Gilt Fund: Shantanu Godambe, Sandeep Yadav. HDFC Gilt Fund: 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.