DSP Large & Mid Cap Fund vs HDFC Large & Mid Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP Large & Mid Cap Fund and HDFC Large & Mid Cap Fund are both Large & Mid Cap funds. In the 3 years to 30-10-2026, DSP Large & Mid Cap Fund (Direct) returned 12.9% a year and HDFC Large & Mid Cap Fund (Direct) returned 12.1% a year. DSP Large & Mid Cap Fund charges 0.75% a year and HDFC Large & Mid Cap Fund 0.92% (Direct plans). Their portfolios overlap 39.5%: they hold 56 of the same securities.
DSP Large & Mid Cap Fund
Large & Mid Cap
- 3 year return
- 12.9%
- Expense ratio
- 0.75%
- NAV
- ₹657.56
HDFC Large & Mid Cap Fund
Large & Mid Cap
- 3 year return
- 12.1%
- Expense ratio
- 0.92%
- NAV
- ₹344.94
Which is better, DSP Large & Mid Cap or HDFC Large & Mid Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Large & Mid Cap returned more over 5 years: 12.3% a year against 10.9%.
- DSP Large & Mid Cap returned more over 3 years: 12.9% a year against 12.1%.
- DSP Large & Mid Cap costs less: 0.75% a year against 0.92% (Direct plans).
- DSP Large & Mid Cap swung less over 3 years: a standard deviation of 14.1% a year against 14.9%.
- DSP Large & Mid Cap fell less in its worst fall since 30-06-2014: −36.8% against −39.5%.
- DSP Large & Mid Cap holds more in large companies: 53.9% of the fund in large caps against 43.5%.
- HDFC Large & Mid Cap is the larger fund: ₹28,543 Cr against ₹17,284 Cr.
- Their portfolios overlap 39.5%: 56 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 Large & Mid Cap Fund | HDFC Large & Mid Cap Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | HDFC Mutual Fund |
| Category | Large & Mid Cap | Large & Mid Cap |
| AUM | ₹17,284 Cr (30-09-2026) | ₹28,543 Cr (30-09-2026) |
| NAV | ₹657.56 (Direct) | ₹344.94 (Direct) |
| Expense ratio (Direct) | 0.75% | 0.92% |
| Expense ratio (Regular) | 1.80% | 1.61% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty LargeMidcap 250 TRI | Nifty LargeMidcap 250 TRI |
| Launch date | 16-05-2000 | 18-02-1994 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Rohit Singhania, Nilesh Aiya | Gopal Agarwal, Gopal Agrawal, Bhagyesh Kagalkar |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 1 months. | In respect of each purchase/ switch-in of units, an Exit Load of 1.00% is payable if Units are redeemed/switched-out within 1 year from the date of allotment. No Exit Load is payable if Units are redeemed/ switched-out after 1 year from the date of allotment. |
DSP Large & Mid Cap vs HDFC Large & Mid Cap: 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 Large & Mid Cap Fund (Direct) | −0.40% | −6.74% | −3.41% | −6.95% | +12.91% | +10.91% | +13.65% |
| HDFC Large & Mid Cap Fund (Direct) | −1.74% | −6.65% | −1.59% | −6.99% | +12.06% | +12.31% | +14.05% |
| Large & Mid Cap average | −1.78% | −5.20% | −0.43% | −3.99% | +13.28% | +11.36% | +13.62% |
Category average: the average of the 36 Large & Mid Cap funds, same plan type.
DSP Large & Mid Cap vs HDFC Large & Mid Cap: Year-wise Returns
| Year | DSPDSP Large & Mid Cap | HDFCHDFC Large & Mid Cap | NIFTY LargeMidcap 250 TRI |
|---|---|---|---|
| 2026to date | −9.06% | −6.39% | −7.09% |
| 2025 | +8.22% | +6.89% | +8.19% |
| 2024 | +25.11% | +20.42% | +18.68% |
| 2023 | +33.75% | +38.87% | +32.66% |
| 2022 | +5.37% | +9.05% | +4.48% |
| 2021 | +32.44% | +43.96% | +37.04% |
DSP Large & Mid Cap vs HDFC Large & Mid Cap: Rolling Returns
Every holding period of both funds, against NIFTY LargeMidcap 250 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 2,300 of them, one for each trading day from 30-06-2017 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 Large & Mid Cap Fund (Direct)
HDFC Large & Mid Cap Fund (Direct)
NIFTY LargeMidcap 250 TRI
to
Mar 2018Oct 2016
to
Oct 2019May 2018
to
May 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 | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DSP Large & Mid Cap | 2.0 | 5.8 | 5.3 | 19.5 | 32.5 | 27.9 | 7.0 | 16.7% | 17.7% | −5.3% | 32.5% | 48% |
| HDFC Large & Mid Cap | 4.9 | 5.7 | 22.1 | 13.3 | 15.4 | 20.8 | 17.8 | 15.8% | 16.4% | −8.9% | 39.1% | 72% |
| NIFTY LargeMidcap 250 TRI | 0.0 | 0.0 | 3.0 | 12.6 | 38.3 | 35.1 | 11.1 | 19.5% | 19.5% | 5.5% | 36.1% | -- |
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. The benchmark is NIFTY LargeMidcap 250 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 30-06-2014. Past returns do not promise future returns.
DSP Large & Mid Cap vs HDFC Large & Mid Cap: 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 02-06-2014 to 30-10-2026: 149 instalments, ₹14,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| DSP Large & Mid CapDSP Large & Mid Cap Fund (Direct) | ₹14,90,000 | ₹37,76,094 | ₹22,86,094 | 14.1% |
| HDFC Large & Mid CapHDFC Large & Mid Cap Fund (Direct) | ₹14,90,000 | ₹37,74,309 | ₹22,84,309 | 14.0% |
DSP Large & Mid CapDSP Large & Mid Cap Fund (Direct)
HDFC Large & Mid CapHDFC Large & Mid Cap 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 Large & Mid Cap vs HDFC Large & Mid Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP Large & Mid Cap Fund (Direct) | HDFC Large & Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −6.95% | −6.99% |
| Standard deviation | 13.87% | 15.08% |
| Sharpe ratio | -0.88 | -0.81 |
| Sortino ratio | -1.19 | -1.08 |
| Maximum drawdown | −14.0% (31-03-2026) | −15.1% (31-03-2026) |
| Beta | 0.90 | 1.00 |
| Alpha | −1.59% | −0.47% |
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 Large & Mid Cap Fund (Direct) | HDFC Large & Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.91% | +12.06% |
| Standard deviation | 14.10% | 14.86% |
| Sharpe ratio | 0.49 | 0.41 |
| Sortino ratio | 0.66 | 0.55 |
| Maximum drawdown | −16.9% (03-03-2025) | −18.7% (28-02-2025) |
| Beta | 0.92 | 0.99 |
| Alpha | +1.80% | +0.58% |
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 Large & Mid Cap Fund (Direct) | HDFC Large & Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.91% | +12.31% |
| Standard deviation | 13.88% | 14.84% |
| Sharpe ratio | 0.37 | 0.44 |
| Sortino ratio | 0.49 | 0.59 |
| Maximum drawdown | −18.8% (20-06-2022) | −18.7% (28-02-2025) |
| Beta | 0.91 | 0.99 |
| Alpha | +0.74% | +1.75% |
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 Large & Mid Cap Fund (Direct) | HDFC Large & Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.25% | +12.34% |
| Standard deviation | 15.71% | 16.43% |
| Sharpe ratio | 0.59 | 0.40 |
| Sortino ratio | 0.79 | 0.54 |
| Maximum drawdown | −36.8% (23-03-2020) | −39.5% (23-03-2020) |
| 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 Large & Mid Cap Fund (Direct)
HDFC Large & Mid Cap Fund (Direct)
NIFTY LargeMidcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP Large & Mid Cap Fund (Direct) | −36.8% | 24-01-2020 | 23-03-2020 | 11-11-2020 | 8 months | −10.0% |
| HDFC Large & Mid Cap Fund (Direct) | −39.5% | 17-01-2020 | 23-03-2020 | 23-11-2020 | 8 months | −8.4% |
| NIFTY LargeMidcap 250 TRI | −37.8% | 24-01-2020 | 23-03-2020 | 05-11-2020 | 7 months | −8.6% |
From daily values since 30-06-2014, 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 Large & Mid Cap Fund (Direct)
HDFC Large & Mid Cap Fund (Direct)
NIFTY LargeMidcap 250 TRI
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 Large & Mid Cap Fund (Direct)
HDFC Large & Mid Cap Fund (Direct)
NIFTY LargeMidcap 250 TRI
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 Large & Mid Cap Fund (Direct)
HDFC Large & Mid Cap Fund (Direct)
NIFTY LargeMidcap 250 TRI
Against NIFTY LargeMidcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| DSP Large & Mid Cap Fund (Direct) | 95% | 92% | 4.00% |
| HDFC Large & Mid Cap Fund (Direct) | 100% | 95% | 4.29% |
From month-end values since 30-06-2014. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
DSP Large & Mid Cap vs HDFC Large & Mid Cap: Portfolio Overlap
From each fund's latest monthly portfolio: DSP Large & Mid Cap Fund, September 2026; HDFC Large & Mid Cap Fund, September 2026
Holdings in common
- Overlap
- 39.5%
- Held by both
- 56
- Only in DSP Large & Mid Cap
- 13
- Only in HDFC Large & Mid Cap
- 184
| Security | % of DSP Large & Mid Cap | % of HDFC Large & Mid Cap |
|---|---|---|
| ICICI Bank Limited | 8.44% | 3.66% |
| HDFC Bank Limited | 7.81% | 3.64% |
| Axis Bank Limited | 5.88% | 1.95% |
| Bharti Airtel Limited | 2.13% | 1.79% |
| State Bank of India | 3.18% | 1.42% |
| Fortis Healthcare Limited | 1.59% | 1.28% |
| Max Financial Services Limited | 1.98% | 1.25% |
| Kotak Mahindra Bank Limited | 2.49% | 1.23% |
| Eternal Limited | 1.29% | 1.16% |
| Mphasis Limited | 1.16% | 1.16% |
| Maruti Suzuki India Limited | 1.07% | 1.23% |
| Infosys Limited | 1.22% | 1.04% |
| Lupin Limited | 1.19% | 1.00% |
| IPCA Laboratories Limited | 1.60% | 0.95% |
| Bharat Forge Limited | 1.30% | 0.91% |
| Hindustan Petroleum Corporation Limited | 1.52% | 0.90% |
| Shriram Finance Limited | 0.89% | 1.11% |
| Coforge Limited | 1.77% | 0.85% |
| Alkem Laboratories Limited | 1.96% | 0.82% |
| NTPC Limited | 1.37% | 0.79% |
| Larsen & Toubro Limited | 0.79% | 0.96% |
| Jindal Steel Limited | 1.19% | 0.76% |
| AU Small Finance Bank Limited | 1.08% | 0.69% |
| Tata Consultancy Services Limited | 1.27% | 0.60% |
| Federal Bank Limited | 1.39% | 0.57% |
| SBI Life Insurance Co Limited | 1.49% | 0.56% |
| SRF Limited | 1.51% | 0.54% |
| Hindustan Unilever Limited | 0.93% | 0.49% |
| Cipla Limited | 1.44% | 0.45% |
| ICICI Lombard General Insurance Co Limited | 1.56% | 0.42% |
| Bharat Petroleum Corporation Limited | 1.44% | 0.38% |
| Tata Motors Limited | 0.70% | 0.38% |
| Hyundai Motor India Limited | 0.58% | 0.38% |
| Mahindra & Mahindra Limited | 1.35% | 0.37% |
| Coromandel International Limited | 1.86% | 0.36% |
| ITC Limited | 0.98% | 0.35% |
| Phoenix Mills Limited | 2.14% | 0.34% |
| Vishal Mega Mart Limited | 0.63% | 0.34% |
| Oberoi Realty Limited | 1.18% | 0.29% |
| Ultratech Cement Limited | 0.80% | 0.28% |
| Oil India Limited | 1.53% | 0.27% |
| PB Fintech Limited | 0.72% | 0.27% |
| Asian Paints Limited | 1.23% | 0.25% |
| Emami Limited | 0.75% | 0.21% |
| Cohance Lifesciences Limited | 0.53% | 0.20% |
| Samvardhana Motherson International Limited | 1.21% | 0.19% |
| SBI Cards and Payment Services Limited | 0.28% | 0.19% |
| PI Industries Limited | 0.79% | 0.16% |
| Havells India Limited | 0.93% | 0.15% |
| Tube Investments of India Limited | 1.02% | 0.14% |
| Container Corporation Of India Limited | 1.14% | 0.09% |
| Syngene International Limited | 0.75% | 0.07% |
| J.K. Cement Limited | 0.52% | 0.07% |
| KEC International Limited | 0.13% | 0.07% |
| GSPL Transmission Limited | 0.05% | 0.02% |
| Supreme Industries Limited | 0.01% | 0.19% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 39.5% means 39.5% 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 Large & Mid Cap Fund
| Security | % of fund |
|---|---|
| Uno Minda Limited | 1.96% |
| Indus Towers Limited | 1.74% |
| APL Apollo Tubes Limited | 1.59% |
| Schaeffler India Limited | 1.44% |
| Petronet LNG Limited | 1.26% |
Largest holdings only in HDFC Large & Mid Cap Fund
| Security | % of fund |
|---|---|
| Reliance Industries Ltd. | 1.42% |
| Gland Pharma Ltd. | 1.42% |
| Prestige Estates Projects Ltd. | 1.30% |
| Aurobindo Pharma Ltd. | 1.27% |
| Indusind Bank Ltd. | 1.19% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP Large & Mid Cap | HDFC Large & Mid Cap |
|---|---|---|
| Equity | 98.4% | 99.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.6% | 1.0% |
Market cap of stocks
| Market cap | DSP Large & Mid Cap | HDFC Large & Mid Cap |
|---|---|---|
| Large Cap | 53.9% | 43.5% |
| Mid Cap | 39.8% | 38.7% |
| Small Cap | 4.7% | 16.8% |
| Not on AMFI's list | 0.1% | 0.0% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | DSP Large & Mid Cap | HDFC Large & Mid Cap |
|---|---|---|
| Banks | 30.3% | 17.0% |
| Pharmaceuticals & Biotechnology | 7.1% | 11.9% |
| Finance | 2.7% | 7.9% |
| Auto Components | 6.9% | 4.5% |
| IT - Software | 5.4% | 6.3% |
| Insurance | 5.0% | 3.0% |
| Telecom - Services | 3.9% | 2.5% |
| Automobiles | 3.0% | 3.7% |
The six largest sectors of each fund's stocks, % of the fund.
DSP Large & Mid Cap vs HDFC Large & Mid Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP Large & Mid Cap Fund | HDFC Large & Mid Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.75% | 0.92% |
| Base expense ratio (Direct) | 0.51% | 0.77% |
| Total expense ratio (Regular) | 1.80% | 1.61% |
| Base expense ratio (Regular) | 1.40% | 1.36% |
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 Large & Mid Cap with
DSP Large & Mid Cap Fund vs HDFC Large & Mid Cap Fund: Frequently Asked Questions
What is the difference between DSP Large & Mid Cap Fund and HDFC Large & Mid Cap Fund?
Both are Large & Mid Cap funds, run by DSP Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 39.5%. DSP Large & Mid Cap Fund charges 0.75% a year and HDFC Large & Mid Cap Fund 0.92%.
Which has given higher returns, DSP Large & Mid Cap Fund or HDFC Large & Mid Cap Fund?
Over 1 year: DSP Large & Mid Cap Fund −6.95%, HDFC Large & Mid Cap Fund −6.99%. Over 3 years: DSP Large & Mid Cap Fund +12.91% a year, HDFC Large & Mid Cap Fund +12.06% a year. Over 5 years: DSP Large & Mid Cap Fund +10.91% a year, HDFC Large & Mid Cap Fund +12.31% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, DSP Large & Mid Cap Fund or HDFC Large & Mid Cap Fund?
DSP Large & Mid Cap Fund charges less: 0.75% a year against 0.92%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP Large & Mid Cap Fund and HDFC Large & Mid Cap Fund overlap?
39.5%. They hold 56 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, DSP Large & Mid Cap Fund or HDFC Large & Mid Cap Fund?
On SEBI's riskometer, DSP Large & Mid Cap Fund is rated Very High and HDFC Large & Mid Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.10% and 14.86% a year.
Which is better for SIP, DSP Large & Mid Cap Fund or HDFC Large & Mid Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,85,919 in DSP Large & Mid Cap Fund (XIRR 9.9% a year) and ₹7,96,813 in HDFC Large & Mid Cap Fund (XIRR 10.5% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both DSP Large & Mid Cap Fund and HDFC Large & Mid Cap Fund?
Yes. 39.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages DSP Large & Mid Cap Fund and HDFC Large & Mid Cap Fund?
DSP Large & Mid Cap Fund: Rohit Singhania, Nilesh Aiya. HDFC Large & Mid Cap Fund: Gopal Agarwal, Gopal Agrawal, Bhagyesh Kagalkar.
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.