DSP Medium Term Fund vs HDFC Medium Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP Medium Term Fund and HDFC Medium Term Fund are both Medium Duration funds. In the 3 years to 30-10-2026, DSP Medium Term Fund (Direct) returned 6.7% a year and HDFC Medium Term Fund (Direct) returned 7.7% a year. DSP Medium Term Fund charges 0.41% a year and HDFC Medium Term Fund 0.70% (Direct plans). Their portfolios overlap 0.4%: they hold 1 of the same security.
DSP Medium Term Fund
Medium Duration
- 3 year return
- 6.7%
- Expense ratio
- 0.41%
- NAV
- ₹91.45
HDFC Medium Term Fund
Medium Duration
- 3 year return
- 7.7%
- Expense ratio
- 0.70%
- NAV
- ₹65.92
Which is better, DSP Medium Term 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.
- HDFC Medium Term returned more over 5 years: 6.7% a year against 6.0%.
- HDFC Medium Term returned more over 3 years: 7.7% a year against 6.7%.
- DSP Medium Term costs less: 0.41% a year against 0.70% (Direct plans).
- HDFC Medium Term swung less over 3 years: a standard deviation of 1.2% a year against 1.2%.
- HDFC Medium Term fell less in its worst fall since 02-01-2013: −3.5% against −5.4%.
- HDFC Medium Term is the larger fund: ₹3,499 Cr against ₹249 Cr.
- Their portfolios overlap 0.4%: 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 Medium Term Fund | HDFC Medium Term Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | HDFC Mutual Fund |
| Category | Medium Duration | Medium Duration |
| AUM | ₹249 Cr (30-09-2026) | ₹3,499 Cr (30-09-2026) |
| NAV | ₹91.45 (Direct) | ₹65.92 (Direct) |
| Expense ratio (Direct) | 0.41% | 0.70% |
| Expense ratio (Regular) | 0.74% | 1.30% |
| Riskometer | Moderate | Moderately High |
| Benchmark | CRISIL Medium Duration Debt A-III Index | NIFTY Medium Duration Debt Index A-III |
| Launch date | 29-04-1997 | 06-02-2002 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Vivek Ramakrishnan, Karan Mundhra | Bhavyesh Divecha, Praveen Jain, Anil Bamboli, Gopal Agrawal |
| Exit load | Nil | NIL |
DSP Medium Term 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 |
|---|---|---|---|---|---|---|---|
| DSP Medium Term Fund (Direct) | −0.61% | −1.06% | +1.62% | +2.91% | +6.69% | +5.96% | +5.84% |
| HDFC Medium Term Fund (Direct) | −0.13% | +0.40% | +3.01% | +5.43% | +7.71% | +6.68% | +7.36% |
| Medium Duration average | −0.34% | −0.09% | +2.51% | +4.72% | +7.66% | +6.88% | +6.78% |
Category average: the average of the 13 Medium Duration funds, same plan type.
DSP Medium Term vs HDFC Medium Term: Year-wise Returns
| Year | DSPDSP Medium Term | HDFCHDFC Medium Term |
|---|---|---|
| 2026to date | +2.38% | +4.40% |
| 2025 | +8.20% | +8.38% |
| 2024 | +7.99% | +8.79% |
| 2023 | +7.43% | +7.50% |
| 2022 | +3.25% | +3.60% |
| 2021 | +3.83% | +5.85% |
DSP Medium Term vs HDFC Medium Term: 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 Medium Term Fund (Direct)
HDFC Medium Term 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 Medium Term | 0.0 | 11.0 | 77.4 | 11.6 | 0.0 | 0.0 | 0.0 | 6.9% | 6.1% | 3.5% | 12.8% |
| HDFC Medium Term | 0.0 | 0.0 | 92.9 | 7.1 | 0.0 | 0.0 | 0.0 | 8.1% | 8.1% | 5.5% | 11.3% |
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 Medium Term 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 02-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| DSP Medium TermDSP Medium Term Fund (Direct) | ₹16,60,000 | ₹26,20,189 | ₹9,60,189 | 6.3% |
| HDFC Medium TermHDFC Medium Term Fund (Direct) | ₹16,60,000 | ₹28,84,886 | ₹12,24,886 | 7.6% |
DSP Medium TermDSP Medium Term 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.
DSP Medium Term vs HDFC Medium Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP Medium Term Fund (Direct) | HDFC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +2.91% | +5.43% |
| Standard deviation | 1.56% | 1.39% |
| Sharpe ratio | -1.50 | 0.13 |
| Sortino ratio | -2.08 | 0.19 |
| Maximum drawdown | −1.5% (27-10-2026) | −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 | DSP Medium Term Fund (Direct) | HDFC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.69% | +7.71% |
| Standard deviation | 1.22% | 1.16% |
| Sharpe ratio | 0.54 | 1.45 |
| Sortino ratio | 0.80 | 2.14 |
| Maximum drawdown | −1.5% (27-10-2026) | −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 | DSP Medium Term Fund (Direct) | HDFC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.96% | +6.68% |
| Standard deviation | 1.34% | 1.27% |
| Sharpe ratio | 0.12 | 0.69 |
| Sortino ratio | 0.16 | 0.92 |
| Maximum drawdown | −1.8% (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 | DSP Medium Term Fund (Direct) | HDFC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.83% | +8.02% |
| Standard deviation | 2.76% | 1.71% |
| Sharpe ratio | 0.28 | 1.15 |
| Sortino ratio | 0.35 | 1.62 |
| Maximum drawdown | −5.4% (19-08-2013) | −3.5% (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 Medium Term 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 |
|---|---|---|---|---|---|---|
| DSP Medium Term Fund (Direct) | −5.4% | 27-05-2013 | 19-08-2013 | 22-04-2014 | 8 months | −1.4% |
| HDFC Medium Term Fund (Direct) | −3.5% | 19-06-2013 | 19-08-2013 | 07-10-2013 | 49 days | −0.3% |
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 Medium Term 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.
DSP Medium Term 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.
DSP Medium Term Fund (Direct)
HDFC Medium Term Fund (Direct)
DSP Medium Term vs HDFC Medium Term: Portfolio Overlap
From each fund's latest monthly portfolio: DSP Medium Term Fund, September 2026; HDFC Medium Term Fund, September 2026
Holdings in common
- Overlap
- 0.4%
- Held by both
- 1
- Only in DSP Medium Term
- 10
- Only in HDFC Medium Term
- 64
| Security | % of DSP Medium Term | % of HDFC Medium Term |
|---|---|---|
| SBI Funds Management Pvt Limited/Fund Parent | 0.46% | 0.36% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 0.4% means 0.4% 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 DSP Medium Term Fund
| Security | % of fund |
|---|---|
| 7.13% Haryana SDL 05012032 | 13.99% |
| 6.36% GOI 16022031 | 13.91% |
| 7.72% Maharashtra SDL 01032031 | 10.22% |
| 7.73% Maharashtra SDL 29032032 | 10.12% |
| 7.30% Karnataka SDL 09022032 | 10.03% |
Largest holdings only in HDFC Medium Term Fund
| Security | % of fund |
|---|---|
| Siddhivinayak Securitisation Trust (Originator - Sikka Ports & Terminals Limited) | 4.78% |
| GMR Airports Limited | 4.55% |
| National Bank for Agri & Rural Dev. | 3.55% |
| 182 Days TBILL MAT 180327 | 3.48% |
| Jubilant Beverages Limited | 3.43% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP Medium Term | HDFC Medium Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 98.0% | 93.1% |
| Cash and others | 2.0% | 6.9% |
DSP Medium Term vs HDFC Medium Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP Medium Term Fund | HDFC Medium Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.41% | 0.70% |
| Base expense ratio (Direct) | 0.34% | 0.59% |
| Total expense ratio (Regular) | 0.74% | 1.30% |
| Base expense ratio (Regular) | 0.62% | 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 DSP Medium Term with
DSP Medium Term Fund vs HDFC Medium Term Fund: Frequently Asked Questions
What is the difference between DSP Medium Term Fund and HDFC Medium Term Fund?
Both are Medium Duration funds, run by DSP Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 0.4%. DSP Medium Term Fund charges 0.41% a year and HDFC Medium Term Fund 0.70%.
Which has given higher returns, DSP Medium Term Fund or HDFC Medium Term Fund?
Over 1 year: DSP Medium Term Fund +2.91%, HDFC Medium Term Fund +5.43%. Over 3 years: DSP Medium Term Fund +6.69% a year, HDFC Medium Term Fund +7.71% a year. Over 5 years: DSP Medium Term Fund +5.96% 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, DSP Medium Term Fund or HDFC Medium Term Fund?
DSP Medium Term Fund charges less: 0.41% a year against 0.70%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP Medium Term Fund and HDFC Medium Term Fund overlap?
0.4%. They hold 1 of the same securities, the largest shared ones being SBI Funds Management Pvt Limited/Fund Parent. From each fund's latest monthly portfolio.
Which is riskier, DSP Medium Term Fund or HDFC Medium Term Fund?
On SEBI's riskometer, DSP Medium Term Fund is rated Moderate and HDFC Medium Term Fund Moderately High. Over 3 years, the standard deviation of daily returns was 1.22% and 1.16% a year.
Which is better for SIP, DSP Medium Term 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 ₹7,13,663 in DSP Medium Term Fund (XIRR 6.1% 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 DSP Medium Term Fund and HDFC Medium Term Fund?
Yes. 0.4% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages DSP Medium Term Fund and HDFC Medium Term Fund?
DSP Medium Term Fund: Vivek Ramakrishnan, Karan Mundhra. 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.