DSP Medium Term Fund vs HSBC Medium Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP Medium Term Fund and HSBC 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 HSBC Medium Term Fund (Direct) returned 7.5% a year. DSP Medium Term Fund charges 0.41% a year and HSBC Medium Term Fund 0.41% (Direct plans). Their portfolios overlap 4.0%: they hold 2 of the same securities.
DSP Medium Term Fund
Medium Duration
- 3 year return
- 6.7%
- Expense ratio
- 0.41%
- NAV
- ₹91.45
HSBC Medium Term Fund
Medium Duration
- 3 year return
- 7.5%
- Expense ratio
- 0.41%
- NAV
- ₹23.78
Which is better, DSP Medium Term or HSBC 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.
- HSBC Medium Term returned more over 3 years: 7.5% a year against 6.7%.
- HSBC Medium Term returned more over 1 year: 4.3% against 2.9%.
- DSP Medium Term swung less over 3 years: a standard deviation of 1.2% a year against 1.2%.
- HSBC Medium Term fell less in its worst fall since 28-11-2022: −1.0% against −1.5%.
- HSBC Medium Term is the larger fund: ₹684 Cr against ₹249 Cr.
- Their portfolios overlap 4.0%: 2 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 | HSBC Medium Term Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | HSBC Mutual Fund |
| Category | Medium Duration | Medium Duration |
| AUM | ₹249 Cr (30-09-2026) | ₹684 Cr (31-08-2026) |
| NAV | ₹91.45 (Direct) | ₹23.78 (Direct) |
| Expense ratio (Direct) | 0.41% | 0.41% |
| Expense ratio (Regular) | 0.74% | 1.12% |
| Riskometer | Moderate | Moderately High |
| Benchmark | CRISIL Medium Duration Debt A-III Index | NIFTY Medium Duration Debt Index A-III |
| Launch date | 29-04-1997 | 02-02-2015 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Vivek Ramakrishnan, Karan Mundhra | Shriram Ramanathan |
| Exit load | Nil | Nil |
DSP Medium Term vs HSBC 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% |
| HSBC Medium Term Fund (Direct) | −0.30% | −0.25% | +2.20% | +4.26% | +7.50% | -- | -- |
| Medium Duration average | −0.34% | −0.09% | +2.51% | +4.72% | +7.66% | -- | -- |
Category average: the average of the 13 Medium Duration funds, same plan type.
DSP Medium Term vs HSBC Medium Term: Year-wise Returns
| Year | DSPDSP Medium Term | HSBCHSBC Medium Term |
|---|---|---|
| 2026to date | +2.38% | +3.33% |
| 2025 | +8.20% | +8.57% |
| 2024 | +7.99% | +8.99% |
| 2023 | +7.43% | +7.72% |
| 2022 | +3.25% | -- |
| 2021 | +3.83% | -- |
DSP Medium Term vs HSBC Medium Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 222 of them, one for each trading day from 28-11-2025 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)
HSBC Medium Term Fund (Direct)
to
Dec 2025Feb 2023
to
Feb 2026Apr 2023
to
Apr 2026Jun 2023
to
Jun 2026Aug 2023
to
Aug 2026Oct 2023
to
Oct 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 Medium Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.5% | 7.5% | 6.7% | 8.0% |
| HSBC Medium Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 8.0% | 8.0% | 7.5% | 8.5% |
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 28-11-2022. Past returns do not promise future returns.
DSP Medium Term vs HSBC 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 01-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| DSP Medium TermDSP Medium Term Fund (Direct) | ₹4,80,000 | ₹5,41,528 | ₹61,528 | 6.0% |
| HSBC Medium TermHSBC Medium Term Fund (Direct) | ₹4,80,000 | ₹5,49,938 | ₹69,938 | 6.8% |
DSP Medium TermDSP Medium Term Fund (Direct)
HSBC Medium TermHSBC 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 HSBC 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) | HSBC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +2.91% | +4.26% |
| Standard deviation | 1.56% | 1.39% |
| Sharpe ratio | -1.50 | -0.71 |
| Sortino ratio | -2.08 | -0.94 |
| Maximum drawdown | −1.5% (27-10-2026) | −1.0% (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 Medium Term Fund (Direct) | HSBC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.69% | +7.50% |
| Standard deviation | 1.22% | 1.23% |
| Sharpe ratio | 0.54 | 1.20 |
| Sortino ratio | 0.80 | 1.76 |
| Maximum drawdown | −1.5% (27-10-2026) | −1.0% (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 Medium Term Fund (Direct) | HSBC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.83% | +7.40% |
| Standard deviation | 2.76% | 1.19% |
| Sharpe ratio | 0.28 | 1.04 |
| Sortino ratio | 0.35 | 1.52 |
| Maximum drawdown | −5.4% (19-08-2013) | −1.0% (23-10-2026) |
| 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)
HSBC 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) | −1.5% | 12-08-2026 | 27-10-2026 | Not yet | -- | −1.4% |
| HSBC Medium Term Fund (Direct) | −1.0% | 14-08-2026 | 23-10-2026 | Not yet | -- | −0.8% |
From daily values since 28-11-2022, 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)
HSBC 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)
HSBC Medium Term Fund (Direct)
DSP Medium Term vs HSBC Medium Term: Portfolio Overlap
From each fund's latest monthly portfolio: DSP Medium Term Fund, September 2026; HSBC Medium Term Fund, August 2026
Holdings in common
- Overlap
- 4.0%
- Held by both
- 2
- Only in DSP Medium Term
- 9
- Only in HSBC Medium Term
- 28
| Security | % of DSP Medium Term | % of HSBC Medium Term |
|---|---|---|
| 6.36% GOI 16022031 | 13.91% | 3.63% |
| SBI Funds Management Pvt Limited/Fund Parent | 0.46% | 0.35% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 4.0% means 4.0% 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% |
| 7.72% Maharashtra SDL 01032031 | 10.22% |
| 7.73% Maharashtra SDL 29032032 | 10.12% |
| 7.30% Karnataka SDL 09022032 | 10.03% |
| 6.83% Maharashtra SDL 23062031 | 10.00% |
Largest holdings only in HSBC Medium Term Fund
| Security | % of fund |
|---|---|
| 6.94% GOI 11-May-2036 | 17.90% |
| Delhi International Airport Limited | 4.53% |
| Aditya Birla Renewables Limited | 3.96% |
| JTPM Metal Traders | 3.94% |
| SIDBI | 3.90% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP Medium Term | HSBC Medium Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 98.0% | 98.5% |
| Cash and others | 2.0% | 1.5% |
DSP Medium Term vs HSBC Medium Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP Medium Term Fund | HSBC Medium Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.41% | 0.41% |
| Base expense ratio (Direct) | 0.34% | 0.34% |
| Total expense ratio (Regular) | 0.74% | 1.12% |
| Base expense ratio (Regular) | 0.62% | 0.94% |
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 HSBC Medium Term Fund: Frequently Asked Questions
What is the difference between DSP Medium Term Fund and HSBC Medium Term Fund?
Both are Medium Duration funds, run by DSP Mutual Fund and HSBC Mutual Fund. Their portfolios overlap 4.0%. DSP Medium Term Fund charges 0.41% a year and HSBC Medium Term Fund 0.41%.
Which has given higher returns, DSP Medium Term Fund or HSBC Medium Term Fund?
Over 1 year: DSP Medium Term Fund +2.91%, HSBC Medium Term Fund +4.26%. Over 3 years: DSP Medium Term Fund +6.69% a year, HSBC Medium Term Fund +7.50% 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 HSBC Medium Term Fund?
Both charge 0.41% a year.
How much do DSP Medium Term Fund and HSBC Medium Term Fund overlap?
4.0%. They hold 2 of the same securities, the largest shared ones being 6.36% GOI 16022031, SBI Funds Management Pvt Limited/Fund Parent. From each fund's latest monthly portfolio.
Which is riskier, DSP Medium Term Fund or HSBC Medium Term Fund?
On SEBI's riskometer, DSP Medium Term Fund is rated Moderate and HSBC Medium Term Fund Moderately High. Over 3 years, the standard deviation of daily returns was 1.22% and 1.23% a year.
Which is better for SIP, DSP Medium Term Fund or HSBC Medium Term Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,02,745 in DSP Medium Term Fund (XIRR 5.5% a year) and ₹4,08,142 in HSBC Medium Term Fund (XIRR 6.3% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both DSP Medium Term Fund and HSBC Medium Term Fund?
Yes. 4.0% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages DSP Medium Term Fund and HSBC Medium Term Fund?
DSP Medium Term Fund: Vivek Ramakrishnan, Karan Mundhra. HSBC Medium Term Fund: Shriram Ramanathan.
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.