DSP Midcap Fund vs HDFC Mid Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP Midcap Fund and HDFC Mid Cap Fund are both Mid Cap funds. In the 3 years to 30-10-2026, DSP Midcap Fund (Direct) returned 12.6% a year and HDFC Mid Cap Fund (Direct) returned 15.6% a year. DSP Midcap Fund charges 0.85% a year and HDFC Mid Cap Fund 0.74% (Direct plans). Their portfolios overlap 32.8%: they hold 26 of the same securities.
Which is better, DSP Midcap or HDFC 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 Mid Cap returned more over 5 years: 17.1% a year against 10.0%.
- HDFC Mid Cap returned more over 3 years: 15.6% a year against 12.6%.
- HDFC Mid Cap costs less: 0.74% a year against 0.85% (Direct plans).
- HDFC Mid Cap swung less over 3 years: a standard deviation of 14.8% a year against 15.6%.
- DSP Midcap fell less in its worst fall since 02-01-2013: −32.7% against −39.5%.
- HDFC Mid Cap is the larger fund: ₹1,01,856 Cr against ₹19,488 Cr.
- Their portfolios overlap 32.8%: 26 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 Midcap Fund | HDFC Mid Cap Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | HDFC Mutual Fund |
| Category | Mid Cap | Mid Cap |
| AUM | ₹19,488 Cr (30-09-2026) | ₹1,01,856 Cr (30-09-2026) |
| NAV | ₹160.02 (Direct) | ₹215.99 (Direct) |
| Expense ratio (Direct) | 0.85% | 0.74% |
| Expense ratio (Regular) | 1.74% | 1.31% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Midcap 150 TRI | Nifty Midcap 150 TRI |
| Launch date | 14-11-2006 | 25-06-2007 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Vinit Sambre, Abhishek Ghosh | Chirag Setalvad, Gopal Agrawal, Bhagyesh Kagalkar |
| Exit load | Exit load of 1% if redeemed less than 12 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 Midcap vs HDFC 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 Midcap Fund (Direct) | −3.32% | −7.62% | −3.16% | −4.38% | +12.62% | +9.98% | +12.99% |
| HDFC Mid Cap Fund (Direct) | −2.08% | −7.20% | −0.80% | −2.96% | +15.64% | +17.09% | +16.31% |
| Mid Cap average | −3.36% | −6.03% | −0.14% | −2.17% | +14.75% | +12.95% | +14.07% |
Category average: the average of the 34 Mid Cap funds, same plan type.
DSP Midcap vs HDFC Mid Cap: Year-wise Returns
| Year | DSP MidcapDSP Midcap | HDFC Mid CapHDFC Mid Cap | Nifty Midcap 150 TRI |
|---|---|---|---|
| 2026to date | −3.90% | −3.90% | −4.97% |
| 2025 | +2.68% | +7.49% | +5.98% |
| 2024 | +23.60% | +29.47% | +24.46% |
| 2023 | +39.75% | +45.45% | +44.61% |
| 2022 | −3.97% | +13.09% | +3.91% |
| 2021 | +29.58% | +40.88% | +48.16% |
DSP Midcap vs HDFC Mid Cap: Rolling Returns
Every holding period of both funds, against Nifty Midcap 150 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 2,668 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 Midcap Fund (Direct)
HDFC Mid Cap Fund (Direct)
Nifty Midcap 150 TRI
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 | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DSP Midcap | 1.6 | 2.7 | 7.6 | 17.1 | 34.3 | 24.3 | 12.4 | 18.2% | 18.5% | −4.1% | 44.3% | 31% |
| HDFC Mid Cap | 3.9 | 5.8 | 6.5 | 9.3 | 15.8 | 17.3 | 41.4 | 21.1% | 22.9% | −8.4% | 43.4% | 55% |
| Nifty Midcap 150 TRI | 5.4 | 7.2 | 6.3 | 10.4 | 10.9 | 28.5 | 31.2 | 19.4% | 22.1% | −8.3% | 40.6% | -- |
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 Midcap 150 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 02-01-2013. Past returns do not promise future returns.
DSP Midcap vs HDFC 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 02-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| DSP MidcapDSP Midcap Fund (Direct) | ₹16,60,000 | ₹51,81,456 | ₹35,21,456 | 15.2% |
| HDFC Mid CapHDFC Mid Cap Fund (Direct) | ₹16,60,000 | ₹67,83,350 | ₹51,23,350 | 18.6% |
DSP MidcapDSP Midcap Fund (Direct)
HDFC Mid CapHDFC 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 Midcap vs HDFC Mid Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP Midcap Fund (Direct) | HDFC Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −4.38% | −2.96% |
| Standard deviation | 15.68% | 14.21% |
| Sharpe ratio | -0.61 | -0.58 |
| Sortino ratio | -0.84 | -0.77 |
| Maximum drawdown | −12.5% (23-03-2026) | −12.6% (23-03-2026) |
| Beta | 0.92 | 0.83 |
| Alpha | −0.76% | −0.24% |
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 Midcap Fund (Direct) | HDFC Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.62% | +15.64% |
| Standard deviation | 15.64% | 14.78% |
| Sharpe ratio | 0.42 | 0.65 |
| Sortino ratio | 0.57 | 0.88 |
| Maximum drawdown | −21.2% (28-02-2025) | −16.8% (04-03-2025) |
| Beta | 0.89 | 0.84 |
| Alpha | −0.31% | +3.08% |
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 Midcap Fund (Direct) | HDFC Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.98% | +17.09% |
| Standard deviation | 15.03% | 14.96% |
| Sharpe ratio | 0.28 | 0.75 |
| Sortino ratio | 0.37 | 1.02 |
| Maximum drawdown | −21.5% (20-06-2022) | −16.8% (04-03-2025) |
| Beta | 0.87 | 0.86 |
| Alpha | −2.79% | +4.34% |
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 Midcap Fund (Direct) | HDFC Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.01% | +19.31% |
| Standard deviation | 15.94% | 15.40% |
| Sharpe ratio | 0.62 | 0.86 |
| Sortino ratio | 0.84 | 1.15 |
| Maximum drawdown | −32.7% (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 Midcap Fund (Direct)
HDFC Mid Cap Fund (Direct)
Nifty Midcap 150 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP Midcap Fund (Direct) | −32.7% | 20-02-2020 | 23-03-2020 | 25-08-2020 | 5 months | −10.4% |
| HDFC Mid Cap Fund (Direct) | −39.5% | 08-01-2018 | 23-03-2020 | 20-11-2020 | 8 months | −9.1% |
| Nifty Midcap 150 TRI | −43.1% | 08-01-2018 | 23-03-2020 | 23-11-2020 | 8 months | −10.5% |
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 Midcap Fund (Direct)
HDFC Mid Cap Fund (Direct)
Nifty Midcap 150 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 Midcap Fund (Direct)
HDFC Mid Cap Fund (Direct)
Nifty Midcap 150 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 Midcap Fund (Direct)
HDFC Mid Cap Fund (Direct)
Nifty Midcap 150 TRI
Against Nifty Midcap 150 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| DSP Midcap Fund (Direct) | 87% | 87% | 5.79% |
| HDFC Mid Cap Fund (Direct) | 93% | 83% | 3.96% |
From month-end values since 02-01-2013. 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 Midcap vs HDFC Mid Cap: Portfolio Overlap
From each fund's latest monthly portfolio: DSP Midcap Fund, September 2026; HDFC Mid Cap Fund, September 2026
Holdings in common
- Overlap
- 32.8%
- Held by both
- 26
- Only in DSP Midcap
- 38
- Only in HDFC Mid Cap
- 53
| Security | % of DSP Midcap | % of HDFC Mid Cap |
|---|---|---|
| IPCA Laboratories Limited | 2.84% | 3.43% |
| Coforge Limited | 4.07% | 2.68% |
| Federal Bank Limited | 2.56% | 3.98% |
| Max Financial Services Limited | 2.48% | 3.52% |
| Fortis Healthcare Limited | 2.53% | 2.40% |
| Alkem Laboratories Limited | 1.71% | 1.72% |
| AU Small Finance Bank Limited | 1.71% | 3.94% |
| Jindal Steel Limited | 2.17% | 1.64% |
| Mphasis Limited | 1.61% | 1.55% |
| Eternal Limited | 1.95% | 1.35% |
| Vishal Mega Mart Limited | 1.33% | 2.24% |
| Apollo Tyres Limited | 1.28% | 1.66% |
| Hindustan Petroleum Corporation Limited | 1.26% | 2.09% |
| Bharat Forge Limited | 2.51% | 1.22% |
| Coromandel International Limited | 2.29% | 1.19% |
| Nippon Life India Asset Management Limited | 1.87% | 1.04% |
| PB Fintech Limited | 1.02% | 1.07% |
| Aster DM Quality Care Limited | 1.34% | 0.90% |
| Dixon Technologies (India) Limited | 1.86% | 0.66% |
| Supreme Industries Limited | 2.18% | 0.56% |
| Sona Blw Precision Forgings Limited | 0.53% | 0.82% |
| Gland Pharma Limited | 0.42% | 1.73% |
| Cholamandalam Financial Holdings Limited | 0.94% | 0.31% |
| Dhanuka Agritech Limited | 0.77% | 0.10% |
| LG Electronics India Limited | 0.04% | 0.17% |
| Emami Limited | 0.35% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 32.8% means 32.8% 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 Midcap Fund
| Security | % of fund |
|---|---|
| Multi Commodity Exchange Of India Limited | 3.31% |
| Phoenix Mills Limited | 2.73% |
| Cholamandalam Investment and Finance Co Limited | 2.44% |
| APL Apollo Tubes Limited | 2.34% |
| Schaeffler India Limited | 2.10% |
Largest holdings only in HDFC Mid Cap Fund
| Security | % of fund |
|---|---|
| Glenmark Pharmaceuticals Ltd. | 3.07% |
| Balkrishna Industries Ltd. | 2.98% |
| Indian Bank | 2.92% |
| Marico Ltd. | 2.37% |
| Aurobindo Pharma Ltd. | 2.19% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP Midcap | HDFC Mid Cap |
|---|---|---|
| Equity | 95.4% | 91.7% |
| Debt | 0.0% | 0.0% |
| Cash and others | 4.6% | 8.3% |
Market cap of stocks
| Market cap | DSP Midcap | HDFC Mid Cap |
|---|---|---|
| Large Cap | 16.5% | 10.4% |
| Mid Cap | 67.5% | 64.1% |
| Small Cap | 11.4% | 17.2% |
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 Midcap | HDFC Mid Cap |
|---|---|---|
| Banks | 7.5% | 15.4% |
| Pharmaceuticals & Biotechnology | 5.0% | 12.1% |
| Auto Components | 11.2% | 9.6% |
| Industrial Products | 8.7% | 5.2% |
| IT - Software | 6.5% | 7.2% |
| Finance | 5.9% | 2.6% |
| Insurance | 2.5% | 5.5% |
| Capital Markets | 5.2% | 1.2% |
The six largest sectors of each fund's stocks, % of the fund.
DSP Midcap vs HDFC Mid Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP Midcap Fund | HDFC Mid Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.85% | 0.74% |
| Base expense ratio (Direct) | 0.66% | 0.60% |
| Total expense ratio (Regular) | 1.74% | 1.31% |
| Base expense ratio (Regular) | 1.42% | 1.09% |
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 Midcap with
DSP Midcap Fund vs HDFC Mid Cap Fund: Frequently Asked Questions
What is the difference between DSP Midcap Fund and HDFC Mid Cap Fund?
Both are Mid Cap funds, run by DSP Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 32.8%. DSP Midcap Fund charges 0.85% a year and HDFC Mid Cap Fund 0.74%.
Which has given higher returns, DSP Midcap Fund or HDFC Mid Cap Fund?
Over 1 year: DSP Midcap Fund −4.38%, HDFC Mid Cap Fund −2.96%. Over 3 years: DSP Midcap Fund +12.62% a year, HDFC Mid Cap Fund +15.64% a year. Over 5 years: DSP Midcap Fund +9.98% a year, HDFC Mid Cap Fund +17.09% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, DSP Midcap Fund or HDFC Mid Cap Fund?
HDFC Mid Cap Fund charges less: 0.74% a year against 0.85%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP Midcap Fund and HDFC Mid Cap Fund overlap?
32.8%. They hold 26 of the same securities, the largest shared ones being IPCALAB, COFORGE, FEDERALBNK. From each fund's latest monthly portfolio.
Which is riskier, DSP Midcap Fund or HDFC Mid Cap Fund?
On SEBI's riskometer, DSP Midcap Fund is rated Very High and HDFC Mid Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 15.64% and 14.78% a year.
Which is better for SIP, DSP Midcap Fund or HDFC Mid Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,91,450 in DSP Midcap Fund (XIRR 10.2% a year) and ₹8,92,875 in HDFC Mid Cap Fund (XIRR 15.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both DSP Midcap Fund and HDFC Mid Cap Fund?
Yes. 32.8% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages DSP Midcap Fund and HDFC Mid Cap Fund?
DSP Midcap Fund: Vinit Sambre, Abhishek Ghosh. HDFC Mid Cap Fund: Chirag Setalvad, 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.