DSP Money Market Fund vs HSBC Money Market Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP Money Market Fund and HSBC Money Market Fund are both Money Market funds. In the 3 years to 30-10-2026, DSP Money Market Fund (Direct) returned 7.2% a year and HSBC Money Market Fund (Direct) returned 7.2% a year. DSP Money Market Fund charges 0.18% a year and HSBC Money Market Fund 0.15% (Direct plans). Their portfolios overlap 25.2%: they hold 29 of the same securities.
DSP Money Market Fund
Money Market
- 3 year return
- 7.2%
- Expense ratio
- 0.18%
- NAV
- ₹58.98
HSBC Money Market Fund
Money Market
- 3 year return
- 7.2%
- Expense ratio
- 0.15%
- NAV
- ₹30.10
Which is better, DSP Money Market or HSBC Money Market? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Money Market returned more over 3 years: 7.2% a year against 7.2%.
- DSP Money Market returned more over 1 year: 6.3% against 6.3%.
- HSBC Money Market costs less: 0.15% a year against 0.18% (Direct plans).
- DSP Money Market swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- HSBC Money Market fell less in its worst fall since 28-11-2022: −0.2% against −0.2%.
- DSP Money Market is the larger fund: ₹8,072 Cr against ₹6,382 Cr.
- Their portfolios overlap 25.2%: 29 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 Money Market Fund | HSBC Money Market Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | HSBC Mutual Fund |
| Category | Money Market | Money Market |
| AUM | ₹8,072 Cr (30-09-2026) | ₹6,382 Cr (30-09-2026) |
| NAV | ₹58.98 (Direct) | ₹30.10 (Direct) |
| Expense ratio (Direct) | 0.18% | 0.15% |
| Expense ratio (Regular) | 0.40% | 0.35% |
| Riskometer | Low to Moderate | Low to Moderate |
| Benchmark | CRISIL Money Market A-I Index | NIFTY Money Market Index A-I |
| Launch date | 30-09-1999 | 10-08-2005 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Karan Mundhra, Shalini Vasanta | Mahesh Chhabria, Abhishek Iyer |
| Exit load | Nil | Nil |
DSP Money Market vs HSBC Money Market: 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 Money Market Fund (Direct) | +0.30% | +1.46% | +3.30% | +6.35% | +7.15% | +6.51% | +6.43% |
| HSBC Money Market Fund (Direct) | +0.33% | +1.50% | +3.30% | +6.30% | +7.23% | -- | -- |
| Money Market average | +0.33% | +1.49% | +3.29% | +6.35% | +7.24% | -- | -- |
Category average: the average of the 27 Money Market funds, same plan type.
DSP Money Market vs HSBC Money Market: Year-wise Returns
| Year | DSPDSP Money Market | HSBCHSBC Money Market |
|---|---|---|
| 2026to date | +5.27% | +5.22% |
| 2025 | +7.27% | +7.50% |
| 2024 | +7.63% | +7.77% |
| 2023 | +7.43% | +7.28% |
| 2022 | +4.24% | -- |
| 2021 | +3.88% | -- |
DSP Money Market vs HSBC Money Market: 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 Money Market Fund (Direct)
HSBC Money Market 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 Money Market | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.3% | 7.3% | 7.0% | 7.5% |
| HSBC Money Market | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.4% | 7.3% | 7.1% | 7.5% |
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 Money Market vs HSBC Money Market: 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 Money MarketDSP Money Market Fund (Direct) | ₹4,80,000 | ₹5,52,589 | ₹72,589 | 7.0% |
| HSBC Money MarketHSBC Money Market Fund (Direct) | ₹4,80,000 | ₹5,53,188 | ₹73,188 | 7.1% |
DSP Money MarketDSP Money Market Fund (Direct)
HSBC Money MarketHSBC Money Market 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 Money Market vs HSBC Money Market: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP Money Market Fund (Direct) | HSBC Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.35% | +6.30% |
| Standard deviation | 0.54% | 0.51% |
| Sharpe ratio | 2.04 | 2.05 |
| Sortino ratio | 3.29 | 3.26 |
| Maximum drawdown | −0.2% (22-05-2026) | −0.2% (22-05-2026) |
| 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 Money Market Fund (Direct) | HSBC Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.15% | +7.23% |
| Standard deviation | 0.42% | 0.42% |
| Sharpe ratio | 2.69 | 2.88 |
| Sortino ratio | 4.84 | 5.33 |
| Maximum drawdown | −0.2% (22-05-2026) | −0.2% (22-05-2026) |
| 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 Money Market Fund (Direct) | HSBC Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.98% | +7.25% |
| Standard deviation | 0.79% | 0.40% |
| Sharpe ratio | 1.18 | 2.68 |
| Sortino ratio | 2.45 | 5.07 |
| Maximum drawdown | −1.7% (24-03-2020) | −0.2% (22-05-2026) |
| 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 Money Market Fund (Direct)
HSBC Money Market Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP Money Market Fund (Direct) | −0.2% | 11-05-2026 | 22-05-2026 | 01-06-2026 | 10 days | 0.0% |
| HSBC Money Market Fund (Direct) | −0.2% | 11-05-2026 | 22-05-2026 | 01-06-2026 | 10 days | 0.0% |
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 Money Market Fund (Direct)
HSBC Money Market 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 Money Market Fund (Direct)
HSBC Money Market Fund (Direct)
DSP Money Market vs HSBC Money Market: Portfolio Overlap
From each fund's latest monthly portfolio: DSP Money Market Fund, September 2026; HSBC Money Market Fund, September 2026
Holdings in common
- Overlap
- 25.2%
- Held by both
- 29
- Only in DSP Money Market
- 84
- Only in HSBC Money Market
- 48
| Security | % of DSP Money Market | % of HSBC Money Market |
|---|---|---|
| Canara Bank | 2.11% | 3.43% |
| Kotak Mahindra Bank Limited | 1.81% | 1.90% |
| Small Industries Development Bank of India | 3.02% | 1.53% |
| National Bank For Agriculture & Rural Development | 1.51% | 1.53% |
| National Bank For Agriculture & Rural Development | 1.50% | 2.66% |
| Union Bank of India | 1.50% | 4.56% |
| Axis Bank Limited | 1.21% | 1.53% |
| Small Industries Development Bank of India | 1.20% | 1.52% |
| Canara Bank | 1.18% | 1.49% |
| 364 DAYS T-BILL 03122026 | 2.21% | 1.16% |
| 182 DAYS T-BILL 26022027 | 0.91% | 3.06% |
| Bank of Baroda | 0.90% | 2.28% |
| National Bank For Agriculture & Rural Development | 2.10% | 0.76% |
| Small Industries Development Bank of India | 1.81% | 0.76% |
| Motilal Oswal Financial Services Limited | 0.91% | 0.76% |
| Small Industries Development Bank of India | 2.33% | 0.74% |
| Punjab National Bank | 3.01% | 0.68% |
| 7.74% Tamil Nadu SDL 01032027 | 0.63% | 1.43% |
| Export-Import Bank Of India | 0.61% | 3.83% |
| HDFC Bank Limited | 0.60% | 0.76% |
| Axis Bank Limited | 0.60% | 1.14% |
| 6.54% Maharashtra SDL 09022027 | 0.94% | 0.40% |
| Canara Bank | 0.60% | 0.38% |
| Bank of Baroda | 0.30% | 1.14% |
| HDFC Bank Limited | 0.30% | 1.90% |
| Punjab National Bank | 0.30% | 2.30% |
| Punjab National Bank | 0.30% | 1.53% |
| Canara Bank | 0.30% | 1.92% |
| SBI Funds Management Pvt Limited/Fund Parent | 0.30% | 0.27% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 25.2% means 25.2% 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 Money Market Fund
| Security | % of fund |
|---|---|
| Panatone Finvest Limited | 2.73% |
| Export-Import Bank Of India | 2.41% |
| HDFC Bank Limited | 2.40% |
| TATA Projects Limited | 1.81% |
| 364 DAYS T-BILL 19032027 | 1.69% |
Largest holdings only in HSBC Money Market Fund
| Security | % of fund |
|---|---|
| Bank of Baroda | 3.06% |
| NABARD | 2.66% |
| Bajaj Financial Securities Ltd | 2.32% |
| HDFC Bank Limited | 2.31% |
| 364 Days Treasury Bill 04-Mar-2027 | 2.29% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP Money Market | HSBC Money Market |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 102.9% | 112.5% |
| Cash and others | -2.9% | -12.5% |
DSP Money Market vs HSBC Money Market: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP Money Market Fund | HSBC Money Market Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.18% | 0.15% |
| Base expense ratio (Direct) | 0.15% | 0.12% |
| Total expense ratio (Regular) | 0.40% | 0.35% |
| Base expense ratio (Regular) | 0.34% | 0.29% |
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 Money Market with
DSP Money Market Fund vs HSBC Money Market Fund: Frequently Asked Questions
What is the difference between DSP Money Market Fund and HSBC Money Market Fund?
Both are Money Market funds, run by DSP Mutual Fund and HSBC Mutual Fund. Their portfolios overlap 25.2%. DSP Money Market Fund charges 0.18% a year and HSBC Money Market Fund 0.15%.
Which has given higher returns, DSP Money Market Fund or HSBC Money Market Fund?
Over 1 year: DSP Money Market Fund +6.35%, HSBC Money Market Fund +6.30%. Over 3 years: DSP Money Market Fund +7.15% a year, HSBC Money Market Fund +7.23% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, DSP Money Market Fund or HSBC Money Market Fund?
HSBC Money Market Fund charges less: 0.15% a year against 0.18%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP Money Market Fund and HSBC Money Market Fund overlap?
25.2%. They hold 29 of the same securities, the largest shared ones being Canara Bank, Kotak Mahindra Bank Limited, Small Industries Development Bank of India. From each fund's latest monthly portfolio.
Which is riskier, DSP Money Market Fund or HSBC Money Market Fund?
On SEBI's riskometer, DSP Money Market Fund is rated Low to Moderate and HSBC Money Market Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.42% and 0.42% a year.
Which is better for SIP, DSP Money Market Fund or HSBC Money Market Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,11,589 in DSP Money Market Fund (XIRR 6.9% a year) and ₹4,11,996 in HSBC Money Market Fund (XIRR 6.9% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both DSP Money Market Fund and HSBC Money Market Fund?
Yes. 25.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages DSP Money Market Fund and HSBC Money Market Fund?
DSP Money Market Fund: Karan Mundhra, Shalini Vasanta. HSBC Money Market Fund: Mahesh Chhabria, Abhishek Iyer.
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.