DSP Short Term Fund vs HSBC Medium Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP Short Term Fund is a Short Duration fund and HSBC Medium Term Fund is a Medium Duration fund. In the 3 years to 30-10-2026, DSP Short Term Fund (Direct) returned 7.0% a year and HSBC Medium Term Fund (Direct) returned 7.5% a year. DSP Short Term Fund charges 0.37% a year and HSBC Medium Term Fund 0.41% (Direct plans). Their portfolios overlap 16.6%: they hold 4 of the same securities.
DSP Short Term Fund
Short Duration
- 3 year return
- 7.0%
- Expense ratio
- 0.37%
- NAV
- ₹53.88
HSBC Medium Term Fund
Medium Duration
- 3 year return
- 7.5%
- Expense ratio
- 0.41%
- NAV
- ₹23.78
Which is better, DSP Short 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 7.0%.
- HSBC Medium Term returned more over 1 year: 4.3% against 4.1%.
- DSP Short Term costs less: 0.37% a year against 0.41% (Direct plans).
- DSP Short Term swung less over 3 years: a standard deviation of 1.0% a year against 1.2%.
- DSP Short Term fell less in its worst fall since 28-11-2022: −0.7% against −1.0%.
- DSP Short Term is the larger fund: ₹3,416 Cr against ₹684 Cr.
- Their portfolios overlap 16.6%: 4 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 Short Term Fund | HSBC Medium Term Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | HSBC Mutual Fund |
| Category | Short Duration | Medium Duration |
| AUM | ₹3,416 Cr (30-09-2026) | ₹684 Cr (31-08-2026) |
| NAV | ₹53.88 (Direct) | ₹23.78 (Direct) |
| Expense ratio (Direct) | 0.37% | 0.41% |
| Expense ratio (Regular) | 0.96% | 1.12% |
| Riskometer | Moderate | Moderately High |
| Benchmark | CRISIL Short Duration Debt A-II Index | NIFTY Medium Duration Debt Index A-III |
| Launch date | 09-09-2002 | 02-02-2015 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Karan Mundhra, Shantanu Godambe | Shriram Ramanathan |
| Exit load | Nil | Nil |
DSP Short 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 Short Term Fund (Direct) | −0.18% | +0.06% | +2.41% | +4.10% | +7.00% | +6.19% | +6.82% |
| HSBC Medium Term Fund (Direct) | −0.30% | −0.25% | +2.20% | +4.26% | +7.50% | -- | -- |
| Short Duration average | −0.14% | +0.30% | +2.50% | +4.11% | +6.88% | +6.62% | +6.89% |
| Medium Duration average | −0.34% | −0.09% | +2.51% | +4.72% | +7.66% | -- | -- |
Category average: the average of the 25 Short Duration funds and the 13 Medium Duration funds, same plan type.
DSP Short Term vs HSBC Medium Term: Year-wise Returns
| Year | DSP ShortDSP Short Term | HSBC MediumHSBC Medium Term |
|---|---|---|
| 2026to date | +3.34% | +3.33% |
| 2025 | +7.88% | +8.57% |
| 2024 | +8.29% | +8.99% |
| 2023 | +7.31% | +7.72% |
| 2022 | +3.64% | -- |
| 2021 | +3.47% | -- |
DSP Short 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 Short 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 Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.4% | 7.4% | 6.9% | 7.9% |
| 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 Short 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 Short TermDSP Short Term Fund (Direct) | ₹4,80,000 | ₹5,46,223 | ₹66,223 | 6.4% |
| HSBC Medium TermHSBC Medium Term Fund (Direct) | ₹4,80,000 | ₹5,49,938 | ₹69,938 | 6.8% |
DSP Short TermDSP Short 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 Short 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 Short Term Fund (Direct) | HSBC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.10% | +4.26% |
| Standard deviation | 1.30% | 1.39% |
| Sharpe ratio | -0.88 | -0.71 |
| Sortino ratio | -1.23 | -0.94 |
| Maximum drawdown | −0.7% (02-04-2026) | −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 Short Term Fund (Direct) | HSBC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.00% | +7.50% |
| Standard deviation | 1.00% | 1.23% |
| Sharpe ratio | 0.98 | 1.20 |
| Sortino ratio | 1.46 | 1.76 |
| Maximum drawdown | −0.7% (02-04-2026) | −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 Short Term Fund (Direct) | HSBC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.60% | +7.40% |
| Standard deviation | 1.33% | 1.19% |
| Sharpe ratio | 1.17 | 1.04 |
| Sortino ratio | 1.70 | 1.52 |
| Maximum drawdown | −2.8% (23-03-2020) | −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 Short 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 Short Term Fund (Direct) | −0.7% | 02-03-2026 | 02-04-2026 | 15-04-2026 | 13 days | −0.4% |
| 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 Short 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 Short Term Fund (Direct)
HSBC Medium Term Fund (Direct)
DSP Short Term vs HSBC Medium Term: Portfolio Overlap
From each fund's latest monthly portfolio: DSP Short Term Fund, September 2026; HSBC Medium Term Fund, August 2026
Holdings in common
- Overlap
- 16.6%
- Held by both
- 4
- Only in DSP Short Term
- 59
- Only in HSBC Medium Term
- 26
| Security | % of DSP Short Term | % of HSBC Medium Term |
|---|---|---|
| 6.94% GOI 11052036 | 13.31% | 17.90% |
| REC Limited | 2.18% | 3.63% |
| Small Industries Development Bank Of India | 0.77% | 2.31% |
| SBI Funds Management Pvt Limited/Fund Parent | 0.33% | 0.35% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 16.6% means 16.6% 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 Short Term Fund
| Security | % of fund |
|---|---|
| 6.87% GOI FRB 22092033 | 4.59% |
| Bharti Telecom Limited | 4.04% |
| India Universal Trust | 3.81% |
| Small Industries Development Bank Of India | 2.93% |
| Knowledge Realty Trust | 2.90% |
Largest holdings only in HSBC Medium Term Fund
| Security | % of fund |
|---|---|
| Delhi International Airport Limited | 4.53% |
| Aditya Birla Renewables Limited | 3.96% |
| JTPM Metal Traders | 3.94% |
| SIDBI | 3.90% |
| JSW Kalinga Steel Ltd | 3.78% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP Short Term | HSBC Medium Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 99.3% | 98.5% |
| Cash and others | 0.7% | 1.5% |
DSP Short Term vs HSBC Medium Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP Short Term Fund | HSBC Medium Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.37% | 0.41% |
| Base expense ratio (Direct) | 0.30% | 0.34% |
| Total expense ratio (Regular) | 0.96% | 1.12% |
| Base expense ratio (Regular) | 0.80% | 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 Short Term with
DSP Short Term Fund vs HSBC Medium Term Fund: Frequently Asked Questions
What is the difference between DSP Short Term Fund and HSBC Medium Term Fund?
DSP Short Term Fund is a Short Duration fund, HSBC Medium Term Fund is a Medium Duration fund, run by DSP Mutual Fund and HSBC Mutual Fund. Their portfolios overlap 16.6%. DSP Short Term Fund charges 0.37% a year and HSBC Medium Term Fund 0.41%.
Which has given higher returns, DSP Short Term Fund or HSBC Medium Term Fund?
Over 1 year: DSP Short Term Fund +4.10%, HSBC Medium Term Fund +4.26%. Over 3 years: DSP Short Term Fund +7.00% 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 Short Term Fund or HSBC Medium Term Fund?
DSP Short Term Fund charges less: 0.37% a year against 0.41%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP Short Term Fund and HSBC Medium Term Fund overlap?
16.6%. They hold 4 of the same securities, the largest shared ones being 6.94% GOI 11052036, REC Limited, Small Industries Development Bank Of India. From each fund's latest monthly portfolio.
Which is riskier, DSP Short Term Fund or HSBC Medium Term Fund?
On SEBI's riskometer, DSP Short Term Fund is rated Moderate and HSBC Medium Term Fund Moderately High. Over 3 years, the standard deviation of daily returns was 1.00% and 1.23% a year.
Which is better for SIP, DSP Short 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 ₹4,06,378 in DSP Short Term Fund (XIRR 6.0% 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 Short Term Fund and HSBC Medium Term Fund?
Yes. 16.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages DSP Short Term Fund and HSBC Medium Term Fund?
DSP Short Term Fund: Karan Mundhra, Shantanu Godambe. 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.