Franklin India Small Cap Fund vs HSBC Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Franklin India Small Cap Fund and HSBC Small Cap Fund are both Small Cap funds. In the 3 years to 30-10-2026, Franklin India Small Cap Fund (Direct) returned 9.8% a year and HSBC Small Cap Fund (Direct) returned 11.8% a year. Franklin India Small Cap Fund charges 1.06% a year and HSBC Small Cap Fund 0.78% (Direct plans). Their portfolios overlap 20.3%: they hold 23 of the same securities.
Franklin India Small Cap Fund
Small Cap
- 3 year return
- 9.8%
- Expense ratio
- 1.06%
- NAV
- ₹185.20
Which is better, Franklin India Small Cap or HSBC Small Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Small Cap returned more over 3 years: 11.8% a year against 9.8%.
- HSBC Small Cap returned more over 1 year: 2.4% against −5.6%.
- HSBC Small Cap costs less: 0.78% a year against 1.06% (Direct plans).
- Franklin India Small Cap swung less over 3 years: a standard deviation of 16.2% a year against 18.3%.
- Franklin India Small Cap fell less in its worst fall since 28-11-2022: −24.1% against −27.2%.
- HSBC Small Cap is the larger fund: ₹18,513 Cr against ₹14,257 Cr.
- Their portfolios overlap 20.3%: 23 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 | Franklin India Small Cap Fund | HSBC Small Cap Fund |
|---|---|---|
| Fund house | Franklin Templeton Mutual Fund | HSBC Mutual Fund |
| Category | Small Cap | Small Cap |
| AUM | ₹14,257 Cr (30-09-2026) | ₹18,513 Cr (30-09-2026) |
| NAV | ₹185.20 (Direct) | ₹93.25 (Direct) |
| Expense ratio (Direct) | 1.06% | 0.78% |
| Expense ratio (Regular) | 1.87% | 1.79% |
| Riskometer | Not available | Very High |
| Benchmark | Nifty Smallcap 250 TRI | Nifty Smallcap 250 TRI |
| Launch date | 13-01-2006 | 12-05-2014 |
| Minimum investment | 5000/1 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Janakiraman Rengaraju, Akhil Kalluri, Sandeep Manam | Mayank Chaturvedi, Dipan S. Parikh |
| Exit load | Exit load of 1% if redeemed within 1 year. | Exit load for units in excess of 10% of the investment,1% will be charged for redemption within 1 year. |
Franklin India Small Cap vs HSBC Small 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 |
|---|---|---|---|---|---|---|---|
| Franklin India Small Cap Fund (Direct) | −6.78% | −7.95% | −4.62% | −5.60% | +9.83% | +13.53% | +13.87% |
| HSBC Small Cap Fund (Direct) | −6.97% | −3.04% | +4.17% | +2.35% | +11.75% | -- | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | -- | -- |
Category average: the average of the 36 Small Cap funds, same plan type.
Franklin India Small Cap vs HSBC Small Cap: Year-wise Returns
| Year | Franklin IndiaFranklin India Small Cap | HSBCHSBC Small Cap | Nifty Smallcap 250 TRI |
|---|---|---|---|
| 2026to date | −0.91% | +6.60% | +1.00% |
| 2025 | −7.63% | −10.63% | −5.48% |
| 2024 | +24.20% | +29.82% | +27.21% |
| 2023 | +53.48% | +47.56% | +49.09% |
| 2022 | +4.43% | -- | −2.64% |
| 2021 | +57.68% | -- | +63.34% |
Franklin India Small Cap vs HSBC Small Cap: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 226 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.
Franklin India Small Cap Fund (Direct)
HSBC Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
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 | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Franklin India Small Cap | 0.0 | 0.0 | 1.3 | 17.3 | 56.2 | 25.2 | 0.0 | 17.3% | 17.5% | 9.2% | 22.9% | 6% |
| HSBC Small Cap | 0.0 | 0.0 | 0.0 | 15.9 | 82.3 | 1.8 | 0.0 | 16.9% | 17.2% | 11.0% | 21.7% | 5% |
| Nifty Smallcap 250 TRI | 0.0 | 0.0 | 0.0 | 12.4 | 46.5 | 41.2 | 0.0 | 19.0% | 19.6% | 11.4% | 23.7% | -- |
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 Smallcap 250 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 28-11-2022. Past returns do not promise future returns.
Franklin India Small Cap vs HSBC Small 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 01-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Franklin India Small CapFranklin India Small Cap Fund (Direct) | ₹4,80,000 | ₹5,51,499 | ₹71,499 | 6.9% |
| HSBC Small CapHSBC Small Cap Fund (Direct) | ₹4,80,000 | ₹5,86,721 | ₹1,06,721 | 10.0% |
Franklin India Small CapFranklin India Small Cap Fund (Direct)
HSBC Small CapHSBC Small 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.
Franklin India Small Cap vs HSBC Small Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Franklin India Small Cap Fund (Direct) | HSBC Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −5.60% | +2.35% |
| Standard deviation | 16.87% | 18.40% |
| Sharpe ratio | -0.64 | -0.16 |
| Sortino ratio | -0.87 | -0.22 |
| Maximum drawdown | −16.0% (31-03-2026) | −17.6% (23-03-2026) |
| Beta | 0.91 | 0.99 |
| Alpha | −3.23% | +5.42% |
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 | Franklin India Small Cap Fund (Direct) | HSBC Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.83% | +11.75% |
| Standard deviation | 16.22% | 18.34% |
| Sharpe ratio | 0.23 | 0.31 |
| Sortino ratio | 0.31 | 0.42 |
| Maximum drawdown | −24.1% (03-03-2025) | −27.2% (03-03-2025) |
| Beta | 0.82 | 0.93 |
| Alpha | −1.41% | −0.17% |
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 | Franklin India Small Cap Fund (Direct) | HSBC Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.75% | +16.18% |
| Standard deviation | 15.61% | 17.11% |
| Sharpe ratio | 0.81 | 0.58 |
| Sortino ratio | 1.08 | 0.79 |
| Maximum drawdown | −49.9% (24-03-2020) | −27.2% (03-03-2025) |
| Beta | -- | 0.92 |
| Alpha | -- | +1.09% |
From daily NAVs, 01-01-2013 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.
Franklin India Small Cap Fund (Direct)
HSBC Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Franklin India Small Cap Fund (Direct) | −24.1% | 23-09-2024 | 03-03-2025 | Not yet | -- | −12.4% |
| HSBC Small Cap Fund (Direct) | −27.2% | 11-12-2024 | 03-03-2025 | 18-08-2026 | 18 months | −10.8% |
| Nifty Smallcap 250 TRI | −26.0% | 23-09-2024 | 03-03-2025 | 26-08-2026 | 18 months | −9.4% |
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.
Franklin India Small Cap Fund (Direct)
HSBC Small Cap Fund (Direct)
Nifty Smallcap 250 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.
Franklin India Small Cap Fund (Direct)
HSBC Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
Against Nifty Smallcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Franklin India Small Cap Fund (Direct) | 83% | 75% | 6.07% |
| HSBC Small Cap Fund (Direct) | 93% | 86% | 5.39% |
From month-end values since 28-11-2022. 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.
Franklin India Small Cap vs HSBC Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Franklin India Small Cap Fund, September 2026; HSBC Small Cap Fund, September 2026
Holdings in common
- Overlap
- 20.3%
- Held by both
- 23
- Only in Franklin India Small Cap
- 66
- Only in HSBC Small Cap
- 85
| Security | % of Franklin India Small Cap | % of HSBC Small Cap |
|---|---|---|
| PNB Housing Finance Ltd | 1.85% | 1.96% |
| MTAR Technologies Ltd | 1.68% | 1.69% |
| Kajaria Ceramics Ltd | 2.43% | 1.58% |
| K.P.R. Mill Ltd | 1.48% | 1.41% |
| RBL Bank Ltd | 1.69% | 1.21% |
| Finolex Cables Ltd | 1.19% | 1.67% |
| Karur Vysya Bank Ltd | 1.18% | 2.04% |
| Delhivery Ltd | 1.40% | 1.04% |
| City Union Bank Ltd | 1.00% | 1.40% |
| Aster DM Quality Care Ltd | 0.89% | 1.43% |
| CCL Products (India) Ltd | 0.84% | 1.18% |
| Sobha Ltd | 1.30% | 0.83% |
| Craftsman Automation Ltd | 0.69% | 1.53% |
| Kirloskar Oil Engines Ltd | 1.63% | 0.65% |
| Lemon Tree Hotels Ltd | 1.06% | 0.65% |
| ZF Commercial Vehicle Control Systems India Ltd | 0.90% | 0.57% |
| Eris Lifesciences Ltd | 2.00% | 0.50% |
| Kirloskar Pneumatic Co Ltd | 0.48% | 0.74% |
| Angel One Ltd | 1.87% | 0.46% |
| Pine Labs Ltd | 2.82% | 0.45% |
| Finolex Industries Ltd | 1.10% | 0.43% |
| Rolex Rings Ltd | 1.01% | 0.40% |
| Data Patterns India Ltd | 1.20% | 0.26% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 20.3% means 20.3% 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 Franklin India Small Cap Fund
| Security | % of fund |
|---|---|
| Equitas Small Finance Bank Ltd | 2.32% |
| Brigade Enterprises Ltd | 2.00% |
| Metropolis Healthcare Ltd | 1.91% |
| Hindustan Aeronautics Ltd | 1.85% |
| Deepak Nitrite Ltd | 1.76% |
Largest holdings only in HSBC Small Cap Fund
| Security | % of fund |
|---|---|
| APAR INDUSTRIES LTD | 2.66% |
| Sai Life Sciences Ltd. | 2.21% |
| Engineers India Limited | 2.18% |
| Welspun Living Limited | 1.98% |
| VIJAYA DIAGNOSTIC CENTRE LIMITED | 1.94% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Franklin India Small Cap | HSBC Small Cap |
|---|---|---|
| Equity | 96.7% | 99.2% |
| Debt | 0.2% | 0.0% |
| Cash and others | 3.1% | 0.8% |
Market cap of stocks
| Market cap | Franklin India Small Cap | HSBC Small Cap |
|---|---|---|
| Large Cap | 8.4% | 1.3% |
| Mid Cap | 4.6% | 21.5% |
| Small Cap | 82.5% | 73.6% |
| Not on AMFI's list | 1.2% | 2.8% |
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 | Franklin India Small Cap | HSBC Small Cap |
|---|---|---|
| Industrial Products | 6.2% | 13.4% |
| Banks | 11.7% | 7.6% |
| Pharmaceuticals & Biotechnology | 5.2% | 9.5% |
| Auto Components | 9.4% | 6.3% |
| Consumer Durables | 8.2% | 4.7% |
| Capital Markets | 1.9% | 6.4% |
| Electrical Equipment | 3.0% | 6.4% |
| Chemicals & Petrochemicals | 5.0% | 3.8% |
The six largest sectors of each fund's stocks, % of the fund.
Franklin India Small Cap vs HSBC Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Franklin India Small Cap Fund | HSBC Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.06% | 0.78% |
| Base expense ratio (Direct) | 0.76% | 0.57% |
| Total expense ratio (Regular) | 1.87% | 1.79% |
| Base expense ratio (Regular) | 1.46% | 1.43% |
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 Franklin India Small Cap with
Franklin India Small Cap Fund vs HSBC Small Cap Fund: Frequently Asked Questions
What is the difference between Franklin India Small Cap Fund and HSBC Small Cap Fund?
Both are Small Cap funds, run by Franklin Templeton Mutual Fund and HSBC Mutual Fund. Their portfolios overlap 20.3%. Franklin India Small Cap Fund charges 1.06% a year and HSBC Small Cap Fund 0.78%.
Which has given higher returns, Franklin India Small Cap Fund or HSBC Small Cap Fund?
Over 1 year: Franklin India Small Cap Fund −5.60%, HSBC Small Cap Fund +2.35%. Over 3 years: Franklin India Small Cap Fund +9.83% a year, HSBC Small Cap Fund +11.75% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Franklin India Small Cap Fund or HSBC Small Cap Fund?
HSBC Small Cap Fund charges less: 0.78% a year against 1.06%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Franklin India Small Cap Fund and HSBC Small Cap Fund overlap?
20.3%. They hold 23 of the same securities, the largest shared ones being PNBHOUSING, MTARTECH, KAJARIACER. From each fund's latest monthly portfolio.
Which is better for SIP, Franklin India Small Cap Fund or HSBC Small Cap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,73,113 in Franklin India Small Cap Fund (XIRR 0.5% a year) and ₹4,00,430 in HSBC Small Cap Fund (XIRR 5.1% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Franklin India Small Cap Fund and HSBC Small Cap Fund?
Yes. 20.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Franklin India Small Cap Fund and HSBC Small Cap Fund?
Franklin India Small Cap Fund: Janakiraman Rengaraju, Akhil Kalluri, Sandeep Manam. HSBC Small Cap Fund: Mayank Chaturvedi, Dipan S. Parikh.
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.