HDFC Conservative Hybrid Fund vs HDFC Multi Asset Allocation Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Conservative Hybrid Fund is a Conservative Hybrid fund and HDFC Multi Asset Allocation Fund is a Multi Asset fund. In the 3 years to 30-10-2026, HDFC Conservative Hybrid Fund (Direct) returned 7.2% a year and HDFC Multi Asset Allocation Fund (Direct) returned 11.1% a year. HDFC Conservative Hybrid Fund charges 1.18% a year and HDFC Multi Asset Allocation Fund 1.01% (Direct plans). Their portfolios overlap 20.1%: they hold 34 of the same securities.
HDFC Conservative Hybrid Fund
Conservative Hybrid
- 3 year return
- 7.2%
- Expense ratio
- 1.18%
- NAV
- ₹88.45
HDFC Multi Asset Allocation Fund
Multi Asset
- 3 year return
- 11.1%
- Expense ratio
- 1.01%
- NAV
- ₹81.63
Which is better, HDFC Conservative Hybrid or HDFC Multi Asset Allocation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Multi Asset Allocation returned more over 5 years: 10.2% a year against 7.4%.
- HDFC Multi Asset Allocation returned more over 3 years: 11.1% a year against 7.2%.
- HDFC Multi Asset Allocation costs less: 1.01% a year against 1.18% (Direct plans).
- HDFC Conservative Hybrid swung less over 3 years: a standard deviation of 3.7% a year against 7.6%.
- HDFC Conservative Hybrid fell less in its worst fall since 01-01-2013: −12.1% against −27.1%.
- HDFC Multi Asset Allocation holds more in large companies: 56.0% of the fund in large caps against 16.3%.
- HDFC Multi Asset Allocation is the larger fund: ₹5,782 Cr against ₹3,108 Cr.
- Their portfolios overlap 20.1%: 34 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 | HDFC Conservative Hybrid Fund | HDFC Multi Asset Allocation Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | HDFC Mutual Fund |
| Category | Conservative Hybrid | Multi Asset |
| AUM | ₹3,108 Cr (30-09-2026) | ₹5,782 Cr (30-09-2026) |
| NAV | ₹88.45 (Direct) | ₹81.63 (Direct) |
| Expense ratio (Direct) | 1.18% | 1.01% |
| Expense ratio (Regular) | 1.70% | 2.02% |
| Riskometer | Moderately High | Very High |
| Benchmark | Nifty 50 Hybrid Composite Debt 15:85 Conservative Index | 65% Nifty 50 TRI + 22.5% Nifty Composite Debt Index + 10% Domestic Price of Gold + 2.5% Domestic Price of Silver |
| Launch date | 26-12-2003 | 17-08-2005 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Anupam Joshi, Anand Laddha, Gopal Agrawal, Bhagyesh Kagalkar | Ihab Dalwai, Anil Bamboli, Bhagyesh Kagalkar, Nandita Menezes, – Mr. Arun Agarwal, Gopal Agrawal |
| Exit load | Exit load for units in excess of 15% of the investment, 1% will be charged for redemption within 1 year | Exit Load for units in excess of 15% of the investment,1% will be charged for redemption within 12 months. |
HDFC Conservative Hybrid vs HDFC Multi Asset Allocation: 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 |
|---|---|---|---|---|---|---|---|
| HDFC Conservative Hybrid Fund (Direct) | −0.03% | −1.71% | +0.42% | −0.09% | +7.18% | +7.38% | +8.01% |
| HDFC Multi Asset Allocation Fund (Direct) | −0.73% | −3.58% | −1.86% | −2.29% | +11.12% | +10.21% | +10.99% |
| Conservative Hybrid average | −0.46% | −1.48% | +0.87% | +1.02% | +7.61% | +7.13% | +7.52% |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | +14.20% | +12.56% | +12.92% |
Category average: the average of the 18 Conservative Hybrid funds and the 37 Multi Asset funds, same plan type.
HDFC Conservative Hybrid vs HDFC Multi Asset Allocation: Year-wise Returns
| Year | Conservative HybridHDFC Conservative Hybrid | Multi Asset AllocationHDFC Multi Asset Allocation |
|---|---|---|
| 2026to date | −0.75% | −3.74% |
| 2025 | +6.15% | +14.45% |
| 2024 | +11.07% | +14.82% |
| 2023 | +14.48% | +19.43% |
| 2022 | +6.49% | +5.77% |
| 2021 | +13.84% | +19.65% |
HDFC Conservative Hybrid vs HDFC Multi Asset Allocation: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,620 of them, one for each trading day from 01-01-2016 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.
HDFC Conservative Hybrid Fund (Direct)
HDFC Multi Asset Allocation Fund (Direct)
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Conservative Hybrid | 0.0 | 6.6 | 36.8 | 53.0 | 3.7 | 0.0 | 0.0 | 9.9% | 10.3% | 1.7% | 17.2% |
| HDFC Multi Asset Allocation | 0.6 | 3.8 | 29.3 | 35.9 | 28.3 | 2.0 | 0.2 | 12.1% | 12.8% | −3.6% | 26.7% |
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. Every fund is measured over the days all of them have, from 01-01-2013. Past returns do not promise future returns.
HDFC Conservative Hybrid vs HDFC Multi Asset Allocation: 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 01-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Conservative HybridHDFC Conservative Hybrid Fund (Direct) | ₹16,60,000 | ₹31,12,712 | ₹14,52,712 | 8.6% |
| HDFC Multi Asset AllocationHDFC Multi Asset Allocation Fund (Direct) | ₹16,60,000 | ₹38,35,886 | ₹21,75,886 | 11.3% |
HDFC Conservative HybridHDFC Conservative Hybrid Fund (Direct)
HDFC Multi Asset AllocationHDFC Multi Asset Allocation 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.
HDFC Conservative Hybrid vs HDFC Multi Asset Allocation: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Conservative Hybrid Fund (Direct) | HDFC Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.09% | −2.29% |
| Standard deviation | 3.79% | 9.51% |
| Sharpe ratio | -1.41 | -0.79 |
| Sortino ratio | -1.87 | -1.05 |
| Maximum drawdown | −3.6% (30-03-2026) | −8.9% (23-03-2026) |
| 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 | HDFC Conservative Hybrid Fund (Direct) | HDFC Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.18% | +11.12% |
| Standard deviation | 3.67% | 7.64% |
| Sharpe ratio | 0.32 | 0.67 |
| Sortino ratio | 0.43 | 0.91 |
| Maximum drawdown | −3.6% (30-03-2026) | −8.9% (23-03-2026) |
| 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 | HDFC Conservative Hybrid Fund (Direct) | HDFC Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.38% | +10.21% |
| Standard deviation | 3.66% | 7.46% |
| Sharpe ratio | 0.43 | 0.59 |
| Sortino ratio | 0.58 | 0.82 |
| Maximum drawdown | −4.1% (20-06-2022) | −8.9% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 | HDFC Conservative Hybrid Fund (Direct) | HDFC Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.12% | +11.06% |
| Standard deviation | 5.04% | 7.94% |
| Sharpe ratio | 0.61 | 0.63 |
| Sortino ratio | 0.83 | 0.85 |
| Maximum drawdown | −12.1% (23-03-2020) | −27.1% (23-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
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.
HDFC Conservative Hybrid Fund (Direct)
HDFC Multi Asset Allocation Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Conservative Hybrid Fund (Direct) | −12.1% | 11-02-2020 | 23-03-2020 | 13-08-2020 | 5 months | −2.2% |
| HDFC Multi Asset Allocation Fund (Direct) | −27.1% | 20-02-2020 | 23-03-2020 | 23-07-2020 | 4 months | −6.2% |
From daily values since 01-01-2013, 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.
HDFC Conservative Hybrid Fund (Direct)
HDFC Multi Asset Allocation 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.
HDFC Conservative Hybrid Fund (Direct)
HDFC Multi Asset Allocation Fund (Direct)
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.
HDFC Conservative Hybrid Fund (Direct)
HDFC Multi Asset Allocation Fund (Direct)
HDFC Conservative Hybrid vs HDFC Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Conservative Hybrid Fund, September 2026; HDFC Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 20.1%
- Held by both
- 34
- Only in HDFC Conservative Hybrid
- 75
- Only in HDFC Multi Asset Allocation
- 79
| Security | % of HDFC Conservative Hybrid | % of HDFC Multi Asset Allocation |
|---|---|---|
| ICICI Bank Ltd. | 2.13% | 4.74% |
| HDFC Bank Ltd. | 1.60% | 6.86% |
| Axis Bank Ltd. | 1.29% | 2.54% |
| State Bank of India | 1.39% | 1.24% |
| Reliance Industries Ltd. | 0.95% | 4.86% |
| Muthoot Finance Ltd. | 1.61% | 0.86% |
| Larsen and Toubro Ltd. | 0.85% | 1.17% |
| Kotak Mahindra Bank Limited | 0.81% | 2.60% |
| Sun Pharmaceutical Industries Ltd. | 0.73% | 1.72% |
| Embassy Office Parks REIT | 0.70% | 0.68% |
| Bharti Airtel Ltd. | 0.68% | 2.89% |
| NTPC Limited | 0.62% | 1.87% |
| Tata Consultancy Services Ltd. | 0.56% | 1.24% |
| Infosys Limited | 0.52% | 1.29% |
| Power Grid Corporation of India Ltd. | 0.50% | 1.02% |
| 7.18% GOI MAT 140833 | 0.48% | 1.20% |
| HCL Technologies Ltd. | 0.47% | 0.85% |
| Oil & Natural Gas Corporation Ltd. | 0.44% | 0.98% |
| 360 One Prime Limited | 1.62% | 0.43% |
| Hindustan Unilever Ltd. | 0.42% | 0.93% |
| Hero MotoCorp Ltd. | 0.42% | 0.91% |
| Siddhivinayak Securitisation Trust (Originator - Sikka Ports & Terminals Limited) | 1.08% | 0.41% |
| SBI Life Insurance Company Ltd. | 0.41% | 0.88% |
| Lupin Ltd. | 0.39% | 0.61% |
| Cipla Ltd. | 0.35% | 0.54% |
| Bajaj Auto Limited | 0.28% | 0.66% |
| 7.23% GOI MAT 150439 | 3.21% | 0.26% |
| 7.1% GOI MAT 080434 | 1.12% | 0.26% |
| Bharat Petroleum Corporation Ltd. | 0.24% | 0.52% |
| Indus Towers Limited | 0.24% | 0.65% |
| Great Eastern Shipping Company Ltd. | 0.20% | 0.23% |
| Gateway Distriparks Limited | 0.17% | 0.23% |
| CIE Automotive India Ltd | 0.15% | 0.20% |
| 7.34% GOI MAT 220464 | 2.91% | 0.08% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 20.1% means 20.1% 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 HDFC Conservative Hybrid Fund
| Security | % of fund |
|---|---|
| 7.09% GOI MAT 050854 | 3.01% |
| Indian Railways Finance Corp. Ltd. | 2.61% |
| Floating Rate GOI 2034 | 2.48% |
| Torrent Power Ltd. | 2.40% |
| 7.3% GOI MAT 190653 | 2.32% |
Largest holdings only in HDFC Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| HDFC Gold Exchange Traded Fund | 11.71% |
| Maruti Suzuki India Limited | 1.94% |
| HDFC Silver ETF | 1.81% |
| Divis Laboratories Ltd. | 1.61% |
| Muthoot Finance Ltd. | 1.29% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Conservative Hybrid | HDFC Multi Asset Allocation |
|---|---|---|
| Equity | 18.8% | 69.1% |
| Debt | 76.1% | 11.2% |
| Cash and others | 5.1% | 19.7% |
Market cap of stocks
| Market cap | HDFC Conservative Hybrid | HDFC Multi Asset Allocation |
|---|---|---|
| Large Cap | 16.3% | 56.0% |
| Mid Cap | 1.6% | 5.3% |
| Small Cap | 0.9% | 7.8% |
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 | HDFC Conservative Hybrid | HDFC Multi Asset Allocation |
|---|---|---|
| Banks | 7.5% | 18.0% |
| Petroleum Products | 1.4% | 5.4% |
| Automobiles | 0.7% | 5.3% |
| Pharmaceuticals & Biotechnology | 1.5% | 4.6% |
| IT - Software | 1.6% | 4.1% |
| Telecom - Services | 0.9% | 3.5% |
| Power | 1.4% | 2.9% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Conservative Hybrid vs HDFC Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Conservative Hybrid Fund | HDFC Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.18% | 1.01% |
| Base expense ratio (Direct) | 1.00% | 0.73% |
| Total expense ratio (Regular) | 1.70% | 2.02% |
| Base expense ratio (Regular) | 1.44% | 1.58% |
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 HDFC Conservative Hybrid with
- HDFC Conservative Hybrid vs Parag Parikh Conservative Hybrid
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- HDFC Conservative Hybrid vs Nippon India Conservative Hybrid
- HDFC Conservative Hybrid vs Aditya Birla Sun Life Conservative Hybrid
Compare HDFC Multi Asset Allocation with
- HDFC Multi Asset Allocation vs Quant Multi Asset Allocation
- HDFC Multi Asset Allocation vs Nippon India Multi Asset Allocation
- HDFC Multi Asset Allocation vs DSP Multi Asset Allocation
- HDFC Multi Asset Allocation vs Kotak Multi Asset Allocation
- HDFC Multi Asset Allocation vs WhiteOak Capital Multi Asset Allocation
HDFC Conservative Hybrid Fund vs HDFC Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between HDFC Conservative Hybrid Fund and HDFC Multi Asset Allocation Fund?
HDFC Conservative Hybrid Fund is a Conservative Hybrid fund, HDFC Multi Asset Allocation Fund is a Multi Asset fund, run by HDFC Mutual Fund. Their portfolios overlap 20.1%. HDFC Conservative Hybrid Fund charges 1.18% a year and HDFC Multi Asset Allocation Fund 1.01%.
Which has given higher returns, HDFC Conservative Hybrid Fund or HDFC Multi Asset Allocation Fund?
Over 1 year: HDFC Conservative Hybrid Fund −0.09%, HDFC Multi Asset Allocation Fund −2.29%. Over 3 years: HDFC Conservative Hybrid Fund +7.18% a year, HDFC Multi Asset Allocation Fund +11.12% a year. Over 5 years: HDFC Conservative Hybrid Fund +7.38% a year, HDFC Multi Asset Allocation Fund +10.21% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Conservative Hybrid Fund or HDFC Multi Asset Allocation Fund?
HDFC Multi Asset Allocation Fund charges less: 1.01% a year against 1.18%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Conservative Hybrid Fund and HDFC Multi Asset Allocation Fund overlap?
20.1%. They hold 34 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, HDFC Conservative Hybrid Fund or HDFC Multi Asset Allocation Fund?
On SEBI's riskometer, HDFC Conservative Hybrid Fund is rated Moderately High and HDFC Multi Asset Allocation Fund Very High. Over 3 years, the standard deviation of daily returns was 3.67% and 7.64% a year.
Which is better for SIP, HDFC Conservative Hybrid Fund or HDFC Multi Asset Allocation Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,18,270 in HDFC Conservative Hybrid Fund (XIRR 6.4% a year) and ₹7,72,363 in HDFC Multi Asset Allocation Fund (XIRR 9.2% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Conservative Hybrid Fund and HDFC Multi Asset Allocation Fund?
Yes. 20.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Conservative Hybrid Fund and HDFC Multi Asset Allocation Fund?
HDFC Conservative Hybrid Fund: Anupam Joshi, Anand Laddha, Gopal Agrawal, Bhagyesh Kagalkar. HDFC Multi Asset Allocation Fund: Ihab Dalwai, Anil Bamboli, Bhagyesh Kagalkar, Nandita Menezes, – Mr. Arun Agarwal, Gopal Agrawal.
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.