HDFC Credit Risk Fund vs HDFC Medium Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Credit Risk Fund is a Credit Risk fund and HDFC Medium Term Fund is a Medium Duration fund. In the 3 years to 30-10-2026, HDFC Credit Risk Fund (Direct) returned 8.0% a year and HDFC Medium Term Fund (Direct) returned 7.7% a year. HDFC Credit Risk Fund charges 1.01% a year and HDFC Medium Term Fund 0.70% (Direct plans). Their portfolios overlap 45.5%: they hold 40 of the same securities.
HDFC Credit Risk Fund
Credit Risk
- 3 year return
- 8.0%
- Expense ratio
- 1.01%
- NAV
- ₹28.34
HDFC Medium Term Fund
Medium Duration
- 3 year return
- 7.7%
- Expense ratio
- 0.70%
- NAV
- ₹65.92
Which is better, HDFC Credit Risk or HDFC 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.
- HDFC Credit Risk returned more over 5 years: 7.0% a year against 6.7%.
- HDFC Credit Risk returned more over 3 years: 8.0% a year against 7.7%.
- HDFC Medium Term costs less: 0.70% a year against 1.01% (Direct plans).
- HDFC Credit Risk swung less over 3 years: a standard deviation of 1.0% a year against 1.2%.
- HDFC Credit Risk fell less in its worst fall since 25-03-2014: −2.6% against −2.7%.
- HDFC Credit Risk is the larger fund: ₹7,631 Cr against ₹3,499 Cr.
- Their portfolios overlap 45.5%: 40 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 Credit Risk Fund | HDFC Medium Term Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | HDFC Mutual Fund |
| Category | Credit Risk | Medium Duration |
| AUM | ₹7,631 Cr (30-09-2026) | ₹3,499 Cr (30-09-2026) |
| NAV | ₹28.34 (Direct) | ₹65.92 (Direct) |
| Expense ratio (Direct) | 1.01% | 0.70% |
| Expense ratio (Regular) | 1.51% | 1.30% |
| Riskometer | High | Moderately High |
| Benchmark | NIFTY Credit Risk Bond Index B-II | NIFTY Medium Duration Debt Index A-III |
| Launch date | 25-03-2014 | 06-02-2002 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Praveen Jain, Bhavyesh Divecha, Gopal Agrawal | Bhavyesh Divecha, Praveen Jain, Anil Bamboli, Gopal Agrawal |
| Exit load | Exit load for units in excess of 15% of the investment, 1% will be charged for redemption within 12 months and 0.50% if redeemed after 12 months but within 18 months. | NIL |
HDFC Credit Risk vs HDFC 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 |
|---|---|---|---|---|---|---|---|
| HDFC Credit Risk Fund (Direct) | −0.06% | +0.83% | +3.29% | +6.18% | +8.02% | +7.04% | +7.76% |
| HDFC Medium Term Fund (Direct) | −0.13% | +0.40% | +3.01% | +5.43% | +7.71% | +6.68% | +7.36% |
| Credit Risk average | −0.04% | +0.78% | +3.31% | +7.84% | +9.41% | +9.83% | +6.82% |
| Medium Duration average | −0.34% | −0.09% | +2.51% | +4.72% | +7.66% | +6.88% | +6.78% |
Category average: the average of the 13 Credit Risk funds and the 13 Medium Duration funds, same plan type.
HDFC Credit Risk vs HDFC Medium Term: Year-wise Returns
| Year | Credit RiskHDFC Credit Risk | Medium TermHDFC Medium Term |
|---|---|---|
| 2026to date | +5.19% | +4.40% |
| 2025 | +8.61% | +8.38% |
| 2024 | +8.86% | +8.79% |
| 2023 | +7.27% | +7.50% |
| 2022 | +4.37% | +3.60% |
| 2021 | +7.58% | +5.85% |
HDFC Credit Risk vs HDFC Medium Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,323 of them, one for each trading day from 27-03-2017 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 Credit Risk Fund (Direct)
HDFC Medium Term Fund (Direct)
to
Jan 2018Aug 2016
to
Aug 2019Apr 2018
to
Apr 2021Nov 2019
to
Nov 2022Jul 2021
to
Jul 2024Jan 2023
to
Jan 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Credit Risk | 0.0 | 0.0 | 92.2 | 7.8 | 0.0 | 0.0 | 0.0 | 8.3% | 8.2% | 6.3% | 11.6% |
| HDFC Medium Term | 0.0 | 0.0 | 99.1 | 0.9 | 0.0 | 0.0 | 0.0 | 7.9% | 8.0% | 5.5% | 10.2% |
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 25-03-2014. Past returns do not promise future returns.
HDFC Credit Risk vs HDFC 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 25-03-2014 to 30-10-2026: 152 instalments, ₹15,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Credit RiskHDFC Credit Risk Fund (Direct) | ₹15,20,000 | ₹25,70,959 | ₹10,50,959 | 7.9% |
| HDFC Medium TermHDFC Medium Term Fund (Direct) | ₹15,20,000 | ₹24,93,127 | ₹9,73,127 | 7.5% |
HDFC Credit RiskHDFC Credit Risk Fund (Direct)
HDFC Medium TermHDFC 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.
HDFC Credit Risk vs HDFC Medium Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Credit Risk Fund (Direct) | HDFC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.18% | +5.43% |
| Standard deviation | 1.23% | 1.39% |
| Sharpe ratio | 0.76 | 0.13 |
| Sortino ratio | 1.07 | 0.19 |
| Maximum drawdown | −0.5% (23-10-2026) | −0.6% (02-04-2026) |
| 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 Credit Risk Fund (Direct) | HDFC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.02% | +7.71% |
| Standard deviation | 0.99% | 1.16% |
| Sharpe ratio | 2.01 | 1.45 |
| Sortino ratio | 3.00 | 2.14 |
| Maximum drawdown | −0.5% (23-10-2026) | −0.6% (02-04-2026) |
| 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 Credit Risk Fund (Direct) | HDFC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.04% | +6.68% |
| Standard deviation | 1.04% | 1.27% |
| Sharpe ratio | 1.20 | 0.69 |
| Sortino ratio | 1.58 | 0.92 |
| Maximum drawdown | −1.5% (06-05-2022) | −1.9% (06-05-2022) |
| 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 Credit Risk Fund (Direct) | HDFC Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.61% | +8.02% |
| Standard deviation | 1.44% | 1.71% |
| Sharpe ratio | 1.93 | 1.15 |
| Sortino ratio | 2.99 | 1.62 |
| Maximum drawdown | −2.6% (26-03-2020) | −3.5% (19-08-2013) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 25-03-2014 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 Credit Risk Fund (Direct)
HDFC Medium Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Credit Risk Fund (Direct) | −2.6% | 06-03-2020 | 26-03-2020 | 17-06-2020 | 3 months | −0.2% |
| HDFC Medium Term Fund (Direct) | −2.7% | 06-03-2020 | 19-03-2020 | 18-06-2020 | 3 months | −0.3% |
From daily values since 25-03-2014, 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 Credit Risk Fund (Direct)
HDFC 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.
HDFC Credit Risk Fund (Direct)
HDFC Medium Term 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 Credit Risk Fund (Direct)
HDFC Medium Term Fund (Direct)
HDFC Credit Risk vs HDFC Medium Term: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Credit Risk Fund, September 2026; HDFC Medium Term Fund, September 2026
Holdings in common
- Overlap
- 45.5%
- Held by both
- 40
- Only in HDFC Credit Risk
- 53
- Only in HDFC Medium Term
- 25
| Security | % of HDFC Credit Risk | % of HDFC Medium Term |
|---|---|---|
| GMR Airports Limited | 4.87% | 4.55% |
| Jubilant Beverages Limited | 2.82% | 3.43% |
| Kalpataru Projects International Ltd | 2.62% | 2.85% |
| Triumph Composites Private Limited | 3.12% | 2.28% |
| Siddhivinayak Securitisation Trust (Originator - Sikka Ports & Terminals Limited) | 2.19% | 4.78% |
| Evonith Value Steel Limited | 2.28% | 2.13% |
| JTPM Metal Traders Limited | 2.12% | 2.31% |
| 6.94% GOI MAT 110536 | 2.00% | 2.11% |
| National Bank for Agri & Rural Dev. | 1.95% | 3.55% |
| Kosamattam Finance Limited | 1.93% | 2.80% |
| Aadharshila Infratech Private limited | 1.93% | 1.68% |
| JSW Energy Ltd. | 2.30% | 1.43% |
| Veritas Finance Limited | 1.94% | 1.41% |
| ADITYA BIRLA DIGITAL FASHION VENTURES LIMITED | 1.94% | 1.41% |
| RAAJMARG INFRA INVESTMENT TRUST | 1.29% | 1.31% |
| 182 Days TBILL MAT 180327 | 1.28% | 3.48% |
| Embassy Office Parks REIT | 0.97% | 1.00% |
| The Tata Power Company Ltd. | 0.93% | 1.47% |
| Indus Infra Trust | 3.23% | 0.91% |
| MAS Financial Services Ltd. | 0.72% | 2.72% |
| JM FINANCIAL HOME LOANS LIMITED | 0.98% | 0.71% |
| ADITYA BIRLA DIGITAL FASHION VENTURES LIMITED | 0.97% | 0.71% |
| ONGC Petro Additions Limited (Letter Of Comfort By ONGC Limited) | 0.66% | 0.72% |
| Jubilant Bevco Limited | 2.62% | 0.64% |
| National Bank for Agri & Rural Dev. | 0.63% | 0.69% |
| Vastu Finserve India Pvt. Ltd. | 0.65% | 0.57% |
| Vastu Finserve India Pvt. Ltd. | 0.65% | 0.56% |
| VAJRA 009 TRUST (Originator - Veritas Finance limited) | 0.49% | 0.71% |
| POWERGRID Infrastructure Investment Trust | 0.47% | 0.78% |
| 7.34% GOI MAT 220464 | 0.62% | 0.41% |
| TMF Holdings Ltd. (Perpetual) | 0.39% | 1.41% |
| Motilal Oswal Home Fin Ltd. (Erst Aspire Home Fin) | 0.33% | 2.14% |
| Corporate Debt Market Development Fund | 0.33% | 0.36% |
| Godrej Industries Ltd. | 0.33% | 1.43% |
| 7.59% Tamil Nadu SDL Mat 150741 | 0.32% | 0.70% |
| Shivshakti Securitisation Trust (Originator - Sikka Ports & Terminals Limited) | 0.31% | 2.73% |
| Vastu Finserve India Pvt. Ltd. | 0.78% | 0.28% |
| Capital Infra Trust | 0.27% | 0.56% |
| Power Finance Corporation Ltd. | 0.26% | 0.70% |
| REC Limited. | 0.19% | 0.28% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 45.5% means 45.5% 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 Credit Risk Fund
| Security | % of fund |
|---|---|
| Nirma Ltd. | 3.94% |
| ADITYA BIRLA RENEWABLES LIMITED | 2.75% |
| Bamboo Hotel and Global Centre (Delhi) Private Limited | 2.63% |
| 8.28% Tamilnadu SDL MAT 210228 | 2.33% |
| Kalpataru Projects International Ltd | 1.97% |
Largest holdings only in HDFC Medium Term Fund
| Security | % of fund |
|---|---|
| Small Industries Development Bank | 2.86% |
| SK FINANCE LIMITED | 2.86% |
| SBFC Finance Limited | 2.84% |
| Truhome Finance Limited | 2.15% |
| Power Finance Corporation Ltd. | 2.12% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Credit Risk | HDFC Medium Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 88.8% | 93.1% |
| Cash and others | 11.2% | 6.9% |
HDFC Credit Risk vs HDFC Medium Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Credit Risk Fund | HDFC Medium Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.01% | 0.70% |
| Base expense ratio (Direct) | 0.86% | 0.59% |
| Total expense ratio (Regular) | 1.51% | 1.30% |
| Base expense ratio (Regular) | 1.29% | 1.11% |
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 Credit Risk with
HDFC Credit Risk Fund vs HDFC Medium Term Fund: Frequently Asked Questions
What is the difference between HDFC Credit Risk Fund and HDFC Medium Term Fund?
HDFC Credit Risk Fund is a Credit Risk fund, HDFC Medium Term Fund is a Medium Duration fund, run by HDFC Mutual Fund. Their portfolios overlap 45.5%. HDFC Credit Risk Fund charges 1.01% a year and HDFC Medium Term Fund 0.70%.
Which has given higher returns, HDFC Credit Risk Fund or HDFC Medium Term Fund?
Over 1 year: HDFC Credit Risk Fund +6.18%, HDFC Medium Term Fund +5.43%. Over 3 years: HDFC Credit Risk Fund +8.02% a year, HDFC Medium Term Fund +7.71% a year. Over 5 years: HDFC Credit Risk Fund +7.04% a year, HDFC Medium Term Fund +6.68% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Credit Risk Fund or HDFC Medium Term Fund?
HDFC Medium Term Fund charges less: 0.70% a year against 1.01%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Credit Risk Fund and HDFC Medium Term Fund overlap?
45.5%. They hold 40 of the same securities, the largest shared ones being GMR Airports Limited, Jubilant Beverages Limited, Kalpataru Projects International Ltd. From each fund's latest monthly portfolio.
Which is riskier, HDFC Credit Risk Fund or HDFC Medium Term Fund?
On SEBI's riskometer, HDFC Credit Risk Fund is rated High and HDFC Medium Term Fund Moderately High. Over 3 years, the standard deviation of daily returns was 0.99% and 1.16% a year.
Which is better for SIP, HDFC Credit Risk Fund or HDFC Medium Term Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,38,849 in HDFC Credit Risk Fund (XIRR 7.5% a year) and ₹7,31,997 in HDFC Medium Term Fund (XIRR 7.1% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Credit Risk Fund and HDFC Medium Term Fund?
Yes. 45.5% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HDFC Credit Risk Fund and HDFC Medium Term Fund?
HDFC Credit Risk Fund: Praveen Jain, Bhavyesh Divecha, Gopal Agrawal. HDFC Medium Term Fund: Bhavyesh Divecha, Praveen Jain, Anil Bamboli, 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.