HDFC Dividend Yield Fund vs JM Value Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Dividend Yield Fund is a Dividend Yield fund and JM Value Fund is a Value and Contra fund. In the 3 years to 30-10-2026, HDFC Dividend Yield Fund (Direct) returned 10.7% a year and JM Value Fund (Direct) returned 9.8% a year. HDFC Dividend Yield Fund charges 0.88% a year and JM Value Fund 1.59% (Direct plans). Their portfolios overlap 23.6%: they hold 19 of the same securities.
HDFC Dividend Yield Fund
Dividend Yield
- 3 year return
- 10.7%
- Expense ratio
- 0.88%
- NAV
- ₹25.55
Which is better, HDFC Dividend Yield or JM Value? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Dividend Yield returned more over 5 years: 12.4% a year against 12.3%.
- HDFC Dividend Yield returned more over 3 years: 10.7% a year against 9.8%.
- HDFC Dividend Yield costs less: 0.88% a year against 1.59% (Direct plans).
- HDFC Dividend Yield swung less over 3 years: a standard deviation of 14.0% a year against 17.2%.
- HDFC Dividend Yield fell less in its worst fall since 18-12-2020: −20.0% against −26.1%.
- HDFC Dividend Yield holds more in large companies: 62.6% of the fund in large caps against 32.3%.
- HDFC Dividend Yield is the larger fund: ₹5,274 Cr against ₹780 Cr.
- Their portfolios overlap 23.6%: 19 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 Dividend Yield Fund | JM Value Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | JM Financial Mutual Fund |
| Category | Dividend Yield | Value and Contra |
| AUM | ₹5,274 Cr (30-09-2026) | ₹780 Cr (30-09-2026) |
| NAV | ₹25.55 (Direct) | ₹100.86 (Direct) |
| Expense ratio (Direct) | 0.88% | 1.59% |
| Expense ratio (Regular) | 1.92% | 2.75% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | BSE 500 TRI |
| Launch date | 18-12-2020 | 02-06-1997 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Gopal Agarwal, Gopal Agrawal, Bhagyesh Kagalkar | Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar |
| Exit load | • Exit load of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment of units. • No Exit Load is payable if Units are redeemed / switched-out after 1 year from the date of allotment. | Exit load of 1%, if redeemed within 30 days. |
HDFC Dividend Yield vs JM Value: 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 Dividend Yield Fund (Direct) | −1.10% | −5.04% | −2.02% | −6.99% | +10.67% | +12.37% | -- |
| JM Value Fund (Direct) | −6.48% | −5.75% | −2.96% | −9.64% | +9.77% | +12.34% | +14.15% |
| Dividend Yield average | −1.57% | −5.69% | −3.24% | −5.57% | +12.14% | +12.06% | -- |
| Value and Contra average | −2.09% | −5.76% | −3.23% | −5.72% | +11.83% | +11.08% | +12.63% |
Category average: the average of the 12 Dividend Yield funds and the 30 Value and Contra funds, same plan type.
HDFC Dividend Yield vs JM Value: Year-wise Returns
| Year | HDFC Dividend YieldHDFC Dividend Yield | JM ValueJM Value |
|---|---|---|
| 2026to date | −5.77% | −7.28% |
| 2025 | +4.43% | −3.20% |
| 2024 | +17.62% | +26.72% |
| 2023 | +39.88% | +48.68% |
| 2022 | +8.58% | +6.05% |
| 2021 | +44.24% | +37.17% |
HDFC Dividend Yield vs JM Value: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of HDFC Dividend Yield Fund
Rolling returns
Every 3-year holding period, 706 of them, one for each trading day from 18-12-2023 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 Dividend Yield Fund (Direct)
JM Value Fund (Direct)
Nifty 500 TRI
to
Mar 2024Sept 2021
to
Sept 2024Mar 2022
to
Mar 2025Aug 2022
to
Aug 2025Feb 2023
to
Feb 2026Aug 2023
to
Aug 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Dividend Yield | 0.0 | 0.0 | 2.1 | 10.5 | 32.9 | 24.9 | 29.6 | 21.3% | 20.5% | 9.3% | 31.9% | 100% |
| JM Value | 0.0 | 0.0 | 0.4 | 9.2 | 13.5 | 26.3 | 50.6 | 24.1% | 25.1% | 9.2% | 33.6% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 2.7 | 26.8 | 59.3 | 11.2 | 0.0 | 16.4% | 16.5% | 8.8% | 22.3% | -- |
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 500 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 18-12-2020. Past returns do not promise future returns.
HDFC Dividend Yield vs JM Value: 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 18-12-2020 to 30-10-2026: 71 instalments, ₹7,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Dividend YieldHDFC Dividend Yield Fund (Direct) | ₹7,10,000 | ₹10,03,681 | ₹2,93,681 | 11.6% |
| JM ValueJM Value Fund (Direct) | ₹7,10,000 | ₹9,98,818 | ₹2,88,818 | 11.4% |
HDFC Dividend YieldHDFC Dividend Yield Fund (Direct)
JM ValueJM Value 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 Dividend Yield vs JM Value: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Dividend Yield Fund (Direct) | JM Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | −6.99% | −9.64% |
| Standard deviation | 13.25% | 17.60% |
| Sharpe ratio | -0.92 | -0.85 |
| Sortino ratio | -1.22 | -1.12 |
| Maximum drawdown | −14.1% (30-03-2026) | −18.5% (31-03-2026) |
| Beta | 0.91 | 1.15 |
| Alpha | −0.77% | +0.02% |
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 Dividend Yield Fund (Direct) | JM Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.67% | +9.77% |
| Standard deviation | 14.05% | 17.15% |
| Sharpe ratio | 0.33 | 0.22 |
| Sortino ratio | 0.44 | 0.29 |
| Maximum drawdown | −20.0% (03-03-2025) | −26.1% (31-03-2026) |
| Beta | 0.97 | 1.13 |
| Alpha | +0.59% | −0.61% |
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 Dividend Yield Fund (Direct) | JM Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.37% | +12.34% |
| Standard deviation | 13.90% | 16.35% |
| Sharpe ratio | 0.47 | 0.40 |
| Sortino ratio | 0.64 | 0.53 |
| Maximum drawdown | −20.0% (03-03-2025) | −26.1% (31-03-2026) |
| Beta | 0.95 | 1.07 |
| Alpha | +3.72% | +3.49% |
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 Dividend Yield Fund (Direct) | JM Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +17.34% | +14.98% |
| Standard deviation | 13.73% | 18.46% |
| Sharpe ratio | 0.87 | 0.48 |
| Sortino ratio | 1.18 | 0.66 |
| Maximum drawdown | −20.0% (03-03-2025) | −37.9% (23-03-2020) |
| Beta | 0.91 | 1.11 |
| Alpha | +5.00% | +1.44% |
From daily NAVs, 18-12-2020 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 Dividend Yield Fund (Direct)
JM Value Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Dividend Yield Fund (Direct) | −20.0% | 27-09-2024 | 03-03-2025 | Not yet | -- | −10.2% |
| JM Value Fund (Direct) | −26.1% | 05-09-2024 | 31-03-2026 | Not yet | -- | −18.1% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 18-12-2020, 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 Dividend Yield Fund (Direct)
JM Value Fund (Direct)
Nifty 500 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.
HDFC Dividend Yield Fund (Direct)
JM Value Fund (Direct)
Nifty 500 TRI
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 Dividend Yield Fund (Direct)
JM Value Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Dividend Yield Fund (Direct) | 106% | 83% | 3.26% |
| JM Value Fund (Direct) | 114% | 99% | 7.49% |
From month-end values since 18-12-2020. 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.
HDFC Dividend Yield vs JM Value: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Dividend Yield Fund, September 2026; JM Value Fund, September 2026
Holdings in common
- Overlap
- 23.6%
- Held by both
- 19
- Only in HDFC Dividend Yield
- 110
- Only in JM Value
- 55
| Security | % of HDFC Dividend Yield | % of JM Value |
|---|---|---|
| ICICI Bank Ltd. | 5.38% | 3.78% |
| Larsen and Toubro Ltd. | 2.64% | 3.38% |
| Bharti Airtel Ltd. | 2.62% | 2.70% |
| Tech Mahindra Ltd. | 2.24% | 2.52% |
| HDFC Bank Ltd. | 4.97% | 1.82% |
| Infosys Limited | 1.42% | 2.43% |
| Bajaj Auto Limited | 1.96% | 1.41% |
| Axis Bank Ltd. | 3.72% | 1.26% |
| Cipla Ltd. | 1.11% | 1.47% |
| Finolex Cables Ltd. | 0.77% | 1.32% |
| Hindustan Aeronautics Limited | 0.75% | 1.02% |
| NTPC Limited | 1.71% | 0.62% |
| PVR LIMITED | 0.57% | 1.24% |
| Tata Motors Limited | 0.56% | 2.55% |
| Hindustan Petroleum Corp. Ltd. | 0.96% | 0.54% |
| TD Power Systems Ltd. | 0.75% | 0.48% |
| Whirlpool of India Ltd. | 0.45% | 0.63% |
| Canara Bank | 0.45% | 0.28% |
| WEST COAST PAPER MILLS LIMITED | 0.28% | 0.72% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 23.6% means 23.6% 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 HDFC Dividend Yield Fund
| Security | % of fund |
|---|---|
| Kotak Mahindra Bank Limited | 2.45% |
| Reliance Industries Ltd. | 2.25% |
| Maruti Suzuki India Limited | 2.20% |
| Sun Pharmaceutical Industries Ltd. | 2.14% |
| State Bank of India | 2.00% |
Largest holdings only in JM Value Fund
| Security | % of fund |
|---|---|
| Redington Limited | 4.70% |
| Shriram Finance Limited | 3.40% |
| Jana Small Finance Bank Ltd | 2.55% |
| JK TYRE & INDUSTRIES LTD | 2.26% |
| Restaurant Brands Asia Limited | 2.23% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Dividend Yield | JM Value |
|---|---|---|
| Equity | 98.9% | 98.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.1% | 1.2% |
Market cap of stocks
| Market cap | HDFC Dividend Yield | JM Value |
|---|---|---|
| Large Cap | 62.6% | 32.3% |
| Mid Cap | 12.3% | 7.0% |
| Small Cap | 23.2% | 55.7% |
| Not on AMFI's list | 0.8% | 3.8% |
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 Dividend Yield | JM Value |
|---|---|---|
| Banks | 21.0% | 11.3% |
| Finance | 4.5% | 10.8% |
| Auto Components | 1.8% | 7.9% |
| IT - Software | 6.8% | 4.9% |
| Automobiles | 6.6% | 1.4% |
| Pharmaceuticals & Biotechnology | 6.6% | 2.9% |
| Construction | 3.7% | 5.6% |
| Electrical Equipment | 2.3% | 5.2% |
| Telecom - Services | 4.2% | 2.7% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Dividend Yield vs JM Value: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Dividend Yield Fund | JM Value Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.88% | 1.59% |
| Base expense ratio (Direct) | 0.72% | 1.04% |
| Total expense ratio (Regular) | 1.92% | 2.75% |
| Base expense ratio (Regular) | 1.60% | 2.04% |
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 Dividend Yield with
HDFC Dividend Yield Fund vs JM Value Fund: Frequently Asked Questions
What is the difference between HDFC Dividend Yield Fund and JM Value Fund?
HDFC Dividend Yield Fund is a Dividend Yield fund, JM Value Fund is a Value and Contra fund, run by HDFC Mutual Fund and JM Financial Mutual Fund. Their portfolios overlap 23.6%. HDFC Dividend Yield Fund charges 0.88% a year and JM Value Fund 1.59%.
Which has given higher returns, HDFC Dividend Yield Fund or JM Value Fund?
Over 1 year: HDFC Dividend Yield Fund −6.99%, JM Value Fund −9.64%. Over 3 years: HDFC Dividend Yield Fund +10.67% a year, JM Value Fund +9.77% a year. Over 5 years: HDFC Dividend Yield Fund +12.37% a year, JM Value Fund +12.34% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Dividend Yield Fund or JM Value Fund?
HDFC Dividend Yield Fund charges less: 0.88% a year against 1.59%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Dividend Yield Fund and JM Value Fund overlap?
23.6%. They hold 19 of the same securities, the largest shared ones being ICICIBANK, LT, BHARTIARTL. From each fund's latest monthly portfolio.
Which is riskier, HDFC Dividend Yield Fund or JM Value Fund?
On SEBI's riskometer, HDFC Dividend Yield Fund is rated Very High and JM Value Fund Very High. Over 3 years, the standard deviation of daily returns was 14.05% and 17.15% a year.
Which is better for SIP, HDFC Dividend Yield Fund or JM Value Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,77,509 in HDFC Dividend Yield Fund (XIRR 9.5% a year) and ₹7,78,992 in JM Value Fund (XIRR 9.6% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Dividend Yield Fund and JM Value Fund?
Yes. 23.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Dividend Yield Fund and JM Value Fund?
HDFC Dividend Yield Fund: Gopal Agarwal, Gopal Agrawal, Bhagyesh Kagalkar. JM Value Fund: Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar.
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.